Americas ETP News
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Covered funds seen as starting point for Volcker rule reform
August 22, 2017--Inter-agency consensus may prove more elusive on altering prop-trading definitions.
US regulatory agencies looking to reform the Volcker rule may find the definition of covered funds in which banks are forbidden to invest as the easiest and least contentious starting point, according to lawyers and former regulators.
Under the Volcker rule, a covered fund is anything not considered an investment company.
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Source: Risk.net
ETFGI reports assets invested in ETFs/ETPs listed in Canada reached a new record of US$104 Bn at the end of July 2017
August 22, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs/ETPs listed in Canada reached a new record of US$104 Bn at the end of July 2017, surpassing the prior record of US$101 Bn set at the end of June 2017, according to data from ETFGI's July 2017 global ETF and ETP industry insights report.
ETFs/ETPs listed in Canada gathered US$113 Mn in net new assets in July, marking the 10th consecutive month of net inflows. Year to date, net inflows stand at a record level of US$11.56 Bn which is significantly greater than the US$8.51 Bn in net inflows at this point last year.
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Source: ETFGI
Desjardins Announces Management Fee Reductions for some Desjardins ETFs
August 22, 2017--Desjardins Global Asset Management Inc. (DGAM), acting as manager and portfolio advisor of the Desjardins Exchange Traded Funds (ETFs), announced management fee reductions for some Desjardins ETFs.
These reductions will be effective, starting August 23, 2017.
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Source: Desjardins Group
ULTUMUS-First Trust Institutional ( FPEI)
August 22, 2017--USA
First Trust will be listing a first-of-its-kind ETF that hoovers up American institutional preferred securities (FPEI).
Preferred securities are unique to American tax law and are something of a hybrid between equity and debt....
First Trust already has an ETF that tracks preferred securities (FPE). What is different about FPEI-and what makes it a world first-is that it gobbles up institutional preferred securities...
Corporate action:
State Street's S&P Oil and Gas Equipment & Services ETF (XES) has received payment from a law suit against Weatherford International.
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Source: ULTUMUS-Financial Data Management
DB Markets Research-North America Synthetic Equity & Index Strategy-US ETF Compass-US ETPs cross $3.0 trillion AUM milestone in July
August 21, 2017--US ETPs cross $3.0 trillion AUM milestone in July
Promising second half began with positive returns for risky assets
The second half kicked off recording mostly positive returns for risky assets.
Global equities were up by 2.73% during last month, mainly driven by EM and
Intl DM equities with returns of 5.82% and 2.65%, respectively; meanwhile,
US equities were also positive, they recorded returns of 1.88%.
Fixed Income (+0.33%) was mostly positive, but registered more discrete returns. Convertible
debt (+3.02%), Intl DM Debt (+2.93%), Intl Inflation (+2.50%), and EM Gov. Debt
in local currency (+2.26%) were among the best performers in the debt space.
Commodity registered gains of 4.08%, driven by Energy (+5.77%) and Industrial
Metals (+2.44%). On the currency side, the USD weakened against most major
foreign currencies, with UUP recording negative returns of 2.75% during last
month.
US ETP assets break the $3.0 trillion ceiling fueled by inflows
July flows were led by Equity and by Fixed Income ETPs; while, Commodity ETPs
experienced negative flows. ETPs registered $26.9bn in new cash, helping assets
rise by 2.8% from one month earlier, breaking the $3.0 trillion mark at the end
of July. During February 2015, ETPs assets crossed the $2.0 trillion mark, taking
2 years and 4 months to reach this new AUM milestone ($3.04 trillion). Equity
and Fixed income attracted inflows of $18.2bn and $12.0bn, respectively; while,
Commodity ETPs posted outflows of $3.3bn.
Among the most relevant inflow trends we saw US, DM ex-US, and EM Equities with $10.0bn, $3.3bn, and $3.0bn, respectively. Furthermore, on the fixed income side, Corporates and Broad exposure recorded $6.1bn and $2.4bn in positive flows, respectively.
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Source: Deutsche Bank Markets Research-North America-United States-Synthetic Equity & Index Strategy
AdvisorShares Weekly Market Review-Don't Look Directly At The VIX
August 21, 2017--Highlights of the Prior Week Ending 8/18/2017
Macro
For months we have marveled at the extent to which political volatility did not lead to equity market volatility. The VIX has spent much of 2017 hovering around 10 even breaching 9 for a very short time.
This relationship may have started to change last week amid the fallout from the protests/clashes the previous weekend in Charlottesville as advisory councils were disbanded, there was turnover in senior White House leadership and at least two GOP Senators making public comments that were not supportive of President Trump. Friday after the close, news broke that Carl Icahn was stepping down from his role as special adviser to the President to "avoid 'partisan bickering' about his position."
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Source: AdvisorShares
Sub Prime ETFs
August 21, 2017--USA
New US issuer Spinnaker ETF Trust is set to launch its three inaugural products in New York.
Little information is publicly available about the issuer. It is advised by OBP Capital, a North Carolina-based group about which there is also little public information.
The three debut ETFs are:
Fieldstone UVA Unconstrained Medium-Term Fixed Income ETF (FFIU)
Fieldstone Merlin Dynamic Large Cap Growth ETF (FMDG)
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Source: ULTUMUS-Financial Data Management
CFTC.gov Commitments of Traders Reports Update
August 18, 2017--The current reports for the week of August 15, 2017 are now available.
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Source: CFTC.gov
DB Markets Research-North America-United States-Synthetic Equity & Index Strategy-A Guide to Value ETF DNA-Revised
August 18, 2017--This version has been revised to show the most current information on VLUE's
index. No other changes have been made.
Making sense of all the different Value ETFs
In this report we review all of the Value ETFs with focus on US Large Cap Equities.
Overall, we identify 26 different products with about $100bn in assets. Value ETFs
are designed to track indices with a focus on cheap stocks, however the path each
of these indices takes to get to that goal can differ significantly.
We identify three main groups of Value ETFs with similar characteristics: Style Mix, Style Pure, and
Factor Tilt.
Value ETFs have indeed a Value bias and a clear Financials tilt
Unlike other ETFs where the name is not always aligned with the true product
exposure, all Value ETFs indeed deliver exposure to Value stocks. The level of
exposure, however, can vary among different Value ETF types. For example, Style
Pure and Factor Tilt exhibit a higher level of exposure to Value factors relative
to Style Mix. The most popular value metrics are those involving Book Value,
followed by those involving Earnings, Sales, Dividends, and Cash Flows. Value
ETFs usually have below average P/B, P/E, P/Sales, and P/Cash Flows ratios; and
above average dividend yield. Moreover, all Value ETF types coincide on Financials
being their top sector allocation with a significant overweight relative to a US
Equity Large Cap benchmark, while having a clear underweight on Technology.
However, there are more sector insights beyond these more obvious observations.
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Source: DB Markets Research-North America-United States-Synthetic Equity & Index Strategy-
Renaissance Capital Scheduled U.S. IPOs this week
August 18, 2017--Scheduled U.S. IPOs-Week of 08/21/17
There are no IPOs scheduled this week.
IPO Index Performance
The Renaissance IPO Index has returned 21.9% so far this year, compared to 8.5% for the S&P 500.
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Source: Renaissance Capital
