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Non-transparent active ETFs face headwinds
April 30, 2019--Despite the SEC's preliminary approval of Precidian Investments' non-transparent active ETF structure, analysts believe that it will take a while for asset managers and ETF strategists to get on board.
The Securities and Exchange Commission (SEC)'s recent decision to move towards approving Precidian funds sparked optimism among asset managers hopinh to launch non-transparent active ETFs, but such products still face multiple headwinds, according to a new report by Cerulli.
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Source: citywireusa.com
Sustainable Investing Firm Ethic Inc. Adds Jennifer Grancio to Advisory Board
April 30, 2019--Ethic Inc. ("Ethic"), the tech-driven asset management platform that powers sustainable equities solutions for wealth advisors and institutional investors, today announced the addition of exchange-traded fund industry veteran Jennifer Grancio to its advisory board.
Ms. Grancio brings almost two decades of financial services industry experience, having held senior executive positions within BlackRock's venerable iShares business for more than 18 years.
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Source: ETHIC
Nasdaq Adding Index for XRP Cryptocurrency to Global Data Service
April 30, 2019--Stock exchange operator Nasdaq is adding yet another cryptocurrency index-this time for the world's third-largest cryptocurrency, XRP.
The company announced Monday that, through its partnership with New Zealand-based blockchain data and research firm Brave New Coin, it will offer "real-time" index information for XRP starting May 1.
Specifically, the XRP Liquid Index (XRPLX) will offer a spot or reference rate for the price of XRP, quoted in U.S. dollars and "based on the most liquid ends of their markets."
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Source: coindesk.com
Fund-Fee Study: The Key Factors Helping Drive Fund Fees Lower
April 30, 2019--The amount investors paid to own funds hit a record low in 2018: The asset-weighted average expense ratio for U.S. open-end mutual funds and exchange-traded funds fell to 0.48%, down from 0.51% in 2017. We estimate that investors saved roughly $5.5 billion in fund expenses last year due to this 6% fee decline, marking the second-largest year-over-year percentage decline since we began tracking asset-weighted average fees in 2000.
We believe several factors are driving this decrease in the asset-weighted average fee, such as:
Greater awareness. Investors are increasingly seeking to minimize investment costs, which has led them to favor lower-cost funds.
Intensifying competition. Many asset managers have been cutting fees to vie for market share.
Evolving advice model. The move toward fee-based financial advice has spurred the demand for lower-cost funds like ETFs.
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Source: Morningstar
ErisX Launches Crypto Spot Market on Heels of New $20 Million Raise
April 30, 2019--Aspiring crypto derivatives provider ErisX took one step closer to its ultimate goal Tuesday with the launch of a spot market.
The exchange announced that it will immediately support dollar trading pairs with bitcoin, bitcoin cash, litecoin and ethereum, as well as bitcoin trading pairs with the other three cryptocurrencies at launch. While ErisX has a number of firms looking to trade on its platform at launch, it did not disclose any names.
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Source: Coindesk
Morningstar's Annual Fee Study Finds That in 2018 Investors Paid Less to Own Funds Than Ever Before
April 30, 2019--Investors saved an estimated $5.5 billion in fund fees in 2018
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today published its annual fee study, which evaluates trends in the cost of U.S. open-end mutual funds and exchange-traded funds (ETFs).
The study found that across U.S. funds, the asset-weighted expense ratio dropped to 0.48% in 2018, compared to 0.51% in 2017. As a result, investors saved an estimated $5.5 billion in fund fees in 2018. This 6% percent year-over-year decline is the second largest recorded since Morningstar began tracking asset-weighted fees in 2000.
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Source: Morningstar, Inc.
State Street Global Advisors Launches New Initiative to Educate Investors on the Potential Benefits of ETF Liquidity
April 29, 2019--Initiative urges investors to look at all aspects of total cost of ownership, where liquidity is an important consideration
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT) and creator of the world's first ETFs,1 today launched a new initiative aimed at educating investors about the importance of ETF liquidity. The integrated program, which will include thought leadership, social media promotion and advertising, launched across the US today and is expected to run through the fourth quarter.
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Source: State Street Global Advisors
IMF Staff Country Report-Colombia : Selected Issues
April 29, 2019--AN EVALUATION OF THE 2018 FINANCING LAW
Notwithstanding numerous tax reforms, Colombia collects relatively low revenues-notably, from both personal income taxes and VAT. With a view to raise tax revenues in a growth-friendly way and to finance key expenditures within the fiscal framework, the authorities changed the tax code through a Financing Law.
This paper examines the impact of the Financing Law on both tax revenues and the economy. The analysis finds
that the Law may boost medium-term growth by around 0.2 percent of GDP, but it may
lead to future tax revenue shortfalls starting in 2020.
A. Introduction
1. Colombia passed a Financing Law (FL) in December 2018 to raise revenues toward meeting key spending needs under the fiscal rule and to improve the competitiveness of the economy. Colombia's fiscal rule calls for reducing the central government structural deficit to 1.0 percent of GDP in 2022. This implies a tight budgetary envelope starting in 2019 for key public
investment and social spending.
Although there is scope to raise tax revenue—standing at 13.6 percent of GDP (in 2016) in Colombia compared to 17.7 percent on average for regional peers—this has proven to be challenging.1
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Source: IMF
State Street Global Advisors Launches New Initiative to Educate Investors on the Potential Benefits of ETF Liquidity
April 29, 2019--Initiative urges investors to look at all aspects of total cost of ownership, where liquidity is an important consideration
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT) and creator of the world's first ETFs,1 today launched a new initiative aimed at educating investors about the importance of ETF liquidity. The integrated program, which will include thought leadership, social media promotion and advertising, launched across the US today and is expected to run through the fourth quarter.
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Source: State Street Global Advisors
Virtus launches ETF investing in senior loans
April 26, 2019--Virtus brought to NYSE Arca an actively managed exchange-traded fund that buys first-lien and second-lien senior loans made to corporate borrowers.
The portfolio for the Virtus Seix Senior Loan ETF is selected and managed by Seix Investment Advisors.
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Source: SmartBrief
