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?
- 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:
|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:
|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:||$3,373,087,788|
|top 10 non leveraged % of total nl:||53.5%|
|top 5 leveraged % of total leveraged||68.4%|
|Top 10 + Top 5 as % of total traded:||57.1%|
Recent Volumes history:
iShares – Koesterich: “Keep your eyes on credit markets, not Washington”
Rosenberg: “Common misconception about bond investing” (Yes, Dorothy … if rates rise … your existing bond positions will decline in value … just like that! And contrary to what 69% of those surveyed thought …) and again … with fixed income investing, you can’t lose money … Hrrrr yeah, you actually can, see previous misconception…)
Fees lowered on XBB; XSB; and XSH => click HERE!
Vanguard – McIntyre: “Raising investor awareness one day (and month) at a time”
First Asset – Remember this – Advisors’ class units set to convert to common units come July 14, 2017 => Click HERE!
With Horizons earlier showing the way (Their Advisors’ class were converted at the end of April), this now leaves iShares and First Trust with Advisors’ series ETFs. Will they deal with them in the same manner in short order? They should!
Value versus Momentum – latest: Momentum ahead across US, International, and Canadian ETFs providing access to these factors. A “reacceleration” sign for markets overall?
Horizons – May 2017 Distributions – Covered Call ETFs => Click HERE!
Actively Managed ETFs => Click HERE!
Purpose – OMERS on board => Click HERE!
More Redwood ETFs listing on Aequitas NEO Exchange => click HERE!
7th Annual Exchange Trade Forum in Vancouver – June 5th, 2017.
Looking forward to seeing you there if you are planning on attending!
Top and Bottom performing ETFs for the week of May 22-26, 2017:
|Ticker||Name||% Change||Avg Price||Weekly Volume||$ 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|
|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…