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?
- 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:
|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:
|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:
|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!
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!
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
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|
|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: