Americas ETP News
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Managers hope 'proxy' bitcoin funds will finally win SEC approval
March 22, 2021--Despite their popularity elsewhere, the SEC has yet to give the green light to crypto ETFs
US asset managers are attempting to sidestep the Securities and Exchange Commission's apparent reluctance to approve bitcoin exchange traded funds with applications for products that will provide "proxy" exposure.
The filings with the SEC come as exchange traded products that track the price of the cryptocurrency are already up and running in Sweden, Switzerland, Jersey, Germany and Canada.
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Source: FT.com
BlackRock Cuts Fees on $7.6 Billion Style ETFs to Near Zero
March 22, 2021--Expense ratios of nine funds plunge to range of 0.03% to 0.06%
Competition has prompted big fund issuers to reduce costs
BlackRock Inc.'s revamped $7.6 billion lineup of style ETFs will feature new benchmarks, different tickers and a perk: rock-bottom fees.
The world's biggest exchange-traded fund issuer is cutting the expense ratios on nine iShares Morningstar U.S. Equity Style Box ETFs to a range of 0.03% to 0.06%. That's down from previous charges that varied between 0.25% and 0.30%. Those products--which focus on specific approaches such as company size and growth or value investing-- are now tracking the Morningstar Broad Style Indexes that were launched in January.
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Source: bloomberg.com
BlackRock under pressure to live up to its promises on diversity
March 22, 2021--Past and present employees of colour seek change at asset manager some call 'WhiteRock'
When Essma Bengabsia joined BlackRock full-time in 2018, she thought she had found the perfect launch pad for her career.
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Source: FT.com
First Trust Lists March Series of Target Outcome ETFs(R) Buffer Strategies Based on QQQ, EFA and SPY
March 22. 2021--March series includes: QMAR, YMAR, FMAR and DMAR (collectively, the "funds")
Upside caps announced for the funds, all of which seek a balance of upside performance potential with a downside buffer
The funds join First Trust's lineup of successful and fast-growing actively managed Buffer ETF
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has expanded its suite of Target Outcome ETFs(R) with Buffer Strategies based on Invesco QQQ TrustSM Series 1 ("QQQ") and iShares MSCI EAFE ETF ("EFA"), as well as Buffer and Deep Buffer Strategies based on SPDR(R) S&P 500® ETF Trust ("SPY").
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Source: First Trust
ASYMmetric ETFs Trust files with the SEC-ASYMshares ASYMmetric 500 ETF
March 19, 2021--ASYMmetric ETFs Trust has filed a post-effecive amendment, registration statement with the SEC for the ASYMshares ASYMmetric 500 ETF.
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Source: SEC.gov
SEC Announces 2021 Exam Priorities
March 19, 2021--The Securities and Exchange Commission's (SEC) Division of Examinations (Division) recently announced its 2021 examination priorities, which will continue to prioritize the examination of certain practices, products, and services that the SEC believes present heightened risks to investors or the integrity of the U.S. capital markets.
Although the Division's examination schedule remains flexible to address any emerging or imminent risks to investors, its priorities center around:
Retail investors, including seniors and those saving for retirement, through Regulation Best Interest (Reg. BI) and fiduciary duty compliance
Information security and operational resiliency
Financial technology (fintech) and innovation, including digital assets
Anti-money laundering (AML) programs
London Inter-Bank Offered Rate (LIBOR) transition, and
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Source: SEC.gov
IMF-Canada : 2021 Article IV Consultation-Press Release and Staff Report
March 18, 2021--Summary:
The Canadian economy was operating at close to capacity and had strong policy buffers when the COVID-19 pandemic hit. Economic and social restrictions put in place in March 2020 helped to mitigate the first wave of the virus, but they came at a significant cost.
There was an unprecedented decline in activity in the first half of 2020, followed by a strong rebound in the third quarter as virus-related restrictions were eased. With the onset of the second wave of the virus in late September sparking renewed restrictions across the country, the recovery has slowed. Looking ahead, the strength and durability of the recovery hinges on the evolution of the pandemic.
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Source: IMF
BlackRock Debuts Active Muni ETF
March 18, 2021--Today, BlackRock rolled out another active ETF under its main brand rather than the iShares name. The BlackRock High Yield Muni Income Bond ETF (HYMU) can invest in a range of municipal bond debt, and its portfolio is designed to hold at least 65% of its weight in low or medium quality securities.
HYMU comes with an expense ratio of 0.35% and lists on Cboe Global Markets.
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Source: yahoo.com
Federal Reserve issues FOMC statement
March 17, 2021--The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Following a moderation in the pace of the recovery, indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation continues to run below 2 percent. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent.
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Source: federalreserve.gov
Roundhill Launches Pro Sports ETF (NYSE: MVP)
March 17, 2021--Roundhill Investments has launched the Roundhill MVP ETF (NYSE: MVP), the first ETF designed to invest in professional sports teams and leagues. Following the launch of MVP, the firm will have a suite of five ETFs with a combined AUM of over $650 million.
Roundhill co-founder Will Hershey commented: "We are excited about the launch of MVP, which will allow everyday investors to own stakes in sports teams they know and love. The professional sports industry had a difficult year in 2020, but we are confident that a successful vaccine rollout will bring fans back to stadiums worldwide."
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Source: Roundhill Investments
