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Cyclical rally exposes flaws in some factor ETFs
June 16, 2021--As the market shifts, investors should be asking if their funds are still serving their purpose.
The cyclical rally of the past half year may have reignited the debate about value stocks, but it has also had a knock-on effect on other investment styles. Having already fed into associate editor Algy Hall's blue-chip momentum stock screen, a value tilt in momentum strategies has now become evident among funds such as iShares Edge MSCI USA Momentum Factor Ucits ETF (IUMO).
This exchange traded fund's recent half-yearly rebalancing has seen it tilt heavily away from growth stalwarts towards cyclical names.
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Source: FT.com
Fed signals higher rates in 2023, bond-buying taper talks as virus fades
June 16, 2021-- Fed gives strong vote of confidence in economic recovery
Powell pledges advance notice of any policy shift
The Federal Reserve on Wednesday began closing the door on its pandemic-driven monetary policy as officials projected an accelerated timetable for interest rate increases, opened talks on how to end crisis-era bond--buying, and said the 15-month-old health emergency was no longer a core constraint on U.S. commerce.
Signaling that broad changes in policy may happen sooner than expected, U.S. central bank officials moved their first projected rate increases from 2024 into 2023, with 13 of 18 policymakers foreseeing a "liftoff" in borrowing costs that year and 11 seeing two quarter-percentage-point rate increases.
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Source: reuters.com
Barclays Announces the Launch of Pacer(R) iPath(R) Gold Trendpilot ETNs
June 15, 2021--Barclays Bank PLC ("Barclays") announced today the launch of the Pacer(R) iPath(R) Gold Trendpilot ETNs (the "ETNs"). The ETNs will track the performance of the Pacer Barclays Gold Trendpilot Total Return Index (the "Index").
"At Pacer Financial we are pleased to extend our relationship with Barclays by adding a second ETN that tracks gold," says Sean O’Hara, President at Pacer Financial. "In addition to GBUG, a zero investor fee ETN that tracks the price of gold, Pacer and Barclays are adding a gold ETN that utilizes the Pacer Trendpilot methodology (ticker: PBUG)."
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Source: Barclays Bank
SEC Delays Decision on Kryptoin's Bitcoin ETF
June 15, 2021--The US Securities and Exchange Commission (SEC) has delayed its verdict on another Bitcoin exchange-traded fund (ETF). This time, the regulator has extended the deadline to make a decision on the Bitcoin ETF filed last June 9 by Kryptoin.
The extension is for 45 days, so the SEC now has until July 27 to make a decision on whether or not to approve the launch of the investment product based on the cryptocurrency.
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Source: ihodl.com
Direxion Introduces 3 New ETFs, Including One The Robinhood Crowd Ought To Love
June 11, 2021--As part of its ongoing efforts to increase its offerings of non-leveraged exchange-traded funds, Direxion is introducing three ETFs today, including one that dip buyers, including the Robinhood crowd, ought to love.
The Direxion Fallen Knives ETF NIFE is one of the new additions from Direxion. That rookie fund follows the Indxx US Fallen Knives Index, a benchmark designed to identify stocks that have fallen precipitously but could be primed for big rebounds.
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Source: marketwatch.com
State Street sets up digital unit to capitalise on crypto craze
June 10, 2021--State Street, a U.S. custodian bank that oversees over $ 40 trillion in assets, has asked financial services companies to help clients trade cryptocurrencies, even when regulators are developing sector rules.
The move took place just weeks after Boston-based banks were appointed by Iconic Funds to act as managers of Bitcoin-backed exchange-traded funds listed on the Frankfurt Stock Exchange.
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Source: FT.com
H.R. 1187, ESG Disclosure Simplification Act of 2021
June 10, 2021--Summary
H.R. 1187 would require the Securities and Exchange Commission (SEC) to issue rules that define environmental, social, and governance (ESG) metrics and would require publicly traded companies to disclose and describe how those metrics affect their business strategy to shareholders and the SEC annually. Under the bill, the SEC would establish a permanent advisory committee, composed of up to 20 members, to advise the agency on sustainable finance issues.
Using information from the SEC, CBO estimates that implementing H.R. 1187 would cost $6 million over the 2021-2026 period for the SEC to issue rules and support the advisory committee. However, because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect over the 2021-2026 period would be negligible, assuming appropriation actions consistent with that authority.
By requiring publicly traded companies to disclose ESG metrics to the SEC and shareholders, H.R. 1187 would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA).
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Source: cbo.gov
BRIEF-U.S. Financial Regulator Warns Against Strict Cryptocurrency Rules
Jun 9, 2021--A senior US monetary regulator has spoken out in opposition to makes an attempt by her colleagues to manage cryptocurrencies extra strictly, warning that doing so runs the chance of discouraging traders.
Hester Peirce, one among two Republicans among the many 5 commissioners on the Securities and Alternate Fee, informed the Monetary Instances she was anxious in regards to the push by a number of US regulators to play a extra energetic function within the $1.5tn cryptocurrency market
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Source: reuters.com
El Salvador becomes first country to adopt bitcoin as legal tender
June 9, 2021--El Salvador passed a new law on Wednesday that would make the small Central American country the world's first to deem bitcoin legal tender, a move that analysts say risks putting its economy at the mercy of the digital currency's sharp swings.
The designation allows bitcoin, the world's largest cryptocurrency by market value, to be used to buy goods and pay taxes and bank loans. Businesses would be required to accept bitcoin for payment, with the bitcoin-dollar exchange rate set by the market.
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Source: wsj.com
Citi Analysts See ETFs Gobbling $21 Trillion of Mutual Funds
June 8, 2021--Growth of actively managed strategies favors ETF wrapper
ETFs have taken in $387 billion in 2021, beating mutual funds
The $21 trillion U.S. mutual-fund industry could consist mostly of ETFs within the next 10 years, according to Citigroup Inc.
Investors have favored exchange-traded funds, lured by the industry's ultra-low fees and tax advantages. That trend remains in motion in 2021. ETFs have absorbed $387 billion since the end of December, while mutual funds have taken in $87 billion, according to Investment Company Institute and Bloomberg Intelligence data.
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Source: bloomberg.com
