01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

<< >>

FTSE Russell has promoted Saudi Arabia to Secondary Emerging Market status. As a consequence, the country will now be added to the FTSE Emerging Index, underlying reference to Vanguard’s size…

FTSE Russell は2018年3月のレビューでサウジアラビアを新興国に格上げすることを決定しました。

2019年3月からサウジアラビアが FTSE Global Equity Index Series (FTSE GEIS) に含まれることになります。

FTSE Emerging Index の2.7%程度を占める予定です。



Has the exchange (NYSE Arca) sufficiently described “how the Sponsors will select the applicable Benchmark Futures Contract, given that the contracts trading on these these two bitcoin futures exchanges have different terms … and trade at different prices?”
2.The second concern begins with the aspect of the proposed rule that stipulates that the Funds may invest in other financial instruments such as listed options and OTC swaps referencing Bitcoin Futures Contracts. The SEC asks, “What are commenters’ views on the ability of the Funds to invest in Financial Instruments in the event that position, price, or accountability limits are reached with respect to Bitcoin Futures Contracts? What are commenters’ views on the ability of the Funds to invest in Financial Instruments if the market for a specific Bitcoin Futures Contract experiences emergencies or disruptions?”
3.Would the Funds have the information necessary to adequately value the underlyings when determining an appropriate end-of-day NAV?
4.How great is the potential impact of manipulation of the underlying markets on the proposed ETF’s NAV? Specifically, the SEC wants commenters to weigh in on the potential impact of such manipulation on the financial instruments discussed in question two above.
5.How could the Funds’ valuation processes address the issue of a potential blockchain fork?
6.“What are commenters views on the price differentials and trading volumes across bitcoin trading platforms (including during periods of market stress) and on the extent to which these differing prices may affect the trading” both of the contracts and of the shares in the ETF?
7.The SEC asks about margin requirements and how might they affect the Funds’ ability to use available cash to achieve its trading strategy?
8.Also about whether the Funds development would lead to an excess concentration of holdings, that would in turn impact portfolio management, the liquidity of the Funds involved, and the pricing of the underlying contracts or the Financial Instruments?
9.What possible factors might impede the ability of arbitrage to keep the Funds’ NAV tied to the trading price of the shares? What is the impact on investors if the arb mechanism is impaired?
10.What is the likely impact of manipulation and fraud in the underlying trading platforms upon trading in the ETFs?
11.How may investors evaluate the price of shares in the Funds in light of the concerns alluded to above about arb and manipulation?
12.Finally, do the two bitcoin futures exchanges constitute a market of sufficient size to support an ETF?


Thirteen asset managers have agreed to publish active share data following an investigation by the New York Attorney General’s Investor Protection Bureau.


AllianceBernstein, BlackRock, Dreyfus Corp., Capital Group Cos., Columbia Management Investment Advisors, Eaton Vance Management, Goldman Sachs Group, JPMorgan Chase & Co., OppenheimerFunds, Nuveen, T. Rowe Price Associates, USAA Asset Management Co., and the Vanguard Group.



ソースのソース「The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economy」(Philip Straehl、Roger Ibbotson、CFA Institute’s Financial Analysts Journal 2017年第3四半期号)

1901〜2014年の配当および自社株買いによる利回りはおおむね GDP と一致する



景気循環調整後の配当および自社株買いによる利回りは CAPE 10 と同程度株式リターンを予測できる


Seeking Alpha
Low volatility for 2017 has been followed by high volatility in 2018. Low-volatility funds are among the most popular of the smart beta offerings on the market.

ソース記事によれば、最強の低ボラティリティ投資ファンドは AQR Large Cap Defensive Style N (AUENX) でした。

ちなみに AUENX の資産残高が14億ドルです。


AQR Large Cap Defensive Style N (AUENX)
Fidelity Low Volatility Factor ETF (FDLO)
iShares Edge MSCI Min Vol USA ET (USMV)
PowerShares S&P 500 Low Volatility Portfolio (SPLV)
SPDR Russell 1000 Low Volatility ETF (LGLV)

PowerShares S&P MidCap Low Volatility Portfolio (XMLV )

SPDR Russell 2000 Low Volatility ETF (SMLV)
PowerShares S&P SmallCap Low Volatility Portfolio (NYSEARCA:XSLV)











ETF Trends
Nasdaq will delist the shares of Long Blockchain on Thursday, a move that comes months after the company's price soared following a blockchain name change.

4月10日、Nasdaq は Long Blockchain の上場廃止を決定しました。

この会社は Long Island Iced Tea Corp という紅茶とレモネードのメーカーでしたが、社名を変えたら株価が上がった企業です。


Seeking Alpha
An overview and introduction to various socially responsible and faith-based investment options. A deep dive into the various categories of investments. A discu




具体的なデータはソース記事をどうぞ。この分野は ETF よりミューチュアルファンドの方が選択肢が多いようです。


Active equity managers in Europe have taken a beating in the past decade, overwhelmingly failing to outperform their benchmark indices over the last ten years, according to the latest S&P Indic…