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Emerge Canada's debt to suspended ETFs described as 'unusual'
April 21, 2023--The amount the funds were owed rose to C$2.54mn by June 2022 from C$1.12mn at the end of 2021
Fund industry analysts have expressed surprise at the "unusual" financial arrangements of a family of Canadian exchange traded funds that are subject to a trading ban.
The Ontario Securities Commission suspended trading in 11 ETFs after their sponsor, Emerge Canada, failed to file audited financial statements by a March 31 deadline after parting company with its auditor, BDO Canada, in November last year.
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Source: ft.com
J.P. Morgan Asset Management Expands BetaBuilders ETF Suite with Launch of BBLB, BBIB and BBSB
April 20, 2023--Funds include three new fixed income ETFs
J.P. Morgan Asset Management (JPMAM) today announced the launch of three new fixed income Betabuilders ETFs: JPMorgan BetaBuilders U.S Treasury Bond 20+ Year ETF (BBLB), JPMorgan BetaBuilders U.S Treasury Bond 3-10 Year ETF (BBIB) and JPMorgan BetaBuilders U.S Treasury Bond 1-3 Year ETF (BBSB).
All of the new ETFs are listed on the CBOE Global Markets.
BBLB, BBIB and BBSB will be index-tracking, offering low-cost Beta-exposure as an addition to JPMAM's active offerings. The new ETFs complement the firm's existing BetaBuilders ETF line-up which consists of funds such as the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (BBSA), the JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG), the JPMorgan BetaBuilders USD Investment Grade Corp (BBCB) and the JPMorgan BetaBuilders USD High Yield Corp (BBHY).
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Source: J.P. Morgan Asset Management
The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04
April 17, 2023--Summary
The U.S. dollar plays an important role as the most widely used currency in global goods, services, and financial markets. Strong international demand for U.S. dollars and dollar-denominated assets associated with the dollar's status as an international currency has increased the value of the dollar in foreign exchange markets and the value of dollar-denominated assets in financial markets.
As a result, the dollar's status has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the federal government. Over the next decade, the dollar's international use is expected to decline very gradually, in the Congressional Budget Office's assessment, but it will not be overtaken by either of its closest competitors, the euro or the Chinese renminbi.
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Source: CBO (Congressional Budget Office)
Former NFL player to acquire $7bn ETF shop
April 17, 2023--Casey Crawford will acquire boutique investment, advisory and financial services firm Vident and its affiliates
Super Bowl winner and entrepreneur Casey Crawford will acquire Vident Investment Advisory and its affiliates, the firm has announced earlier this month.
The terms of the deal were not disclosed. The transaction is expected to close by the end of the third quarter.
All of the boutique firm's investment, advisory and financial services lines will be renamed Vident Asset Management, according to the announcement.
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Source: ft.com
BlackRock Ditches 60/40 Portfolio in New Regime of High Inflation
April 17, 2023--April 17, 2020-- Fund manager's strategists call for broader portfolio mix
Sticky inflation means low-rate environment will not return
BlackRock Inc. strategists are ditching the 60/40 portfolio in favor of public and private investments as well as tactical holdings of bonds to navigate higher interest rates.
Strategists from BlackRock Investment Institute, the research arm of the world's largest asset manager, recommend "breaking up traditional asset allocation buckets, moving away from broad allocations to public equities and bonds," according to a Tuesday note.
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Source: bloomberg.com
Investors trapped in Canadian ETFs after trading ban
April 14, 2023--Emerge Canada funds suspended following failure to file financial statements
Investors in a suite of Canadian exchange traded funds face being trapped for an extended period after regulators imposed an "indefinite" trading ban on the funds.
Both primary and secondary market trading has been suspended in 11 ETFs after their sponsor, Emerge Canada, failed to file audited financial statements by a March 31 deadline.
SEC Reopens Comment Period for Proposed Amendments to Exchange Act Rule 3b-16 and Provides Supplemental Information
April 14, 2023--The Securities and Exchange Commission today reopened the comment period and provided supplemental information on proposed amendments to the definition of "exchange" under Exchange Act Rule 3b-16.
The Commission initially proposed the amendments in January 2022 and reopened the comment period in May 2022. The reopened comment period closed on June 13, 2022.
The reopening release reiterated the applicability of existing rules to platforms that trade crypto asset securities, including so-called "DeFi" systems, and provides supplemental information and economic analysis for systems that would be included in the new, proposed exchange definition. The reopening release also requested information and public comment on crypto asset securities trading on such systems and certain aspects of the proposed amendments applicable to all securities.
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Source: SEC.gov
CBO-Monthly Budget Review: March 2023
April 10, 2023--Summary
The federal budget deficit was $1.1 trillion in the first half of fiscal year 2023, the Congressional Budget Office estimates-$430 billion more than the shortfall recorded during the same period last year-and consistent with projections CBO released in February.
Outlays were 13 percent higher and revenues were 3 percent lower from October through March than during the same period in fiscal year 2022.
Outlays in the past six months were reduced by the shifting of certain payments-totaling $63 billion-from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. At the same time, outlays increased through March 2023 because certain payments that otherwise would have been due on April 1, a weekend, were made in March. The deficit in the first half of fiscal year 2023 would have been $10 billion smaller if those various shifts had not occurred.
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Source: CBO (Congressional Budget Office)
ETFs benefit as US advisers dump mutual funds
March 31, 2023--Research from Cerulli suggests clients' awareness of the impact of fees on their investments has grown
Asset managers must offer products that better align with advisers' needs for flexibility and cost-efficiency, research from Cerulli Associates shows.
Advisers across all channels have become increasingly conscious of the price they pay for access to investment strategies as their clients become even more aware of fees, said Matt Belnap, associate director at the researcher. Shops need to respond to this increasing margin pressure and scale with products that offer more flexibility, as well as with active strategies that are priced appropriately to compete with index options, he said.
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Source: ft.com
Investors pull nearly $4bn from iShares ESG ETF in one day
March 28, 2023--Quality Factor ETF receives $4.8bn in inflows on same day
An environmental, social and governance-focused iShares ETF haemorraghed $3.9bn in one day at the beginning of last week, data shows.
The iShares ESG Aware MSCI USA ETF (ESGU) had $14.4bn in assets under management on March 21, the day after the sell-off.
On the same day, March 20, the iShares MSCI USA Quality Factor ETF (QUAL) added $4.8bn in net inflows, helping assets rise to $25bn on March 21.
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Source: ft.com
