ETF trading was orderly as a result of changes in how exchanges handle extreme volatility.
Systematic quarterly rebalancing may help revenue-weighted portfolios seek potentially high yields.
January ETF inflows suggest we could be in for another record-shattering year.
We remain in an expansion regime, with a tilt toward size, value, and momentum factors.
Defensive factors, like quality and low volatility, tend to outperform when the VIX is rising.
We believe revenue weighting may help investors more than a market-cap-weighted approach.
Revenue weighting can offer benefits regardless of whether tax reform changes market leadership.
After a record-setting 2017, the stage is set for another year of robust ETF inflows.
Pro-cyclical factors, like Value and Size, tend to outperform when rates are rising.