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Quantifying Bond Market Liquidity
Chief Risk Officer, Kenneth Winston, discusses Western Asset's approach to quantifying bond market liquidity.
August 20, 2015--Executive Summary
In many financial markets, technology has improved price discovery and transparency.
Some parts of the fixed-income market have not yet benefited from improved technology, leading to concerns about liquidity.
Some heavily traded markets, such as listed equities, have produced enough data that patterns are discernible and reasonable predictions can be made about transactions costs in many different conditions. However, it's not possible to do this in many parts of the fixed-income market.
While we cannot predict fixed-income liquidity costs precisely, we can use guidance from the repo market and other sources to classify securities into five liquidity levels.
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Source: Morningstar
First Trust to Cross-List Three More AlphaDEX® ETFs in Mexico
Three new international funds based on the AlphaDEX(R) Methodology will be cross listed on the Bolsa Mexicana de Valores August 20, 2015--First Trust Advisors L.P. ("First Trust") a global exchange-traded fund (ETF) provider and asset manager, announced that it has cross listed the First Trust United Kingdom AlphaDEX(R) Fund (Ticker: FKU), the First Trust Japan AlphaDEX(R) Fund (Ticker: FJP)
and the First Trust Asia Pacific Ex-Japan AlphaDEX(R) Fund (Ticker: FPA) on the International Segment (SIC) of the Mexican stock exchange, Bolsa Mexicana de Valores (BMV).
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Source: First Trust
Reality Shares Launches DIVCON Dividend Health Indexes
Proprietary Methodology Forecasts Dividend Increases and Cuts
August 19, 2015--Reality Shares Advisors, LLC, an innovative investment advisor and index provider, today launched DIVCONTM, a proprietary new dividend health rating system that assesses the likelihood that companies will grow or cut their dividends.
Like the U.S. Armed Forces' iconic DEFCON system, which rates the country's defense readiness condition, DIVCON (dividend condition) uses a five-tier rating system to provide a clear and concise snapshot of companies' dividend health, where DIVCON 5 indicates the highest probability for a dividend increase and DIVCON 1 the highest probability for a dividend cut.
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Source: Reality Shares
Horizons ETFs Launches Horizons Managed Multi-Asset Momentum ETF
The first actively managed ETF in Canada to target multiple global asset classes using momentum-based investing.
August 19, 2015--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") and its affiliate,AlphaPro Management Inc., are pleased to announce the launch of the Horizons Managed Multi-Asset Momentum ETF ("HMA"), the first actively managed ETF in Canada to use momentum-based investing to target multiple global asset classes.
Units of the ETF will begin trading today on the Toronto Stock Exchange ("TSX") in Canadian dollars under the ticker symbols "HMA" (Class E units) and "HMA.A" (Advisor Class units).
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Source: Horizons ETFs Management (Canada) Inc.
Van Eck Global Launches Market Vectors(R) Oil Refiners ETF (CRAK)
Fund offers pure-play exposure to global oil refiners, a differentiated segment of the energy sector
August 19, 2015----Van Eck Global has launched the Market Vectors Oil Refiners ETF (NYSE Arca: CRAK), the first U.S.-listed ETF to offer pure-play exposure to global oil refiners.
CRAK seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Global Oil Refiners Index (ticker: MVCRAKTR). To be included in the index, companies must generate at least 50% of their revenues from crude oil refining and meet certain size and liquidity requirements.
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Source: Van Eck Global
Deutsche Asset & Wealth Management expands suite of international currency-hedged ETFs
August 19, 2015--Deutsche Asset & Wealth Management (Deutsche AWM) today announced the launch of six currency-hedged exchange traded funds (ETFs) on its Deutsche X-trackers platform:
ETF Name: Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
Ticker: DBES
ETF Name: Deutsche X-trackers MSCI Australia Hedged Equity ETF
tICKER: DBAU
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Source: Deutsche Asset & Wealth Management
S&P 500 Catholic Values Index Launched by S&P Dow Jones Indices
The new index has been licensed to Global X for product development
August 19, 2015-S&P Dow Jones Indices (S&P DJI), one of the world's leading providers of financial market indices, announced the launch of the S&P 500(R) Catholic Values Index which is designed to include the companies within the S&P 500 whose business practices adhere to the Socially Responsible Investment Guidelines as outlined by the United States Conference of Catholic Bishops (US CCB) and exclude those that do not.
The Index has been licensed to Global X for product development.
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Source: S&P Dow Jones Indices
Announcing the CETFA/Fundata ETF Risk Ratings
August 18, 2015--The Canadian ETF Association (CETFA) and Fundata Canada Inc. are pleased to announce the launch of the CETFA ETF Risk Ratings.
The new ratings are designed to give ETF providers and the industry a consistent set of risk measures to help investors and advisors choose risk-appropriate exchange-traded funds (ETFs) for investment portfolios.
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Source: Canadian ETF Association
Envestnet Announces Initiative To Support NextSharesTM Exchange-Traded Managed Funds
August 18, 2015--Envestnet, Inc. (NYSE: ENV) today announced plans to make NextSharesTM exchange-traded managed funds available to financial advisors through the Envestnet wealth management platform as part of its advisor-as-portfolio-manager tools as well as through Fund Strategist Portfolios (FSPs).
'Further expanding our FSP platform to include NextShares funds is a great demonstration of what we consider to be our central mission-helping financial advisors deliver high-quality, personalized, and holistic wealth management services in the most cost- and tax-efficient way possible,"...
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Source: Envestnet, Inc.
AlphaClone files with the SEC
August 18, 2015--AlphaClone has filed a application for exemptive relief with the SEC.
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Source: AlphaClone