Americas ETP News
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Treasury Announces Marketable Borrowing Estimates
July 30, 2018--The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the July-September 2018 and October-December 2018 quarters:
During the July-September 2018 quarter, Treasury expects to borrow $329 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $350 billion.
The borrowing estimate is $56 billion larger than announced in April 2018. The increase in borrowing is driven by both changes in the cash balance and lower net cash flows.[2]
During the October-December 2018 quarter, Treasury expects to borrow $440 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $390 billion.2
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Source: Treasury.gov
U.S. GDP growth hit 4.1 percent in the second quarter
July 27, 2018--The U.S. economy sped up in the second quarter, expanding 4.1 percent, the Commerce Department said Friday. It's the first time in four years economic growth broke the 4 percent mark.
Strong consumer and government spending fueled the increase, as did a short-term jump in trade ahead of tariffs announced by the White House and U.S. trading partners. First-quarter growth was also revised to 2.2 percent, a slight increase from the previous estimate.
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Source: cbsnews.com
Research Affiliates Where Is the Global Economy Going?
July 27, 2018--Key Points
Investors are wise to look at more granular classifications of the business cycle and not just relatively infrequent NBER recessions.
Yield-curve slopes and equity market returns can be used as nowcasting signals to identify turning points of the business cycle.
Market signals are implying a number of developed markets-notably, Japan, the United States, and Germany-are now entering the correction phase of the business cycle. Trade wars, Brexit, debt issues in Italy and Spain, and political problems in Germany and Italy can make the road ahead a lot bumpier than the road we have grown accustomed to.
The three most common expressions in aviation are: Why is it doing that? Where are we? and Oh crap!-Anonymous
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Source: Research Affiliates
AdvisorShares Active ETF Report: Second Quarter of 2018
July 27, 2018--Report Highlights
Assets for actively managed ETFs grew by 12.26% in the second quarter, outpacing the previous quarter growth of 10.07%.
In June, assets in actively managed ETFs grew by $1.70 billion, or 2.92%, to reach a net total of $58.11 billion. This represents a slowdown over the average of the past quarter of $2.38 billion per month. Overall, assets grew $7.13 billion, or 12.26%, over the past quarter. Four of the 12 active ETFs that began trading during Q2 launched in June. Of the nine active ETFs that closed during Q2, one closed in June, which brought the total number of actively managed ETFs currently trading to 232.
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Source: AdvisorShares
CFTC.gov Commitments of Traders Reports Update
July 27, 2018--The current reports for the week of July 27, 2018 are now available.
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Source: CFTC.gov
Winklevoss twins bitcoin ETF rejected by SEC
July 26, 2018--The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list the first-ever cryptocurrency ETF on a regulated exchange.
The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF and in the release Thursday highlights issues with security, market manipulation and investor protection issues.
Bitcoin fell below $7,900 following the news after hitting a two-month high this week, which was partially fueled by rumors that the SEC could approve a similar trading vehicle as early as August.
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Source: cnbc.com
ETFGI reports that ETFs and ETPs listed in Canada experienced net outflows of US$328 million during June 2018
July 26, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Canada experienced net outflows of US$328 million during June 2018.
This marks the first month of negative flows since September 2017, coinciding with the net outflows that occurred this month for ETFs and ETPs listed in the US. (All dollar values in USD unless otherwise noted.)
Highlights
ETFs and ETPs listed in Canada experienced net outflows of $328 Mn during June 2018, marking the first month of negative flows since September 2017.
Active products gathered the largest net inflows during June, while equity ETFs/ETPs saw the largest net outflows.
ETF/ETP assets have decreased by 1.35% during June to $120 Bn.
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Source: ETFGI
NYSE Completes Historic First Half of 2018
July 26, 2018--Holds #1 spot among global exchanges for capital raising and ETFs;
Expands trading to include all U.S. securities;
Successfully executes launch of the first direct listing.
The New York Stock Exchange (NYSE), a wholly owned subsidiary of Intercontinental Exchange (NYSE:ICE), extended its leadership as the premier venue for global capital raising, and the exchange of choice for issuers. The NYSE marked a number of milestones in the first half of 2018, positioning itself for continued growth, including:
Ranked the #1 global exchange, raising $19.3 billion in proceeds from U.S. initial public offerings (IPOs) and $7.5 billion in assets under management (AUM) from U.S. exchange traded funds (ETFs).
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Source: Intercontinental Exchange
First Trust to Launch First Trust Lunt U.S. Factor Rotation ETF
July 26, 2018--An index-tracking ETF that focuses on U.S. large-cap equities using a multi factor rotation discipline.
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 ETF, the First Trust Lunt U.S. Factor Rotation ETF (Cboe BZX: FCTR) (the "fund").
The fund seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the Lunt Capital Large Cap Factor Rotation Index (the "index"). The index is designed to provide exposure to U.S. large cap equities, rotating among select factors when they come into favor using the propriety risk-adjusted relative strength methodology from Lunt Capital Management, Inc. ("Lunt Capital"). The index rotates among eight sub-indices, each of which exhibits the characteristics of the high and low side of four factors.
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Source: First Trust
U.S. Weekly FundFlows Insight Report: Despite Strong Earnings Reports During the Week, Fund Investors Remain Guarded in the Face of Trade-War Concerns
July 26, 2018--For the second consecutive week investors were net purchasers of overall fund assets (including those of conventional funds and ETFs), injecting, however, only a little more than $13 million for Thomson Reuters Lipper's fund-flows week ended July 25, 2018.
But, despite strong corporate earnings and economic news reported during the week, fund investors were net redeemers of equity funds (-$620 million) and money market funds (-$1.3 billion), while they padded the coffers of taxable bond funds (+$1.4 billion net) and municipal bond funds (+$550 million net).
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Source: Thomson Reuters
