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U.S. yield curve inverts for first time since March
May 9, 2019--A part of the U.S. Treasury yield curve has inverted again, possibly foreshadowing an economic recession.
The yield on 10-year Treasury notes fell below the three-month bill yield for the first time since March.
Normally the spread is positive to compensate investors for inflation risk, so when it turns negative, it may herald an economic slump. This so-called yield curve inversion occurred earlier this year in March, hanging around for about a week before the premium for longer-dated debt was restored.
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Source: bnnbloomberg.com
CBO-An Analysis of the President's 2020 Budget
May 9, 2019--Summary
On March 18, 2019, the Administration submitted the full details of its annual set of budgetary proposals to the Congress. In this report, the Congressional Budget Office examines how those proposals, if enacted, would affect budgetary outcomes relative to CBO's most recent baseline budget projections. Those projections extend from 2019 to 2029 and incorporate the assumption that current laws governing federal spending and revenues will generally remain in place.
The analysis is based on CBO's baseline economic projections, which were published in January. According to CBO's estimates, the Administration's proposals would have the following major effects:
Federal debt held by the public would equal 87 percent of gross domestic product (GDP) in 2029 under the President's budget, compared with 92 percent in CBO's baseline and 78 percent in 2019 (see figure below).
The federal deficit would be $1.5 trillion smaller under the President's budget than in CBO's baseline over the 2020–2029 period, CBO estimates. By contrast, the Administration estimates that the deficit would be $4.1 trillion smaller than the amounts in CBO's baseline during that period. Differing estimates of revenues—which in turn are largely driven by differences in projected wage growth later in the projection period—account for nearly threequarters of that difference.
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Source: Congressional Budget Office
Lipper U.S. Weekly FundFlows Insight Report: Funds Take in Net New Money for the Third Straight Week
May 9, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $12.6 billion for the fund=flows trading week ended Wednesday, May 8. Money market funds (+$22.0 billion) paced the net inflows, followed by the taxable bond funds (+$1.8 billion) and municipal debt funds (+$1.5 billion) asset groups.
Equity funds were the only group to suffer net outflows, as they saw $12.7 billion leave their coffers.
Market Overview
The major equity indices all finished the fund-flows trading week in the red. The Dow Jones Industrial Average took the biggest hit (-1.75%), followed by the S&P 500 Index (-1.52%) and the NASDAQ Composite Index (-1.32%). The markets suffered the majority of their losses for the week on one trading day (Tuesday, May 7) as trade tensions between the U.S. and China rose to the forefront again. On this day, the U.S. confirmed it had plans to increase tariffs (from 10% to 25%) on $200 billion of Chinese goods on Friday, May 10.
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Source: Refinitiv
Amplify ETFs Launches the Amplify CrowdBureau(R) Peer-to-Peer Lending & Crowdfunding ETF (NYSE Arca: LEND)
May 9, 2019-ETF offers access to the growing P2P lending & equity crowdfunding industry
Amplify ETFs announces the launch of the Amplify CrowdBureau(R) Peer-to-Peer Lending & Crowdfunding ETF (NYSE Arca: LEND), an index-based ETF that seeks exposure to the peer-to-peer (P2P) lending and equity crowdfunding ecosystem.
LEND seeks investment results that generally correspond to the CrowdBureau(R) Peer-to-Peer Lending & Equity Crowdfunding Index (the “Index”). To be eligible for inclusion in the index, companies must operate within one of the four business segments: 1) peer-to-peer lending and equity crowdfunding platforms, 2) providers of technology and software solutions to the P2P lending and equity crowdfunding industry, 3) social networking platforms, and 4) financial institutions with dedicated P2P lending & equity crowdfunding platforms.
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Source: Amplify ETFs
FTSE Russell-Deeper Knowledge can drive better outcomes
May 9, 2019--With the proliferation of Exchange Traded Funds (ETFs), understanding their underlying benchmark has never been more important than today.
Whether advising clients or selecting investments for client portfolios, FTSE Russell's guide to indexes and ETFs is designed to help make better informed decisions.
Indexes are what power ETFs. But not all indexes are created equal. A better understanding of indexes and passive strategies can help improve investment outcomes
Understanding how indexes work reveals the capabilities of ETFs and allows for smarter portfolio choices
When constructing portfolios, advisors rely on passive strategies both for their ability to accurately capture targeted exposures and for their cost-efficiency
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Source: FTSE Russell
TD Asset Management launches three new ETFs, bringing more choice and value to investors
May 9, 2019--New exchange traded-funds build upon the portfolio management strengths of TDAM and provide investors with more innovative options
TD Asset Management Inc. ("TDAM") today announced the launch of three new TD Exchange-Traded Funds ("New TD ETFs").
Following the introduction of actively-managed ETFs in late 2018, the New TD ETFs build upon the portfolio management strengths of TDAM in both active and passive management. TDAM continues to expand its suite of innovative solutions including distinctive features that may help to provide greater value when compared to similar offerings in the marketplace. Each New TD ETF is competitively priced and seeks to provide investors with enhanced total returns, reduced volatility or growth through exposure to the technology sector.
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Source: TD Asset Management Inc
Despite Increased Awareness, Financial Advisors Lack Confidence Implementing Strategic Beta in Portfolios
May 9, 2019--Most financial advisors are familiar with strategic beta, but their confidence in implementing it is limited.
Financial advisors' awareness of strategic beta investing is widespread, but their confidence in implementing it is limited, according to a recent survey by Columbia Threadneedle Investments.
view moreview the Columbia Threadneedle Investments Strategic Beta Sentiment Survey
An online survey of 299 advisors conducted in April 2019 found that nearly all advisors (98 percent) have some level of familiarity with strategic beta investing, but just one-third (36 percent) feel confident implementing it in client portfolios.
"Practical advisor education remains essential", said Marc Zeitoun, Head of Strategic Beta at Columbia Threadneedle Investments. "The best investment solutions won't help anyone achieve financial success if they aren't implemented effectively."
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Source: Columbia Management Investment Advisers, LLC
SoFi Releases SoFi Gig Economy ETF (GIGE) and SoFi 50 ETF (SFYF)
May 8, 2019--Actively-Managed GIGE Offers Exposure to the Fast-Growing 'Gig Economy'; SFYF Provides Targeted Exposure to 50 Growing U.S. Large-Cap Companies
SoFi announced today the availability of its two newest exchange-traded funds (ETFs): the SoFi Gig Economy ETF (NASDAQ: GIGE) and the SoFi 50 ETF (NYSE: SFYF), further extending the company's approach of providing members access to unique investing opportunities.
The SoFi Gig Economy ETF (GIGE) is an actively managed fund, advised by Toroso Investments, that is designed to seek long term capital appreciation by capturing exposure to the economic shift toward gig-oriented companies. The "gig economy" refers to a group of companies that embrace and support the workforce in which employment is based around short-term engagements that allow for flexibility and personal freedom and temporary contracts. The fund is structured so that most companies that IPO can be included in the portfolio within 31 days of their IPO, as opposed to traditional passive funds that must likely wait 60 to 90 days to include a new IPO.
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Source: SoFi
Solactive releases new Index including the top growing 50 US companies for SoFi ETF
May 8, 2019--Solactive is pleased to announce the release of the Solactive SoFi US 50 Growth Index that is utilized as the underlying of the SoFi 50 ETF.
Following the launch of two groundbreaking ETFs with a radical zero-fee1 waiver approach, SoFi again appointed Solactive as its Index provider of choice for the release of the new SoFi 50 ETF. The underlying index, the Solactive SoFi US 50 Growth Index, selects the top 50 equities out of a 1.000 stock universe according to a proprietary Growth Score. The ETF allows investors to specifically invest in players that bear a sturdy growth trajectory, and that are expected to keep this pace.
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Source: Solactive AG
CFTC.gov Swaps Report Update
May 8, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: SEC.gov
