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SPAC Froth Turns on Itself With Stocks Plunging 20% in Two Weeks
March 4, 2021--About five blank-check companies went public per day this year
Selloff occurs as stock investors sour on speculative groups
It may turn out that five new special purpose acquisition companies per day was too many.
SPAC mania is showing signs of hitting a stock-market saturation point, with an index tracking blank-check flyers suddenly down about 20% from its peak. The craze is being clipped as quickly as it whipped up, with sentiment souring on growth stocks amid a runup in interest rates and rotation into beaten-down names. Before the selloff, SPACs had almost doubled since October.
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Source: bloomberg.com
Beige Book-March 3, 2021
March 3, 2021--Overall Economic Activity
Economic activity expanded modestly from January to mid-February for most Federal Reserve Districts. Most businesses remain optimistic regarding the next 6-12 months as COVID-19 vaccines become more widely distributed. Reports on consumer spending and auto sales were mixed. Although a few Districts reported slight improvements in travel and tourism activity, overall conditions in the leisure and hospitality sector continued to be restrained by ongoing COVID-19 restrictions.
Despite challenges from supply chain disruptions, overall manufacturing activity for most Districts increased moderately from the previous report. Among Districts reporting on nonfinancial services, activity was mixed, though most reported modest growth over the reporting period. Some Districts noted that financial institutions experienced declines in loan volumes, but most cited lower delinquency rates and elevated deposit levels. Historically low mortgage interest rates continued to spur robust demand for both new and existing homes in most Districts, and home prices continued to rise in many areas of the U.S. On balance, commercial real estate conditions in the hotel, retail, and office sectors deteriorated somewhat, while activity in the multifamily sector remained steady and the industrial segment continued to strengthen. Districts reporting on energy observed a slight uptick in activity related to oil and gas production and energy consumption. Overall, reports on agricultural conditions were somewhat improved since the previous report. Transportation activity grew modestly for many Districts.
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Source: federalreserve.gov
SEC Division of Examinations Announces 2021 Examination Priorities Enhanced Focus on Climate-Related Risks
March 3, 2021--The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations.
The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.
"This year, the Division is enhancing its focus on climate and ESG-related risks by examining proxy voting policies and practices to ensure voting aligns with investors' best interests and expectations, as well as firms' business continuity plans in light of intensifying physical risks associated with climate change," said Acting Chair Allison Herren Lee. "Through these and other efforts, we are integrating climate and ESG considerations into the agency's broader regulatory framework."
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Source: SEC.gov
Wall Street Lobbies to Bring More ESG Funds Into 401(k)s
March 3, 2021--Money managers are pushing for a revision of a Labor Department rule that effectively bars socially focused funds from many retirement plans
Money managers are lobbying to scrap a Trump-era rule that makes it difficult for 401(k) plans to invest in socially focused funds.
The Labor Department rule, announced in October, imposed restrictions on what can and can’t be offered as company 401(k) funds. One result is that plans can't use funds with nonfinancial goals as default investments for employees.
That means 401(k) overseers and managers need to show that environmental, social and governance strategies can boost financial returns-a challenge for the nascent industry. ESG-focused funds are a growing profit center for asset managers.
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Source: wsj.com
First Trust launches 'Target Income' gold ETF
March 3, 2021--First Trust has expanded its partnership with options specialist Cboe Vest Financial with the launch of a covered call strategy on gold.
The FT Cboe Vest Gold Strategy Target Income ETF (IGLD US) has listed on Cboe BZX Exchange and comes with an expense ratio of 0.85%.
The fund is actively managed by Cboe Vest, which also acts as sub-adviser to First Trust's suite of Target Outcome ETFs.
IGLD gains exposure to gold by investing in a portfolio of Treasury securities and FLexible EXchange (FLEX) Options on the $60 billion SPDR Gold Trust (GLD US), the largest gold ETP globally.
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Source: etfstrategy.com
Solactive Gains Market Share in Canada: 4th Largest Index Provider by AUM linked to Index ETFs as of year end 2020
March 3, 2021--Solactive expanded its global footprint with an office in Toronto in 2017 and has since seen exponential growth in North America, advancing to be the fourth largest Index provider in Canada for Index ETFs in 2020, measured by assets under management[1].
Solactive gained ground among index providers since entering the Canadian market. 92 ETFs were issued with Solactive as an underlying index, resulting in 16.6% market share as of year end 2020.
Solactive added 13 ETFs, representing 7.5% market share in 2020 of newly listed ETFs across 9 issuers. Asset wise, with underlying strategies on $16B of the overall market and $764M for the year 2020, the firm now has 12.5% market share of Index ETF new inflows in the Canadian market.
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Source: Solactive AG
Cboe Applies to List Vaneck Bitcoin ETF through SEC Filing
March 2, 2021--The Chicago Board Options Exchange filed to list the Bitcoin ETF.
Another push to get a Bitcoin ETF approved in the US.
The application follows VanEck's own filing for ETF approval.
The Chicago Board Options Exchange (Cboe) has filed to list the proposed Bitcoin exchange-traded fund (ETF) from VanEck.
Cboe submitted its completed 19-b form to the United States Securities and Exchange Commission (SEC) on March 1, 2021. The application outlined its intention to list and trade shares of VanEck's Bitcoin ETF. Investment company VanEck submitted its own application for the fund earlier this year.
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Source: beincrypto.com
J.P. Morgan Asset Management Launches Short Duration Core Plus ETF: JSCP
March 2, 2021--Active ETF JSCP offers flexibility and diversification in a world of rising rates
- J.P. Morgan Asset Management today announced the launch of JPMorgan Short Duration Core Plus ETF (JSCP), an actively managed fixed-income ETF designed to deliver total return, consistent with the preservation of capital, by investing in investment grade and non-investment grade short-term fixed income securities.
JSCP will employ a multi-sector approach to create a diversified portfolio while managing risk. Seeking to maintain a duration of three years or less, JSCP offers the flexibility to allocate assets to below-investment grade securities and international debt to seek additional yield.
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Source: J.P. Morgan Asset Management
Goldman Sachs restarts cryptocurrency desk amid bitcoin boom
March 1, 2021--Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said.
The team will sit within the U.S. bank's Global Markets division, the person said.
The desk is part of Goldman's activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said.
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Source: reuters.com
TrueMark Grows Structured Outcome ETF Suite with MARZ
March 1, 2021--On Monday, Rosemont, IL-based asset manager TrueMark Investments today launched MARZ, the ninth ETF in the True-Shares structured outcome product suite. The TrueShares Structured Outcome ETF (MARZ) is sub-advised by SpiderRock Advisors, a Chicago-based asset management firm specializing in option overlay strategies.
The fund seeks to provide investors with structured outcome exposure to the S&P 500 Price Index. TrueMark believes its structured outcome ETF suite is the first of its kind to offer built-in downside buffers with uncapped upside participation.
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Source: nasdaq.com
