Americas ETP News
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Corporate culture ETFs aim to gain from happier employees
May 5, 2023--Companies included in indices rated for worker perceptions of autonomy, fairness and trust
The claim that a company's best assets are its people has now been built into investment strategies powering three exchange traded funds that seek to profit from the undervaluation of an employee-friendly corporate culture.
Dan Ariely, a professor of psychology and behavioural economics at Duke University who helped to build the strategies used by Harbor Capital for its ETFs, argues that companies that "do the right thing" in creating a culture where employees feel genuinely valued and motivated enjoy an improvement in their financial performance and share price.
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Source: ft.com
ETFS Capital and Lion Point Announce Breakdown of Settlement Discussions With WisdomTree Investment, Inc. and Intention to File Preliminary Proxy Materials
May 4, 2023--Expresses Extreme Disappointment in Apparent Bad Faith Motives of the Board and Management in Seeking to Settle with ETFS and Lion Point
Sends Open Letter to the Board of Directors of WisdomTree
Highlights Urgent Need for Independent Directors with Relevant Industry Experience to Help Correct WisdomTree's Value Destruction and Hold Management Accountable
ETFS Capital Limited ("ETFS"), the largest combined owner of common stock, $0.01 par value (the "Common Stock") and Series A Non-Voting Convertible Preferred Stock (the "Series A Preferred Stock") of WisdomTree Investments, Inc. ("WisdomTree" or the "Company") (NASDAQ:WETF), with aggregate ownership of approximately 10.4% of the outstanding Common Stock, which together with its Series A Preferred Stock would represent approximately 18.6% of the Company's outstanding Common Stock on an as-converted basis, and Lion Point Capital, LP (together with certain of its affiliates, "Lion Point" and together with ETFS, the "Group"), which owns 3.1% of the outstanding Common Stock, announced today their intention to file preliminary proxy materials for election to the Board of Directors of WisdomTree (the "Board") at the Company’s 2022 annual meeting of stockholders and issued an open letter to the Board.
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Source: ETFS Capital Limited
World's First Oil Tanker Shipping ETF
May 3, 2023--BWET is the World's First ETF to Provide Exposure to Tanker Shipping Futures
Breakwave Advisors in partnership with ETF Managers Group LLC (ETFMG(R)), announced that the Breakwave Tanker Shipping ETF (NYSE Arca: BWET) will begin trading today on the New York Stock Exchange.
BWET is the world's first ETF designed to provide long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil.
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Source: ETFMG
Q1 US sustainable fund sector sales wounded by one ETF
May 2, 2023--Without the $6.5bn outflows from a single iShares ETF, the funds would have attracted net inflows
Investors pulled $5.2bn from US sustainable mutual funds and ETFs in the first quarter-but if it were not for one iShares ETF, they would have been in net inflows, according to a Morningstar report.
The $14.2bn iShares ESG Aware MSCI USA ETF (ESGU) leaked $6.5bn during the quarter, Morningstar data shows. In March, investors withdrew more than $5.4bn - more than one-third of the fund's assets. Most of those net redemptions happened on March 20, when the fund recorded $3.9bn in redemptions, as reported. The redemptions spike could have been because BlackRock rebalanced its model portfolios, Nate Geraci, president of the ETF Store, told Ignites at the time.
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Source: ft.com
Federal Reserve Board announces the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr
April 28, 2023--The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank's failure:
Silicon Valley Bank's board of directors and management failed to manage their risks;
Federal Reserve supervisors did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity;
When supervisors did identify vulnerabilities, they did not take sufficient steps to ensure that Silicon Valley Bank fixed those problems quickly enough; and
The Board's tailoring approach in response to the Economic Growth, Regulatory Relief, and Consumer Protection Act and a shift in the stance of supervisory policy impeded effective supervision by reducing standards, increasing complexity, and promoting a less assertive supervisory approach.
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Source: federalreserve.gov
Columbia Threadneedle Investments Launches Columbia Research Enhanced Real Estate ETF (CRED)
April 26, 2023--Strategic beta real estate ETF designed for asset allocators, based on firm’s proprietary research
Columbia Threadneedle Investments today announced the expansion of its exchange-traded fund (ETF) suite with the launch of the Columbia Research Enhanced Real Estate ETF (NYSE Arca: CRED).
Designed for investors seeking a thoughtfully constructed and accessible way to gain exposure to the real estate sector, the strategy incorporates the firm's research intensity and proprietary insights in real estate in a cost-effective vehicle.
"Real estate has long played an important role in portfolio diversification, and there are many ways to access the asset class across the liquidity spectrum," said Marc Zeitoun, Head of Strategic Beta. "With the launch of CRED, we are offering investors and allocators a differentiated, research-driven way to improve their benchmark exposures to real estate."
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Source: Columbia Threadneedle Investments
Regulators get tough on crypto funds after FTX collapse
April 24, 2023--In the US, the Securities and Exchange Commission has rejected plans for a 'spot' ETF holding bitcoin directly
Providers of crypto exchange traded funds are struggling to establish their products as viable investments, according to regulatory experts, as a crackdown on digital assets continues.
Crypto markets endured a year of acute turbulence in 2022 when the price of popular digital assets, such as bitcoin and ethereum, plummeted from record highs. These sudden falls plunged several once-prominent firms-including lending platform Celsius Network and crypto hedge fund Three Arrows Capital- into bankruptcy.
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Source: ft.com
ETFs provide a route to much-needed bond market liquidity
April 22, 2023--The primary function of financial markets is to provide more liquid means to facilitate transactions. Before stock markets, the only way to participate in the ownership of a company was to actually own a share of the business. Before the futures market, pork and cotton had to be sold in a physical market.
Market trade instruments that are more liquid than their underlying assets.
Fixed-income exchange-traded funds could be a route to much-needed bond market liquidity, just as commodity futures provided liquidity to physical markets and stocks facilitated easy transfer of corporate ownership.
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Source: biz.crast.net
Federal Reserve issues initial findings from its 2022 triennial payments study
April 21, 2023--April 21, 202--The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed.
The data show that the average values of consumers' and businesses' ACH, check, and card payments increased substantially from 2018 to 2021. The data also show that consumers and businesses made more noncash payments, leading to a greater total value of noncash payments in the same time period. Cards were used most frequently, and accounted for 84 percent of the increase in the number of payment transactions. The increase in total value, however, was driven almost entirely by the increase in the value of ACH payments.
The Federal Reserve Payments Study is a collaborative effort of the Federal Reserve Bank of Atlanta and the Federal Reserve Board. The triennial study has been conducted every three years since 2001 with annual supplements since 2017.
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Source: federalreserve.gov
CBOE tells Goldman climate ETF it must find more investors
April 21, 2023--A Goldman Sachs environmental, social and governance-focused ETF may be delisted because it has not attracted enough investors, filings show.
The $8.5mn Goldman Sachs ActiveBeta Paris-Aligned Climate US Large Cap Equity ETF (GPAL) has had fewer than 50 beneficial owners for more than 30 days and is therefore in violation of the Chicago Board Options Exchange BZX Exchange's listing standards, the firm disclosed in a filing earlier this month.
The fund first listed in December 2021, and it was found to have been short of the listing requirements since early January 2023, the filing states.
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Source: ft.com
