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U.S. Fund-Flows Weekly Report: Funds Take in Net New Money for the Second Straight Week
May 4, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net-positive flows of $2.5 billion for the fund-flows week ended Wednesday, May 2. The week's net inflows followed the prior week's $8.0 billion increase and were paced by the equity funds asset group (+$1.1 billion), followed by taxable bond funds (+$916 million) and money market funds (+$845 million).
The municipal bond funds group (-$345 million) was the only one seeing its coffers shrink.
Market Overview
The Dow Jones Industrial Average and the S&P 500 Index both retreated during the fund-flows trading week; the indices closed down 0.66% and 0.14%, respectively. The week started off on the right foot with both indices up approximately 1.0% on the first trading day on the strength of solid Q1 2018 corporate earnings results.
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Source: Thomson Reuters
Robert Nestor Joins Direxion As President
May 3, 2018--Former BlackRock Executive to Lead Growth Strategy and Product Diversification
Direxion today announces the hiring of Robert D. Nestor as President.
Mr. Nestor brings over 25 years of experience in investment management, including more than 15 years directly in the ETF industry. He will be based in New York and report to Direxion CEO Dan O'Neill. This hire bolsters Direxion's senior management team, as the duties of President have been performed by Mr. O'Neill for several years.
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Source: Direxion
CFTC Officials Want Close Cooperation With SEC on Crypto Rules
May 3, 2018--Two officials at the Commodity Futures Trading Commission (CFTC) spoke about regulating cryptocurrencies this week, stressing the need for cooperation between their agency and another powerful U.S. regulator, the Securities and Exchange Commission (SEC).
Addressing the FIA Law and Compliance conference in Washington, D.C. on Wednesday, commissioner Brian Quintenz spoke out about "an effort that is underway at both the SEC and CFTC to coordinate and harmonize regulatory oversight."
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Source: coindesk.com
ProShares Launches First S&P 500 Bond ETF
May 3, 2018--25 Years After First S&P 500 Equity ETF Introduced
ProShares, a premier provider of ETFs, today launched the first S&P 500 Bond ETF. The ProShares S&P 500 Bond ETF (NYSE:SPXB) tracks the S&P 500(R)/MarketAxess(R) Investment Grade Corporate Bond Index.
"The S&P 500(R) served as the basis for the first ETF over 25 years ago. Today's launch of a bond ETF tied to the S&P 500 is another important moment in the evolution of ETFs," said Michael Sapir, co-founder and CEO of ProShare Advisors, LLC, the advisor to ProShares. "We believe SPXB will be an attractive option to investors considering bond ETFs. SPXB offers the most liquid, high quality bonds issued by companies in the S&P 500, the widely known and most-used securities benchmark."
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Source: ProShares
Greenwich Associates Study Finds More Than 80 Percent of Institutional Investors Surveyed Who Use Exchange-Listed Options Are Satisfied with Performance
May 3, 2018--The Options Industry Council (OIC), an industry resource funded by OCC, the world's largest equity derivatives clearing organization, today shared the results of a new study by Greenwich Associates, How Institutional Investors Use and Think About Exchange-Listed Options, which found that more than 80 percent of institutional investors surveyed who currently use exchange-listed options are satisfied with the performance against major market benchmarks.
OIC sponsored a Greenwich Associates study to take a closer look at how institutional investors use and perceive exchange-listed options strategies. Greenwich Associates interviewed 80 institutional investors in the U.S., including asset managers, corporate pension plans, public pension plans and endowments with total combined assets under management of more than $1 trillion.
view the How Institutional Investors Use and Think About Exchange-Listed Options study
Source: OCC
USCF Announces Launch of the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund With SummerHaven Index Management
May 3, 2018--USCF today announced it has launched the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund ("SDCI" or the "Fund") with SummerHaven Index Management LLC (SummerHaven), a Stamford, CT based index management firm that has developed indicies in the commodities space.
The Fund, an actively managed exchange-traded fund (ETF), will use the SummerHaven Dynamic Commodity IndexSM as its benchmark, which is also the benchmark utilized by the firms' first collaboration, the United States Commodity Index Fund (NYSE Arca: USCI). SDCI seeks long-term total return.
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Source: USCF
DR Index Monthly Performance-April 2018
May 3, 2018--The BNY Mellon DR Index Monthly Performance for April 2018 report is now available.
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Source: BNY Mellon
In a Year of Strong ETF Industry Growth, the First Index and Fund to Target the Ecosystem Turns in Compelling Performance
May 2, 2018--Toroso ETF Industry Index, underpinning the ETF Industry Exposure & Financial Services ETF (TETF), tops the broad market, other financial-focused exposures in first year on market
Against a backdrop of record-setting inflows and a growing number of innovative entries to the Exchange Traded Fund (ETF) universe, the first index and ETF to target the ETF industry has turned in a strong first year of returns.
The Toroso ETF Industry Index (TETF.Index), which underpins the ETF Industry Exposure & Financial Services ETF (NYSE Arca: TETF), recently marked its first anniversary, marking a year of providing investors with a benchmark for gauging the performance of the companies driving and participating in the past growth and potential future growth of the Exchange Traded Funds industry.
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Source: Toroso Investments, LLC
Federal Reserve issues FOMC statement
May 2, 2018--Information received since the Federal Open Market Committee met in March indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low.
Recent data suggest that growth of household spending moderated from its strong-fourth-quarter pace, while business fixed investment continued to grow strongly. On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.
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Source: federalreserve.gov
Stock Exchanges Get Warning Shot From SEC Over Data Profits
May 2, 2018--Regulator took unusual step of blocking request to raise fees
SEC's chairman has signaled he's scrutinizing this area.
U.S. regulators blocked stock exchanges' request to raise some fees for market data, an unusual step suggesting closer scrutiny of an increasingly important slice of their businesses.
The fees that firms including NYSE Group Inc., Nasdaq Inc. and Cboe Global Markets Inc. wanted to boost are relatively obscure.
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Source: Bloomberg
