Americas ETP News
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Research Affiliates-CAPE Fatigue
June 15, 2017--CAPE Fatigue Key Points
The one-factor CAPE model better predicted market returns than a simple yield-plus-growth model in five straight decades, before underperforming in three of the last four.
Although CAPE is often intimated as a one-size-fits-all tool, no single model is a silver bullet applicable to all markets, all the time.
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Source: Research Affiliates
Flush With Cash, Top Quant Funds Stumble
June 15, 2017--While their returns lag behind those of more traditional trading strategies, computer-model investors still see money pour in.
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Source: Wall Street Journal
BNY Mellon's Pershing Launches No-Transaction-Fee ETF Platform; Introduces FundVest(R)ETF
June 15, 2017--BNY Mellon's Pershing launched today its new no-transaction-fee (NTF) exchange-traded fund (ETF) platform: FundVest(R) ETF.
The NTF platform requires no purchase minimums or holding period, and will be available to all Pershing clients.
The solution complements Pershing's existing mutual fund NTF platform, FundVest. It provides Pershing's clients with flexibility to deliver a broad range of ETFs to investors while reducing explicit costs.
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Source: BNY Mellon
Merk Insights-Ultra-low Volatility #ThisTimeIsDifferent
June 14, 2017--We increasingly see claims low volatility in the markets may be structural. Even as we agree that some of the analyses we see make good points, we are concerned we may be setting ourselves up for a major shock.
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Source: Merk Investments
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC meeting
June 14, 2017--The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 13-14 meeting.
view the Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents
Source: federalreserve.gov
Federal Reserve issues FOMC statement
June 14, 2017--Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year.
Job gains have moderated but have been solid, on average, since the beginning of the year, and the unemployment rate has declined. Household spending has picked up in recent months, and business fixed investment has continued to expand. On a 12-month basis, inflation has declined recently and, like the measure excluding food and energy prices, is running somewhat below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.
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Source: federalreserve.gov
BNY Mellon's Lockwood Launches New Investment Solution with American Funds at the Core
June 14, 2017--The new solution marks an important milestone for the industry, bundling American Funds mutual funds with ETF solutions.
BNY Mellon's Lockwood Advisors, Inc. (Lockwood) today announced it has developed a suite of new portfolios using American Funds(R) at the core. The Lockwood/American Funds Core Portfolios, created by Lockwood's investment team, combines American Funds' mutual funds with exchange-traded funds (ETFs), providing financial professionals with the opportunity to harmonize active and passive strategies to help achieve investor goals.
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Source: BNY Mellon
Head of Institutional Sales Announced for Global SPDR Business at State Street Global Advisors
June 14, 2017--State Street Global Advisors (SSGA), the asset management business of State Street Corporation (STT) today announced the appointment of Kathryn Sweeney as head of SPDR Americas Institutional sales, reporting into Nick Good, co-head with Rory Tobin of the global SPDR business.
Sweeney will be responsible for defining and leading the execution of the SPDR Americas Institutional Sales Strategy in the Americas.
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Source: State Street Global Advisors
First Trust CBOE S&P 500 VIX Tail Hedge Fund Announces Changes to Investment Objective, Fund Name, Listing Exchange and Ticker Symbol
June 13, 2017--June 13, 2017--First Trust CBOE S&P 500 VIX Tail Hedge Fund (NYSE: VIXH) (the "Fund"), an exchange-traded index fund and a series of First Trust Exchange-Traded Fund (the "Trust"), announced today that the Board of Trustees ("Board") of the Trust has approved changes to the Fund's investment objective. On or around August 18, 2017, the Fund will seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq Dorsey Wright People's Portfolio Index (the "New Index").
The New Index will be developed, maintained and sponsored by Nasdaq, Inc. ("Nasdaq”).
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Source: First Trust CBOE S&P 500 VIX Tail Hedge Fund
Pimco to Replace Retiring President Jacobs With Two Veterans
June 13, 2017--CEO Emmanuel Roman names Shanahan and Strelow as co-COOs
Management shift is biggest since Roman took charge last year
Pacific Investment Management Co. named a pair of veteran executives as co-chief operating officers to replace retiring President Jay Jacobs on Tuesday, the biggest reorganization since Chief Executive Officer Emmanuel "Manny" Roman joined the money manager in November.
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Source: Bloomberg
