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Alice's Adventures in Factorland: Three Blunders That Plague Factor Investing
February 11, 2018--Abstract
Factor investing has failed to live up to its many promises. Its success is compromised by three problems that are often underappreciated by investors. First, many investors develop exaggerated expectations about factor performance as a result of data mining, crowding, unrealistic trading cost expectations, and other concerns.
Second, for investors using naive risk management tools, factor returns can experience downside shocks far larger than would be expected. Finally, investors are often led to believe their factor portfolio is diversified. Diversification can vanish, however, in certain economic conditions, when factor returns become much more correlated. Factor investing is a powerful tool, but understanding the risks involved is essential before adopting this investment framework.
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Source: Research Affiliates, LLC
ETF disclosure should be standardized only after industry talks, State Street tells SEC
February 11, 2019--State Street Global Advisors, one of the three largest exchange-traded fund sponsors, asked the US Securities and Exchange Commission to launch an industry approach to consistent ETF disclosures rather than adopt a federal rule.
A rule has been called for by an SEC advisory panel seeking a uniform classification scheme that identifies risks among funds and offers more "truth in labeling" after billion-dollar losses during market gyrations last year.
State Street voiced concern that the panel's apparently simple scheme "does not fully disclose risk attributes" in a letter to the SEC.
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Source: https://mlexmarketinsight.com
New Proposed ETF Would Encompass Bitcoin Futures Alongside Sovereign Debt Instruments
February 11, 2019--Reality Shares ETF Trust — a unit of crypto-focused fintech firm Blockforce Capital-has filed a proposal for an exchange-traded-fund (ETF) that would invest in a portfolio which includes both sovereign debt instruments and Bitcoin (BTC) futures.
The was submitted to the United States Securities and Exchange Commission (SEC) Feb 11.
view more ETF Trends and ETF Database Merge Online Resources view more Purpose Investments Inc. Confirms the Automatic Conversion of Class A2 Units into Class T Units of U.S. Banks Income & Growth Fund view more Tortoise Launches Two Digital Infrastructure Exchange-Traded Funds: TCLD and TPAY view more Legg Mason Launches New Actively-Managed Short Duration Income ETF, Subadvised By Affiliate Western Asset Management view more BlueStar Israel Equity Review & Outlook-February 2018 Israeli technology stocks, as defined by The BlueStar Israel Global Technology Index™ (BIGITech(R)), bounced back strongly in January, erasing December woes, with an impressive 11.48% return to lead global tech markets YTD.
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February 11, 2019--Goldman Sachs is ending its strategy of betting on companies with strong balance sheets.
The group as a whole has outperformed those with higher debt by 25 percent points since late 2016.
'The risk-reward has recently become less favorable," Goldman strategist David Kostin says.
A more accommodative Federal Reserve and the prospects for stable economic growth ahead have promoted Goldman Sachs to close a popular trade that it has backed for the past two years.
Source: cnbc.com
February 8, 2018--Combined Platform Emerges as Largest ETF-Centric, Data-Rich Hub Available to Advisors
ETF Database (ETFdb.com), the world's largest, independent ETF-centric website focused on ETF research and fund flow decisioning tools, and ETF Trends (ETF Trends), the global leader in virtual ETF education, announced they have merged website resources to arm advisors with a powerful data platform to thrive in their growing industry.
Source: ETF Trends, ETF Database
February 8, 2019--Purpose Investments Inc, the manager of U.S. Banks Income & Growth Fund (the "Fund"), announced today that the Class A2 units of the Fund were automatically converted in accordance with their terms into Class T units, effective February 8, 2019.
The exchange ratio used for the conversion is 1.025716 Class T units for each Class A2 unit. The Class T units are exchange traded under ticker symbol PUB.UN on the Aequitas NEO Exchange.
Source: Purpose Investments Inc.
February 8, 2019--Tortoise today announced the launch of two digital infrastructure ETFs, Tortoise Cloud Infrastructure Fund (Cboe BZX: TCLD) and Tortoise Digital Payments Infrastructure Fund (Cboe BZX: TPAY).
Tortoise invests in essential assets across the infrastructure spectrum. These are assets that are indispensable to the economy and society. Digital infrastructure is the backbone of the digital revolution, including everything that transfers, stores and processes digital information. TCLD and TPAY isolate what Tortoise believes are the fastest areas of growth in technology, that are also essential assets.
Source: Tortoise
February 8, 2019--Legg Mason, one of the world's largest asset management firms, today announced the launch of its newest actively managed exchange traded fund (ETF), the Western Asset Short Duration Income ETF (NASDAQ: WINC).
A short-duration (0-3 years) fixed-income strategy, WINC seeks to generate current income via a diversified portfolio with an emphasis on low interest rate sensitivity, higher credit quality and active credit selection.
Source: Legg Mason
February 8, 2019--ISRAELI TECH STOCKS NEAR ALL-TIME HIGHS AFTER STRONG RECOVERY FROM DECEMBER MELT-DOWN; ISRAEL LEADING ALL MAJOR MARKET INDEXES IN 2019
Israeli stocks, as defined by the BlueStar Israel Global Index(R) (BIGI(R)), outpaced all major market indexes in January, posting a solid 10.68% gain.
BIGI(R), now nearly recovered from the December sell-off, extended its 2018 dominance against MSCI EAFE by an additional 4.09% YTD.
Source: BlueStar Global Investors LLC
