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CBO-Monthly Budget Review for May 2019
June 6, 2019--The federal budget deficit was $738 billion for the first eight months of fiscal year 2019, the Congressional Budget Office estimates, $206 billion more than the deficit recorded during the same period last year. Revenues were $49 billion higher and outlays were $255 billion higher than during first eight months of 2018.
Shifts in the timing of certain payments increased outlays in the first eight months of this year by $50 billion; last year such shifts decreased outlays by $44 billion. If not for those shifts, the increase in the deficit so far for fiscal year 2019 would have been $112 billion rather than $206 billion.
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Source: Congressinal Budget Office (CBO)
Fidelity Launches First ESG ETF on NEO
June 6, 2019----NEO is proud to welcome Fidelity Investments Canada ULC ("Fidelity") to the NEO family with the launch of the Fidelity Sustainable World ETF (NEO:FCSW), which began trading today on NEO. The new fund, which leverages a quantitative multi-factor model and seeks to identify and invest in global companies that are believed to have favourable environmental, social and governance (ESG), is the first NEO-listed ETF from Fidelity and Fidelity’s first ETF to exclusively employ ESG strategies.
"As sustainable investing continues to gain momentum, we are excited to offer our clients the opportunity to align their investments with their values. The Fidelity Sustainable World ETF is a global multi-factor equity strategy that uses a best-in-class approach to invest in companies with favourable ESG characteristics," said Andrew Clee, Vice President, ETFs at Fidelity Investments Canada ULC.
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Source: NEO Exchange
SEC Adopts Broker-Dealer Best Interest Standard, Disclosure Duties for Broker-Dealers and Investment Advisers, and Publishes Key Interpretations
June 6, 2019--At an Open Meeting on June 5, 2019, and after over a year of consideration, approximately 6,000 comment letters and investor testing, the Securities and Exchange Commission ("SEC" or "Commission") formally adopted four regulatory measures intended to enhance the protection of retail investors while preserving existing investment industry business models and the ability of investors to choose among different types of providers. Specifically, the SEC adopted:
New Regulation BI (for "Best Interest");
New Form CRS (for "Customer Relationship Summary");
An interpretation of an investment adviser's fiduciary duties ("IA Interpretation"); and
An interpretation of the "solely incidental" prong of the broker-dealer exclusion from the definition of an "investment adviser" under the Investment Advisers Act of 1940 ("Advisers Act") ("Solely Incidental Interpretation" and with the IA Interpretation, the "Interpretations").
The following is a summary of the Commission's actions.
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Source: K&L Gates Hub.
Nuveen Adds To ESG Roster With New Large-Cap ETF
June 5, 2019--Nuveen, already home to one of the largest lineups of environmental, social and governance (ESG) exchange traded funds, added to that suite Tuesday with the launch of the Nuveen ESG Large-Cap ETF (cboe:NULC).
NULC comes to market at a time of rapid growth for some new, domestic ESG ETFs. A pair of funds in that group that debuted earlier this year, recently hit $1 billion in assets under management, bringing the number of U.S.-listed ETFs at that milestone to five. The new NULC tracks the TIAA ESG USA Large-Cap Index.
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Source: MarketWatch
New SEC Rule Heightens Broker Responsibilities to Investors
June 5, 2019--SEC votes to require brokers to disclose more about conflicts of interest on investment advice
Stockbrokers will have more responsibility to act in the best interest of investors and tell them about conflicts of interest that can skew advice under a regulation approved Wednesday.
The Securities and Exchange Commission said its Regulation Best Interest raises the bar from the current standard for brokers. It is the latest development in a decadeslong debate over what responsibilities brokers have to clients when giving them investment advice. A stricter rule from the Obama administration sparked an industry backlash...
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Source: Wall Street Journal
There's Now a Trade War ETF You Can Invest In
June 5, 2019--M-CAM International's new product will trade under 'TWAR'
The fund will buy companies that have government contracts
Playing the trade war usually means betting against companies that are likely to suffer, such as those in the tech sector or with Chinese revenue.
Not so for a new exchange-traded fund from M-CAM International that's trying to identify the winners with an approach that could surprise some investors. The Innovation Alpha Trade War ETF, which started trading on Wednesday under the ticker TWAR, plans to buy companies that have government contracts, calculating that state support could buoy these stocks if tensions escalate.
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Source: Bloomberg
The Beige Book
June 5, 2019--June 5, 2019--Overall Economic Activity
Economic activity expanded at a modest pace overall from April through mid-May, a slight improvement over the previous period. Almost all Districts reported some growth, and a few saw moderate gains in activity. Manufacturing reports were generally positive, but some Districts noted signs of slowing activity and a more uncertain outlook among contacts.
Residential construction and real estate both showed overall growth, but both sectors saw wide variation in sentiment across Districts. Reports on consumer spending were generally positive but tempered. Tourism activity was stronger, especially in the Southeast, but vehicle sales were lower, according to reporting Districts. Loan demand was mixed but indicated growth. Agricultural conditions remained weak overall, but a few Districts reported some improvements. The outlook for the coming months was solidly positive but modest, with little variation among reporting Districts.
CFTC.gov Swaps Report Update
June 5, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Roundhill Launches Esports ETF (NYSE:NERD) At 0.25% For Year 1
June 4, 2019--Roundhill Investments ("Roundhill"), a newly formed ETF sponsor focused on developing innovative financial products that appeal to the next generation of investors, today announced the launch of the firm's first fund, the Roundhill BITKRAFT Esports & Digital Entertainment ETF (NYSE ARCA: NERD).
The Roundhill BITKRAFT Esports & Digital Entertainment ETF ("NERD ETF") is designed to offer retail and institutional investors exposure to Esports and Digital Entertainment by tracking, before fees and expenses, the Roundhill BITKRAFT Esports Index ("NERD Index"). The NERD ETF and NERD Index are managed by Roundhill Investments.
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Source: Roundhill Investments
ETF Research Center June 2019 Sector SPDR Analyzer
June 4, 2019--The ETF Analyzer, Sector SPDR Edition for June 2019 is ready for download. This monthly publication has succinct one-page reports on each of the 11 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
It helps investors:
Evaluate the funds based on investment merit using fundamental data and analysis
Compare the Sector SPDRs with ease on a variety of forward-looking valuation metrics
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Source: The Forum at ETF Research Center
