Marching Higher

Tuesday, May 30, 2017 - A tragic terrorist attack in Manchester, Russia-US collusion claims escalating, possible links between North Korea and the major computer virus “WannaCry”, the second largest economy getting a downgrade on their debt and a stock market finishing the week in the green. Yes, those are all events that transpired last week, the last possibly being the biggest head-scratcher of them all as the Dow finished up almost 200 points, the S&P 500 up over 20 points and the Nasdaq just shy of a 100 point weekly gain. The market seems as if it is on a mission to continue its trek higher, no matter what the circumstances. In part, this may be attributable to earnings season finishing up with a revised forecast for the S&P 500 being expected to grow 13.9% from the same period last year, which would be the highest growth since 2011.

Speaking of growth, that is exactly what the ETF industry continues to do. Developed Market ETPs added over $3B last week through Wednesday according to our ETFG Fund Flow Summary. The fund flow summary also shows that in the last 30 days, investors have been taking money out of North American based ETPs and putting it into European based ETPs, removing $11B and putting in more than $5B respectively. A big recipient of this inflow has been the iShares MSCI EAFE ETF (EFA). EFA has taken in $3.36B in the month of May which is almost 5% of its total AUM. On the contrary, the SPDR S&P 500 ETF Trust (SPY) has been experiencing some significant outflows in the same time period. Over $10B has been taken out of the largest ETP in the month of May, accounting for about 4% of its AUM.

We see the same types of trends taking place in our ETFG Quant Movers. Some of the biggest gainers last week were non-US tracked ETPs including the Deutsche X-trackers Harvest CSI 300 China A-Shares Fund (ASHR), the CSOP MSCI China A International Hedged ETF (CNHX) and the Global X MSCI Argentina ETF (ARGT). Each ETF gained 9.61, 9.04 and 8.05 points to their score respectively. In the Quant losers, we saw names like the iShares S&P 500 Value ETF (IVE), iShares S&P Small-Cap 600 Growth ETF (IJT) and the SPDR S&P Dividend ETF (SDY). These funds lost 7.10, 6.81 and 6.36 to their overall quant score respectively.

We will see what this short week of trading brings for the US stock market and if anything can knock it off of its continued trend upward. One thing to always look out for is the monthly payroll data that will come out for May on Friday. This is usually news that investors trade off of but then again that logic hasn’t been the case for quite some time.

From all of us at ETFG, we hope all of you had a great Memorial Day Weekend and thank our troops for the sacrifices they make every single day for us.

Thank you for reading ETF Global Perspectives.

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Sharp Twists and Turns

Monday, May 22, 2017 - The placid environment that has prevailed in the markets for much of the year came to an abrupt end this week, as an onslaught of political turmoil in Washington and abroad shattered market complacency and gave rise to fresh volatility. We began the week amid the fallout of Friday's unprecedented multinational cyberattack that infected nearly 300,000 computers in 150 countries. This large-scale ransomware attack, known as "WannaCry", paralyzed businesses and governmental organizations across the globe and raised broader questions about the vulnerability of existing cybersecurity infrastructure and the specter of future, more debilitating attacks. With these concerns percolating into the consciousness of investors, market uncertainty was compounded by the surprise dismissal of James Comey and new allegations that President Trump leaked sensitive intelligence to top Russian diplomats and had requested then FBI Director Comey to drop his investigation into former national security adviser Michael Flynn.

These revelations fueled the already escalating concerns of collusion between Trump and Russia and cast further doubt on the ability of our administration to pass its pro-growth agenda through Congress. In response to Trump's eroding political capital, treasury yields declined sharply, the dollar slid to a six month low, and S&P 500 suffered its worst single-day decline in eight months, shedding 1.8% on Wednesday. While markets stabilized somewhat towards the end of the week, emerging markets were dealt a blow as yet another presidential corruption scandal began to unfold in Brazil. Following Friday's close, the S&P 500 and DJIA were down 0.4% for the week, followed by the NASDAQ 100 which lost 0.6%.

Quant Movers - As cybersecurity concerns were at the forefront of investors’ minds this week, cybersecurity-focused funds, like PureFunds ISE Cyber Security ETF (HACK) and First Trust NASDAQ Cybersecurity ETF (CIBR), received a surge of interest. HACK and CIBR each experienced over 50% increases in their behavioral scores according to our ETFG Quant model, making them some of the top movers in this category for the week. Conversely, sentiment soured on funds perceived to benefit from Trump's policy proposals of deregulation, tax cuts, and infrastructure spending. SPDR S&P Insurance ETF (KIE), Industrial Select Sector SPDR Fund (XLI), Vanguard Financials ETF (VFH), and iShares Transportation Average ETF (IYT) all suffered heavy declines in their behavioral scores. Lastly, our Quant model underscores the changing fortunes of emerging markets stocks, as Brazil's corruption scandal precipitated a massive selloff this week. iShares Core MSCI Emerging Markets ETF (IEMG) experienced the largest drop in its quant score this week, followed by iShares MSCI Brazil Small-Cap ETF (EWZS), iShares Emerging Markets Dividend ETF (DVYE), WisdomTree Emerging Markets SmallCap Dividend Fund (DGS), and PowerShares DWA Emerging Markets Momentum Portfolio (PIE).

Against a backdrop of heightening political uncertainty, volatility seems poised to return to the markets. We suggest reviewing the ETFG Red Diamond Risk and ETFG Green Diamond Reward ratings to help manage risk in your portfolio and zero in on funds that offer attractive risk-reward profiles.

Thank you for reading ETF Global Perspectives!

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

ETFG Welcomes Chris Ohmacht to the Research Advisory Board!

Friday, May 19, 2017 - This week marks an exciting one for ETF Global as we announce the latest addition to our Research Advisory Board (RAB).

As the firm continues to further build its already dynamic Research Advisory Board, we are thrilled to announce that Chris Ohmacht has joined the ETF Global RAB. Chris has an incredibly accomplished background within financial services which will complement the insights provided by the current Research Advisory Board.

Below please find Chris' Bio and please join the ETFG Team in welcoming him to our Research Advisory Board!

Chris Ohmacht, CFA

Founder, CAO Strategic Partners

Chris is the Founder and Managing Partner of CAO Strategic Partners, LLC an investment firm focused on active investments in small to mid-sized private companies and value-added real estate.

Prior to founding CAO Strategic Partners in 2016, Chris was President and a member of the Board of Directors of Victory Capital, a $36 billion, independent, multi-boutique asset management firm with 9 independent investment platforms and over 200 employees focused on active developed and emerging markets equities, core fixed income and quantitative strategic beta strategies for institutional separate accounts, US mutual funds and ETFs.

Over his close to 30-year career in investment management, Chris has held numerous senior roles building and leading investment and distribution teams. He has also led several significant M&A transactions as both buyer and seller and strategic initiatives focused on maximizing growth, operational improvements and driving cultural change.

Chris earned his BA in Management from Moravian College, MBA in Finance from Pace University and is a CFA Charterholder. He is a founding member of the Board of Directors for the Metro NY Chapter as well as a member of the national Investor Board for the Gift of Adoption Fund and is a past Trustee of Moravian College.

Thank you for reading ETF Global Perspectives!

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Press Release: ETF Global® Adds Financial Services Leader, Jim Gregory

Wednesday, May 17, 2017 - Please see below and here: ETFG Press Release for yesterday's announcement regarding the most recent expansion of our Senior Leadership Team.

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New York, NY - ETF Global is pleased to announce the continuing expansion of its senior leadership team with the addition of Jim Gregory as the Director of Business Development. As a well-regarded industry veteran, Gregory brings a seasoned, strategic vision to his role in leading the ETFG sales team and the continued implementation of the firm’s growth strategies.

With more than 27 years of experience in institutional sales and marketing, Gregory will be located in New York City and joins ETF Global from the Toronto Stock Exchange (TMX), where he served as the US Sales Director for the last 11 years. Prior to the TMX, Gregory’s experience included senior roles at ADP Brokerage Services, Thomson Financial and Reuters America.

“With the growing demand for our Exchange-Traded-Fund Data and Research, we sought a senior leader with a proven track record in managing a broad-based team of business development professionals ” said Chris Romano, Director of Research at ETF Global. “Jim enables us to better serve our clients while continuing to grow our presence as a leading platform for ETF Data and Research. We are excited to have him join.”

The addition of Gregory is the most recent in a series of new hires to the data and research business development group. ETF Global continues the measured, deliberate growth of its offering and footprint.

“ETF Global is such a dynamic firm,” Gregory said. “The combination of leadership talent, robust data and an unwavering commitment to the client makes this the ideal place to support any organization utilizing ETFs and I am thrilled to be part of it.”

For more information, please contact media@etfg.com or visit the ETF Global website at www.etfg.com

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About ETF Global

ETF Global® (ETFG®) is a leading, independent provider of data, research, investment decision support applications, proprietary risk analytics and educational offerings for Exchange-Traded-Products.  The ETFG research platform, which is driven by the ETFG Multi-Factor, Quantitative Model (ETFG Quant), supports the overall investment process with a variety of strategies and applications to pursue return, manage risk, utilize investment analysis and generate investment ideas.

ETF Global services three primary client communities:

·         Investment Professionals: Financial Intermediaries, Financial Advisors, Investment Consultants, Financial Planners, Insurance Professionals, Annuity Professionals, Certified Public Accountants, Attorneys, Private Bankers, Private Wealth Managers

·         Capital and Middle Markets:  Capital Markets Desks, Trading Desks, Execution Management Systems, Order Management Systems, Algorithmic Trading Firms, Liquidity Providers

·         Institutional Investors: Asset Owners and Managers, Pension Funds, Endowments, Foundations, Family Offices, Hedge Funds, Mutual Funds, Commercial Banks, Insurance Companies, Broker-Dealers, Private Banks

Founded in 2011, the firm is headquartered in New York and maintains offices in both New York City and Pittsburgh, PA.  More information about ETF Global and our services, applications and products is available throughout our site, here at www.etfg.com.

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

More Earnings,More Political Headlines

Monday, May 15, 2017 – Last week was a relatively quiet week, Volatility, as measured by the Chicago Board Options Exchange Index (VIX), fell to its lowest level in 15 years at 10.6. The market posted a small loss, the Dow Jones Industrial Average was down .5%, the S&P 500 down .3%, and NASDAQ was up by .3%. Only the Energy and Technology Sectors had positive weeks with .65% and 1.07% respective gains. Materials and Financials were the worst performing sectors with losses of 1.63% and 1.17%.

With never a shortage of political headlines in this new era, the week was headlined by President Trump unexpectedly firing FBI Director James Comey. Also, the week saw two presidential elections in France and South Korea with Emmanuel Macron and Moon Jae in France and South Korea winning their respective elections. Both victories were seen as positives for the global markets.

Earnings season continued as most of the big retail company’s earnings report missed expectations. The biggest miss last week was Macys. Macys reported an EPS of 24 cents vs. an estimate of 35 cents, revenue reported at $5.34 billion for the first quarter, versus an estimate of $5.47 billion.  Macy’s price dropped 17% in reaction to these earnings reports. In our ETF Global Equity exposure report, we can see what ETFs hold the greatest amount of Macys. WBIY, WBI power factor High Dividend ETF, RTH Van Eck Vectors Retail ETF, SPYD, S&P 500 High Dividend ETF have the highest concentration of Macys. WBIY has 1.56%, RTH has 1.17% and SPYD has 1.07%. As expected, all 3 ETFs had a loss for the week.

ETFG Select List - In our Weekly Select list, we had 3 new ETFs that went from not being rated the previous week to being in the top spot this week. This happens on average .75 times per week, so having 3 this week is a rare occasion. FNCF, iShares Edge MSCI Multifactor Financials ETF, was the top spot in the Financials category, INDF, iShares Edge MSCI Multifactor Industrials ETF, in the Industrials category and TCHF, iShares Edge MSCI Multifactor Technology ETF, in the Technology category.

ETFG Quant Movers - In our Quant movers section, we have  SCIF, Van eck Vectors India Small Cap Index ETF gaining 26.85% in their score, DON, Wisdom Tree Midcap Dividend Fund, gaining 23.17%, and RALS, Proshares RAFI Long/Short,  gaining 21.18%. The biggest droppers for the week were IVE,  IShares S&P 500 Value ETF, which lost 21.2%, SDOG,  ALPS Sector dividend Dogs ETF, dropped by 18.27%, and IAI, IShares US Broker-Dealer ETF, which score went down by 16.9%.

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

ETF Global Portfolio Challenge Wins FCS Award!

We are excited to announce that the ETF Global Portfolio Challenge was awarded Silver for Corporate Image, Digital Media - Apps & Tools at the FCS Portfolio Awards!

ETF Global received its award last Thursday, May 4^th in front of a sold out crowd of 500 financial marketing professionals gathered at The PlayStation Theater in Times Square. Now in its 23rd year, the FCS Portfolio Awards recognize creative excellence in financial advertising, collateral, digital media, public relations and marketing communications work from financial companies. ETF Global was selected by a judging panel of 29 industry experts who determined the award winners after considering over 400 entries.

As a first time award winner, we are proud to join the company of such a marquee list of brands - see here for a full list of this year's award winners. This award was the culmination of two year's of exciting growth for our portfolio challenge and we eagerly look forward to building on our momentum in the years ahead.

Attention students - registration for the Fall 2017 ETF Global Portfolio Challenge will open at the end of May.  Please visit the contest website at etfportfoliochallenge.com for more information.

Thank you for reading ETF Global Perspectives!

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_____________________________________________________________

Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Steady But Not Uneventful

Monday, May 8, 2017 – Last week was, for all things considered, a fairly steady week in the performance of the respective equity markets with none of the major indexes fluctuating by more than .4% on any day and all ending the week slightly up. The Dow Jones Industrial Average gained .3%, the S&P 500 gained .6%, and the NASDAQ gained .9%. This past week also saw every sector record a gain with the exception of Energy which had a .78% loss. The top gaining sectors this week were Financials (1.32%), Technology (1.08%) and Industrials (.87%).

The week was highlighted by the Fed announcing that they would keep the federal funds rate between .75% - 1% yet we think the window remains open for an increase in June based partially on the release of the April Jobs report that reflect there were 211,000 jobs added in April, which was higher than expected. This was a huge increase from the 79,000 that were added in March and compounded by the unemployment rate decreasing to 4.4% and its lowest level in 10 years. Lastly in the news, the week also saw the House of Representatives narrowly pass a new health care bill that will replace the Affordable Care Act. Now it is up to the Senate to vote on the bill, which will happen in the next few months.

As of the end of the week, 357 of the 500 components of the S&P 500 Index had reported earnings for the quarter. One of the companies that reported their earnings this week was AAPL. Apple announced that it had $52.9B in revenue with $11.03B profit. That is a decrease from last quarter’s results of $78.4 Billion in revenue and $17.89 Billion in profit. Taking a look at the ETF Global ETF Exposure report, we can see which ETFs have the biggest stake in AAPL. They are IYW (iShares US Technology ETF), XLK (Technology Select Sector SPDR Fund) and VGT (Vanguard Information Technology ETF). They each held 17.47%, 14.98% and 14.71% respectively.

ETFG Weekly Select List - This week, we have 3 new funds making it into the top spot in their respective categories in our weekly select list. XRT (SPDR S&P Retail ETF) was number 1 in the Consumer Discretionary category, HACK (PureFunds ISE Cyber Security ETF) in the Technology category and ILF (iShares Latin America 40 ETF) in the Latin America category.

ETFG Quant Movers - In the ETFG Quant Movers section this week, the biggest gainers were QQQE (Direxion NASDAQ 100 Equal Weighted Index Shares) which gained 34.96% in their ETFG Quant score, KNOW (Direxion All Cap Insider Sentiment Shares), which gained 27.84% and FTW (First Trust AlphaDEX Fund) which gained 17.03%. The biggest losers are BTAL (Quant shares US Market Neutral Anti-Beta Fund) which lost 22.53%, KSA (iShares MSCI Saudi Arabia Capped ETF) which lost 22.01%, and DIVA (Quantshares Hedged Dividend Income Fund) which lost  20.19%.

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Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.

Spring 2017 ETF Global® Portfolio Challenge - Final Leaderboard

Spring 2017 ETF Global® Portfolio Challenge - Final Leaderboard

*For all those participants that will be continuing their studies next year, stay on the lookout for our Student Ambassador Program announcement next week!

After 10 weeks of intense competition that was characterized by constant change atop our leaderboard, the Spring 2017 ETF Global® Portfolio Challenge has come to a close. Our fourth edition of the portfolio challenge brought in a new wave of talented college students from a diverse array of universities and academic backgrounds. Drawing students from 190 schools, 24 countries on 5 continents, this semester’s competition helped enlarge the portfolio challenge’s already broad global footprint and create highly competitive playing conditions.

Our contestants all began the semester with a virtual balance of $100,000 and with the task of constructing the best performing portfolio of ETFs. Students were afforded weekly rebalancing opportunities and were allowed to invest in a minimum of 4 and maximum of 10 ETFs at a time. Despite facing heavy competition all semester, these 5 select students were able to separate themselves from the rest of the field.

Please join us in congratulating the winners of the Spring 2017 ETF Global® Portfolio Challenge!

Name	Class	Degree	School	Return
Ethan O’Donnell	2018	Bachelors	St. John Fisher College	21.33%
Cole Smith	2018	Bachelors	St. John Fisher College	21.05%
Phat Huynh	2018	Bachelors	St. John Fisher College	18.27%
Carlin Lydon	2018	Bachelors	St. John Fisher College	17.95%
John Lehsten	2018	Bachelors	St. John Fisher College	16.68%

In addition to their stellar portfolio returns, this class of winners accomplished an unprecedented feat. After our final tally and audit of the performance results, St. John Fisher College became the first school in the history of our portfolio challenge to claim ownership to all 5 of the contest winners. While these students held different positions in their portfolios, they all followed an Energy and Commodities-heavy strategy that enabled them to generate outsize returns. This statistical anomaly shattered the previous record held by University of Central Florida with 2 of the top 5 students. Moreover, St. John Fisher College managed to accomplish this despite representing under 5% of our 1,000 total contestants and facing the competition’s largest and most globally diverse playing field ever. This is a clear reflection of not only the high quality of students that St. John Fisher College possesses, but also the talent that can be found in smaller schools outside the collegiate mainstream.

As the Top 5 Winners of this semester’s challenge, these students will be featured and recognized during the ETF Global® Portfolio Challenge Awards Ceremony at the upcoming Fall 2017 ETP Forum (www.etpforum.org) on Tuesday, November 28^th at the New York Athletic Club.

Please see below for the students that rounded out our Top 25 participants:

Name	Class	School	Return
Sagar Jain Prabhakar	2017	University of Manitoba	16.16%
William Ryan	2017	St. John Fisher College	14.09%
Christopher Tie	2017	University College London	13.89%
Kyle Reid	2017	St. John Fisher College	13.66%
David Irizarry	2018	University of Puerto Rio – Rio Piedras	12.41%
Matt McKenney	2018	University of Maine	12.26%
Jodie Ernestaputra	2018	Monash University Malaysia	11.14%
Gage Paul	2017	University of Akron	10.28%
Baptiste Dermaux	2017	ESSEC	9.45%
Dustin Wallace	2020	Fresno City College	9.24%
Rania Aghoutane	2017	ESSEC	9.09%
Sheng Ya Ng	2018	Imperial College London	9.06%
Edwin Lee	2018	Rutgers University	8.32%
Adam Ellis	2018	University of Manitoba	8.10%
Chi Lun Ng	2018	Hang Seng Management College	8.09%
Troy Terveer	2019	University of South Carolina	7.83%
Ryan Pete	2018	St. John Fisher College	7.81%
Chad Martin	2017	University of Maine	7.62%
Dan Dang	2017	St. John Fisher College	7.28%
Lauren Marotta	2017	St. John Fisher College	7.22%

As reflected in the table above, our winners hailed from a diversity of schools and academic disciplines. St. John Fisher College again broke another milestone by placing 10 students in our top 25, surpassing our previous record holder University of Texas at Austin from the Spring 2016.

Since its inception in the Fall 2015, the ETF Global® Portfolio Challenge has attracted students from 6 continents and over 300 schools. As millennials continue to increase their usage of ETFs, we encourage all college students to take advantage of this opportunity and learn about this fast-growing investment vehicle before they enter the marketplace.

The performance of our Spring 2017 contestants was thoroughly impressive, upholding the high standard set by our previous contestants. We’d like to give a special thanks to Fidelity Investments, our executive sponsor for the Spring, who served as a fantastic partner for this semester’s challenge. We are proud to support this initiative and play a part in the education of the next generation of investors.

Registration for the Fall 2017 competition will open at the end of May.  For more information and to sign-up for the Challenge, please visit: www.etfportfoliochallenge.com.

ETFG 21 Day Free Trial:  https://www.etfg.com/signup/quick

_____________________________________________________________

Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  ETF Global LLC (“ETFG”) and its affiliates and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively ETFG Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and rankings and are not responsible for errors and omissions or for the results obtained from the use of such information and ETFG Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of such information. ETFG PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  In no event shall ETFG Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

ETFG ratings and rankings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. ETFG ratings and rankings should not be relied on when making any investment or other business decision.  ETFG’s opinions and analyses do not address the suitability of any security.  ETFG does not act as a fiduciary or an investment advisor.  While ETFG has obtained information from sources they believe to be reliable, ETFG does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors.  Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.  Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested.  Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.  Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor.