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CBO-Monthly Budget Review for March 2018
April 6, 2018-The federal budget deficit was $598 billion for the first half of fiscal year 2018, CBO estimates, $71 billion more than the shortfall recorded during the same period last year.
Revenues and outlays were higher, by 2 percent and 5 percent, respectively, than they were during the first half of fiscal year 2017.
Total Receipts: Up by 2 Percent in the First Half of Fiscal Year 2018
Receipts totaled $1,499 billion during the first six months of fiscal year 2018, CBO estimates-$26 billion more than during the same period last year. That increase resulted from changes in receipts from the following sources:
Individual income and payroll (social insurance) taxes together rose by $56 billion (or 5 percent).
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Source: Congressional Budget Office (CBO)
SEC Quietly Puts Bitcoin ETF Proposals Back on the Table
April 6, 2018--The US Securities and Exchange Commission (SEC) has quietly begun considering two Bitcoin ETF proposals,public documents show.
According to SEC documents dated March 23, the agency has instituted formal proceedings to determine whether to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares.
ProShares Bitcoin ETF and ProShares Short Bitcoin ETF would each hold Bitcoin futures contracts, providing retail investors with the ability to indirectly invest in the flagship cryptocurrency-or bet against it-through a familiar investment product.
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Source: ccn.com
Thomson Reuters-U.S. Fund-Flows Weekly Report: Investors Continue to Flee Equity Funds
April 6, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) suffered net outflows of $6.4 billion for the fund-flows week ended Wednesday, April 4. Equity funds (-$11.6 billion) were responsible for the overwhelming majority of the week's net outflows.
It was the group's third straight week of negative net flows during which time its coffers shrank $35.6 billion. Taxable bond funds (+$3.5 billion) and money market funds (+$1.9 billion) both took in net new money for the week, while municipal debt funds (-$247 million) experienced net outflows.
Market Overview
If you like stock market volatility, this was the week for you.
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Source: Thomson Reuters
JP Morgan's chief highlights ETF and index fund risks
April 5, 2018--In a letter to shareholders Jamie Dimon questions what would happen if ETF and index funds went into large liquidation.
JP Morgan boss Jamie Dimon has listed exchange-traded funds (ETFs) and passive index funds among the risks the institution is currently most worried about.
In a letter to shareholders, the US investment bank's chief executive officer highlighted that ETFs and passive index funds manage more money than ever before and questioned the result of those funds going bankrupt.
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Source: thetradenews.com
BlackRock Plans to Exclude Gun Makers, Sellers From Some Funds
April 5, 2018--Move by BlackRock comes in the wake of Florida shooting
Company also starting gun-free strategies for 401(k) plans
BlackRock Inc., the world's largest asset manager, plans to start two exchange-traded funds that will exclude civilian firearm makers and large sellers in the wake of the Florida high school shooting.
The iShares MSCI USA Small-Cap ESG Optimized ETF, which will start trading on or about April 12- will track investment results of an index that is mostly made up of small-cap U.S. companies-according to a company release Thursday.
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Source: Bloomberg
Canadian securities regulators report on climate change-related disclosure project
April 5, 2018--The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project. The report summarizes the findings of the CSA's previously announced project to review the disclosure by reporting issuers of risks and financial impacts associated with climate change, and outlines its plans for future work.
"We now have a better understanding of the current state of climate change-related disclosure in Canada," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers."Moving forward, we will aim to improve the disclosure of risks and related governance and oversight processes, while recognizing both investors' and issuers' perspectives."
view the CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project
Source: Canadian Securities Administrators
DWS expands Xtrackers factor ETF suite
April 5, 2018--QARP to offer exposure to high-quality stocks with favorable valuations
DWS announced today the launch of a new quality factor exchange-traded fund (ETF)-Xtrackers Russell 1000 US QARP ETF (NYSE Arca:QARP).
The fund seeks investment results that generally correspond to the performance of the underlying index that aims to identify companies that have strong quality scores relative to their peers, while also looking at the value scores of the securities to avoid those quality companies that are potentially over-priced. The quality focus also seeks to avoid "value traps"-companies with favorable valuation metrics as they approach bankruptcy, that a pure value exposure would likely fall into.
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Source: DWS Group
Top mutual funds to disclose new active-management metric
April 5, 2018--With the Trump administration slowly rolling back regulations, state governments are taking consumer protections into their own hands.
Thirteen mutual fund behemoths, including the likes of Vanguard, BlackRock and Goldman Sachs, have agreed to disclose more information about their actively-managed funds, after a new investigation by the New York attorney general's office found retail investors have unequal access to important fund information.
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Source: financial-planning.com
BlackRock-Client update on civilian firearms exposures in investment portfolios
April 5, 2018--BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. In that bulletin, we committed to addressing the issue of firearms companies held in index portfolios in two ways:
Offering our clients more choice of products that exclude firearms manufacturers and/or retailers.
As a fiduciary, engaging with firearms manufacturers and retailers in which our clients are invested, regarding business policies and practices connected with the production and sale of firearms.
Both of these initiatives are ongoing. Today, we are providing an update on certain steps we are taking-in response to client interest-to enhance our Environmental, Social and Governance (ESG) and other index product offerings to provide more choice for clients seeking to exclude firearms companies from their portfolios. These steps include:
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Source: BlackRock
Little Harbor Advisors, LLC Launches the LHA Market StateTM U.S. Tactical ETF (Ticker Symbol: MSUS)
April 4, 2018--New ETF Uses Artificial Intelligence to Manage Net Exposure to the U.S. Equity Market
Investment firm Little Harbor Advisors, LLC has launched its first exchange-traded fund. The fund uses Bayesian statistical techniques to infer the probability of change in price direction of the broad U.S. equity market.
The LHA Market StateTM U.S. Tactical ETF (Ticker Symbol: MSUS) applies these techniques to the U.S. equity market to manage the net-long exposure of the MSUS ranging between zero (out of the market) and 160%.
MSUS seeks to provide investment results that exceed the total return performance of the broader U.S. equity market on a risk-adjusted basis. MSUS will attempt to achieve this objective by seeking to reduce net exposure to the U.S. equity market in order to minimize losses in market downdrafts and to enhance net exposure and returns during market rallies.
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Source: Little Harbor Advisors, LLC
