Americas ETP News
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The Forum at ETF Research Center-Financials Drive Q4 Earnings Growth
January 20, 2017--It's still early in reporting season, but early results indicate that Financials were likely the largest single contributor to S&P 500 earnings growth during the fourth quarter of 2016.
With only about 10% of S&P 500 firms having reports results-and using consensus expectations for the remaining 90%-we calculate that overall index earnings likely grew by about $19 billion, or 7.6% year-on-year, driven by a nearly 18% improvement in results for firms in the Financial sector (XLF). Just as importantly, Energy (XLE) was no longer the large drag on S&P earnings that it has been for the last two years.
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Source: AltaVista Research
AdvisorShares Active ETF Report: Year-End Edition
January 20, 2017--2016 marked another year of consecutive growth for the actively managed ETF space. In December, assets in actively managed ETFs grew $1.318 billion, or 4.6%, to $29.854 billion.
One new fund launched last month, which brought the year-end total of actively managed ETFs to 160.
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Source: AdvisorShares
ETFGI Reports ETFs/ETPs Listed In The United States Gathered Record Inflows Of 279 Billion US Dollars And Assets Reached A New High Of 2.549 Trillion US Dollars At The End Of 2016
January 20, 2016-ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, today reported assets invested in ETFs/ETPs listed in the United States reached a new record high of US$2.543 trillion at the end of 2016.
ETFs/ETPs listed in the US gathered a record level of net inflows US$59.37 Bn for the month of December marking the 10th consecutive month of net inflows and a record level of US$278.74 Bn in net inflows for the year, according to preliminary data from ETFGI's end of 2016 global ETF and ETP industry insights report.
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Source: ETFGI
ETFs-You're (Probably) Doing It Wrong
January 19, 2017--US listed exchanged traded funds are coming off a banner year in 2016 with $298 billion of inflows-a new annual record for this still-growing investment vehicle.
There are now almost 2,000 funds in the domestic ETF ecosystem and over $2.6 trillion in assets under management (AUM). We expect 2017 to be equally successful for the industry.
Yet even with this growth, both in product choice and overall assets, the ETF industry faces a clear problem: investors cluster too much in the largest funds. A few key points here (with data courtesy of www.xtf.com, a part of the London Stock Exchange Group):
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Source: Eric Noll, President and CEO, Convergex
Research Affiliates-How Not to Get Fired with Smart Beta Investing
January 19, 2017--Key Points
Delegated asset management can lead to what economists call the "principal-agent problem": the principal relies on the agent to make decisions on their behalf when the agent's best interests may run counter to those of the principal.
Agents often have an incentive to choose portfolio allocations designed to minimize their risk of being fired at an all-too-common three-year evaluation horizon, over which both robust strategies and "the best" managers can experience prolonged bouts of underperformance.
A remedy for the principal-agent problem is to better align incentives by adopting longer evaluation periods, combining multiple robust strategies, using non-robust strategies consciously, and practicing transparent management by individual style performance.
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Source: researchaffiliates.com
Treasury International Capital Data For November
January 19, 2017--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for November 2016. The next release, which will report on data for December 2016, is scheduled for February 15, 2017.
The sum total in November of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $23.7 billion. Of this, net foreign private inflows were $25.2 billion, and net foreign official outflows were $1.5 billion.
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Source: treasury.gov
CFTC.gov Swaps Report Update
January 19, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Canadian Securities Administrators Report The Findings Of Their Review Of The Disclosure Of Cyber Security Risks And Incidents
January 19, 2017--Staff from the British Columbia Securities Commission, the Ontario Securities Commission and the Autorité des marchés financiers (staff) are publishing today Multilateral Staff Notice 51-347 Disclosure of cyber security risks and incidents (Staff Notice 51-347).
The notice reports the findings of a review announced by the Canadian Securities Administrators (CSA) in Staff Notice 11-332 Cyber Security (Staff Notice 11-332) and provides disclosure expectations for reporting issuers based on those findings.
The review found that 61 per cent of the constituents of the S&P/TSX Composite Index acknowledged cyber security as a material risk to their business.
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Source: www.osc.gov.on.ca
SEC Chief of Staff Andrew J. Donohue to Leave Agency
January 19, 2017--The Securities and Exchange Commission today announced that SEC Chief of Staff Andrew J. "Buddy" Donohue will be leaving the agency at the end of January.
SEC Chair Mary Jo White named Mr. Donohue as Chief of Staff in May 2015. As Chief of Staff, Mr. Donohue was a senior adviser to the Chair on all policy, management, and regulatory issues. Mr. Donohue had previously served as the Director of the SEC's Division of Investment Management from May 2006 to November 2010.
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Source: SEC.gov
Strategic Beta ETFs Underutilized in Managing Current Investor Anxieties, Hartford Funds Survey Finds
Lack of Familiarity Stifling Advisor, Investor Use
Janaury 18, 2017--New survey data from Hartford Funds reveals that market volatility and geopolitical events are fueling investor anxiety, yet most aren't taking advantage of the full suite of investment options that may help manage risk exposure at a lower cost*, namely strategic beta exchange traded funds (ETFs)
Further, while advisors are aware of these products, they aren't familiar enough to begin using them in a meaningful way in client portfolios. Hartford Funds surveyed nearly 800 investors and more than 300 financial advisors to gauge sentiment and knowledge of strategic beta ETF strategies.
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Source: Hartford Funds
