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U.S. Fund-Flows Weekly Report: Money Market Funds Suffer Significant Net Outflows
June 22, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net-negative flows of $51.6 billion for the fund-flows week ended Wednesday, June 20. The week's net outflows were driven by money market funds, which saw over $51 billion leave their coffers.
This represented the money market fund group's seventh largest net outflows of all-time and its largest since 2011. These net outflows were a function of U.S. corporations withdrawing cash to pay their quarterly tax bill and investors settling their accounts from the previous week's Treasury auction. Among the other asset groups municipal bond funds and taxable bond funds had net inflows of $646 million and $94 million, while equity funds experienced net outflows of $1.3 billion.
Market Overview
The Dow Jones Industrial Average and the S&P 500 Index both were in the red for the fund-flows trading week; the indices closed down 2.16% and 0.30%, respectively.
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Source: Thomson Reuters
Thomson Hine-SEC to Consider ETF Rule Proposal at June 28, 2018 Open Meeting
June 22, 2018--On June 20, 2018, the Securities and Exchange Commission (SEC) announced it will hold an open meeting on Thursday, June 28, 2018, where it is expected to propose the long-awaited "ETF rule."
Proposed Rule 6c-11 under the Investment Company Act of 1940 (1940 Act) would allow new exchange-traded fund (ETF) advisers to enter into the ETF business without having to go through the lengthy exemptive order process. What remains to be seen is whether Rule 6c-11 will contain additional regulations unrelated to the exemptive process.
Currently, an adviser launching its first ETF must file an application to obtain exemptive relief from certain provisions under the 1940 Act prior to launch. SEC review of these applications typically takes at least four months, depending on the novelty of the product. New ETF advisers often file the applications concurrently with new registration statements, which generally have a shorter review period.
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Source: Thompson Hine
AdvisorShares Active ETF Report-April Showers Bring May Flows
June 22, 2018--Month ending 05.31.2018
In May, assets in actively managed ETFs grew by $2.74 billion, or 4.85%, to reach a net total of $56.42 billion. The month witnessed a gain of four funds and a loss of one fund, which boosts the number of actively managed ETFs to 226.
32% of actively managed ETFs eligible for a Morningstar rating carry a three-star rating, which means they provide similar risk-adjusted returns to their category.
74% of actively managed ETFs eligible for a Morningstar rating range from three-star to five-star ratings, which means they provide similar or better risk-adjusted returns compared to their category.
42% of Morningstar-rated actively managed ETFs provide better risk-adjusted returns compared to their category.
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Source: AdvisorShares
CFTC.gov Commitments of Traders Reports Update
June 22, 108--The current reports for the week of June 22, 2018 are now available.
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Source: CFTC.gov
Horizons ETF Trust I Announces Change in Senior Leadership
June 21, 2018--Horizons ETF Trust I (the "Trust") today announced key leadership changes to the Trust's officers. Mr. Jonathan Molchan, who serves as the portfolio manager to each of the four current series of the Trust (the "Funds"), has been appointed President and Chief Executive Officer of the Trust.
Additionally, Mr. Thomas Calabria has been appointed Secretary of the Trust.
The Funds are advised by Horizons ETFs Management (US) LLC, a member of the Horizons ETFs Group.
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Source: Horizons ETFs Management (US) LLC
The Rogers AI Global Macro ETF, Ticker: BIKR Launches
June 21, 2018--Ocean Capital Advisors LLC, in partnership with ETF Managers Group (ETFMG), launches the Rogers AI Global Macro ETF (NYSE Arca: BIKR), a global macro ETF of ETFs. BIKR seeks to provide investors with an optimally weighted global portfolio-holding primarily single-country ETFs-based on macroeconomic factors by leveraging the capabilities of AI and the multi-decade expertise of Jim Rogers to find, track and project leading economic indicators.
This is the first passive artificial intelligence backed ETF that uses AI to determine every investment decision and reveal the specific processes behind each decision.
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Source: ETF Managers Group (ETFMG)
Horizons ETFs Launches Horizons Blockchain Technology & Hardware Index ETF
June 21, 2018--ETF gives investors access to the rapidly growing "Blockchain Ecosystem"
Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") has launched the Horizons Blockchain Technology & Hardware Index ETF ("BKCH"). Units of the exchange traded fund ("ETF") will begin trading today on the Toronto Stock Exchange ("TSX"), under the ticker symbol BKCH.
BKCH seeks to provide investors with diversified exposure to companies involved in the new, disruptive technology frontier: the blockchain-a shareable digital ledger that logs and tracks valuable information such as transactions or assets, offering virtually endless applications.
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Source: Horizons ETFs Management (Canada) Inc.
Purpose Investments announces the launch of new ETF series of Purpose Managed Duration Investment Grade Bond Fund
June 21, 2018--Purpose Investments Inc. is pleased to announce the completion of the initial public offering of ETF shares of Purpose Managed Duration Investment Grade Bond Fund ("the Fund").
The ETF shares will begin trading on the Toronto Stock Exchange today, under the ticker symbol IGB. The Fund is also available in Series A and Series F mutual fund shares.
"We are delighted to continue the expansion of Purpose's ETF lineup, providing investors with maximum access and flexibility to our innovative products," said Som Seif, President and Chief Executive Officer of Purpose Investments Inc. "Purpose Managed Duration Investment Grade Bond Fund is one of very few investment grade bond funds available in the tax-advantaged corporate class structure.
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Source: Purpose Investments
Solactive releases Blockchain Technology & Hardware Index to serve as the underlying index for the Horizons Blockchain Technology & Hardware Index ETF (BKCH)
June 21, 2018--Following the successful launch of a series of index strategies targeting themes related to disruptive technology and innovation, Solactive is introducing the Solactive Blockchain Technology & Hardware Index (the "Index").
The Index mirrors the performance of global companies focusing directly on blockchain innovation and development, as well as companies providing hardware and hardware-related services used in the process of mining, an essential part in supporting blockchain technologies.
The Index includes companies involved in both the software and hardware applications of the blockchain ecosystem.
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Source: Solactive AG
Investor protection rule is dead
June 21, 2018--A decision by a U.S. court effectively put an end to the Department of Labor's fiduciary rule that would require all financial advisors to act in clients' best interests with regard to retirement accounts
The Securities and Exchange Commission is moving forward with its own best-interest standard for financial professionals who work with retail investors.
The decision drew mixed reactions, while one advocate saying all investors need to be vigilant as to whether or not they are working with a fiduciary.
A rule that would require that all financial advisors to act in their clients' best interests with regard to their retirement accounts has been killed.
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Source: CNBC
