Americas ETP News
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Franklin Templeton portfolio-shielding ETF to become transparent
October 12, 2022--ClearBridge Focus Value ESG ETF will start to disclose all of its holdings in December
Franklin Templeton's only portfolio-shielding exchange traded fund will make its holdings fully public by the middle of December, filings show.
The fund's board voted to change the $3.2mn ClearBridge Focus Value ESG ETF from an ActiveShares non-transparent ETF to a conventional transparent ETF by December 16, the firm has disclosed.
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Source: ft.com
CBO-Monthly Budget Review: September 202
October 11, 2022-- Summary
The federal budget deficit was $1.4 trillion in fiscal year 2022, the Congressional Budget Office estimates-about half of last year's deficit of $2.8 trillion. Revenues were $850 billion (or 21 percent) higher and outlays were $548 billion (or 8 percent) lower than they were in fiscal year 2021.
Outlays in fiscal year 2022 were boosted by the shift of certain payments-totaling $62 billion-from October 1, 2022 (the first day of fiscal year 2023), into September 2022 because October 1 fell on a weekend. If not for that, the 2022 deficit would have been about $1.3 trillion, CBO estimates.
Revenues in all major categories, but notably individual income taxes, were greater than they were in fiscal year 2021. Spending related to the coronavirus pandemic declined, particularly for the recovery rebates (also known as economic impact payments); unemployment compensation; programs of the Small Business Administration (SBA); and transfers to state, local, tribal, and territorial governments.
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Source: CBO (Congressional Budget Office)
SEC rejects WisdomTree's application for a spot Bitcoin ETF...again
October 11, 2022--Similar to its December 2021 rejection of a WisdomTree spot Bitcoin investment vehicle, the SEC cited concerns about fraud and market manipulation.
The United States Securities and Exchange Commission has disapproved of a rule change that would allow exchange-traded fund (ETF) provider WisdomTree to list and trade shares of a Bitcoin
According to an Oct. 11 filing, the SEC rejected a proposed rule change that would have allowed WisdomTree to list and trade shares of its Bitcoin Trust on the Cboe BZX Exchange after several delays due to extensions and comment periods. WisdomTree first filed the spot Bitcoin ETF application on Jan. 25 with publication in the federal register on Feb. 14.
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Source: cointelegraph.com
In SEC Lawsuit, Grayscale Calls Spot ETF Rejection 'Arbitrary, Capricious and Discriminatory'
October 11, 2022--The legal brief filed Tuesday argues the SEC's logic for denying Grayscale's application to convert the Grayscale Bitcoin Trust to a spot bitcoin ETF is "flawed" and "inconsistently applied."
Grayscale Investments called the the U S. Securities and Exchange Commission's (SEC) June decision to reject its application to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF) "arbitrary, capricious, and discriminatory" in an opening legal brief filed as part of its lawsuit against the regulator.
Grayscale filed suit against the SEC on June 29, asking the U.S. Court of Appeals for the District of Columbia Circuit to review the regulator's decision, which the SEC had published earlier in the day.
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Source: coindesk.com
Strive Launches U.S. Semiconductor ETF (SHOC) Ahead of Potential China-Taiwan Annexation
October 10, 2022--China's invasion or annexation of Taiwan could drive global semiconductor shortage creating potential spike in demand for U.S. semiconductors
Strive Asset Management ("Strive") launches its third index fund today, the Strive U.S. Semiconductor ETF (NYSE: SHOC, expense ratio: 0.40%), offering investors the opportunity to gain broad exposure to the U.S. semiconductor sector amid escalating geopolitical risk in Taiwan, the nation responsible for manufacturing 60% of the world's foundry semiconductors.
Semiconductors are the essential computing hardware for mobile phones, computers, cars, and even refrigerators. Global Semiconductor demand is estimated to grow over 80% by 2030.1
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Source: Strive Asset Management
Crash-protection mode' helps managed futures ETFs crush rivals
October 10, 2022-The largest fund DBMF has delivered returns in excess of 30 per cent this year
With equities, bonds and real estate all underwater this year, most exchange traded fund investors are nursing sharp losses.
One small corner of the ETF world has delivered decent returns, though, despite -or maybe because of-the red ink elsewhere.
Managed futures funds take both long and short positions in futures contracts linked to equities, bonds, commodities and currencies, potentially allowing them to make money even when markets fall-as long as there is a clear trend for them to follow.
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Source: ft.com
The Curse of the Strong U.S. Economy
October 7, 2022--Summary:
With GDP contracting in the first half of the year and a cratering stock market, it may seem surprising to describe the U.S. economy as "strong." While the haze of macroeconomic data is exceptionally contradictory, the current reality is that highly profitable firms are employing a record number of workers and paying them rising wages. This would all be good news if it didn't stoke the fire of inflation.
In fighting inflation, the Fed is now much more accepting of the risk of causing a recession. When recession looms, the reaction from executives is often to retreat behind the moat, pull up the drawbridge by cutting orders, production, investment, and the workforce, all with an aim to fortify the balance sheet with liquidity to ride out the storm. But this alone would be a wasted opportunity to improve competitive position at a time when rivals will be distracted.
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Source: Harvard Business Review
Tech stock shocks put ETF investors' concentration risk to the test
October 5, 2022--2022 has turned out to be a terrible year for many investors due to stock market declines fueled by worries about a global recession, rising inflation, and higher interest rates.
Furthermore, exchange traded funds that focus on disruptive, high-growth businesses have been hit particularly hard. Cathie Wood's flagship Ark Innovation ETF, the poster child for such ETFs, has a paper loss for the year ending on September 28 of 64% in US dollars, reported the Financial Times.
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Source: wealthprofessional.ca
Social and infrastructure investments can drive growth and shared prosperity in Latin America and the Caribbean
October 4, 2022-- Latin America and the Caribbean economies have recovered to their pre-pandemic levels and the region has regained some sense of normalcy, but economies need to be reignited in order to avoid a new low-growth cycle. Social and infrastructure investments can be key drivers of growth and shared prosperity, according to a new World Bank report, "New Approaches to Closing the Fiscal Gap."
The report estimates regional GDP will grow by 3.0 percent in 2022, a higher than previously expected rate due to rising commodities prices.
However, strong global uncertainty as a result of the war in Ukraine, higher interest rates in developed countries and the persistent inflationary pressures will impact economies in the region. Low growth rates of 1.6 and 2.3 are expected in 2023 and 2024, respectively, similar to the lackluster levels of the decade of 2010 and insufficient to achieve significant progress in reducing poverty. Inflation, while for most countries is at OECD levels, will require continued efforts to reduce to previous target levels.
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Source: worldbank.org
New Bitwise Web3 ETF (BWEB) Set To Capture One of the Biggest Growth Opportunities in Tech
October 4, 2022--October 4, 2022--Bitwise Asset Management, the world’s leading crypto index fund manager with more than $1.3 billion in assets under management,1 today announced the launch of the Bitwise Web3 ETF (ticker: BWEB).
The strategy gives investors access to companies well positioned to benefit from the emergence of Web3, a term used to describe the next wave of the internet's development characterized by greater decentralization and individual ownership of data.
As the Web3 name suggests, one well-established paradigm defines the internet's evolution in three stages. The earliest version of the Web (Web1) consisted of "read-only" web sites.
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Source: Bitwise Asset Management
