Alt Trump (TWTW – Aug 14-18, 2017)

Alt Trump –  It’s getting lonely on planet Trump, no matter what the luxurious trappings. And consistently succeeding in alienating one and all has got to have its drawbacks. In terms of additional fireworks on the way to getting even more folks upset, respectively even less accomplished overall (?) – enter NAFTA re-negotiations – The joy of it all. Interesting to see the co-author of Trump’s the Art of the Deal suggest the 45th American President is nearing the resignation point Will he?

Latest Developments:

  • The fallout from Charlottesville continues … Business leaders leaving councils, the President disbanding councils, now religious leaders leaving the ship … + Carl Icahn no longer being involved … They say it’s lonely at the top. Probably is …
  • Another WH week of disarray? As of Friday evening, Steve Bannon, one of the artisans of Trump’s ascent to the US Presidency, is no more part of the WH administration … and returns to Breitbart.
  • Barcelona – Terrorists strike at the heart of the Catalan capital, but a bigger attack seems to have been foiled.
  • FED Chairman Gary Cohn? – Would it get even lonelier if Trump’s economic advisor and former GS President Gary Cohn left? Probably … Two things on his radar, in all likelihood: 1) possible FED Chairman role 2) possibility of losing tax benefit associated with earlier selling a boatload of GS shares … Rare to have other FED officials comment on suitability for FED Chair – but it did happen this past week, with NY FED President William Dudley effectively giving him the thumbs up.
  • NAFTA 2.0? And the NAFTA negotiations started Wednesday, with US Chief Negotiator Robert Lighthizer kicking the proceedings off with strong language suggesting a complete overhaul as opposed to a “reno job”.
  • North Korea – Might have been on the back burner this week, but things could come to a boil in coming days, as the US and South Korea embark on military exercises that may further destabilize an already tense situation …
  • Gold – pushed through $1300/ oz… but then retreated below it (for now?)
  • ECB President Mario Draghi – Will make the trip to Jackson Hole for the annual event taking place from 24/8-26/8 this year, under the heading “Fostering a Dynamic Global Economy”.

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 -0.54% PXG RAFI Global Fundamental -0.92% VCN FTSE Canada All Cap Index ETF -0.53%
XIC S&P/TSX Capped Composite -0.46% PXS RAFI US Fundamental Index -1.36% VCE FTSE Canada Index ETF -0.85%
CRQ RAFI CDN Fundamental -0.54% QQC/F NASDAQ 100 CAD Hedged -0.61% VUN CRSP US Total Market Index Unhedged -1.35%
XSP S&P 500 CAD Hedged -0.58% PZC RAFI CDN Small-Mid Fundam -0.61% VSP S&P 500 CAD Hedged -0.70%
XUS S&P500 -1.40% VXC FTSE All-World Ex Canada Index ETF -0.76%
XMU MSCI Min Vol US -0.66% XXM/b Morningstar US Value (Unh) -2.74% VEF FTSE Developed ex North-Am CAD H 0.59%
CLU RAFI US Fund 1000 CAD H -0.49% YXM/b Morningstar US Momentum (Unh) -1.46% VDU FTSE Developed ex North-America -0.36%
XSU Russell 2000 CAD Hedged -1.09% FXM Morningstar CDN Value 0.35% VE FTSE Developed Europe -0.89%
XIN MSCI EAFE CAD Hedged 0.69% WXM Morningstar CDN Momentum 0.54% VA FTSE Developed Asia Pacific -0.06%
XEH MSCI Europe IMI CAD H 0.59% VXM/b Morningstar Intl Value (Unh) -0.52% VEE FTSE Emerging Mkts 0.68%
XEC MSCI EM IMI 0.90% ZXM/b Morningstar Intl Momentum (Unh) -0.21% HAZ Active Global Dividends -1.47%
XMM MSCI Min Vol Emerging 0.11% RWE MSCI Europe Low Risk Weighted (H) 0.35% HHF Morningstar Hedge Fund Index 0.22%
CWO RAFI Broad Emerging 0.37% HMF Auspice Managed Futures 1.82%
CJP RAFI Fundam Japan CAD H 0.14% ZDJ Dow Jones CAD Hedged -0.83% HAC Seasonal Rotation -0.27%
CDZ CDN Div Aristocrats 0.04% ZEQ MSCI Europe High Quality CAD H 0.77% HPR Active Preferred Shares 0.16%
week of: Aug 14-18, 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 -0.54% VXM/b Morningstar Intl Value (Unh) -0.52% CDZ iShares S&P/TSX Canadian Dividend Aristocrats Index ETF 0.04%
CLU RAFI US Fund 1000 CAD H -0.49% XXM/b Morningstar US Value (Unh) -2.74% XHU iShares US High Dividend Equity Index ETF -1.37%
CJP RAFI Fundam Japan CAD H 0.14% FXM Morningstar CDN Value 0.35% VGG Vanguard US Dividend Appreciation Index ETF -1.60%
CWO RAFI Broad Emerging 0.37% XCV iShares Canadian Value Index ETF -0.76% CUD iShares US Dividend Growers Index ETF CAD-Hedged -0.26%
PXG RAFI Global Fundamental -0.92% VVL Vanguard Global Value Factor Etf -1.53%
PZC RAFI CDN Small-Mid Fundam -0.61% Momentum:
YXM/b Morningstar US Momentum (Unh) -1.46%
Min Vol: ZXM/b Morningstar Intl Momentum (Unh) -0.21%
VVO Vanguard Global Minimum Volatility Etf 0.10% WXM Morningstar CDN Momentum 0.54% Multi-Factors:
XMW MSCI Min Vol World -0.74% VMO Vanguard Global Momentum Factor Etf -0.48% XFC iShares Edge MSCI Multifactor Canada Index ETF -0.22%
XMI MSCI Min Vol EAFE -0.53% Liquidity: XFS iShares Edge MSCI Multifactor USA Index ETF -0.98%
XMM MSCI Min Vol Emerging 0.11% VLQ Vanguard Global Liquidity Factor Etf -0.47% XFI iShares Edge MSCI Multifactor EAFE Index ETF -1.26%
XMU MSCI Min Vol US -0.66% Quality: Low Risk Weighted:
XMV MSCI Min Vol Canada -0.42% ZEQ BMO MSCI Europe High Quality Hedged To CAD Index ETF 0.77% RWE First Asset MSCI Europe Low Risk Weighted ETF 0.35%
week of: Aug 14-18, 2017 FACTORS / SMART BETA / STRATEGIC BETA Source: ETFinsight/Bloomberg

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

As well as the table below – which captures the latest as far as weekly performance for ETFs managed by Strategists, respectively wrapping several ETFs in one to solve for Conservative, Balanced, or Growth objectives:

ticker name change ticker name change ticker name change
HGM Horizons Managed Global Opportunities ETF -0.76%
EXGG Excel Global Growth Asset Allocation Etf 0.62% HAC Horizons Seasonal Rotation ETF -0.27%
EXGB Excel Global Balanced Asset Allocation Etf 0.29% HRA Horizons Global Risk Parity ETF 0.30%
HHF Horizons Morningstar Hedge Fund Index ETF 0.22%
DWG PowerShares DWA Global Momentum Index ETF -0.66%
HMA Horizons Managed Multi-Asset Momentum ETF -0.10%
XTR iShares Diversified Monthly Income ETF 0.27% XGR iShares Growth Core Portfolio Builder Fund -0.29%
FIE iShares Canadian Financial Monthly Income ETF 0.14% XCR iShares Conservative Core Portfolio Builder Fund -0.04%
ZMI BMO Monthly Income ETF -0.12% XGC iShares Global Completion Portfolio Builder Fund 0.00%
CBD iShares Balanced Income CorePortfolio Index ETF 0.18% FUT First Asset US Tactical Sector Allocation Index ETF -0.14%
ETP First Trust Global Risk Managed Income Index ETF 0.10% PRP #N/A #N/A
CBN iShares Balanced Growth CorePortfolio Index ETF 0.00%
XAL iShares Alternatives Completion Portfolio Builder Fund 0.14%
week of: Aug 14-18, 2017 ETF Strategists & ETFs of ETFs Source: ETFinsight/Bloomberg

Brought to you by: 

iShares: Turnill: 4 investing preferences for the second half

Vanguard: Kinniry on BNN, talking about industry growth, future return prospects, and addressing the concern that “ETFs are a threat to market stability and could even trigger the next crash” => Click HERE!

Of Note – interesting to hear BNN’s Catherine Murray suggest in a discussion with Templeton’s Mark Mobius, that in an ETF, investors “don’t really own the company” … (Actually … we; they do, Catherine!)

BMO ETFs: Mid-September is when 5 BMO ETFs migrate to different reference benchmarks => Click HERE!

Horizons ETFs: Hans Albrecht on options on BNN with Catherine Murray  click HERE!

WisdomTree:  => Kevin Flanagan => All rates are not created equal 

First Asset – Momentum ahead last week across the board, but in the red in US and on International front, with US pullback even more pronounced in … Value!

Other:

Fidelity – Preparing to make its entrance into the the Canadian ETF space => click HERE!

Hamilton Capital – Rolling out USD versions of its Global Banks and Global Financials actively managed ETFs, which will be joined come September by a USD traded Mid-Cap US Financials.

ETFinsight – Mid-August 2017 Flows: 2nd sluggish mid-month flows report …

Performance Highlights to Jul 31, 2017 => Click HERE!

Weekly Volumes History to August 18, 2017

etfinsight volumes week ending august 18, 2017

Top and Bottom performing ETFs for the week of Aug 14-18, 2017:

Ticker Name % Change Avg Price Weekly Volume $ Volume traded
Top Performers week of Aug 14-18, 2017
ZMT CN Equity BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF 2.74% $10.77 79,927 $865,027
ZJG CN Equity BMO Junior Gold Index ETF 1.97% $8.70 520,876 $4,548,643
XBZ CN Equity iShares MSCI Brazil Index ETF 1.88% $13.46 28,347 $381,296
ZHP CN Equity BMO US Preferred Share Hedged to CAD Index ETF 1.62% $25.54 9,478 $242,366
CBQ CN Equity iShares BRIC Index ETF 1.57% $24.39 122,509 $2,994,596
RIT CN Equity First Asset Canadian REIT ETF 1.43% $15.57 314,185 $4,883,329
XRE CN Equity iShares S&P/TSX Capped REIT Index ETF 1.39% $15.96 3,280,117 $52,245,443
ZRE CN Equity BMO Equal Weight REITs Index ETF 1.37% $19.86 275,150 $5,439,939
XBM CN Equity iShares S&P/TSX Global Base Metals Index ETF 1.32% $12.32 129,526 $1,597,317
FLB CN Equity First Asset Long Duration Fixed Income Etf 1.31% $19.27 23,991 $459,932
Bottom Performers
RIE/U CN Equity RBC Quant Eafe Equity Leaders Etf -1.95% $17.08 20,000 $341,440
FLI CN Equity First Asset U.S. & Canada Lifeco Income ETF -2.36% $12.70 165,665 $2,103,123
FHF CN Equity First Trust AlphaDEX US Financial Sector Index ETF -2.36% $26.10 8,755 $225,737
HPF CN Equity Energy Leaders Plus Income ETF -2.37% $5.00 141,933 $708,491
ZEO CN Equity BMO S&P/TSX Equal Weight Oil & Gas Index ETF -2.46% $10.03 1,314,382 $13,205,503
XXM/B CN Equity First Asset Morningstar US Value Index ETF -2.74% $15.60 141,921 $2,229,716
HXE CN Equity Horizons S&P/TSX Capped Energy Index ETF -3.18% $17.95 431,817 $7,707,455
HUV CN Equity BetaPro S&P 500 VIX Short-Term Futures ETF -3.21% $8.93 481,262 $4,413,376
XEG CN Equity iShares S&P/TSX Capped Energy Index ETF -3.33% $10.89 16,609,370 $181,498,050
ZJO CN Equity BMO Junior Oil Index ETF -4.49% $10.80 58,224 $621,214

Top Performing ETFs – Cyclical element topping the list last week – Base Metals, with REITs otherwise making a rare appearance amongst top performers for the week. Is REITs performance a nod to expectations of uptick in yields seen as moderating? OR to a strengthening backdrop in the economy overall? Brazil and BRIC => Invesco’s Mark Jason => Three reasons we are bullish on Brazil

Bottom Performing ETFs –Energy ETFs for the most part, alongside some Financials. The picture going forward for both will come into sharper focus in coming months – to be sure.

Last week’s Sector Performance:

weekly performance week ending aug 18, 2017

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