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SEC Further Delays WisdomTree Bitcoin ETF Decision
July 14, 2021--The U.S. Securities and Exchange Commission (SEC) pushed a decision on WisdomTree's bitcoin exchange-traded fund (ETF) application to the autumn.
In a Tuesday order launching proceedings on whether or not the agency should approve the application, the SEC asked for feedback from the general public and industry experts on the WisdomTree application and whether the ETF would be a safe product for investors.
Comments must be submitted within three weeks of the document's publication in the Federal Register' the national logbook' with rebuttals filed within seven weeks.
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Source: coindesk.com
Global X ETFs US Releases Three Thematic ETFs on a Single Day Giving Investors Exposure to Future Technologies
July 14, 2021-- Popularity amongst investors for thematic investment strategies remains high. According to CNBC, assets in thematic ETFs have hit $133 billion, up from $27 billion before the pandemic.[1]
As one of the key players in the field of thematic investing, Global X ETFs US releases three new ETFs on one single day, all of which track companies operating on technologies that are expected to shape the planet’s future. The three ETFs are the Global X Hydrogen ETF, the Global X AgTech & Food Innovation ETF, and the Global X Blockchain ETF. All ETFs track Solactive indices as their underlying, respectively, and started trading at NASDAQ on July 14th, 2021.
Hydrogen, the most plentiful element in the entire universe, serves as one of the promising clean energy sources in the fight against climate change. According to the EU Commission, cumulated investments in renewable hydrogen could reach between 180 and 470 billion EUR by 2050, and it is estimated that, by then, renewable hydrogen will match around one-fourth of the global energy demand, with annual revenue of around EUR 630 billion. The Global X Hydrogen ETF tracking the Solactive Global Hydrogen Index benefits from the vast potential that lies in this powerful element.
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Source: Solactive AG
VanEck Launches Fund Focused on Environmental Change Including the Accelerating Energy Transition
July 14, 2021--Leveraging VanEck's decades long experience of investing across resources markets, the VanEck Environmental Sustainability Fund identifies companies with environmental and operational results
VanEck today announced the launch of its newest mutual fund, the VanEck Environmental Sustainability Fund ("the Fund", tickers: ENVAX, ENVIX, ENVYX).
The Fund is designed to provide investors with exposure to global companies operating in a variety of environmental sustainability sectors such as renewable energy, smart resource management, agriculture technology, recycling, water and advanced materials. The Fund aims to align investor interests with aspirational objectives set forth by a number of the United Nations Sustainable Development Goals.
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Source: VanEck
EXCLUSIVE U.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry -sources
July 13, 2021--The U.S. securities regulator has ramped-up its inquiry on Wall Street's blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.
he Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.
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Source: reuters.com
Cabana Asset Management Launches New Suite of Target Leading Sector ETFs with Significant Initial Assets-Expected at $500 Million
July 13, 2021--Funds are designed to provide targeted exposure to sectors of the economy poised for potential outperformance, according to Cabana's proprietary algorithm.
Cabana Asset Management ("Cabana"), a wholly owned subsidiary of The Cabana Group, LLC and an SEC registered investment adviser providing risk-managed investment products to investors, advisors and institutions, today announced the expansion of its Exchange Traded Fund ("ETF") lineup with the launch of the Cabana Target Leading Sector ETFs, in partnership with private label ETF advisor Exchange Traded Concepts ("ETC").
Pace of US ETF launches doubles in space of two years view more Federal Reserve-Minutes of the Federal Open Market Committee, June 15-16, 2021 The design considerations were guided by participants'general desire to have these facilities play a backstop role in fostering effective implementation of monetary policy and supporting smooth functioning of markets. In April, participants highlighted the importance of designing these facilities in a way that would leave ample room for private market activity while minimizing the potential for stigma, promote equitable access to an appropriately broad set of counterparties, and be governed by the FOMC. With these principles and goals in mind, the staff presented potential terms for each facility. view more BlackRock Tweaked Some Models. It Triggered a Wave of Buying and Selling. view more
Federal Reserve-Monetary Policy Report view the Federal Reserve-Monetary Policy Report July 9, 2021 CBO-Monthly Budget Review: June 2021
Outlays in the first nine months of fiscal year 2021 were almost $2 trillion more than spending during the same period two years earlier, in 2019, mostly because of programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration's Paycheck Protection Program. Outlays in 2020 also were boosted sharply by pandemic-related spending. As a result, the deficits recorded during the first nine months of 2020 and 2021 were significantly larger than the $747 billion shortfall recorded during the same period in fiscal year 2019. view more
Source: The Cabana Group
July 12, 2021--New providers and niche strategies fuel ETF boom as wide range of investors gravitate towards these products
Fund shops have pumped out ETFs at a breakneck pace so far this year in an attempt to capture a share of the massive inflows into the products.
Exactly 200 ETFs launched in the US during the first half of 2021, up from 131 during the same period last year and 100 between January and June 2019, according to data from CFRA Research. The 2021 figures include six mutual funds from Guinness Atkinson and Dimensional Fund Advisors that were converted into ETFs. Prior years' data exclude products that have since closed down.
Source: FT.com
July 11, 2021--Discussion of Repurchase Agreement Arrangements
Participants resumed their discussion from the April 2021 FOMC meeting of considerations related to the establishment of a domestic standing repurchase agreement (repo) facility (SRF) and a standing Foreign International Monetary Authorities (FIMA) repo facility.
Building on discussion at previous meetings, the staff presented considerations for how these facilities might be designed.
Source: federalreserve.gov
July 9, 2021--Investment giant's moves set off flow of more than $1 billion to one relatively small ETF in just days
In late May, an obscure BlackRock Inc. commodities fund took in more than $1 billion in new money in less than a week.
The iShares GSCI Commodity Dynamic Roll Strategy exchange-traded fund was a relatively small fund in BlackRock's larger suite of funds.
But on the week of May 26, the ETF-which trades under the ticker COMT and tracks futures contracts tied to commodities from energy to metals to agriculture-scored its biggest one-day influx of new cash on record, according to FactSet data.
Source: wsj.com
July 9, 2021--The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future." This report-called the Monetary Policy Report-is submitted semiannually to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services, along with testimony from the Federal Reserve Board Chair.
Source: federalreserve.gov
July 9, 2021--Summary
The federal budget deficit was $2.2 trillion in the first nine months of fiscal year 2021, the Congressional Budget Office estimates-$508 billion less than the deficit recorded during the same period last year.
Although outlays rose by an estimated $289 billion (or 6 percent), revenues rose more-by an estimated $797 billion (or 35 percent).
Source: Congressional Budget Office (CBO)
