The Arrogance of Entitlement (TWTW – May 22-26, 2017)

The Arrogance of Entitlement – President Trump’s Travels to the Middle East and Europe – including a visit to the Pope – failed to relieve the pressure stemming from the FBI investigation into his campaign’s dealings with Russia…

This is as news surfaced that his son-in-law Jared Kushner was being asked about his efforts to establish back channels contacts through Russia’s embassador to the US … Read More => Click HERE!

Is it just me? Or does this US Administration just simply not get it? Just because you are Billionaires, you guys … It doesn’t mean you get to do … WHATEVER … Or maybe, in your warped perception of how the world works, it does (?) – How will it end? Come to think of it, maybe it in fact very much is how it works for you, or has … Will that change and is a reality check on its way?

Recent Developments:

  • Trump – Visits the Vatican; after selling USD 110 Billion of weapons to the Saudis (see the irony here?) … then on to NATO
  • OPEC – Extends Oil cuts for 9 months (and oil prices weaken, with Energy stocks pulling back as well…)
  • the US – will take a few more days for Trump to express his views regarding climate …
  • The Bank of Canada – Stephen Poloz changes his tune against a backdrop on strong economic data
  • Canada’s Banks – continue to manage to generally exceed expectations, as illustrated by Royal; TD; and CIBC, all of whom bested estimates on – among other things – lower provisions for loan losses
  • Moody’s – downgraded China’s credit rating
  • Standard and Poors – downgraded Alberta’s …

Latest market numbers as seen through ETFs providing exposure to the most commonly referred to benchmarks:

ticker name change ticker name change ticker name change
XIU S&P/TSX 60 -0.81% PXG RAFI Global Fundamental 0.00% VCN FTSE Canada All Cap Index ETF -0.35%
XIC S&P/TSX Capped Composite -0.18% PXS RAFI US Fundamental Index 0.08% VCE FTSE Canada Index ETF -0.03%
CRQ RAFI CDN Fundamental -0.46% QQC/F NASDAQ 100 CAD Hedged 2.36% VUN CRSP US Total Market Index Unhedged 1.02%
XSP S&P 500 CAD Hedged 1.43% PZC RAFI CDN Small-Mid Fundam #N/A VSP S&P 500 CAD Hedged 1.40%
XUS S&P500 1.02% VXC FTSE All-World Ex Canada Index ETF 0.49%
XMU MSCI Min Vol US 1.45% XXM/b Morningstar US Value (Unh) -0.83% VEF FTSE Developed ex North-Am CAD H 0.43%
CLU RAFI US Fund 1000 CAD H 0.82% YXM/b Morningstar US Momentum (Unh) 0.06% VDU FTSE Developed ex North-America -0.34%
XSU Russell 2000 CAD Hedged 1.23% FXM Morningstar CDN Value -0.90% VE FTSE Developed Europe -0.30%
XIN MSCI EAFE CAD Hedged 0.27% WXM Morningstar CDN Momentum 0.26% VA FTSE Developed Asia Pacific -0.09%
XEH MSCI Europe IMI CAD H 0.63% VXM/b Morningstar Intl Value (Unh) -0.59% VEE FTSE Emerging Mkts 0.51%
XEC MSCI EM IMI 0.84% ZXM/b Morningstar Intl Momentum (Unh) 0.56% HAZ Active Global Dividends 0.53%
XMM MSCI Min Vol Emerging 0.11% RWE MSCI Europe Low Risk Weighted (H) 0.91% HHF Morningstar Hedge Fund Index 0.15%
CWO RAFI Broad Emerging 0.90% HMF Auspice Managed Futures -0.45%
CJP RAFI Fundam Japan CAD H 0.70% ZDJ Dow Jones CAD Hedged 1.35% HAC Seasonal Rotation -0.21%
CDZ CDN Div Aristocrats -0.88% ZEQ MSCI Europe High Quality CAD H 0.89% HPR Active Preferred Shares -0.55%
week of: May 22-26, 2017 OVERALL Source: ETFinsight/Bloomberg

 

Respectively through available “FACTORS” (Smart or Strategic Beta) ETFs:

ticker name change ticker name change
RAFI: Value: Yield:
CRQ RAFI CDN Fundamental -0.46% VXM/b Morningstar Intl Value (Unh) -0.59% CDZ iShares S&P/TSX Canadian Dividend Aristocrats Index ETF -0.88%
CLU RAFI US Fund 1000 CAD H 0.82% XXM/b Morningstar US Value (Unh) -0.83% XHU iShares US High Dividend Equity Index ETF 0.35%
CJP RAFI Fundam Japan CAD H 0.70% FXM Morningstar CDN Value -0.90% VGG Vanguard US Dividend Appreciation Index ETF 1.46%
CWO RAFI Broad Emerging 0.90% XCV iShares Canadian Value Index ETF -0.51% CUD iShares US Dividend Growers Index ETF CAD-Hedged 0.96%
PXG RAFI Global Fundamental 0.00% VVL Vanguard Global Value Factor Etf -0.28%
PZC RAFI CDN Small-Mid Fundam #N/A Momentum:
YXM/b Morningstar US Momentum (Unh) 0.06%
Min Vol: ZXM/b Morningstar Intl Momentum (Unh) 0.56%
VVO Vanguard Global Minimum Volatility Etf 1.20% WXM Morningstar CDN Momentum 0.26% Multi-Factors:
XMW MSCI Min Vol World 0.34% VMO Vanguard Global Momentum Factor Etf 0.24% XFC iShares Edge MSCI Multifactor Canada Index ETF -0.17%
XMI MSCI Min Vol EAFE -0.22% Liquidity: XFS iShares Edge MSCI Multifactor USA Index ETF 1.39%
XMM MSCI Min Vol Emerging 0.11% VLQ Vanguard Global Liquidity Factor Etf 0.39% XFI iShares Edge MSCI Multifactor EAFE Index ETF 0.08%
XMU MSCI Min Vol US 1.45% Quality: Low Risk Weighted:
XMV MSCI Min Vol Canada 0.00% ZEQ BMO MSCI Europe High Quality Hedged To CAD Index ETF 0.89% RWE First Asset MSCI Europe Low Risk Weighted ETF 0.91%
week of: May 22-26, 2017 FACTORS / SMART BETA / STRATEGIC BETA Source: ETFinsight/Bloomberg

Check out the above table: More Factors, including Multi Factors, as well as Individual Factors on a Global basis, with more individual ETF solutions presented.

Weekly Volumes for the week of May 22-26, 2017:

weekly volume data:
Total Volume non-leveraged $4,509,271,753
top 10 Volume non leveraged $2,413,269,068
Total Volume leveraged $1,402,837,854
top 5 Volume leveraged $959,818,720
Total Volumes overall: $5,912,109,608
Top 10 + Top 5: $3,373,087,788
top 10 non leveraged % of total nl: 53.5%
top 5 leveraged % of total leveraged 68.4%
Top 10 + Top 5 as % of total traded: 57.1%

Recent Volumes history:

volumes week ending may 26, 2017

iShares – Koesterich: “Keep your eyes on credit markets, not Washington”

Rosenberg: “Common misconception about bond investing” (Yes, Dorothy … if rates rise … your existing bond positions will decline in value … just like that! And contrary to what 69% of those surveyed thought …) and again … with fixed income investing, you can’t lose money … Hrrrr yeah, you actually can, see previous misconception…)

Fees lowered on XBB; XSB; and XSH => click HERE!

Vanguard – McIntyre: “Raising investor awareness one day (and month) at a time”

First Asset – Remember this – Advisors’ class units set to convert to common units come July 14, 2017 => Click HERE!

With Horizons earlier showing the way (Their Advisors’ class were converted at the end of April), this now leaves iShares and First Trust with Advisors’ series ETFs. Will they deal with them in the same manner in short order? They should!

Value versus Momentum – latest: Momentum ahead across US, International, and Canadian ETFs providing access to these factors. A “reacceleration” sign for markets overall?

Horizons – May 2017 Distributions – Covered Call ETFs => Click HERE!

Actively Managed ETFs => Click HERE!

 

Purpose – OMERS on board => Click HERE!

More Redwood ETFs listing on Aequitas NEO Exchange => click HERE!

Excel Funds – From EM specialist firm to … embracing Global Macro by providing access to two risk management focused ETF Strategist ETFs => Click HERE! EXGG ; EXGB

Other:

7th Annual Exchange Trade Forum in Vancouver – June 5th, 2017.

Looking forward to seeing you there if you are planning on attending!

vancouver-2017-radius

Top and Bottom performing ETFs for the week of May 22-26, 2017:

Ticker Name % Change Avg Price Weekly Volume $ Volume traded
Top Performers week of May 22-26, 2017
HMMJ CN Equity Horizons Medical Marijuana Life Sciences ETF 6.48% $9.56 989,758 $9,403,245
HUZ CN Equity Horizons Silver ETF 2.73% $9.66 27,172 $263,620
SVR CN Equity iShares Silver Bullion ETF 2.47% $9.44 54,107 $511,457
XQQ CN Equity iShares NASDAQ 100 Index ETF CAD-Hedged 2.43% $47.14 134,475 $6,332,132
RUEH CN Equity RBC Quant US Equity Leaders Cad Hedged Etf 2.39% $22.21 9,947 $220,919
QQC/F CN Equity PowerShares QQQ Index ETF 2.36% $49.89 185,702 $9,290,532
ZQQ CN Equity BMO Nasdaq 100 Equity Hedged To CAD Index ETF 2.36% $43.89 326,171 $14,304,435
TXF CN Equity First Asset Tech Giants Covered Call ETF 2.22% $15.03 257,949 $3,889,128
VGH CN Equity Vanguard US Dividend Appreciation Index ETF CAD-Hedged 1.87% $32.43 80,824 $2,624,421
HXQ CN Equity Horizons NASDAQ 100 Index ETF 1.84% $42.76 10,500 $448,415
Bottom Performers
HUC CN Equity Horizons Crude Oil ETF -2.24% $11.54 134,793 $1,559,742
HPF CN Equity Energy Leaders Plus Income ETF -2.34% $5.49 245,945 $1,336,732
ZEO CN Equity BMO S&P/TSX Equal Weight Oil & Gas Index ETF -2.77% $11.39 801,904 $9,111,745
OXF CN Equity First Asset Can-Energy Covered Call ETF -3.08% $10.19 11,857 $119,891
HEE CN Equity Horizons Enhanced Income Energy ETF -3.37% $13.39 25,060 $334,526
ZJG CN Equity BMO Junior Gold Index ETF -3.45% $8.22 460,024 $3,791,406
XEG CN Equity iShares S&P/TSX Capped Energy Index ETF -3.82% $12.31 17,335,103 $212,786,590
CCX CN Equity Auspice Canadian Crude Oil Index ETF -4.66% $8.78 57,650 $509,570
ZJO CN Equity BMO Junior Oil Index ETF -6.97% $14.11 229,251 $3,276,258
HUV CN Equity BetaPro S&P 500 VIX Short-Term Futures ETF -7.59% $4.89 136,459 $667,608

Top Performing ETFs – Medical Marijuana leading to the upside last week, after several weeks of weakness … Has a bottom (temporary?) been found? Other – NASDAQ exposure leading gainers as well. How long or how much longer, rather will MEGA Cap Technology lead?

Bottom Performing ETFs – despite OPEC agreeing to extend current production cuts by a further 9 months, Oil and related exposure led to the downside. A case of buy the rumour, sell the news? Also likely: continued doubt around the sustainability of rising prices in the face of continued surplus, respectively resurgence of Shale production …

Last week’s Sector Performance:

Energy the weakest spot last week.

CDN Financials: Q2 results posted by Royal; TD; and CIBC all ahead, while BMO came up short a notch = nothing much in the aggregate, with XFN barely registering a change on the week…

sector performance week ending may 26, 2017

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