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BMO Financial Group Reports Net Income of $973 million for First Quarter of 2018
February 27, 2018--Financial Results Highlights:
First Quarter 2018 Compared with First Quarter 2017:
Net income of $973 million, down 35% reflecting a revaluation of the U.S. net deferred tax asset of $425 million related to U.S. tax reform and a net gain in the prior year
Adjusted net income1 of $1,422 million, down 7% reflecting the net gain in the prior year
EPS2 of $1.43, down 36%; adjusted EPS1,2 of $2.12, down 7%
For the first quarter ended January 31, 2018, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $973 million or $1.43 per share on a reported basis, and net income of $1,422 million or $2.12 per share on an adjusted basis.
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Source: BMO Financial Group
AdvisorShares Weekly Market Review- Markets Digest Massive Treasury Auction
February 26, 2018--Highlights of the Week Ending 2/23/2018
Macro
Last week, we asked if the bounce could continue and it was looking like the answer was no until Friday's big up day. For the week the Dow Jones gained 0.39%, the S&P 500 was up 0.56%, the NASDAQ jumped 1.36% thanks to some FANG strength and the Russell 2000 eked out 34 basis points.
The VIX danced around 20 for most of the week before cratering on Friday down into the 16's. As several people, including Eddy Elfenbein from Crossing Wall Street, have noted, the profound lack of volatility in 2017 was the abnormal event not what has happened so far this year. It won't end badly in terms of the market somehow doing something different but the lack of volatility leading to complacency in the form of performance chasing could lead to more individuals panic selling when the cycle ends.
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Source: AdvisorShares
SEC Commissioner Criticizes Idea of Curbing Shareholder Lawsuits
February 26. 2018--Regulator shouldn't give public companies a shortcut to impose mandatory arbitration, says Democrat Robert Jackson Jr.
Public companies hoping that regulators will show them a shortcut to stifling shareholder lawsuits should instead have to go through a long slog, a Democratic member of the Securities and Exchange Commission said Monday.
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Source: Wall Street Journal
Whitford Enters ETF Space, Help Investors Access Short-Term Moves
February 26, 2018--Whitford Asset Management is trying its hand in the exchange traded fund space, launching a new volatility-themed, smart beta strategy that incorporates its very own rules-based investment methodology.
Whitford Asset Management recently rolled out the Volshares Large Cap ETF (NYSEArca: VSL), which has a 0.65% expense ratio.
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Source: Nasdaq.com
ProShare Capital Management LLC Plans to Reduce Target Exposure On Two ETFs
February 26, 2018--ProShare Capital Management today announced that the investment objective of two of its ETFs will change effective as of close of business on February 27, 2018.
ProShares Ultra VIX Short-Term Futures ETF (NYSE Arca: UVXY) will change its investment objective to seek results (before fees and expenses) that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index ("Index") for a single day. The Fund's investment objective currently is to seek results (before fees and expenses) that correspond to two times (2x) the performance of the Index for a single day.
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Source: ProShares
Advisor Share-Class Infractions a 'Widespread Problem,' SEC Says
February 23, 2018--The agency's investment management division also includes a fiduciary rule among its 'near-term' goals
Investment advisors putting their clients into higher fee share classes when lower cost ones are available "is a widespread problem," Steven Peikin, co-director of the Securities and Exchange Commission's Enforcement Division, said Friday.
Speaking on a panel at the SEC Speaks conference in Washington, sponsored by the Practising Law Institute, Peikin, in referencing the division's newly launched Share Class Selection Disclosure Initiative, said the "ultimate goal" of the program is to try to "return money" to as many investors as possible.
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Source: thinkadvisor.com
Vident Financial, LLC Announces Primary Listing Venue Change
February 23, 2018--Vident Financial, LLC announced today its plans to change the primary listing venue across all Vident ETFs from Nasdaq to NYSE Arca. The Funds involved include, the Vident International Equity ETF (VIDI), The Vident Core U.S. Equity ETF (VUSE), The Vident Core U.S. Bond Strategy ETF (VBND) and The Weatherstorm Forensic Accounting Long-Short ETF (FLAG).
The Vident ETF's (VIDI, VUSE, VBND & FLAG) will retain their current ticker symbols with the NYSE Arca listing. The Funds will commence trading on NYSE Arca upon market open on March 1, 2018. Until that time, the funds will continue to trade on the NASDAQ.
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Source: Vident Financial, LLC
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for January 2018
February 23, 2018--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) asset flows for January 2018.
In January, investors placed $41.2 billion of inflows to U.S. equity passive funds compared with December's $22.5 billion inflow. On the active front, investors pulled $24.1 billion out of U.S. equity funds, compared with $16.3 in the previous month. Morningstar estimates net flow for mutual funds by computing the change in assets not explained by the performance of the fund and net flow for ETFs by computing the change in shares outstanding.
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Source: Morningstar, Inc.
Research Affiliates-Craftsmanship in Smart Beta
February 23, 2018--Key Points
Investors seeking to add smart beta and factor strategies to their portfolios should consider the four craftsmanship elements of product design: 1) universe coverage and weighting mechanism, 2) signal definition, 3) measurement period, and 4) rebalancing frequency.
Design decisions guided by these craftsmanship elements can help preserve a portfolio's performance potential by reducing implementation costs.
Introduction
In the previous article in this series, our colleagues John West and Trevor Schuesler explained the challenges of seeking positive alpha through manager selection. In this article, we highlight how financial advisors may add value with due diligence efforts on, perhaps, a more reliable source of excess return-product craftsmanship.
Technology today pushes us to move faster in almost every area of our life. We are encouraged to consume our news in 140-character bites, race through podcasts on 1.5x speed, and make every effort to "10x" our efficiency, condensing what we used to accomplish in 40 hours into a 4-hour workweek.
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Source: Research Affiliates
CFTC.gov Commitments of Traders Reports Update
February 23, 2018--The current reports for the week of February 20, 2018 are now available.
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Source: CFTC.gov
