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First Trust SSI Strategic Convertible Securities ETF Notified of Upcoming Acquisition of its Investment Sub-Advisor
January 10, 2019--First Trust SSI Strategic Convertible Securities ETF (the Fund) (Nasdaq: FCVT), a series of First Trust Exchange-Traded Fund IV (the Trust), announced today that it has been informed that Resolute Investment Managers, Inc. has announced an agreement to acquire a majority interest in SSI Investment Management Inc. (SSI), the Funds investment sub-advisor responsible for portfolio management of the Fund (the Transaction).
Based upon information provided to the Fund, the Fund believes that the consummation of the Transaction may be considered an assignment (as defined in the Investment Company Act of 1940, as amended) of the investment sub-advisory agreement among the Fund, SSI and First Trust Advisors L.P. (First Trust), the Funds investment advisor, which would result in its automatic termination. First Trust and the Funds Board of Trustees will evaluate the impact of the Transaction on the Fund.
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Source: globalbankingandfinance.com
U.S. Weekly FundFlows Insight Report: Mutual Fund and ETF Investors Cheer Improving Trade Talks for the Week
January 10, 2019--For the second week in three, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $35.8 billion for Lipper's fund-flows week ended January 9, 2019. Fund investors were net purchasers of money market funds (+$17.1 billion), equity funds (+$8.7 billion), taxable fixed income funds (+$8.4 billion), and municipal bond funds (+$1.6 billion).
Market Wrap-Up
Investors turned upbeat during the fund flows week, cheering news that the U.S. and China have narrowed their disagreements on trade, the release of a stellar December nonfarm payrolls report, and that the Fed was becoming a little more dovish in its comments. The Russell 2000 Price Only Index (+6.11%) posted the strongest returns of the broad-based indices for the flows week, followed by the NASDAQ Composite Price Only Index's 4.37%, and the S&P 500 Price Only Index's 2.99% plus-side returns.
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Source: Refinitiv
VanEck Lowers Expense Ratio for Vaneck Vectors ChinaAMC CSI 300 ETF (PEK) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT)
January 10, 2019--VanEck announced today that it is lowering the expense ratio for its VanEck Vectors(R) ChinaAMC CSI 300 ETF (NYSE Arca: PEK(R)) and its VanEck Vectors(R) ChinaAMC SMEChiNext
ETF (NYSE Arca: CNXT(R)).
Effective January 10, 2019, the expense cap for PEK will be reduced
from 0.72% to 0.60%,1 and the expense cap for CNXT will be reduced from 0.78% to 0.65%.2 PEK seeks
to track the CSI 300 Index, which is comprised of the largest and most liquid stocks in the Chinese A-share market. CNXT seeks to track the SME-ChiNext 100 Index, which is comprised of the 100 largest and most liquid onshore China A-share stocks listed on the Small and Medium Enterprise (SME) Board and the
ChiNext Board of the Shenzhen Stock Exchange.
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Source: VanEck
Minutes of the Federal Open Market Committee, December 18-19, 2018
January 9, 2019--Long-Run Monetary Policy Implementation Frameworks
Committee participants resumed their discussion from the November 2018 FOMC meeting of potential long-run frameworks for monetary policy implementation.
At the December meeting, the staff provided a set of briefings that considered various issues related to the transition to a long-run operating regime with lower levels of excess reserves than at present and to a long-run composition of the balance sheet.
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Source: federalreserve.gov
BlackRock reshuffle sees new heir-apparent emerge
January 9, 2019--Larry Fink promotes head of index investing to new international role.
Larry Fink is reshuffling BlackRock's senior management, promoting Mark Wiedman into a new international role that positions the executive who was head of its index investing empire as a likely heir-apparent to run the world's biggest asset manager.
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Source: FT.com
Combined Estimated Long-Term Fund Flows and ETF Net Issuance
January 9, 2019--Total estimated outflows1 from long-term mutual funds and exchange-traded funds (ETFs) were $30.40 billion for the week ended January 2, 2019, the Investment Company Institute reported today.
Estimated mutual fund outflows were $37.41 billion while estimated net issuance for ETFs was $7.01 billion. Reports of long-term flow estimates and ETF net issuance are available on the ICI website.
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Source: ICI (Investment Company Institute)
Syntax Advisors Launches Syntax Stratified LargeCap ETF
January 8, 2019- Syntax Advisors LLC has launched its first exchange-traded fund (ETF), the Syntax Stratified LargeCap ETF, on NYSE Arca Exchange (Ticker: SSPY).
Syntax's Stratified LargeCap ETF seeks to track Syntax's Stratified LargeCap Index (the Index), a Stratified Weight(TM) version of the S&P 500, calculated by S&P Dow Jones Indices and maintained by Syntax LLC, Syntax Advisors' parent company.
The ETF started trading on January 4th from an existing private fund vehicle, thereby launching with four years of live performance history.
"The breakthrough of the Stratified LargeCap ETF is that an investor can now own a passively managed portfolio of the same companies as the S&P500 but using a weighting methodology designed to maintain diversified exposures to related business risks. This is a first in a low-cost, passively managed ETF," said Founder and CEO Rory Riggs.
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Source: Syntax Advisors, LLC
Vanguard presses SEC to back off ETF holdings disclosure plan
January 8, 2019--Vanguard Group has been following up with US Securities and Exchange Commission officials on a request that the agency ease a proposal to make exchange-traded funds disclose their complete portfolio holdings daily.
Vanguard representatives met late last month with Republican Commissioner Elad Roisman and SEC investment management officials, including division chief Dalia Blass, to discuss the ETF plan, according to agency memos.
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Source: https://mlexmarketinsight.com
RBC Global Asset Management and BlackRock Canada announce strategic alliance to transform Canadian ETF market
January 8, 2019--Combined $60 billion RBC iShares ETF suite will be the most comprehensive in Canada.
Investors benefit from expanded access to iShares' funds and operating expertise and RBC's capabilities and solutions
RBC Global Asset Management Inc. ("RBC GAM Inc.") and BlackRock Asset Management Canada Limited ("BlackRock Canada") today announced a strategic alliance that will deliver the most comprehensive ETF offering in the Canadian marketplace.
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Source: RBC Global Asset Management Inc.
CBO-Monthly Budget Review for December 2018
January 8, 2019--The federal budget deficit was $317 billion for the first quarter of fiscal year 2019, CBO estimates, $92 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were $93 billion (9 percent) higher than during the first quarter of 2018.
Because January 1 is a holiday, outlays this year and last year were boosted by the shift of certain payments from January to December. However, last year's outlays for the quarter were reduced, on net, because of additional payment shifts from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). (October 1, 2017, the first day of fiscal year 2018, fell on a weekend.)
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Source: Congressional Budget Office (CBO)
