Americas ETP News
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J.P. Morgan Joins Push for Nontransparent, Active ETFs
January 22, 2017--Firm is expected to unveil plans to license Precidian Investments' ActiveShares model
J.P. Morgan Chase & Co. is joining a long line of asset managers backing a new type of exchange-traded fund that mimics active strategies but keeps its investments secret.
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Source: Wall Street Journal
Convergex ETF Direct(R) Platform Sets December Volume Record For Monthly Notional Volume
January 20, 2017--Convergex, an agency-focused global brokerage and trading related services provider, announced today that its ETF Direct platform set its new monthly trading record in December 2016 when notional value reached approximately $897 million, a 41% increase over the month of November when notional value reached $637 million.
Launched in early 2016, ETF Direct is a request for quote (RFQ) platform that streamlines the process for firms requesting quotes from numerous ETF liquidity providers.
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Source: Convergex
Virtus ETF Solutions Launches Actively Managed ETF With Cumberland Advisors
Virtus Cumberland Municipal Bond ETF Launches on NYSE as 'CUMB'
January 20, 2017--Virtus ETF Solutions, an affiliate of Virtus Investment Partners, Inc. (NASDAQ: VRTS) has partnered with Cumberland Advisors to introduce the Virtus Cumberland Municipal Bond ETF (NYSE Arca: CUMB).
The Virtus Cumberland Municipal Bond ETF seeks to maximize total return of income and capital appreciation by investing in a basket of municipal bonds.
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Source: Virtus
The Forum at ETF Research Center-Financials Drive Q4 Earnings Growth
January 20, 2017--It's still early in reporting season, but early results indicate that Financials were likely the largest single contributor to S&P 500 earnings growth during the fourth quarter of 2016.
With only about 10% of S&P 500 firms having reports results-and using consensus expectations for the remaining 90%-we calculate that overall index earnings likely grew by about $19 billion, or 7.6% year-on-year, driven by a nearly 18% improvement in results for firms in the Financial sector (XLF). Just as importantly, Energy (XLE) was no longer the large drag on S&P earnings that it has been for the last two years.
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Source: AltaVista Research
AdvisorShares Active ETF Report: Year-End Edition
January 20, 2017--2016 marked another year of consecutive growth for the actively managed ETF space. In December, assets in actively managed ETFs grew $1.318 billion, or 4.6%, to $29.854 billion.
One new fund launched last month, which brought the year-end total of actively managed ETFs to 160.
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Source: AdvisorShares
ETFGI Reports ETFs/ETPs Listed In The United States Gathered Record Inflows Of 279 Billion US Dollars And Assets Reached A New High Of 2.549 Trillion US Dollars At The End Of 2016
January 20, 2016-ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, today reported assets invested in ETFs/ETPs listed in the United States reached a new record high of US$2.543 trillion at the end of 2016.
ETFs/ETPs listed in the US gathered a record level of net inflows US$59.37 Bn for the month of December marking the 10th consecutive month of net inflows and a record level of US$278.74 Bn in net inflows for the year, according to preliminary data from ETFGI's end of 2016 global ETF and ETP industry insights report.
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Source: ETFGI
ETFs-You're (Probably) Doing It Wrong
January 19, 2017--US listed exchanged traded funds are coming off a banner year in 2016 with $298 billion of inflows-a new annual record for this still-growing investment vehicle.
There are now almost 2,000 funds in the domestic ETF ecosystem and over $2.6 trillion in assets under management (AUM). We expect 2017 to be equally successful for the industry.
Yet even with this growth, both in product choice and overall assets, the ETF industry faces a clear problem: investors cluster too much in the largest funds. A few key points here (with data courtesy of www.xtf.com, a part of the London Stock Exchange Group):
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Source: Eric Noll, President and CEO, Convergex
Research Affiliates-How Not to Get Fired with Smart Beta Investing
January 19, 2017--Key Points
Delegated asset management can lead to what economists call the "principal-agent problem": the principal relies on the agent to make decisions on their behalf when the agent's best interests may run counter to those of the principal.
Agents often have an incentive to choose portfolio allocations designed to minimize their risk of being fired at an all-too-common three-year evaluation horizon, over which both robust strategies and "the best" managers can experience prolonged bouts of underperformance.
A remedy for the principal-agent problem is to better align incentives by adopting longer evaluation periods, combining multiple robust strategies, using non-robust strategies consciously, and practicing transparent management by individual style performance.
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Source: researchaffiliates.com
Treasury International Capital Data For November
January 19, 2017--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for November 2016. The next release, which will report on data for December 2016, is scheduled for February 15, 2017.
The sum total in November of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $23.7 billion. Of this, net foreign private inflows were $25.2 billion, and net foreign official outflows were $1.5 billion.
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Source: treasury.gov
CFTC.gov Swaps Report Update
January 19, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
