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Is Your Alpha Big Enough to Cover Its Taxes? A Quarter-Century Retrospective
June 14, 2018--Investors and their advisors must be alert to managing both pre-tax and after-tax alpha in order for investors to realize the highest possible return from their taxable portfolios.
Increasingly, the opportunities to accomplish both goals are within reach of investors through, for example, tax-advantaged smart beta strategies and tax-efficient vehicles such as ETFs.
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Source: Research Affiliates
U.S. Weekly FundFlows Insight Report: Despite a Fed Rate Hike, Investors Are Net Purchasers of Taxable and Tax-Exempt Fixed Income Funds and ETFs for the Week
June 14, 2018--For the first week in eight investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing a little more than $26.3 billion for Thomson Reuters Lipper's fund-flows week ended June 13, 2018.
As a result of general caution ahead of the G-7 summit, central bank meetings, and the Singapore summit scheduled for the week, fund investors were net redeemers of equity funds (-$9.7 billion) and, perhaps surprisingly, money market funds (-$18.1 billion). Despite the interest rate hike by the Federal Reserve Board, taxable bond funds (+$1.0 billion) were net recipients of investor assets, followed by municipal bond funds (+$450 million).
Market Wrap-Up
During the flows week investors were reserved ahead of the G-7 summit, the upcoming central bank meetings, and the much-anticipated meeting between President Donald Trump and North Korean leader Kim Jong Un scheduled during the week.
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Source: Thomson Reuters
The Forum at ETF Research Center-June 2018
June 13, 2018--The ETF Analyzer, Sector SPDR Edition for June 2018 is ready for download. This monthly publication has succinct one-page reports on each of the 10 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
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Source: AltaVista Research
AdvisorShares Active ETF Market Share Update-Week Ending 6/8/2018
June 13, 2018--Assets in actively managed ETFs added $733 million last week to reach $57.16 billion in total net assets.
JP Morgan led new AUM growth with $319 million followed by ARK Investment, which gained $151 million. Six funds launched last week to lift the total of actively managed ETFs currently trading to 232.
At the strategy level, Short Term Bond recognized the largest inflows with $292 million, followed by Global Equity with a $173 million gain.
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Source: AdvisorShares
First Trust RBA Quality Income ETF Announces Changes to Investment Objective, Fund Name, Ticker Symbol and Management Fee
June 13, 2018--First Trust RBA Quality Income ETF (Nasdaq: QINC) (the "Fund"), an exchange-traded index fund and a series of First Trust Exchange-Traded Fund VI (the "Trust"), announced today that the Board of Trustees ("Board") of the Trust has approved changes to the Fund's investment objective.
On or around September 5, 2018, the Fund will seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq Dorsey Wright Momentum + Yield Index (the "New Index") and normally will invest at least 90% of its net assets (including investment borrowings) in securities comprising the New Index. The New Index will be developed, maintained and sponsored by the Nasdaq Stock Market, LLC ("Nasdaq").
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Source: First Trust
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 12-13 FOMC meeting
June 13, 2018--The following table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 12-13 meeting.
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Source: federalreserve.gov
Federal Reserve issues FOMC statement
June 13, 2018--Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has declined.
Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow strongly. On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent. Indicators of longer-term inflation expectations are little changed, on balance.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term. Risks to the economic outlook appear roughly balanced.
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Source: federalreserve.gov
CFTC.gov Swaps Report Update
June 13, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
BlueStar Israel Equity Review & Outlook-Israel a Rare Bright Spot in May as Global Equities Pull Back
June 12, 2018--The BlueStar Israel Global Index(R) (BIGI(R)) gained 5.21% in May, and sits up nearly 4% in 2018 year-to-date, making it the top-performing Developed Market ex-US country over both time periods
Israeli technology stocks, as defined by The BlueStar Israel Global Technology Index (BIGITech(R)), gained more than 6% in May, bringing YTD performance up to 8.97%
Israel’s GDP is estimated to have grown 4.2% in the first quarter of 2018 on a seasonally-adjusted annual basis. This growth is due in large part to surging exports that have more than overcome a general slowdown in Israel’s real estate sector
The BlueStar Israel Global Index(R) is outperforming the local TA-125 by more than 6 % YTD, as the TA-125 has missed out on the performance of some of Israel’s top foreign-listed technology stocks such as Mellanox Technologies.
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Source: BlueStar Indexes(R)
Millennials are Mad for ETFs, Says New Schwab Study
June 12, 2018--More than half of Millennials would consider placing their entire investment portfolio in ETFs in the next year
Exchange Traded Funds (ETFs) are the investment vehicle of choice for 91% of Millennial investors according to the ETF Investor Study by Charles Schwab & Co., Inc.
Millennials say 42% of their portfolios are currently in ETFs, and more than half (56%) of investors in that generation say they have already replaced all individual securities in their portfolios with ETFs. Nearly 80% of Millennials see ETFs as their primary investment vehicle in the future. Looking ahead, nearly three quarters (74%) of Millennials surveyed expect to increase their ETF investments in the next year and 54% say they would consider placing their entire portfolio in ETFs in the same time frame.
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Source: Charles Schwab
