ETFS

Introduction Over the past few months, most of you have noticed our increased activity in closed-end funds as the inflow of volatility finally shook them up and created various arbitrage and directional opportunities for active traders like us. Currently, we are cautious when we choose our long positions, as most of the closed-end funds which
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After a few months of downside performance in the United States 12 Month Oil Fund (USL), shares of the ETF appear to be on the rebound with the last month seeing nearly a 4% return. In this piece, I will make the case that I believe there is substantial upside in USL due to both
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Without a doubt, bonds have seen amazing performance this year with the total bond market ETF (BND) rising nearly 8%, making 2019 one of the best years on record. Global interest rates have been on the decline and fell deep into negative territory. World central banks seem to want to do everything they can to
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Over the last trading day, shares of the iPath S&P GSCI Crude Oil Total Return Index (OIL) have fallen by around 2.5% in conjunction with macroeconomic uncertainties and trade discussions. Despite the negative press regarding trade discussions, I still believe that buying OIL makes for an excellent trade at this time. Specifically, I believe that
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Photo Source: REUTERS/Andrew Kelly. A screen on the trading floor at the New York Stock Exchange (NYSE) displays news of stocks rallying after a statement by U.S. President Donald Trump regarding China trade deal in New York City, U.S., August 26, 2019. For the month, 51% of all closed-end funds (CEFs) posted net asset value
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ETF Overview SPDR Portfolio Long Term Treasury ETF (SPTL) has a portfolio of long-term U.S. treasuries. The ETF tracks the Bloomberg Barclays Long U.S. Treasury Index. SPTL has very low credit risk as these bonds are backed by the credit of the U.S. government. However, interest rate risk is high as its portfolio of bonds
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Intro After increasing over 20% since the month of July, silver has outpaced gold in recent weeks and could still see significant growth. Due to an increase in economic uncertainty, investors have found shelter in precious metals such as gold and silver. During my last article about silver, I highlighted how the gold-to-silver ratio was
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Originally Published August 15, 2019 The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms. European-Listed ETFs Total traded volume Trading activity on the Tradeweb European-listed ETF marketplace reached EUR 30.67 billion in July, a new high for monthly notional volume. The proportion of transactions completed via
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(Source – Pexels/Aleksandar Pasaric) The iShares MSCI Japan Small-Cap ETF (SCJ) has to be one of my favorite developed-world equity ETFs on the market today. It lacks the severe overvaluation risks of global large-caps and has financially clean companies with solid growth potential. The ETF holds companies in favorable sectors of the Japanese economy such
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Below is an update of fund flows data from the Investment Company Institute including mutual funds and ETFs. In the tables below, we show dollar fund flows for total mutual funds plus ETFs along with ETFs alone. Obviously, mutual fund flows have been persistently negative for a long time now, but ETF flows are making
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(Source – Pexels/Francesco Ungaro) Once again, Italian politics is making headlines and has shifted around European financial markets. To review the current (messy) state of affairs, the country has essentially three parties that all exhibit a similar level of control over the Italian government. The center-right coalition (42% of seats), the center-left coalition (20% of
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Guggenheim Taxable Muni Bond (GBAB) The taxable municipal bond market is a relatively new space, one that really only developed following the Tax Reform Act of 1986. That law eliminated the ability for issuers to sell tax-exempt bonds for specific purposes. Taxable munis remained very small until the Build America Bonds (“BABs”) program came into
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For the third consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $14.6 billion for Lipper’s fund-flows week ended August 21, 2019. Fund investors were net purchasers of money market funds (+$22.6 billion), taxable fixed income funds (+$2.8 billion), and municipal bond funds (+$1.6 billion). However,
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This article was coproduced with Hoya Capital Real Estate. Real estate ETFs are an excellent option for investors seeking low-cost, liquid, and diversified exposure to real estate. While iREIT is geared primarily toward individual and institutional investors with the time and manpower to evaluate and actively manage portfolios of individual securities, admittedly not every individual
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We initiated a position into Vertical Capital Corp. (VCIF) shortly after we recommended it in our July monthly letter. Our thesis on the fund rested on our notion that activists would soon attack the fund and attempt to exploit it via some sort of corporate action. We were very quickly proven correct. VCIF can be
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(Source – Pexels) Healthcare has consistently been one of the top-performing sectors on a risk-adjusted basis throughout the current bull market. During its first half, biotechnology (IBB) and pharmaceuticals (XPH) were all the rage seeing 50% annualized returns per year until the bubble finally ended in 2015. Since then, biotechnology stocks as a whole have
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Global infrastructure, a class of “real assets“, has become more and more popular with investors who are seeking to enhance the resilience and diversification of their equity portfolio. Infrastructure assets, including utilities, oil and gas pipeline networks, communications and transportation infrastructure, provide important services to the broader society. These assets can provide stable and predictable
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Background Leveraged ETFs aim to multiple the gains of an underlying index by a fixed factor. These funds have only been around for about a decade, but they’ve demonstrated a remarkable ability to achieve their stated objective. For example, if you plot daily gains for the ProShares UltraPro S&P500 (UPRO) vs. the Vanguard 500 Index
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Bloomberg cross-asset reporter Sarah Ponzcek discusses declining Treasury yields on Thursday’s episode of “What’d You Miss.” Treasury Bond Yields March Lower The lead story on Thursday’s episode of Bloomberg TV’s market wrap-up show, “What’d You Miss” (linked to in the image caption above), was the sharp drop in long U.S. Treasury bond yields. Bloomberg’s cross-asset
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