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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.
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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
SEC Rejects WisdomTree's Spot Bitcoin ETF Application
December 2, 2021--The decision comes seven months after the agency said it would start evaluating the asset manager's application.
The U.S. Securities and Exchange Commission (SEC) has denied WisdomTree's application for a spot bitcoin exchange-traded fund (ETF), the agency said in a letter on Wednesday.
Approval would have allowed retail and institutional investors to invest in a regulated financial product incorporating the world's oldest cryptocurrency, without requiring them to invest in the crypto directly.
The decision comes seven months after the regulator said it would start evaluating the WisdomTree Bitcoin Trust, which the ETF giant filed with the Cboe BZX exchange in March. The agency delayed its decision in June and again in July, as well as its consideration of other bitcoin spot ETFs.
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Source: coindesk.com
Fidelity Investments Canada ULC launches Fidelity Advantage Bitcoin ETFTM and Fidelity Advantage Bitcoin ETF FundTM
December 2, 2021--Leveraging Fidelity's institutional-grade security and global leadership in Bitcoin and Blockchain
Fidelity Investments Canada ULC, one of Canada's leading investment management firms, today announced the launch of Fidelity Advantage Bitcoin ETFTM and Fidelity Advantage Bitcoin ETF FundTM for investors looking for exposure to bitcoin, the largest cryptocurrency in the world.
These strategies leverage Fidelity Clearing Canada ULC (Fidelity Clearing), Canada's first Investment Industry Regulatory Organization of Canada (IIROC) entity to offer a secure digital asset trading and custody solution for institutional investors including investment funds.
Fidelity Advantage Bitcoin ETFTM begins trading on the Toronto Stock Exchange today with ticker symbols: FBTC (Canadians Dollar version) and FBTC.U (U.S. Dollar version).
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Source: Fidelity Investments Canada ULC
First Trust Exchange-Traded Fund II files with the SEC-First Trust Nasdaq International Cloud Computing ETF
December 2, 2021--First Trust Exchange-Traded Fund II has filed a post-effective amendment, registration statement with the SEC for the First Trust Nasdaq International Cloud Computing ETF.
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Source: SEC.gov
Fidelity's spot bitcoin ETF is set to start trading in Canada, while its US fund is still waiting for the SEC's green light
December 2, 2021--Fidelity has launched a spot bitcoin ETF in Canada that will start trading on Thursday.
Fidelity is "the biggest asset manager to date with a bitcoin ETF", Eric Balchunas, senior ETF analyst at Bloomberg said.
Spot bitcoin ETFs trade in Europe and Canada, but only futures-based ETFs have been approved in the US.
Fidelity Investments is about to launch an exchange traded fund (ETF) backed by bitcoin, rather than bitcoin futures, but it's listing the fund in Canada, as US regulators have still not given these particular crypto products the go-ahead.
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Source: markets.businessinsider.com
