WSJ, How Much New Investor Cash Did BlackRock Attract in 2017? $1 Billion a Day, Jan. 13–14, 2018

The world’s largest asset manager reached a new milestone during 2017: the equivalent of $1 billion of new client cash every day.

The annual net inflow of $367.3 billion helped BlackRock Inc. BLK 3.27% pass $6 trillion in assets for the first time, up more than $1 trillion from the end of 2016. The record haul during 2017 amounted to more than $698,000 a minute.

The pace of new investor cash into BlackRock puts it in the same league as rival Vanguard Group, which attracted a net $369.3 billion in new money last year. The two managers now oversee a combined $11.2 trillion, higher than the gross domestic product of China in 2016.

What to Look for in ETFs in 2018

During the year, 275 new products were launched and 136 products were delisted, according to research firm XTF. The announced acquisition by Invesco Ltd.’s Invesco PowerShares of Guggenheim Investments’ ETF business has brought the slow but steady consolidation toward the top of the ETF pyramid. The fourth-largest issuer at $177 billion in assets, when combined, will still trail State Street Corp.’s State Street Global Advisors ($567 billion), Vanguard Group ($851 billion) and BlackRock Inc. ($1.35 trillion). Additionally, three issuers-Global X, Goldman Sachs and Exchange-Traded Concepts-experienced more than 100% asset growth in 2017, according to Toroso Asset Management.

… 5. Active management is redefined. Even supporters of actively managed stock funds argue that active vs. passive/indexing can be boiled down to high cost vs. low cost. (And, yes, there is high-cost passive in some areas of the market.) Now, Vanguard is gearing up to blow a hole in the active/passive distinction by introducing low-cost, actively managed ETFs in the first quarter—index funds with that will home in on areas of the market recently ruled by the smart-beta crowd—namely momentum, value and minimum volatility, among others.

U.S. SEC approves request to list quadruple-leveraged ETFs

NEW YORK, May 2 (Reuters) – The Securities and Exchange Commission on Tuesday approved a request to trade quadruple-leveraged exchange-traded funds, marking a first for the growing market for such products in the United States.

The request to list ForceShares Daily 4X US Market Futures Long Fund, under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, under the ticker DOWN, was filed by Intercontinental Exchange Inc’s NYSE Arca exchange.

  • Securities and Exchange Commission (Release No. 34–79201; File No. SR-NYSEArca-2016-120)

In the absence of certain stop measures represented by options on futures contracts obtained by a Fund, if the Benchmark moves 25% or more on a given trading day(s) in a direction adverse to a Fund’s holdings, a Fund’s investors would lose all of their money.

Lawrence Glosten, Suresh Nallareddy & Yuan Zou, ETF Trading and Informational Efficiency of Underlying Securities

Using a large cross-section of ETF holdings data from January 2004 to December 2013, we document that an increase in ETF trading is accompanied by an increase in price informational efficiency of the underlying stocks, as reflected in the increase in the relation between stock returns and earnings news. The effect of ETF trading on information efficiency should be conditional on the information environment and the degree of capital market competition. Consistent with expectations, when we conduct the information efficiency tests within different segments of the market, we find significant and improved informational efficiency among small firms (firms with market capitalization below the NYSE 50th percentile), stocks with low analyst following (firms with analyst following below the 75th percentile), and stocks with imperfectly competitive equity markets (number of shareholders below the 75th percentile). In contrast, we are unable to document such improvement for big firms, stocks with high analyst following, and for stocks with perfectly competitive equity markets.

最安価のETFについて

投資信託業界の友人には申し訳ないですが,日本の投資信託の報酬は,一般的に高すぎると感じます。日本でも海外のETFを購入することができるようになってきましたし,もともと米国に口座がある方もいらっしゃるでしょうから,ETF Databaseにある投資目的に応じた最安価のETF (The Cheapest ETF for Every Investment Objective)が役立つかもしれません。

ETF Image

投資に関する話題は,The Big Pictureが多数提供していて,金と不動産の価格の変動新興国のGDP変化率Global Trade Indicators, S&P 500 vs US 10 Year Yield to 1791 Against US Recessionsなどがあります。

via The Big Picture