Really Like Her (TWTW – Oct 16-20, 2017)

Really Like Her – President Trump, commenting on FED Chair Janet Yellen, who remains in the running as far as candidates for the position when her current term ends in Feb 2018. Other candidates favored by the President: Jerome Powell, and John Taylor.

The decision should be forthcoming shortly, with possibly far reaching implications, seeing that while Janet Yellen is implementing normalization, John Taylor is undeniably more hawkish …

Recent Developments:

  • US punitive tariffs on sale of C Series to Delta – Credited with pushing Bombardier’s C Series Project in hands of Airbus. Great for future sales of the plane (likely), but not great as far as letting others onto the turf occupied by Boeing and Airbus. And not even for $1 consideration…
  • Spain – Standoff between Catalonia and Madrid Government ongoing … with heads of separatists’ movement arrested and the Spanish Government looking at placing Catalonia under its leadership as opposed to letting separatists push toward a negative outcome for Spain overall.
  • Bank of America – warning that a bumpy ride is in the offing for investors …
  • GE – Eventually a break-up story, after abysmal results being reported last week, respectively new 52 weeks lows being tested, and dividend … likely in jeopardy in not too distant future …
  • NAFTA negotiations – Next round pushed out further, as US continuing to make demands some question whether they are simply aimed at torpedoeing any chance of successful outcome… How is that being described? “Significant Conceptual Gaps” …

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 0.50% PXG RAFI Global Fundamental 1.02% VCN FTSE Canada All Cap Index ETF 0.31%
XIC S&P/TSX Capped Composite 0.36% PXS RAFI US Fundamental Index 1.70% VCE FTSE Canada Index ETF 0.54%
CRQ RAFI CDN Fundamental 0.65% QQC/F NASDAQ 100 CAD Hedged 0.27% VUN CRSP US Total Market Index Unhedged 1.93%
XSP S&P 500 CAD Hedged 0.86% PZC RAFI CDN Small-Mid Fundam -0.53% VSP S&P 500 CAD Hedged 0.87%
XUS S&P500 1.98% VXC FTSE All-World Ex Canada Index ETF 1.29%
XMU MSCI Min Vol US 2.03% XXM/b Morningstar US Value (Unh) 1.03% VEF FTSE Developed ex North-Am CAD H 0.27%
CLU RAFI US Fund 1000 CAD H 0.97% YXM/b Morningstar US Momentum (Unh) 1.66% VDU FTSE Developed ex North-America 0.55%
XSU Russell 2000 CAD Hedged 0.41% FXM Morningstar CDN Value -0.20% VE FTSE Developed Europe 0.59%
XIN MSCI EAFE CAD Hedged 0.46% WXM Morningstar CDN Momentum 0.25% VA FTSE Developed Asia Pacific 1.09%
XEH MSCI Europe IMI CAD H 0.04% VXM/b Morningstar Intl Value (Unh) 0.40% VEE FTSE Emerging Mkts 0.27%
XEC MSCI EM IMI 0.37% ZXM/b Morningstar Intl Momentum (Unh) 0.37% HAZ Active Global Dividends 1.62%
XMM MSCI Min Vol Emerging 0.26% RWE MSCI Europe Low Risk Weighted (H) -0.27% HHF Morningstar Hedge Fund Index 0.42%
CWO RAFI Broad Emerging 0.27% HMF Auspice Managed Futures 0.00%
CJP RAFI Fundam Japan CAD H 1.15% ZDJ Dow Jones CAD Hedged 1.93% HAC Seasonal Rotation 0.65%
CDZ CDN Div Aristocrats -0.08% ZEQ MSCI Europe High Quality CAD H -1.07% HPR Active Preferred Shares 0.42%
week of: Oct 16-20, 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 0.65% VXM/b Morningstar Intl Value (Unh) 0.40% CDZ iShares S&P/TSX Canadian Dividend Aristocrats Index ETF -0.08%
CLU RAFI US Fund 1000 CAD H 0.97% XXM/b Morningstar US Value (Unh) 1.03% XHU iShares US High Dividend Equity Index ETF 1.53%
CJP RAFI Fundam Japan CAD H 1.15% FXM Morningstar CDN Value -0.20% VGG Vanguard US Dividend Appreciation Index ETF 2.35%
CWO RAFI Broad Emerging 0.27% XCV iShares Canadian Value Index ETF 0.81% CUD iShares US Dividend Growers Index ETF CAD-Hedged 0.83%
PXG RAFI Global Fundamental 1.02% VVL Vanguard Global Value Factor Etf 1.75%
PZC RAFI CDN Small-Mid Fundam -0.53% Momentum:
YXM/b Morningstar US Momentum (Unh) 1.66%
Min Vol: ZXM/b Morningstar Intl Momentum (Unh) 0.37%
VVO Vanguard Global Minimum Volatility Etf 0.33% WXM Morningstar CDN Momentum 0.25% Multi-Factors:
XMW MSCI Min Vol World 1.25% VMO Vanguard Global Momentum Factor Etf 1.36% XFC iShares Edge MSCI Multifactor Canada Index ETF -0.96%
XMI MSCI Min Vol EAFE 0.52% Liquidity: XFS iShares Edge MSCI Multifactor USA Index ETF 1.88%
XMM MSCI Min Vol Emerging 0.26% VLQ Vanguard Global Liquidity Factor Etf 0.80% XFI iShares Edge MSCI Multifactor EAFE Index ETF 0.72%
XMU MSCI Min Vol US 2.03% Quality: Low Risk Weighted:
XMV MSCI Min Vol Canada 0.20% ZEQ BMO MSCI Europe High Quality Hedged To CAD Index ETF -1.07% RWE First Asset MSCI Europe Low Risk Weighted ETF -0.27%
week of: Oct 16-20, 2017 FACTORS / SMART BETA / STRATEGIC BETA Source: ETFinsight/Bloomberg

Factors, Factors, and more Factors –  including Multi Factors, and Single Factors on a Global basis.

Active, you say? – See below, which captures weekly performance for ETFs managed by Strategists, or wraps incorporating several ETFs into one to solve for Conservative, Balanced, or Growth objectives:

ticker name change ticker name change ticker name change
HGM Horizons Managed Global Opportunities ETF 1.20%
EXGG Excel Global Growth Asset Allocation Etf 1.54% HAC Horizons Seasonal Rotation ETF 0.65%
EXGB Excel Global Balanced Asset Allocation Etf 0.83% HRA Horizons Global Risk Parity ETF -0.39%
HHF Horizons Morningstar Hedge Fund Index ETF 0.42%
DWG PowerShares DWA Global Momentum Index ETF -0.76%
XTR iShares Diversified Monthly Income ETF 0.35%
FIE iShares Canadian Financial Monthly Income ETF 0.94%
ZMI BMO Monthly Income ETF 0.49%
CBD iShares Balanced Income CorePortfolio Index ETF 0.27% FUT First Asset US Tactical Sector Allocation Index ETF 0.48%
ETP First Trust Global Risk Managed Income Index ETF 0.31% PRP Purpose Conservative Income Fund 0.00%
CBN iShares Balanced Growth CorePortfolio Index ETF 0.43%
week of: Oct 16-20, 2017 ETF Strategists & ETFs of ETFs Source: ETFinsight/Bloomberg

Brought to you by: 

Providers’ News:

iShares: Koesterich: In times of eerie calm, don’t neglect quality

Vanguard: Schlanger – The Paradox of Skill – Investment lessons from the swimming pool => click HERE!

BMO ETFs: Upcoming ETF Essentials “events” => Click HERE!

Horizons ETFs:  Noble – Sentiment survey highlights => click HERE! 

First Asset – October 2017 distributions => Click HERE! 

RBC GAM ETFs – Rounding out the product shelf with the introduction of 5 additional ETFs => click HERE! Of note: RBNK – will the 29 bps secure $$$ flows out of … ZEB? What else differentiates the two? One rebalances to EW (ZEB), the other – RBNK: weighted by yield.

Weekly Volumes History to October 20, 2017:

volumes week ending October 20, 2017

Top and Bottom performing ETFs for the week of Oct 16-20, 2017:

Ticker Name % Change Avg Price Weekly Volume $ Volume traded
Top Performers week of Oct 16-20, 2017
ZBK CN Equity BMO Equal Weight US Banks Index ETF 3.71% $24.23 604,349 $14,644,627
TXF/B CN Equity First Asset Tech Giants Covered Call ETF 2.88% $16.48 55,167 $917,014
FHD CN Equity First Trust AlphaDEX US Consumer Discretionary Sector Index ETF 2.75% $23.00 9,569 $220,043
ZUB CN Equity BMO Equal Weight US Banks Hedged to CAD Index ETF 2.66% $27.33 811,404 $22,165,364
FHQ CN Equity First Trust AlphaDEX US Technology Sector Index ETF 2.55% $30.76 58,681 $1,808,820
QUS CN Equity QuantShares Enhanced Core US Equity ETF 2.46% $26.43 2,261,326 $60,742,991
DGR/B CN Equity WisdomTree US Quality Dividend Growth Index ETF 2.45% $23.08 20,582 $473,512
ZEUS CN Equity BMO Shiller Select US Index ETF 2.39% $20.22 118,011 $2,384,937
ZDY CN Equity BMO US Dividend ETF 2.37% $28.48 313,696 $8,922,267
VGG CN Equity Vanguard US Dividend Appreciation Index ETF 2.35% $41.10 133,225 $5,490,229
Bottom Performers
HUG CN Equity Horizons Gold ETF -1.68% $11.82 18,115 $214,840
HNY CN Equity Horizons Natural Gas Yield ETF -1.84% $12.31 30,373 $370,790
XGD CN Equity iShares S&P/TSX Global Gold Index ETF -1.97% $12.45 7,119,504 $88,687,980
SVR CN Equity iShares Silver Bullion ETF -1.99% $9.45 84,800 $798,470
CGL CN Equity iShares Gold Bullion ETF -2.21% $11.16 638,035 $7,120,658
HMMJ CN Equity Horizons Marijuana Life Sciences Index ETF -2.65% $9.95 2,343,730 $23,581,043
ZJG CN Equity BMO Junior Gold Index ETF -3.06% $9.29 190,287 $1,774,017
ZGD CN Equity BMO Equal Weight Global Gold Index ETF -3.39% $9.80 81,653 $800,714
ZJO CN Equity BMO Junior Oil Index ETF -3.61% $12.01 21,495 $258,003
HUV CN Equity BetaPro S&P 500 VIX Short-Term Futures ETF -4.05% $6.07 82,477 $504,580

Top Performing ETFs – On again, off again – US Banks (ZBK) leading the gainers last week – a validation of further US hikes on the way, irrespective of who ends up being the new FED Chair to be named in coming days? US Tech – unhedged helped performance-wise by CAD weakness … (NAFTA negotations related?)

Bottom Performing ETFs – What seem to be the usual combo of Golds, and Energy relateds … Does that mean all is otherwise good as far as continuation of this aging but still vigorous bull market?

Last week’s Sector Performance:

One week’s performance a trend does not make … interesting nonetheless that both staples and discretionary ended up in the red last week …

sector performance week ending october 20, 2017

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