Americas ETP News
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Academics accuse Morningstar of misclassifying bond funds
November 11, 2019--Trio alleges that funds report significantly safer portfolios than they actually hold
A group of academic researchers has taken aim at Morningstar, the financial services giant, arguing the company is luring investors into....
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Source: FT.com
Invesco bleeds $1bn a week as it tops worst-selling league table
November 10, 2019--Atlanta-based group hit by moves away from active managers and weak UK performance.
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Source: FT.com
CBO-Monthly Budget Review: Summary for Fiscal Year 2019
November 7, 2019--In fiscal year 2019, which ended on September 30, the federal budget deficit totaled $984 billion-$205 billion more than the shortfall recorded in 2018.
The deficit increased to 4.6 percent of the nation's gross domestic product (GDP) in 2019, up from 3.8 percent in 2018 and 3.5 percent in 2017. As a result, federal debt held by the public rose to 79.2 percent of GDP, up from 77.4 percent at the end of fiscal year 2018.
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Source: Congressional Budget Office (CBO)
Direxion Launches Four New 3X Leveraged ETFs on Popular Indexes
November 7, 2019--New ETFs Provide 300% Bull & Bear Exposure to High Beta and Internet Stocks
Direxion launched the Direxion Daily S&P 500(R) High Beta Bull and Bear 3X Shares (Tickers: HIBL/HIBS), and the Direxion Daily Dow Jones Internet Bull and Bear 3X Shares (Tickers: WEBL/WEBS). The Funds seek to achieve 300%, or 300% of the inverse, of the daily performance of the S&P 500(R) High Beta Index and Dow Jones Internet Composite Index.
The S&P 500(R) High Beta Index provides concentrated exposure to 100 stocks in the S&P 500 Index with the highest sensitivity, or beta, over the last 12 months, which may lead to magnified market movements.
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Source: Direxion
Fidelity Investments(R) Continues to Push the Investment Frontier With Launch of Four New Thematic Investment Products
November 7, 2019--Expands Fidelity's Existing Thematic Lineup to 16 Funds
Fidelity Investments, one of the largest and most diversified global financial services firms with more than $7.7 trillion in total client assets and more than $2.8 trillion in managed assets, today announced the launch of four new thematic investment products: Fidelity Enduring Opportunities Fund (FEOPX),
Fidelity Infrastructure Fund (FNSTX), Fidelity U.S. Low Volatility Equity Fund (FULVX), and Fidelity Stocks for Inflation ETF (FCPI).
"At a time when other financial services firms may be scaling back, Fidelity remains a market leader, focused on innovating in all aspects of our business,” said Colby Penzone, head of investment product.
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Source: Fidelity Investments
SEC calls out conflicts of interest in TDFs
November 7, 2019--Many sponsors of the popular 401(k) funds don't disclose their use of underlying in-house investments.
The Securities and Exchange Commission took aim at conflicts of interest in target-date funds on Thursday, calling out a fund structure that holds the majority of 401(k) investors' assets.
The agency's Office of Compliance Inspections and Examinations issued an alert saying some TDFs provided "incomplete and potentially misleading disclosures" around conflicts of interest, such as those that could arise from "the use of affiliated funds and affiliated investment advisers."
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Source: investmentnews.com
First Trust to Expand its ETF Lineup with Target Outcome ETFs(R)
November 6, 2019--Actively managed ETFs seeking a balance of upside performance potential with a downside buffer
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it expects to launch four actively managed Target Outcome ETFs(R). The FT Cboe Vest U.S. Equity Buffer ETF-August (Cboe: FAUG) and the FT Cboe Vest U.S. Equity Deep Buffer ETF-August (Cboe: DAUG), are anticipated to launch on November 7, 2019.
The FT Cboe Vest U.S. Equity Buffer ETF-November (Cboe: FNOV) and the FT Cboe Vest U.S. Equity Deep Buffer ETF-November (Cboe: DNOV) (collectively, the "funds"), are anticipated to launch on November 18, 2019.
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Source: First Trust
IMF Staff Country Report-Mexico: Selected Issues
November 5, 2019--Low productivity growth is a critical challenge for Mexico. This note shows that upgrading basic public
infrastructure, and in particular road infrastructure, raises productivity among firms, not only for large
companies but also for Mexico's large number of small and micro firms.
This finding suggests that greater government spending on road infrastructure will support efforts to raise productivity and
growth over the medium-term.
A. Introduction
1. Mexico's infrastructure quality has been on a steady decline. World Economic Forum indicators of perceived infrastructure quality show Mexico broadly in line with-or even outperforming-its emerging market and regional peers. However, there is still a significant gap to the average OECD country, and Cerra et al (2016) show that Mexico compares unfavorably with its
main export competitors.2
view the IMF Staff Country Report-Mexico: Selected Issues
Source: IMF
ETFs That Echo Hedge Funds Are Set to Double Assets, Report Says
November 4, 2019--Liquid alternatives to hit $114 billion next year: Greenwich
Investors favor ETFs for lower costs and their transparency
A relatively new category of exchange-traded fund is poised to hit it big, according to Greenwich Associates.
Institutional investment in so-called liquid alternative ETFs--including products that seek to mirror hedge funds--will more than double to $114 billion during the next 12 months, analysts led by Andrew McCollum wrote in a report Monday.
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Source: Bloomberg.com
The US love affair with mutual funds
November 3, 2019--Individual fund ownership is up by a third since 1999
Mutual funds have played a core role in democratising investment across US society. More than 100m individual US investors own one or more
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Source: FT.com
