Americas ETP News
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U.S. Fund-Flows Weekly Report:Funds Suffer Net Outflows for the Fourth Straight Week
July 6, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net-negative flows of approximately $10.5 billion for the fund-flows week ended Tuesday, July 3. All the asset groups saw net money leave their coffers, with equity funds taking the biggest hit with net outflows of $8.3 billion. (This was the fifth straight weekly net outflows for the equity fund group.)
The week's outflows for taxable bond funds (-$1.8 billion) broke a string of three straight net-positive weekly flows, while municipal bond funds (-$189 million net) had a streak of eight straight weekly net inflows snapped. Money market funds had net-negative flows of $244 million for the week.
Market Overview
Both the S&P 500 Index (+0.50%) and the Dow Jones Industrial Average (+0.24%) recorded gains in the Independence Day-shortened week of trading.
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Source: Thomson Reuters
Horizons ETFs Lowers Management Fee, Changes Investment Objective/Ticker of its Robotics and A.I. ETF
July 5, 2018--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce that its robotics and artificial intelligence ("A.I.") ETF-the Horizons Robotics and Automation Index ETF (the "ETF")-will have a new investment objective and ticker symbol, as well as a lower management fee.
Starting tomorrow, the ETF's investment objective will be to seek to replicate, to the extent possible, the performance of the Indxx Global Robotics & Artificial Intelligence Thematic Index (the "Index"), net of expenses.
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Source: Horizons ETFs Management (Canada) Inc.
Minutes of the Federal Open Market Committee, June 12-13, 2018
July 5, 2018--In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 12-13, 2018, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2018 to 2020 and over the longer run.1
Each participant's projections were based on information available at the time of the meeting, together with his or her assessment of appropriate monetary policy--including a path for the federal funds rate and its longer-run value--and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant's assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy.
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Source: federalreserve.gov
CFTC.gov Swaps Report Update
July 5, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Purpose Investments Inc. Announces Conversion of Purpose Global Financials Income Fund Into an Open-End Fund
July 4, 2018--Purpose Investments Inc. ("Purpose") is pleased to announce the conversion of Purpose Global Financials Income Fund (TSX:PFG.UN) (formerly, Australian Banc Income Fund) (TSX:AUI.UN) into an open-end fund with ETF units and mutual fund units. The Class A units of PFG.UN were delisted from the Toronto Stock Exchange at the close of business on July 3, 2018 and the ETF units were listed on the Toronto Stock Exchange today under the ticker symbol "PFG".
Unitholders of PFG.UN are not required to take any action in order to become unitholders of PFG. Each holder of Class A units of PFG.UN will automatically receive 1 ETF unit of PFG for each Class A unit of PFG.UN held and holders of non-trading Class F units of PFG.UN will automatically receive 1 Class F unit of Purpose Global Financials Income Fund for each Class F unit of PFG.UN held. New Class A units of the Fund will also be created for non-fee-based advisors.
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Source: Purpose Investments
AdvisorShares Active ETF Market Share Update-Week Ending 6/29/2018
July 3, 2018--Assets in actively managed ETFs added $408 million last week to reach $58.11 billion in total net assets.
Invesco led new AUM growth with $230 million followed by PIMCO, which gained $91 million. There were no funds that launched or closed, maintaining the total of actively managed ETFs currently trading at 232.
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Source: AlphaBaskets
ESMA issues clarifications on the clearing obligation for pension scheme arrangements
July 3, 2018--The European Securities and Markets Authority (ESMA) has issued today a statement on the clearing obligation for pension scheme arrangements (PSAs), with the objective to avoid, to the extent possible, disruption to certain PSAs who may face potential challenges clearing their OTC derivative contracts on 17 August 2018, when the current, and final, exemption from the clearing obligation under EMIR expires.
EMIR introduced a temporary exemption for PSAs from the clearing obligation to allow time for a suitable technical solution for the transfer of non-cash collateral as variation margins to be developed by CCPs.
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Source: ESMA
B3: ETFs Rocketing In Brazil In 2018
July 3, 2018--Brasil, Bolsa, Balcão (B3) are experiencing a rising volume with the listed Exchange Trading Funds (ETFs), one of the main choices for foreign investors.
ADTV jumps ~58% -from R$220MM to R$ 348MM-YTD May 2018 in comparison with same period in 2017.
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Source: Mondo Visione
IMF Executive Board Concludes Article IV Consultation with the United States
July 3, 2018--On June 29, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the
Article IV consultation with the United States.1
The near-term outlook for the U.S. economy is one of strong growth and job creation.
Unemployment is near levels not seen in 50 years, and growth is set to accelerate, aided by a
fiscal stimulus, a recovery of private investment, and supportive financial conditions.
These positive outturns have supported, and been reinforced by, a favorable external environment. The balance of evidence suggests that the U.S. economy is beyond full employment.
A slow but steady rise in wage and price inflation is expected as labor and product markets tighten. Core PCE inflation is expected to rise modestly above 2 percent by mid-year. Wages
have been growing broadly in line with (relatively weak) labor productivity growth, leaving unit
labor costs virtually unchanged over the past 2 years. In the next several months, wages and unit
labor costs are anticipated to increase at a modest pace.
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Source: IMF
ETFGI reports net inflows of US$504 million to ETFs and ETPs listed in Latin America during May 2018
July 2, 2018--According to ETFGI's May 2018 Latin America ETF and ETP industry insights report, a monthly report included in an annual paid-for research subscription service, ETFs listed in Latin America saw net inflows of US$504 Million during May, representing the second highest inflows in five years. (All dollar values in USD unless otherwise noted.)
Highlights
In May 2018, ETFs listed in Latin America saw net inflows of $504 Mn, the second highest in five years.
Assets invested in ETFs listed in Latin America decreased by $400 Mn during May from $8.09 Bn at the end of Aril to $7.69 Bn.
Equity ETFs/ETPs gathered the largest net inflows with $518 Mn, followed by leveraged ETFs/ETPs with $6 Mn.
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Source: ETFGI
