Americas ETP News
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How Vanguard, BlackRock and State Street---which manage RIA trillions of AUM for a pittance--may artfully make the bill come due by beating active managers at their own game
June 6, 2018--The ETF giants' latest mutual fund-killing trick is free management of ETF portfolios---perhaps the seeds of a massive freemium model
Brooke's Note: Just when you think it can't get any better for RIAs looking to cut costs, improve quality and scale their businesses without making additional hires, it does.
The bad news for RIAs is that investment management is no longer enough to compete long run for client assets. The good news is that less effort and cost is demanded by the day to do a bang-up job managing assets. First ETF groceries. Now prepared ETF meals---backed by big brands. Managed ETF portfolios compliments of the ETF-maker already operating at razor-thin margins is a happy sleeper offshoot of the robo-advisor movement and the unrelenting one-upping done by the world's biggest asset managers.
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Source: RIAbiz.com
CSA Investor Alert: Caution urged for Canadians investing with crypto-asset trading platforms
June 6, 2018--The Canadian Securities Administrators (CSA) is urging Canadians to be cautious when considering buying crypto assets through trading platforms. Even though a platform may call itself an "exchange," that does not mean it is complying with the securities regulatory regime.
The CSA wants to make it clear: currently there are no crypto-asset trading platforms recognized as an exchange or otherwise authorized to operate as a marketplace or dealer in Canada.
"We want investors to understand that just because a platform may advertise itself as an exchange, that does not mean the platform is complying with applicable securities regulations," said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers.
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Source: Canadian Securities Administrators
VanEck and SolidX Join Forces to Bring to Market Physically-Backed Bitcoin ETF
June 6, 2018--Agreement brings together two leaders in the digital assets space
VanEck was first to file for a 40-Act Bitcoin ETF; SolidX among the first for a physically-backed bitcoin ETF
VanEck today announced that it will partner with SolidX to list a physically-backed bitcoin ETF that will be insured against loss or theft of bitcoin. SolidX will act as the sponsor of the ETF and VanEck will provide marketing services.
The two firms will work jointly with regulators. VanEck was the first to file for a bitcoin ETF registered under the Investment Company Act of 1940 in August 2017, while SolidX in March 2016 was among the first to file under the Securities Act of 1933 for a physically-backed bitcoin ETF that would reflect the performance of the price of bitcoin.
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Source: VanEck
CFTC.gov Swaps Report Update
June 6, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
OECD-Amid strong outlook for U.S. economy, risks abound
June 6, 2018--The U.S. economy is experiencing one of the longest expansions on record, but the scars left by the Great Recession, as well as challenges posed by globalization and automation shocks, remain visible across the country, according to a new report from the OECD.
The latest Economic Survey of the United States presents a robust near-term outlook: private consumption remains solid, driven by a strong job market and high levels of consumer confidence. Against this backdrop, GDP growth is set to increase by 2.9% in 2018, and 2.8% in 2019. The Survey notes that the recent U.S. tax reform-combined with higher public spending ceilings in 2018 and 2019 -will provide a fiscal stimulus of around 1% of GDP in both years, representing a sizeable short-term boost to growth. Plans to reduce regulatory burdens should also help foster business dynamism.
However, risks to the outlook remain sizable. Elevated leverage ratios in the corporate sector will need careful monitoring, while emerging interest rate differentials between the U.S. and other major currencies may contribute to an appreciation of the dollar.
view the OECD Economic Survey of the United States 2018
Source: OECD
BNY Mellon DR Index Monthly Performance -May 2018
June 6, 2018--The BNY Mellon DR Index Monthly Performance for May 2018 report is now available.
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Source: BNY Mellon
ETF Managers Group Announces Closure of ETF
June 5, 2018--ETF Managers Group LLC ("ETFMG") announced today that the Board of Trustees of the ETF Managers Trust has decided to close the Spirited Funds/ETFMG Whiskey & Spirits ETF (WSKY) based on an ongoing review of market demand.
Effective immediately, WSKY will increase its cash holdings in contemplation of liquidation and will no longer accept creation orders.
Trading will be suspended on the NYSE Arca at the closing of the market on June 15, 2018. Proceeds of the liquidation are scheduled to be sent to shareholders on or before June 20, 2018.
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Source: ETF Managers Group LLC (ETFMG)
Total Net Expense Ratio Lowered for AADR, Top-Performing International Equity ETF
June 5, 2018--Five-star Morningstar ratedTM AdvisorShares Dorsey Wright ADR ETF (Ticker: AADR) has over $260 million in AUM
AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today that the AdvisorShares Dorsey Wright ADR ETF (Ticker: AADR) has lowered its total net expense ratio to 0.89%, by contractually agreeing to reduce the fund's expense limitation from 0.98% to 0.88%.1
The actively managed AADR has experienced increasing investor demand and recently surpassed $260 million in assets under management, which in turn has made the ETF more operationally-efficient allowing a reduction in its operating expenses. AADR, which also lowered its total net expense ratio in November 2017, carries a five-star Morningstar rating for its overall risk-adjusted performance and ranks among the top-performing international equity strategies among both mutual funds and ETFs.2
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Source: AdvisorShares
AdvisorShares Active ETF Market Share Update-Week Ending 6/1/2018
June 5, 2018--Assets in actively managed ETFs added $126 million last week to reach $56.40 billion in total net assets.
First Trust led new AUM growth with $67 million followed by ARK Investment, which gained $57 million. One fund opened and lifted total of actively managed ETFs currently trading to 226.
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Source: AdvisorShares
First Trust to Launch First Trust TCW Unconstrained Plus Bond ETF
June 5, 2018--An actively managed ETF that is not tethered to a traditional fixed-income benchmark
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched a new actively managed ETF, the First Trust TCW Unconstrained Plus Bond ETF (NYSE Arca: UCON) (the "fund").
The portfolio is sub-advised and managed by TCW Investment Management Company LLC ("TCW"). The fund's managers look for value across a range of global fixed income market segments seeking to maximize long-term total return.
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Source: First Trust
