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J.P. Morgan Asset Management Launches New Fixed Income ETF: JBND
October 12, 2023--October 12, 2023-- J.P. Morgan Asset Management today announced the launch of a new actively managed fixed income ETF, JPMorgan Active Bond ETF (JBND), on the NYSE Arca. Focused on adding value for investors, JBND employs a bottom-up, value-oriented approach that emphasized security selection.
"We have always been focused on providing investors with value through carefully selecting bonds of the highest quality," said Richard Figuly, Core Bond Portfolio Manager at J.P. Morgan Asset Management. "We are thrilled to be able to offer our clients this strategy through an innovative ETF wrapper."
JPMorgan Active Bond ETF seeks to maximize total return by investing primarily in a diversified portfolio of intermediate-and long-term debt securities, with a focus on securitized debt. JBND utilizes the same team and philosophy as the JPMorgan Core Bond Fund.
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Source: J.P. Morgan Asset Management
Minutes of the Federal Open Market Committee, September 19-20, 2023
October 11, 2023--Developments in Financial Markets and Open Market Operations
The manager turned first to a review of developments in financial markets over the intermeeting period. U.S. data releases generally pointed to greater economic resilience than previously thought, and the reaction in market pricing implied both a higher expected trajectory for the policy rate at longer horizons and higher term premiums. Policy-sensitive rates rose moderately, and longer-dated forward rates displayed larger increases.
Ten-year Treasury yields ended the period more than 40 basis points higher, and broad measures of equity prices fell. Bank equity prices underperformed over the period, but taking a somewhat longer view, investor sentiment toward the banking sector appeared to have largely stabilized, with less differentiation of equity price movements across bank types. The dollar broadly appreciated against advanced-economy currencies over the period, as stronger U.S. data supported moderately increased yield differentials against these economies amid perceptions that policy rates were at or near their peaks. In China, signs of strain in the property sector increased, and optimism about growth diminished further, on net, although broader markets, including global commodity markets, did not appear to show elevated concern about China-related risks. U.S. financial conditions tightened, with higher longer-term rates, lower equity prices, and a stronger dollar contributing roughly equally to the increase in various financial conditions indexes.
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Source: federalreserve.gov
CBO-Monthly Budget Review: September 2023
October 10, 2023--Summary
The federal budget deficit was $1.7 trillion in fiscal year 2023, the Congressional Budget Office estimates-$0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent).
Revenues were smaller than in fiscal year 2022, particularly for nonwitheld income taxes and remittances to the Treasury from the Federal Reserve. Outlays declined by an estimated $141 billion (or 2 percent).
Outlays were boosted at the end of 2022 and 2023 because October 1 (the first day of fiscal years 2023 and 2024, respectively) fell on a weekend. As a result, certain payments were shifted into the prior fiscal year-$63 billion from 2023 into 2022 and $72 billion from 2024 into 2023. Taken together, those timing shifts increased payments in 2023 by $9 billion. If not for those shifts, the deficit in fiscal year 2023 would have been 28 percent larger-instead of 23 percent larger-than it was in 2022.
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Source: CBO (Congressional Budget Office)
Major solar ETF sees record outflows this year; September inflows signal brighter days
October 6, 2023--Solar ETF Invesco Solar saw record net outflows in the first three quarters of 2023 as the industry struggles with higher interest rates and elevated project costs, but September inflows have raised hopes of a turnaround in fortunes.
The exchange-traded fund, valued at $1.32 billion as of Thursday, saw net outflows of $312.81 million during the January-September period, according to LSEG Lipper data, the most since its launch in 2008.
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Source: reuters.com
Brandes Offers First Funds on Goldman Sachs ETF Accelerator
October 6, 2023--Goldman Sachs announced the first funds launched through Goldman Sachs ETF Accelerator with the listing of three ETFs by Brandes Investments Partners ("Brandes"), an investment advisory firm with over 40 years of value investing experience.
The three actively managed ETFs include the Brandes U.S. Small-Mid Cap Value ETF (CBOE: BSMC), the Brandes U.S. Value ETF (CBOE: BUSA), and the Brandes International ETF (CBOE: BINV), which seek long-term capital appreciation by investing in companies the Brandes investment committees believe are undervalued relative to their upside potential.
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Source: Goldman Sachs
Goldman Sachs Announces the Launch of the First Funds Through Goldman Sachs ETF Accelerator
October 5, 2023--Brandes Investment Partners today launched its first three actively managed exchange-traded funds, marking the first funds launched through Goldman Sachs ETF Accelerator.
Today, Goldman Sachs announced the first funds launched through Goldman Sachs ETF Accelerator with the listing of three ETFs by Brandes Investments Partners ("Brandes"), an investment advisory firm with over 40 years of value investing experience. The three actively managed ETFs include the Brandes U.S. Small-Mid Cap Value ETF (CBOE: BSMC), the Brandes U.S. Value ETF (CBOE: BUSA), and the Brandes International ETF (CBOE: BINV), which seek long-term capital appreciation by investing in companies the Brandes investment committees believe are undervalued relative to their upside potential.
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Source: Goldman Sachs
Arch Indices Launches Debut ETF, the Multi-Asset VWI
October 5, 2023--Arch Indices has launched its debut exchange traded fund today that seeks to meet long-term investment goals while minimizing volatility. The Arch Indices VOI Absolute Income ETF (NYSE Arca: VWI) is a multi-asset fund targeting dividend stocks and bond ETFs.
VWI tracks the Arch Indices VOI Core Absolute Income Index. The index typically comprises 60 to 100 equity securities and up to 12 bond ETFs. Its holdings are weighted to maximize income while simultaneously minimizing volatility. Arch uses its "Variance Optimized Indexing" (VOI) methodology to weight each security by considering its yield, volatility, and correlation to the portfolio.
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Source: finance.yahoo.com
AXS Investments to Acquire Knowledge Leaders Capital, Adding Unique ETFs and Industry Pioneers to its Growing Team
October 4, 2023-- AXS Investments, a leading asset manager providing access to alternative investments for growth, income and diversification, is today announcing that it has entered into a definitive agreement to acquire Knowledge Leaders Capital (KLC), the firm that first identified "the Knowledge'Effect" -the tendency of highly innovative companies to generate excess returns in the stock market-and created the first investment methodology designed to capture those excess returns.
As part of this transaction, AXS will be acquiring the Knowledge Leaders funds and key members of the KLC team will be joining AXS in senior roles, including KLC's CIO Steven Vannelli, CFA.
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Source: AXS Investments
Purpose Investments files preliminary prospectus for a tactical thematic fund
October 4, 2023--New Fund will seek to leverage the growth opportunities of thematic ETFs with a systematic sell discipline.
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Source: Purpose Investments Inc.
Calamos, the Largest US Convertibles Manager, Launches CVRT, the Firm's First Active Convertibles ETF
October 4, 2023--The Calamos Convertible Equity Alternative ETF (CVRT) provides targeted exposure to the equity-sensitive segment of the US convertibles universe.
First of its kind, the new convertibles-based ETF will deliver more than four decades of Calamos' expertise in an ETF structure.
CVRT is an intelligent ETF solution with an active edge that seeks improved risk/reward over owning small and mid-cap growth stocks outright.
Calamos Investments LLC* ("Calamos"), a global investment manager, today announced the launch of the Calamos Convertible Equity Alternative ETF (NYSE Arca: CVRT) the first product of its kind to provide investors with targeted access to equity-sensitive convertibles in a liquid, transparent, and tax-efficient ETF framework.
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Source: Calamos Investments