Record Highs & ETP Forum Tomorrow!

Monday, April 29, 2019 - US Stock markets continue to show signs of great strength as they ended this week setting more records in 2019. For the week, the Dow Jones Industrial Average finished a bit off from its high last week down only 0.16%, closing at 26,543.3. On the other hand, both the S&P 500 and Nasdaq Composite set new records twice this week and closed up 1.2% and 1.9%, respectively. Those fresh highs are 2,939.88 for the S&P 500 and 8,146.40 for the Nasdaq.

In ETFs, we see outflows in some bond ETFs. BSV, the Vanguard Short-Term Bond ETF lost $1.23B in assets this week. That was followed by TIP, the iShares Tip Bond ETF, which lost over $700M in assets. In inflows, investors have picked up more shares of the Invesco QQQs, adding over $2B to the fund’s AUM. That was followed by IVV, which is iShares S&P 500 Product, gaining $1.2B to its AUM, all according to our ETFG Fund Flow Summary.

In the ETFG Quant Movers, we saw sector-based products gain significant percentage points to their overall scores. The First Trust Materials AlphaDEX Fund, FXZ, and the First Trust Financial AlphaDEX Fund, FXO, added 20.06% and 16.70% to their overall Quant scores respectively.

On the loser’s side, we also saw some sector-based ETFs. The SPDR S&P Semiconductor ETF, XSD and the iShares US Regional Banks ETF IAT saw a 19.66% and 16.8% decline to their overall quant scores respectively.

ETFG Weekly Select List - the 5 most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Because of the sector’s success in the major indexes this week, we’d like to highlight some substantial movement in the Basic Materials portion when comparing this week’s Select List to last. The iShares MSCI Global Silver Miners ETF, SLVP, moved up one spot to take the first overall position on the list. This knocked the U.S. Global GO GOLD and Precious Metal Miners ETF, GOAU out of first place and the whole list in general. FMAT, the Fidelity MSCI Materials Index ETF, moved up two positions and into 2^nd place this week. XME, the SDPR S&P Metals & Mining ETF, remained in the 3^rd position. Coming into the list in place of GOAU was the VanEck Vectors Gold Miners ETF, GDX, which is now in 4^th place. Another new addition was the Global X Gold Explorers ETF, GOEX, which is now in the 5^th position.

We look forward to seeing everyone tomorrow for the Spring 2019 ETP Forum and thanks for reading ETF Global Perspectives!

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.

Last Call - Spring 2019 ETP Forum - Tuesday, April 30th at The NYAC

Thursday, April 25, 2019 - Thanks to so many who have already registered for Tuesday’s, Spring 2019 ETP Forum at the New York Athletic Club and just a heads-up that we are quickly approaching capacity for the event.

If you plan on joining us on Tuesday, please get yourself signed up as registration will close when we reach capacity.

• All event information is on the event website at www.etpforum.org

• Registration is here: http://etpforum.org/etp-forum/registration

We look forward to seeing you and thank you for reading ETF Global Perspectives!

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.

1Q Earnings Support

Monday, April 22, 2019 - As earnings season for the first quarter kicked off, stock markets remained relatively quiet keeping their 2019 gains intact. Earnings for Q1 were generally set to be modest and the start of the season has seen many companies beating these estimates.

For the shortened 4-day week, the Dow Jones Industrial Average gained 147.24 points, or 0.6%, to close at 26,559.54, while the S&P 500 lost only 0.1% to 2905.03 and the Nasdaq Composite advanced 0.2% to 7998.06.

In ETFs, we see outflows in a wide variety of products for the month of April. EFA, The iShares MSCI EAFE ETF, IWM, the iShares Russell 2000 ETF and QQQ, the Invesco Nasdaq ETF lost assets of $2.14B, $1.58B and $1.38B respectively in the month of April. For inflows, investors have picked up more shares of S&P 500 tracked ETFs with SPY taking in over $8.74B and IVV, which is iShares S&P 500 Product, gaining 3.07B to its AUM, all according to our ETFG Fund Flow Summary.

In the ETFG Quant Movers, we saw a broad base of products gain percentage points to their overall scores. The iShares US Medical Devices ETF (IHI), the Invesco India ETF (PIN) and the Franklin FTSE Taiwan ETF (FLTW) added 24.19%, 18.57% and 16.27% to their overall Quant scores respectively.

On the loser’s side, we saw factor-based ETFs. The Alpha Architect Value Momentum Trend ETF, VMOT and the Oppenheimer Russell 2000 Dynamic Multifactor ETF, OMFS saw a 16.59% and 16% decline to their overall quant scores respectively.

ETFG Weekly Select List - the 5 most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Because of the geographic regions’ success in the major indexes this week, we’d like to highlight some substantial movement in the broad equity, developed markets portion when comparing this week’s Select List to last. The WisdomTree Europe Hedged Equity Fund (HEDJ) moved up one spot to take the first overall position on the list. This knocked the Global X Health & Wellness Thematic ETF (BFIT) out of the highest position and into 2^nd place. The third overall spot remained the same with First Trust RiverFront Dynamic Developed International ETF, (RFDI) keeping the stronghold. (EFA). The iShares MSCI EAFE ETF, moved into the 4^th position this week after not being on the list last. It took over for the iShares Edge MSCI Multifactor Intl ETF (INTF) which is now in the 5^th overall spot, knocking the Invesco International Dividend Achievers ETF (PID) out of the top 5.

From all of us at ETF Global, we would like to wish our readers a very Happy Easter and Happy Passover!

Thanks for reading ETF Global Perspectives

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.

Spring 2019 ETP Forum - Tuesday, April 30th at The New York Athletic Club

Thursday, April 18, 2019 – As we approach the beginning of the Easter and Passover holidays, we wish everyone a happy and wonderful holiday! The Spring 2019 ETP Forum is less than two weeks away and has shaped up to be yet another wonderful event.

All event information is up on the event website at www.etpforum.org and registration is here: http://etpforum.org/etp-forum/registration

Here is the list of terrific, confirmed Speakers:

SAL LICATA, Director of Business Development, ETF Global

JOHN STOLTZFUS, Chief Investment Strategist, Oppenheimer & Co. Inc.

JOEY BLABAUM, Vice President, ETF Operations Specialist, U.S. Bancorp Fund Services

CHRIS STANTON, CIO, Sunrise Capital Partners

ANDREW CHANIN, CEO, Procure Holdings

ALEX PETTEE, President, Head of ETFs, Hoya Capital Real Estate

KEVIN KELLY, Managing Partner, Benchmark – Investment & Portfolio Strategy

RAGHU RAMACHANDRAN, Head of Insurance Asset Channel, S&P Global Market Intelligence

JAE YOON, Chief Investment Officer, New York Life Investment Management

TIM NG, Chief Investment Officer, Clearbrook

MARC REINGANUM, Board of Trustees, Emerson College

ROBERT AMODEO, Head of Municipals, Western Asset Management

KARL SNYDER, Chief Market Strategist, VETS Indexes

CONOR PLATT, CEO, Confluence Capital Analytics

LINDA ZHANG, CEO and Founder, Purview Investments

MATTHEW TUTTLE, CEO & CIO, Tuttle Tactical Management

ELI REISMAN, Product Director, Truvalue Labs

JAMES PACETTI, Director of Marketing, ETF Global

CARLOS PELAEZ, Nasdaq

DON COLOMBO, corfinancial

GEORGE BOLLENBACHER, Head of Fixed Income Research, TABB Group

CHARLES SELF III, COO, CCO, CIO, iSectors®, LLC

JOHN COLE SCOTT, Chief Investment Officer, CEFA

CHRIS HARMS, Portfolio Manager, Loomis Sayles

MARK LANDIS, Co-founder, Wavelength Capital Management

SCOTT SZEVER, Director of Exchange Traded Products, NYSE

SCOTT KEFER, Senior Portfolio Strategist, Victory Shares and Solutions

TONY BARCHETTO, Founder & Chief Investment Officer, Salt Financial

MICHAEL VENUTO, Co founder & CIO, Toroso Investment

EDWARD EGILINSKY, Head of Alternatives, Direxion

JULIE ABBETT, Executive Director and Head of ETF Sales, J.P. Morgan

LANCE MCGRAY, Managing Director, Head of ETF Product, Advisors Asset Management

NICHOLAS COLAS, Co-Founder, DataTrek Research

PATRICK SHADDOW, Director of Index Operations, S-Network Global Indexes

ROBERT MARTINEZ, Chief Revenue Officer, BattleFin Technology

Thanks for reading ETF Global Perspectives

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.

Back and Forth

Monday April 15, 2019 – A mix of dispiriting and encouraging news led to an uneven week in the markets and a largely flat performance across the major indexes. Global economic growth concerns were brought to the fore on Monday after the IMF's downward revision to its 2019 global growth forecast to 3.3% from 3.5%. These concerns avoided further exacerbation with the extension of the Brexit deadline to October 31^st, new Chinese exports and bank lending data showing a slight uptick in activity, dovish commentary from the FOMC's March minutes, and the ECB's reaffirmation of its accommodative monetary policy. In the absence of any further negative catalysts, markets received a boost on Friday with a positive start to Q1 earnings season from the banking sector, a major M&A development in the energy space, and warm reception to the unveiling of Disney's upcoming streaming service.

JP Morgan's record revenue, net income, and positive loan growth, along with higher profits from Wells Fargo and PNC Financial Services, helped counteract slowdown fears from earlier in the week. Banks serve as a bellwether for broader economic activity so this positive performance could augur well for the rest of the Q1 earnings season, with the caveat that this upward momentum may reverse or grind to a halt with the Fed's recent rate hike pause and its consequent impact on net interest margins. Chevron's announced acquisition of Anadarko Petroleum for $33 billion provided a further lift to the markets by fueling speculation of addition industry consolidation and, as a result, gains in many smaller energy companies viewed as likely takeover targets. Disney's streaming service announcement provided the final stimulus, as the service's broad content offering and industry-low pricing were viewed as competitively positioned for today's crowded and rapidly evolving streaming media and entertainment landscape.

By week's end, this balance of negative and positive news led to muted moves in the DJIA, S&P 500, and Nasdaq with them rising 0.0%, 0.5%, and 0.6% respectively.

In ETFs news, a potential industry-changing development took place this week. On Monday, the SEC gave approval to Precidian Investments for a new type of structure that trades and operates like an ETF, but without the transparency and disclosure requirements that ETFs are widely known for. After getting the greenlight following 10 years of regulatory scrutiny, Precidian will be allowed to license its nontrasparent actively managed structure to other asset managers if no objections are raised between now and May 3rd. The "ActiveShares" framework will permit the disclosure of daily holdings only to Authorized Participants to facilitate creations & redepemtions. In a sharp break with the daily transparency ETF investors are accustomed to, the portfolios of ActiveShares funds would be presented to the public very similar to the way mutual funds currently operate - on a quarterly basis with up to a 60 day lag. However, despite this portfolio opaqueness, the funds would also be required to publish intraday indicative value figures every second so that investors can monitor whether a fund's price is staying in line with its underlying assets.

Precidian's framework could potentially open the flood gates to other active managers who been eager to tap into the popularity of ETFs, but unwilling to surrender their intellectual property and proprietary investment strategies. The ActiveShares structure has already been licensed by asset management giants like BlackRock and American Century. While this approval will likely be greeted by active managers with alacrity, the key issue will be whether these funds can attract sufficient assets by overcoming investor's growing aversion to non-transparency and perception of the inefficacy of actively managed strategies.

ETFG Weekly Select List - the five most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model.

Due to the upward momentum emanating from the financial and energy sectors this week, we'd like to feature the current top-rated ETFs within these respective groups according to our model. In the financial sector, SPRD S&P Insurance ETF (KIE) currently resides as the top-rated fund. KIE is followed by iShares MSCI Europe Financials ETF (EUFN), Davis Select Financial ETF (DFNL), iShares Global Financials ETF (IXG), and John Hancock Multifactor Financials ETF (JHMF). This group was unchanged from the previous week, with the exception of the 4th and 5th ranked positions where IXG and JHMF supplanted Fidelity MSCI Financials Index ETF (FNCL) and Financial Select Sector SPDR Fund (XLF). Our current financials top 5 represents an eclectic way of tapping into the sector, with a more targeted sector subgroup ETF in KIE, a regionally focused fund in EUFN, an actively managed strategy in DFNL, a broad-based globally oriented fund in IXG, and a smart beta approach in JHMF.

Within the energy sector, VanEck Vectors Oil Service ETF (OIH), Invesco DWA Energy Momentum ETF (PXI), First Trust North American Energy Infrastructure Fund (EMLP), John Hancock Multifactor Energy Fund (JHME), and VanEck Vectors Oil Refiners ETF (CRAK) currently rank as the top 5 rated funds. This group largely held steady from last week, with little change other than JHME replacing SPDR S&P Oil & Gas Equipment & Services ETF (XES). As with the financial sector, these group of funds illustrate the myriad ways of slicing and dicing different sectors. Our select list enables you to uncover the wide set of opportunities available by sector, geography, and investment strategy available within the ETF wrapper.

Thanks for reading ETF Global Perspectives

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.

Meet the Speakers - Spring 2019 ETP Forum - Tuesday, April 30th at the NYAC

Tuesday, April 9, 2019 – It’s hard to imagine that the Spring 2019 ETP Forum is only 3 weeks away! We look forward to once again Chairing this wonderful event on Tuesday, April 30^th at The New York Athletic Club.

All event information is up on the event website at www.etpforum.org and registration is here: http://etpforum.org/etp-forum/registration

We again have a terrific slate of speakers...

Sal Licata, Director of Business Development, ETF Global

John Stoltzfus, Chief Investment Strategist, Oppenheimer & Co. Inc.

Joey Blabaum, VP, ETF Operations Specialist, U.S. Bancorp Fund Services

Chris Stanton, Chief Investment Officer, Sunrise Capital Partners

Andrew Chanin, CEO, Procure Holdings

Alex Pettee, President, Head of ETFs, Hoya Capital Real Estate

Kevin Kelly, Managing Partner, Benchmark - Investment & Portfolio Strategy

Raghu Ramachandran, Head of Insurance Asset Channel, S&P Global Market Intelligence

Jae Yoon, Chief Investment Officer, New York Life Investment Management

Tim Ng, Chief Investment Officer, Clearbrook

Marc Reinganum, Board of Trustees, Emerson College

Conor Platt, CEO, Confluence Capital Analytics

Linda Zhang, CEO and Founder, Purview Investments

Matthew Tuttle, CEO & CIO, Tuttle Tactical Management

Eli Reisman, Senior Product Manager, Truvalue Labs

James Pacetti, Director of Marketing, ETF Global

Steve Oh, Head of ETF Listings, Nasdaq

Don Colombo, Director of Business Development - North America, corfinancial

Miguel Alvarez, ETF Product Manager, BNY Mellon

Charles Self III, COO, CCO, CIO, iSectors®, LLC

John Cole Scott, Chief Investment Officer, CEFA

Scott Szever, Director of Exchange Traded Products, NYSE

Scott Kefer, Senior PM, Newbridge (A Victory Capital Investment Franchise)

Tony Barchetto, Founder & Chief Investment Officer, Salt Financial

Julie Abbett, Executive Director and Head of ETF Sales, J.P. Morgan

We look forward to seeing you and thank you for reading ETF Global Perspectives!

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.

Strong Week to Start 2Q

Monday April 8, 2019 - Stocks got off to a promising start to the second quarter, as positive overseas and domestic data injected some calm into the markets and helped push the major indexes to within 2% of their record highs. China provided the initial catalyst, after Monday's PMI release showed a return to growth in the manufacturing sector after a six month streak of contraction. Apparent progress made in US-China trade talks also added to the buoyant mood this week, though formidable obstacles to completing a deal remain. Domestically, slowdown concerns were further assuaged with upbeat US manufacturing data and Friday's March payroll report that revealed a robust hiring rebound. After sluggish growth in February, employers added 196,000 jobs in March, while average hourly earnings rose 3.2% down from 3.4% last month. These figures had the simultaneous effect of allaying economic growth concerns and fears that rising wage costs would begin to erode profit margins.

This supportive backdrop helped propel the S&P 2.1% higher, extending its winning streak to seven consecutive sessions. The DJIA and Nasdaq received similar boosts, rising 1.9% and 2.7% respectively for the week.

While optimism was the prevailing sentiment this week, significant challenges lie ahead with lingering issues around trade, monetary policy, corporate earnings, the fading impact of tax cuts and geopolitical uncertainties like Brexit. Attention this week will shift to Q1 earnings, Brexit and US-China trade progress, which all possess the potential to upset this recent momentum.

ETFG Quant Movers – those ETFs who have had the largest weekly change in their respective, overall ETFG Quant ratings:

ETFG Quant Winners: This week’s biggest gainers were dominated by global funds, reflecting the week's shift in global growth sentiment. Leading the way was the Virtus WMC Global Factor Opportunities ETF (VGFO) up 14.50 points to an ETFG Quant score of 56.40. Following VGFO in the top 5 was Bernstein Global Research Fund (BRGL) with a 14.20 point advance to 56.40, Oppenheimer International Revenue ETF (REFA) up 11.15 points to 59.78, Global X Scientific Beta Europe ETF (SCID) rising 10.50 points to 59.96 and First Trust RiverFront Dynamic Asia Pacific ETF (RFAP) up 10.21 points to 57.28.

ETFG Quant Losers: This week’s biggest loser was Eaton Vance Stock NextShares (ESTC) dropping 8.76 points to an ETFG Quant score of 55.00. The four other funds to suffer the largest declines were Invesco DWA Technology Momentum ETF (PTF), VictoryShares US Discovery Enhanced Volatility Wtd ETF (CSF), Vanguard Extended Market ETF (VXF), and Invesco Shipping ETF (SEA).

ETFG Weekly Select List - the five most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model. 

Due to the rebound in global growth sentiment this week, we'd like to feature the current top-rated ETFs by geographic region according to our model. Among the funds with an Asian-Pacific focus, First Trust Chindia ETF (FNI) currently receives the most favorable ranking. Chinese-oriented funds dominated our Asia-Pacific group, with iShares China Large-Cap ETF (FXI) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) all placing in this week's top 5.

Globally, VanEck Vectors Oil Service ETF (OIH), iShares Global Consumer Staples ETF (KXI), iShares Global Healthcare ETF (IXJ), VanEck Vectors Biotech ETF (BBH) and iShares Global 100 ETF (IOO). This disparate group of funds illustrates the importance of avoiding a herd mentality and keeping a discerning and diligent eye when searching for global investment opportunities.

While these geographic regions appear to have wind behind their backs at the moment, their continued outperformance is contingent upon on the precarious prospects of sustained economic growth momentum and an orderly US-China trade resolution.

Thanks for reading ETF Global Perspectives!

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.

2Q 2019 Rebalance – ETF Global® Dynamic Model Portfolios

Tuesday, April 2, 2019 - With the first quarter of 2019 officially in the history books, investors are increasingly concerned with on which side of this historic rally they sit. It may appear that equities had more gas in the tank thanks to a quick start to the year with a V-shaped rally that helped them reclaim most of their 4^th quarter losses, but most of the gains came in January with the markets since showing signs of increasing fatigue. In fact, the S&P 500 remains more than 3% below it’s peak of 2,939 and now investors have another red flag to worry about with a short-lived inversion of the yield curve, at least as measured using the 3 month and 10-year Treasury yield. Could this foreshadow when the rally will finally fail or does the hope of a more permissive Fed signal better times ahead?

Patient investors will have to wait for time to answer that question, but the quarterly reallocation of our ETFG Dynamic Model Portfolios, with all 4 base portfolios and the 8 “tilts” were updated on April 1^st.  The recent upheaval in the markets has led to a major shift in the models positioning. First is the domestic sleeve where the more balanced and growth-oriented names have been replaced by value funds.

Leaving the strategy are the iShares Russell Midcap ETF (IWR) and the SPDR Portfolio S&P 500 Growth ETF (SPYG) while the Direxion NASDAQ 100 Equal Weighted Fund (QQQE), and the SPDR S&P 600 Small Cap ETF (SLY) remain in the strategy for another quarter. Joining them will be two frequent fliers, the SPDR S&P 400 Mid Cap Value ETF (MDYV) and the SPDR S&P 600 Small Cap Value ETF (SLYV) which you may think will give the strategy a distinct leaning towards both smaller and bank stocks, but you would only be half right. While the Fed’s recent decision to hit the pause button on further rate hikes has brought significant short-term pain to bank shares, the two value funds joining the line-up have slightly-below average financial exposure compared to other funds in the value space. When working with a more balanced small-cap fund and an equally-weighted NASDAQ 100 ETF, the overall impact is only a slight overweight to financials compared to the broader market.

Our international equity exposure however is a different story where our Quant models are swapping out all four of the developed international funds this quarter with the strategy taking on a more core feel. Joining the allocation are two broad funds from Schwab, the Schwab Fundamental International Large Company Index (FNDF) and its small cap equivalent, FNDC. Two country-specific funds, the iShares MSCI funds for Singapore (EWS) and Spain (EWP) also join the lineup. Although the model has often favored Europe over other parts of the EAFE arena, we were surprised by the strong scores for more broad-based funds this quarter, which will provide this sleeve of the portfolio with more diversification. We were less surprised to see the departure of the iShares MSCI United Kingdom fund (EWU) whose presence tends to ebb and flow with the latest Brexit drama, although we should point out that the fund solidly outperformed most Eurozone country specific funds in the 1^st quarter.

Finally, the emerging market sleeve also saw changes as the broader iShares MSCI Emerging Markets ETF (EEM) joined the program while the iShares MSCI Mexico ETF (EWW) was dropped from the model while the First Trust Chindia Fund (FNI) remains. It was a strong quarter for Chinese stocks with A-share funds strongly outperforming their Hong King equivalents as investors hoped for an end to the trade war. While they were disappointed in the first quarter, political concerns heading into an election year might be enough to force the President’s hand into coming to terms on even a modest proposal to restore the old order.

To learn more about our ETFG Model Portfolio strategy, please email us at sales@etfg.com or call us at (212) 223-ETFG (3834).

You can find an overview and performance information for the ETF Global Dynamic Model Portfolios at http://www.etfg.com/about-model-portfolios

Thanks for reading ETF Global Perspectives

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.

Turn Up

Monday April 1, 2019 - Stocks ended the week and the quarter on a high note, rising globally. The S&P 500 recorded its strongest quarterly performance in a decade, rising 13% and leaving the index 3% off its all-time high. Following the recent decrease in longer-term yields, the Treasury yield curve remained partially inverted at the start of the week, with yields on three-month Treasury bills trading higher than 10-year note yields. However, longer-term bond yields halted their decline and began to rise a bit Wednesday suggesting that the recession fears that often accompany yield curve inversions may have subsided a bit. On Friday, the yield curve returned to an upward slope over the three-month to 10-year range, which may have been one factor in the market’s rally to end the week. The S&P 500 finished the week up 33.69 points, DJIA was up 426.36 points and the NASDAQ Composite rose 86.65 points.

ETFG Quant Movers – those ETFs who have had the largest weekly change in their respective, overall ETFG Quant ratings:

ETFG Quant Winners: This week’s biggest gainer was iShares MSCI Australia ETF (EWA) up 7.43 points to an ETFG Quant score of 57.99, iShares Russell Mid-Cap Value ETF (IWS) rose 6.92 points to 46.33. John Hancock Multifactor Industrials ETF (JHMI) gained 6.56 points to rise to a Quant score of 60.48. Rounding out the top five are Invesco Water Resources ETF (PHO) and iShares Currency Hedged MSCI Australia ETF (HAUD) were up 6.52 and 6.45 points respectively.

ETFG Quant Losers: This week’s biggest loser was SPDR MSCI ACWI ex-US ETF (CWI) dropping 9.31 points to an ETFG Quant score of 40.81, Invesco India ETF (PIN) fell 8.49 points to 37.35. iShares Core S&P U.S. Growth ETF (IUSG) was down 8.26 ending the week with a Quant score of 49.87. Rounding out the bottom five are Oppenheimer International Revenue ETF (REFA) and Global X Scientific Beta Europe ETF (SCID) falling 8.10 and 8.05 points respectively.

ETFG Weekly Select List - the five most highly rated ETFs per Sector, Geographic Region and Strategy as ranked by the ETFG Quant model. Because of the sectors success on the 1W Quant Rating of the ETFG Heat Map, we’d like to highlight some substantial movement in the Consumer Staples Sector when comparing this week’s Select List to last. iShares Global Consumer Staples ETF (KXI) and Invesco S&P SmallCap Consumer Staples ETF (PSCC) retained the top two spots from last week showcasing their popularity in the sector. Consumer Staples Select Sector SPDR Fund (XLP) made the biggest jump in the sector, moving from fifth to third this week. Finally, John Hancock Multifactor Consumer Staples ETF (JHMS) and iShares US Consumer Goods ETF (IYK) both dropped down one spot to fourth and fifth on the sector Select List. After a strong Q1 performance keep an eye on these Consumer Staples ETFs as we continue on to Q2 and beyond.

Thanks for reading ETF Global Perspectives

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.