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AdvisorShares Weekly Market Review-Unlucky 7's
August 28, 2017--Highlights of the Week Ending 8/25/2017
Macro
Domestic equity markets worked their way higher last week but only modestly so as political concerns related to the debt ceiling (the President seemingly willing to shut down the government while everyone else involved is saying there is no doubt a deal will get done,, Gary Cohn's (now off the table) resignation threat, doubling down on military efforts in Afghanistan and anything else you can think of seemed to weigh heavy.
There was optimism though that tax reform could start to move forward. The Dow Jones Industrial Average gained 0.67%, the S&P 500 added 0.74%, the NASDAQ moved ahead 0.78% and the Russell 2000 was up 1.42%.
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Source: AdvisorShares
SEC Waits on Sidelines as New Bitcoin Market Opens
August 28, 2017--The SEC likely will wait to see how a new market approved by the U.S. futures regulator for bitcoin options fares before moving forward with an application for an exchange-traded fund that would trade shares based on the cryptocurrency.
The Securities and Exchange Commission will want to take into account how the trading platform and clearinghouse for bitcoin options traded on LedgerX matures and gains liquidity, said John Servidio, a partner with Winston & Strawn, New York.
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Source: Bloomberg BNA
CFTC.gov Commitments of Traders Reports Update
August 25, 2017--The current reports for the week of August 22, 2017 are now available.
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Source: CFTC.gov
John Hancock files with the SEC-John Hancock Multifactor Consumer Discretionary ETF
August 25, 2017--John Hancock has filed a post-effective amendment, registration statement with the SEC for the
John Hancock Multifactor Consumer Discretionary ETF.
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Source: SEC.gov
Record Days for VIX Futures and Options Volume and Open Interest This Month
August 25, 2017--Despite the fact that the average daily closing value of the CBOE Volatility Index®(VIX®)is about 11.5 so far this year, VIX futures and options both had record days for volume and for open interest this month.
OPEN INTEREST RECORDS. VIX futures hit a new record for open interest with more than 673,000 contracts on August 7, and VIX options reached a new record for open interest with 14,783,380 contracts open on August 15.
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Source: CBOE
ETF Managers Group Announces Closure of IMED ETF
August 25, 2017--ETF Managers Group LLC ("ETFMG") today announced that the Board of Trustees of the ETF Managers Trust has decided to close the ETFMG ETFx HealthTech ETF (IMED) based on an ongoing review of market demand.
Effective immediately, IMED will increase its cash holdings in contemplation of liquidation and will no longer accept creation orders.
Trading will be suspended on NASDAQ at the closing of the market on September 06, 2017.
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Source: ETF Managers Group (ETFMG)
NexC Partners Corp. Announces Proposal to Convert NEXC Into an Open-End Fund
August 25, 2017--NexC Partners Corp. (the "NEXC") (TSX:NXC) is pleased to announce that its board of directors has approved a proposal to convert NEXC into an open-end fund with ETF shares and mutual fund shares.
The conversion will be achieved by merging NEXC into Purpose Enhanced Dividend Fund (the "PDIV"), a newly established investment fund with substantially similar investment objectives and strategies as NEXC that will be managed by Purpose Investments Inc. ("Purpose"), with the PDIV being the continuing fund (the "Proposal").
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Source: Purpose Investments Inc.; NexC Partners Corp.
NEW: First Asset MSCI International Low Risk Weighted ETF
August 25, 2017--First Asset Investment Management Inc. ("First Asset") is pleased to announce that First Asset MSCI International Low Risk Weighted ETF (the "ETF") has closed the initial offering of its units and the units will commence trading today on the Toronto Stock Exchange ("TSX") under the ticker symbols RWX and RWX.B.
RWX are Canadian dollar hedged units and RWX.B are unhedged units.
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Source: First Asset
Redwood Asset Management Announces First Ever ETF Exchange Offer for the Redwood Canadian Preferred Share Fund
August 24, 2017--Redwood Asset Management Inc. ("Redwood") is pleased to offer an exchange offering for the ETF units of the Redwood Canadian Preferred Share Fund (the "ETF", or "the Fund"). Investors have until September 15, 2017 to tender their preferred shares and other accepted securities in exchange for units of the Fund.
he offering, which closes on September 22, 2017, is the first of its kind in Canada, and is another example in Redwood’s focus on delivering innovative solutions to Canadian investors. The Fund trades under the ticker symbol RPS on the NEO Exchange.
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Source: Redwood Asset Management Inc
First Trust Launches the First Trust Institutional Preferred Securities and Income ETF
August 24, 2017--First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced that it has launched a new actively managed ETF, the First Trust Institutional Preferred Securities and Income ETF (NYSE Arca: FPEI) (the "fund").
The fund seeks total return and current income by investing at least 80% of its assets in institutional preferred securities and income-producing debt securities. The fund is sub-advised by Stonebridge Advisors LLC ("Stonebridge" or "sub-advisor").
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Source: First Trust
