Americas ETP News
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U.S. second-quarter GDP growth revised up, fastest in over two years
August 30, 2017-- The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.
Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.
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Source: Reuters
CFTC.gov Swaps Report Update
August 30, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
State Street Global Advisors Announces Changes to the SPDR Morgan Stanley Technology ETF
August 29, 2017--State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE: STT), today announced changes to the name and index of the SPDR Morgan Stanley Technology ETF.
Effective Monday, September 11, 2017, the fund will be renamed the SPDR NYSE Technology ETF and begin tracking the NYSE Technology Index. The fund's ticker symbol will be changed to XNTK. The annual gross expense ratio remains unchanged at 0.35 percent and no action is required by shareholders.
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Source: State Street Global Advisors
Under investor pressure, Goldman to explain trading strategy
August 29, 2017--Goldman Sachs Group Inc will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters.
The move is a break from tradition at Wall Street's pre-eminent bank, which usually gives its investors little information about how it makes money.
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Source: Reuters
ULTUMUS-PIMCO Equity ETFs & Franklin Templeton will be listing 2 actively managed ETFs
August 29, 2017--PIMCO has come back to ETFs in a big way, launching three first-of-a-kind ETFs with its Californian neighbour Research Affiliates.
The three new funds will all be factor trackers. What makes them special however is that they will adjust their factor exposure to changing market conditions.
The funds are:
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX)
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Franklin Templeton will be listing two actively managed municipal bond ETFs. Both will try to achieve gains through income yields and tax efficiency, rather than through rising asset prices. The Intermediate Municipal Opportunities ETF (FLMI) will invest at least 80% of its assets in municipal bonds whose interest payments are not subject to federal income tax...
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Source: ULTUMUS-Financial Data Management
Wilshire Expands Custom Client 'Powered by Wilshire' Index Suite, Announces Availability Of Sage ESG Intermediate Credit IndexSM
August 29, 2017--Wilshire Associates (Wilshire(R)) today announced the availability of a new Powered by WilshireSM index, the Sage ESG Intermediate Credit IndexSM (GUDBESG).
Created and owned by Sage Advisory Services, Ltd. Co. (Sage Advisory), with Wilshire retained as index consultant and calculation agent, the new index is designed to provide an index optimized for highest Environmental, Social & Governance (ESG) ratings as well as liquidity.
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Source: Wilshire Associates
Exponential ETFs Launches First-Of-Its-Kind Fixed Fee Sub Advisory Service
August 29, 2017--ETF issuer Exponential ETFs will selectively partner with asset managers to offer combined portfolio management and capital markets functions for a fixed-rather than asset-based fee.
Exponential ETFs, an exchange-traded fund issuer, today announces the launch of its fixed fee sub advisory and capital markets service for select partnered asset managers. This first-of-its kind service provides select partners with combined portfolio management and capital markets solutions for a fixed fee as opposed to the traditional asset-based fee structure that results in higher costs for the fund manager as successful products attract assets.
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Source: ACSI Funds
GAMCO Investors, Inc. Licenses ActiveSharesSM Exchange-Traded Fund Structure
August 28, 2017--GAMCO Investors, Inc. ("GAMCO") (NYSE:GBL) today announced that it has entered into a license agreement with Precidian Investments LLC ("Precidian") to support the launch by GAMCO of a family of ActiveSharesSM actively-managed, semi-transparent exchange-traded funds (ETFs).
The Precidian model, subject to applicable regulatory approvals, would allow GAMCO to deliver actively-managed investment strategies in an ETF vehicle without disclosing holdings on a daily basis. Precidian is currently seeking approval for use of ActiveSharesSM from the SEC.
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Source: GAMCO
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
