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CBO-Monthly Budget Review: December 2021
January 10, 2021--Summary
The federal budget deficit was $377 billion in the first quarter of fiscal year 2022, the Congressional Budget Office estimates-$196 billion less than the deficit recorded during the same period last year, and slightly larger than the deficit recorded during the same period two years ago, right before the start of the coronavirus pandemic.
Revenues were $248 billion (or 31 percent) higher and outlays were $52 billion (or 4 percent) more in October through December 2021 than during the same period last fiscal year.
As was the case in fiscal year 2021, outlays increased in the first quarter of this fiscal year because certain payments that otherwise would have been due on January 1, a holiday, were instead made in December. Last year, certain Social Security payments (totaling $24 billion) that were due January 3 also were shifted to December 2020 because January 3 fell on a Sunday. This year, by contrast, there was no such shift: January 3 was a Monday. If those various shifts had not occurred, the first-quarter deficit (through December 2021) in fiscal year 2022 would have been $353 billion, or $174 billion less than the first-quarter deficit (through December 2020) of $526 billion in fiscal year 2021, a decrease of 33 percent.
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Source: CBO(Congreaaional Budget Office)
Investment advisers surpass retail as biggest holders of US-listed ETFs
December 10, 2021--Retail ownership slips below 40% as institutional investors begin using products to build portfolios
Investment advisers have eclipsed retail traders to become the largest owners of US exchange traded funds, highlighting how professional investors are increasingly using the vehicles to build portfolios.
Nearly two-fifths of US-listed ETFs by value are now owned by investment advisers, according to research compiled by Citigroup. Five years ago, this figure stood at a little over 35 per cent, the bank's data show, drawing on quarterly filings made by institutions to detail their US equity holdings.
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Source: ft.com
Gensler wants SEC to consider new rules to rein in SPACs
December 9, 2021--The investing public may not be getting like protections between traditional IPOS and SPACs', Gensler warned
U.S. federal regulators may be on track to enact strict new rules governing the use of blank-check companies to bring private companies public, an increasingly popular strategy that critics say can enrich insiders at the expense of retail investors.
"Currently I believe the investing public may not be getting like protections between traditional IPOS and SPACs," Securities and Exchange Commission Chairman Gary Gensler said during a speech at the Healthy Markets Association Conference Thursday.
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Source: marketwatch.com
Amplify ETFs Launches the Amplify BlackSwan Tech & Treasury ETF (NYSE Arca: QSWN)
December 9, 2021--QSWN Expands Suite of BlackSwan ETFs to Help Investors Manage Risk While Staying Invested
Amplify ETFs announces the launch of the Amplify BlackSwan Tech & Treasury ETF (NYSE Arca: QSWN), an index-based ETF that seeks to hedge against significant losses while still participating in technology & growth equities (without an artificial cap).
QSWN invests in a combination of two low-correlated asset classes: U.S. Treasury securities and long-term options (LEAPS) on a security that tracks the Nasdaq 100 Index.
QSWN expands the firm's suite of BlackSwan ETFs, providing investors with large-cap technology and growth companies with a built-in hedged approach. The other BlackSwan ETFs, SWAN and ISWN, have together amassed close to $1 billion in assets. Launched in 2018, SWAN has shown to be an attractive risk-managed investment in the marketplace. ISWN, launched earlier this year, provides access to international equities
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Source: Amplify ETFs
CBO-Monthly Budget Review: November 2021
December 8, 2021--Summary
The federal budget deficit totaled $358 billion in October and November 2021, the first two months of fiscal year 2022, the Congressional Budget Office estimates. That amount is $71 billion less than the deficit recorded during the same period last year.
Revenues were 24 percent higher than during the same period in fiscal year 2021; outlays increased by 4 percent.
A href="https://www.cbo.gov/publication/57613" TARGET="_blank">view more
Source: CBO (Congressional Budget Office)
Santander to launch an ETF robo-adviser with SigFig
December 8, 2021--The plans, revealed in a regulatory filing, did not specify which ETFs had been selected for the portfolios
Santander is preparing to launch a pure-play robo-adviser with SigFig, a digital adviser and technology provider, a recent regulatory filing shows.
Clients who use the robo, Santander PathFinder, will be slotted into model portfolios created by SigFig that are composed of ETFs, the bank disclosed in November. The filing did not specify which ETFs had been selected for the portfolios. However, the ETF models available will range from conservative to aggressive.
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Source: ft.com
PGIM Investments launches total return bond ETF and ESG high yield mutual fund
December 8, 2021--Actively managed funds expand access to core-plus and environmental, social, governance strategies.
PGIM Investments has launched two new bond funds-the PGIM Total Return Bond ETF and PGIM ESG High Yield Fund-expanding access to its flagship core-plus bond strategy and providing a high-yield option for fixed income investors committed to environmental, social and governance (ESG) investing principles. PGIM is the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
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Source: PGIM Investments LLC
BlackRock to take $2T in ETF assets from State Street custody
December 7, 2021--State Street was sole custodian for the investing firm’s U.S. exchange-traded fund business for more than a decade
BlackRock Inc. is pulling some $2 trillion of assets out of State Street Corp.'s safekeeping, a move that will reduce the investing firm's reliance on a small number of parties and lower the fees it pays for back-office work.
For more than a decade, State Street served as the sole custodian to BlackRock's U.S. exchange-traded funds-low-cost investment vehicles that have exploded in popularity in recent years. State Street services all of the roughly $2.3 trillion across those BlackRock funds.
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Source: wsj.com
NYSE reveals sweeping changes to top leadership
June 6. 2021--President Stacey Cunningham and chair Jeffrey Sprecher to step aside
Intercontinental Exchange has made sweeping changes to its top management, including the two most senior positions at the New York Stock Exchange.
Stacey Cunningham, who became the first woman to lead the NYSE in 2018, will step aside as president. Jeffrey Sprecher, ICE's co-founder and chief executive, will relinquish his role as chair of the NYSE, which he has held since ICE bought the Big Board in 2013 for $8.2bn.
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Source: ft.com
ETFs shine as high taxes loom on US mutual fund capital gains
December 3, 2021--Several large asset managers have warned capital gains distributions will be 20% or more of the funds' NAV.
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Source: ft.com
