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Goldman Sachs Asset Management Launches Investment Grade Corporate 1-5 Year Bond Exchange-Traded Fund
July 9, 2020--Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF Offers Smart Beta Exposure to Bond Markets
GSAM today announced the launch of GSIG, an exchange-traded fund ("ETF") that seeks to offer smart beta exposure to 1-5-year investment grade corporate
bonds.
GSIG is competitively priced to investors at 14 basis points and is
GSAM's sixth Access fixed income ETF.
GSIG is the second investment grade corporate bond ETF-focused on bonds at the front end of the yield curve with 5-year maturities or shorter. The first investment grade corporate bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB), gives broader exposure to the investment grade corporate bond market.
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Source: bloomberg.com
Citadel Securities Says Retail Is 25% of the Market During Peaks
July 9, 2020--Citadel Securities, the market-maker that counts Ken Griffin as its largest owner, said retail traders now account for about a fifth of stock-market trading and as much as a quarter on the most active days.
"Some of that is obviously triggered by structural changes like zero commissions," while pandemic-related volatility has also increased retail trades, Joe Mecane, Citadel Securities' head of execution services, said Thursday in a Bloomberg Television interview. "We continue to see retail investors becoming a more significant liquidity source in the marketplace."
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Source: bloomberg.com
CBO-Monthly Budget Review for June 2020
July 8, 2020--The federal budget deficit in June 2020 was $863 billion, compared with a deficit of $8 billion in the same month last year, CBO estimates. That increase stems from the economic disruption caused by the 2020 coronavirus pandemic and from the federal government’s response to it, including actions by the Administration and the enactment of four pieces of legislation.
Outlays by the Small Business Administration-which oversees the recently established Paycheck Protection Program-contributed significantly to the June deficit this year, accounting for almost half of the government’s spending.
In 2019, some federal payments were shifted from June to May because June 1 fell on a weekend; no such shift occurred this June. If not for those shifts in the timing of payments, the deficit in June 2020 would have been $805 billion more than the deficit last June, CBO estimates.
Fed withdraws from repo market after 10 months
July 8, 2020--The US Federal Reserve's unprecedented 10-month intervention in short-term borrowing markets has been wound down, after the central bank successfully tamed volatile funding costs that had threatened to cause disruption across the financial system.
The volume of the Fed's operations in the repo market, where investors swap high-quality collateral like US Treasuries for cash, fell to zero this week after the central bank's latest 28-day loan matured on Tuesday, taking a final $53.2bn out of the market.
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Source: technocodex.com
Invesco advances plans for offering active non-transparent ETFs
July 8, 2020--Invesco Ltd., a leading global provider of exchange-traded funds (ETFs), announced todaythat ithas expanded its plans to move forward with active non-transparent ETFs-by filing for an exemptive order to license Fidelity's active equity ETF methodology.
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Source: Invesco Ltd.
Vanguard Trounces BlackRock for ETF Flows in Volatile Half
July 7, 2020--Index fund pioneer gets about $89 billion, Bloomberg estimates
Industry leader iShares more affected as active traders sell
Vanguard Group's U.S. exchange-traded funds attracted inflows of about $89 billion in the first half, surging ahead of industry leader BlackRock Inc. in a volatile period.
BlackRock took in an estimated $38 billion, according to Bloomberg Intelligence data, as market swings fueled by the coronavirus crisis spurred selling from the types of active traders who favor the iShares lineup.
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Source: bloomberg.com
Traders Dump $2.6 Billion in Junk-Bond ETFs Amid Virus Angst
July 6, 2020--JNK, HYG lead high-yield outflows as coronavirus cases soar
Investors are finding solace in higher-quality debt: Principal
The surge in coronavirus cases has bond ETF investors shedding their riskier holdings in favor of the safety of U.S. government debt.
Over $2.6 billion exited from junk-bond exchange-traded funds last week, in addition to the $5.6 billion that fled from high-yield mutual funds. The $11 billion SPDR Bloomberg Barclays High Yield Bond ETF (JNK)'s $746 million outflow led the way, followed by a $609 million withdrawal from the $27 billion iShares iBoxx High Yield Corporate Bond ETF (HYG).
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Source: bloomberg.om
SEC Adopts Amendments to Exemptive Applications Procedures
July 6, 2020--The Securities and Exchange Commission today announced that it has voted to adopt rule amendments to establish an expedited review procedure for exemptive and other applications under the Investment Company Act that are substantially identical to recent precedent, as well as a new informal internal procedure for applications that would not qualify for the new expedited process.
These actions are intended to make the application process more efficient as well as to provide additional certainty and transparency regarding the process.
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Source: SEC.gov
Alternative Investments: TrueMark Investments Launches A Structured Outcome ETF That Tracks the S&P 500 Index
July 2, 2020--The ETF listed on CBOE BZX effective July 1.
TrueMark Investments has launched the TrueShares Structured Outcome (July) ETF (NYSEAMERICAN: JULZ) that offers investors exposure to the S&P 500 price index.
The ETF is a "structured outcome" product, the first of its kind from TrueMark's structured outcome product suite. The ETF has an inbuilt downside buffer, with uncapped upside participation.
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Source: dailyalts.com
CBO-An Update to the Economic Outlook: 2020 to 2030
July 2, 2020--CBO projects that from 2020 to 2030, annual real GDP will be 3.4 percent lower, on average, than it projected in January. The annual unemployment rate, which was projected to average 4.2 percent, is now projected to average 6.1 percent.
This report presents the baseline economic forecast that CBO is using as the basis for updating its budget projections for 2020 to 2030. The agency currently plans to release those budget projections later this summer.
The 2020 coronavirus pandemic has brought about widespread economic disruption. To mitigate the contagion, governments, businesses, and households in the United States and around the world have taken measures to limit in-person interactions. Collectively referred to as social distancing, those measures include reducing social activities and travel, curtailing the activity of schools and business, and working from home. In the first quarter of 2020, the pandemic and associated social distancing ended the longest economic expansion and triggered the deepest downturn in output and employment since World War II.
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Source: CBO (Congressional Budget Office)
