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AdvisorShares Active ETF Report: A Review of the First Month of 2018
March 2, 2018--Total assets in actively managed ETFs grew by $2.57 billion, or 5.6%, in January to reach $48.43 billion. Only one new fund added to the active ranks in January, which brings the total to 206.
Much, of course, has been made about the record broad inflows into ETFs last month. Industry ETF flows-both passive and active-totaled $75 billion, which eclipses the old record by more than $15 billion.
The breakdown of all ETF flows according to CNBC was $39.7 billion into Domestic Equity, $26.1 billion into International Equity and $8.8 billion into Fixed Income. The tilt to equity flows was also captured in the active space, which has not been common for actively managed ETFs. Global Equity captured the most flows in January.
26% of actively managed ETFs eligible for a Morningstar rating carry a three-star rating, which means they provide similar risk-adjusted returns to their category.
64% of actively managed ETFs eligible for a Morningstar rating range from three-star to five-star ratings, which means they provide similar or better risk-adjusted returns compared to their category.
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Source: AdvisorShares
Three Vanguard Funds To Transition Benchmarks To Align With MSCI's Sector Changes
March 2, 2018--Vanguard today announced plans to change benchmarks for three sector funds and their corresponding ETF Shares: Vanguard Telecommunication Services Index Fund, Vanguard Consumer Discretionary Index Fund, and Vanguard Information Technology Index Fund.
The changes will be consistent with S&P Dow Jones and MSCI's planned revisions announced in November 2017 to the funds' respective target benchmarks under its Global Industry Classification Standards methodology.
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Source: Vanguard
The Forum at ETF Research Center-March 2018 Sector SPDR Analyzer
March 2, 2018--The ETF Analyzer, Sector SPDR Edition for January March 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
Davis Advisors Launches Davis Select International ETF (DINT); Expands Lineup of Actively Managed ETFs
March 2, 2018--Davis Advisors announced today that it has expanded its successful suite of actively managed exchange traded funds (ETFs) with the launch of the Davis Select International ETF (DINT).
DINT invests primarily in stocks with businesses outside the United States, has a net expense ratio of 0.75% and is managed by veteran portfolio manager Danton Goei, who joined Davis Advisors in 1998.
The fund invests in approximately 30 stocks at a given time. As with all Davis ETFs, DINT seeks to offer long term capital appreciation through a high conviction, benchmark agnostic portfolio. It provides the traditional benefits of ETFs along with Davis' unique investment discipline and experienced active management team.
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Source: Davis Advisors
Renaissance Capital Scheduled U.S. IPOs
March 2, 2018--IPO Commentary
After falling 23%, has Box's drop boxed in Dropbox's valuation?
Box (BOX) fell 23% on Thursday after giving weak revenue guidance for the coming year. Unless Dropbox's (DBX) enterprise product is taking market share, Box's decline should weigh on...
The Dropbox IPO is here. Where are the rest of the decacorns?
Dropbox may have kicked off a unicorn stampede. Last week's filing sets it up for a $500 million IPO that can come as early as March 22. Privately valued at $10 billion, the cloud storage company...
IPO Index Performance
The Renaissance IPO Index has returned 0.4% so far this year,
compared to 0.2% for the S&P 500.
IPOUSA
IPO Activity
There have been 28 IPOs priced so far this year, a +65% change from last year.
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Source: Renaissance Capital
Trading firm Virtu distances itself from phony cryptocurrency
March 2, 2018--- Virtu Financial Inc (VIRT.O) on Friday distanced itself from a fake cryptocurrency called VirtCoin that falsely claims to be affiliated with the global trading firm, highlighting the potential risks associated with the digital currency craze.
Regulators around the world have been grappling with how to police digital currencies, which companies issue via"initial coin offerings" that are sold to investors in return for a crypto-currency like bitcoin or ether.
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Source: Reuters
Rafferty Asset Management Closing Equity ETF
March 2, 2018--The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion iBillionaire Index ETF (IBLN) ("the Fund") based on the recommendation of Rafferty Asset Management, LLC, the Fund's adviser.
The Fund will cease trading on the NYSE Arca,Inc. ("NYSE") and will be closed to purchase by investors as of the close of regular trading on the NYSE on April 6, 2018 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date.
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Source: Direxion
Thomson Reuters-U.S. Weekly Fund Flows Insight Report: Equity Funds Take in Net New Money for the Week in Spite of Growing Inflation Fears
March 1, 2018--For the second week in a row investors were net purchasers of fund assets (including those of conventional funds and ETFs), injecting $6.4 billion. While fund investors were net redeemers of municipal bond funds (-$591 million) and money market funds (-$7.1 billion), they padded the coffers of equity funds (+$13.3 billion) and taxable bond funds (+$854 million) for the fund-flows week ended February 28, 2018.
Investors cautiously pushed equity markets up ahead of new Federal Reserve Board Chair Jerome Powell's testimony before Congress, only to turn tail after Powell's testimony fueled inflation and interest rate-hike fears. However, for the fund-flows week the Dow Jones Industrial Average Price Only Index (+0.93%) and the NASDAQ Composite Price Only Index (+0.76%) posted returns in the black, while the Russell 2000 Price Only Index (-1.27%) suffered the only major decline of the U.S. broad-based indices.
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Source: Thomson Reuters
Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings
March 1, 2018--On January 18, 2018 the SEC issued a staff letter with reference to Engaging on Fund Innovation and Cryptocurrency-related Holdings.
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Source: SEC.gov
Nasdaq Sues 'Flash Boys' Exchange IEX for Patent Infringement
March 1, 2018--Claims IEX ripped off key parts of Nasdaq exchange technology
IEX calls Nasdaq claims an attempt to obstruct competition
Nasdaq Inc. sued IEX Group Inc. for patent infringement, claiming the smaller firm stole aspects of its trading technology.
In a lawsuit filed Thursday, Nasdaq said seven of its patents were violated by IEX, which transformed itself from a private trading venue to a full-fledged stock exchange in 2016.
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Source: Bloomberg
