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AdvisorShares Weekly Market Review-Did Anyone Get The License Plate?
April 2, 2018--Highlights of the Week Ending 3/30/2018
Macro
Volatility finally came back this quarter starting in late January. The year started with a bang as the three major indexes had gains in the high single digits when they all peaked on January 26th. Then as the short volatility trade ended markets went on a roller coaster that persisted to the end of the quarter.
When the dust settled the Dow Jones Industrial Average fell 3.29%, the S&P 500 dropped 2.66%, the NASDAQ was only down three basis points and the Russell 2000 shed 1.49%. At the lows the S&P 500 was down 10% and from the January peak through to March 29 the decline was 7.45%. The last time there was a negative quarter was Q3 2015 and 19 of the last 20 quarters have been up.
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Source: AdvisorShares
Wall Street suffers correction for second time this year
April 2, 2018--Investors started the second quarter on a sour note as a more than 2 per cent drop dragged Wall Street back into correction territory and below key fundamental levels, while bond yields dropped to a two-month low.
Further steep falls for tech stocks-including Amazon, Tesla and Intel-saw the Nasdaq...
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Source: FT.com
VanEck Lowers Expense Ratio for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC)
March 29, 2018--VanEck announced today that it is lowering the expense ratio for its
VanEck Vectors(R)J.P. Morgan EM Local Currency Bond ETF (NYSE Arca: EMLC
(R)).
Effective March 29, 2018, the expense cap for EMLC will be reduced from 0.44% to 0.42% 1. EMLC seeks to track the J.P.
Morgan GBI-EMG Core Index, which is comprised of bonds issued by emerging markets governments and
denominated in the local currency of the issuer.
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Source: VanEck
Harvest Portfolios Group Inc. Announces Listing of Harvest Banks & Buildings Income ETF
March 29, 2018--Harvest Portfolios Group Inc. ("Harvest") is pleased to announce the completion of the initial offering of Class A Units of the Harvest Banks & Buildings Leaders Income ETF, pursuant to a prospectus dated January 26, 2018, filed with the securities regulatory authorities in all of the Canadian provinces and territories.
The Class A Units of the Harvest Banks & Buildings Leaders Income ETF will commence trading on the Toronto Stock Exchange ("TSX") today under the following ticker symbol: HCBB:TSX.
The Harvest Banks & Buildings Income ETF's investment objectives are to (i) generate monthly income; and (ii) maximize total returns by investing primarily in a portfolio of Banking Issuers, other Financial Issuers and real estate related companies and/or REITs listed on a recognized stock exchange in North America.
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Source: Harvest Portfolios Group Inc.
Thomson Reuters-U.S. Weekly FundFlows Insight Report: Politics, Trade Wars, and Facebook, Oh My: Equity Funds Hand Back $14.4 Billion for the Week
March 29, 2018--For the third week in a row investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $11.9 billion. While fund investors were net redeemers of equity funds (-$14.4 billion), they padded the coffers of money market funds (+$2.4 billion), taxable bond funds (+$121 million), and municipal bond funds (+$37 million) for the fund-flows week ended March 28, 2018.
Market Wrap-Up
Despite relatively strong economic reports released during the flows week, concerns over a trade war with China and privacy issues pressured the markets on four of the five trading days as investors began to understand the importance of the Cambridge Analytica-Facebook debacle.
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Source: Thomson Reuters
OSC outlines key areas of focus for 2018-2019
March 29, 2018--The Ontario Securities Commission (OSC) today published for comment its 2018-2019 Draft Statement of Priorities. The draft includes 14 priority areas the OSC plans to focus on next fiscal year.
"We are pursuing an ambitious regulatory agenda that is responsive to our evolving capital markets," said Maureen Jensen, Chair and CEO of the OSC. "We will continue to support fintech innovation, advance measures to better protect investors, and initiate projects to lighten the regulatory load for businesses."
The OSC will continue to foster new ways to raise capital and invest, while focusing on potential investor protection issues arising from cryptocurrency and blockchain-related developments. The OSC also intends to advance key investor protection measures, including publishing reforms that address the best interests of the client, and defining actions on embedded commissions.
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Source: Ontario Securities Commission
Amplify ETFS to Liquidate the Amplify YieldShares Oil-Hedged MLP Income ETF (AMLX)
March 29, 2018--Amplify ETFs today announced the scheduled liquidation of the Amplify YieldShares Oil-Hedged MLP Income ETF (CBOE BZX: AMLX) (the "Fund").
Based upon the recommendation of Amplify Investments LLC, the Fund's investment adviser, the Board of Trustees of the Amplify ETF Trust unanimously determined that it was in the best interests of the Fund and its shareholders to liquidate the Fund.
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Source: Amplify ETFs
CFTC.gov Swaps Report Update
March 28, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Renaissance Capital's 1Q18 IPO Market Review
March 28, 2018--Mega Deals Drive Biggest First Quarter in a Decade
The US IPO market had its best quarter by proceeds in three years, raising $15.6 billion with 43 IPOs. Several large deals, including well-known brands ADT and Hudson, resulted in the largest 1Q by proceeds since 2008.
Biotechs and technology led deal flow, with 13 and 10 IPOs, respectively. Headlines during the quarter focused on cloud storage unicorn Dropbox, but the best returns were put up by biotechs Menlo Therapeutics and ARMO BioSciences and cloud security unicorn Zcaler.
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Source: Renaissance Capital
AdvisorShares Active ETF Report: February Flows Weren't Turbulent
March 28, 2018--Assets in actively managed ETFs grew by $990 million in February to reach $49.42 billion in total assets, overcoming the 10% market panic early in the month. Seven new active ETFs launched in February, including six new funds from Vanguard, which has now officially entered the active ETF space.
Last month, we recapped what was a record monthly flow for ETFs in January. February was a different story and consistent with the 4-5% declines for the major US
equity indexes. Although assets in ETFs-both active and passive — contracted in February, the dip was a mere six basis points. Corporate High Yield, which is often a proxy for risk, saw a net decline of $5 billion, or roughly 10% of its AUM, as the segment was viewed as a source of liquidity during the equity market downdraft.
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Source: AdvisorShares
