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SEC-Office of the Investor Advocate Releases Research Study on Fund Performance Benchmarks
September 19, 2022--Researchers from the SEC's Office of the Investor Advocate (OIAD) released an independent research study examining the impact of mutual fund performance benchmarks on investor decision-making, and potential strategic behavior by firms in displaying benchmarks.
This study examines market data and the results of a large behavioral experiment to understand how funds employ benchmarks and how investors respond to benchmark presentation.
The research study was published on the OIAD website and has been placed in the comment file (No. S7-09-20) for a rulemaking package that would, among other things, modernize open-end fund shareholder reports. The proposal, which was proposed by the Commission in August 2020, features concise and visually engaging shareholder reports that would highlight information that is particularly important for retail investors to assess and monitor their fund investments.
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Source: SEC.gov
KraneShares Launches S&P Pan Asia Dividend Aristocrats ETF on NYSE (Ticker: KDIV)
September 15, 2022--Krane Funds Advisors, LLC ("KraneShares"), an asset management firm known for its global exchange-traded funds (ETFs) and innovative investment strategies, announced the launch of the KraneShares S&P Pan Asia Dividend Aristocrats ETF (Ticker: KDIV) on the New York Stock Exchange today.
KDIV tracks the S&P Pan Asia Dividend Aristocrats Index, which provides exposure to companies in China, Japan, Australia, and other Asian countries that have paid and increased their dividends over a sustained period.
Studies by S&P Dow Jones Indices have shown that over the long-term, dividend-paying companies have outperformed their corresponding broad market indexes on a risk-adjusted basis1. KDIV gives investors access to the S&P Dividend Aristocrats methodology applied to the Pan Asia region, one of the fastest-growing areas in the world. The International Monetary Fund forecasts gross domestic product (GDP) growth in the region to be 4.9% in 2022 and 5.1% in 20232.
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Source: kraneshares.com
BondBloxx Launches First Suite of Target Duration ETFs to Help Investors Get More Precise Exposure to U.S. Treasuries
September 15, 2022--BondBloxx Investment Management announces the launch of a suite of eight duration-specific U.S. Treasury ETFs, which begin trading today on NYSE Arca. These first-to-market1 ETFs seek to offer investors a more precise, lower cost way to get exposure to U.S. Treasury Securities.
The funds track a series of indices developed by Bloomberg Index Services that include duration-constrained subsets of U.S. Treasury bonds with over $300 billion outstanding.2
"In today's rapidly changing interest rate environment, key priorities for portfolio managers and investors are earning higher yields on strategic cash positions, precisely managing duration risk, and having effective collateral tools," said BondBloxx Client Portfolio Manager JoAnne Bianco.
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Source: BondBloxx Investment Management Corporation
AllianceBernstein Launches Active ETFs
September 14, 2022--Initial ETF Lineup to include the Ultra Short Income and Tax-Aware Short Duration Municipal Strategies
AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P., a leading global investment management and research firm, announced today the launch of its first set of active exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE): the AB Ultra Short Income ETF (NYSE: YEAR) and the AB Tax-Aware Short Duration Municipal ETF (NYSE: TAFI).
Global trading firm Jane Street will be the Lead Market Maker on both products and will bring extensive industry experience and pricing expertise to AB's ETFs.
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Source: AllianceBernstein
AllianceBernstein Launches Active ETFs
September 14, 2022--Initial ETF Lineup to include the Ultra Short Income and Tax-Aware Short Duration Municipal Strategies
AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P., a leading global investment management and research firm, announced today the launch of its first set of active exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE): the AB Ultra Short Income ETF (NYSE: YEAR) and the AB Tax-Aware Short Duration Municipal ETF (NYSE: TAFI).
Global trading firm Jane Street will be the Lead Market Maker on both products and will bring extensive industry experience and pricing expertise to AB's ETFs.
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Source: AllianceBernstein
US providers of ESG ETFs face perfect storm
September 13, 2022--Fund providers face political battles and a tightening regulatory environment that could prove onerous
US providers of exchange traded funds that invest according to the dominant environmental, social and governance (ESG) principles are facing a perfect storm.
Not only are they braced for a slew of complex new rules from the Securities and Exchange Commission, but they have also become entangled in political and ideological battles that have seen ESG funds condemned for being a symptom of "woke capitalism".
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Source: FT.com
THOR Launches its First ETF
September 13, 2022--THOR Financial Technologies ("THOR") today announced the launch of its first exchange-traded fund (ETF), THOR Low Volatility ( NYSE: THLV), an actively managed low volatility equity strategy on the New York Stock Exchange.
The introduction of THOR's low volatility strategy as an ETF brings the firms proprietary risk management technology to the masses, seeking to provide investment results that generally correspond, before fees and expenses, to the performance of the THOR U.S. Low Volatility Index.
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Source: THOR Financial Technologies
Are Americans getting financially dumber? It's hard to say
September 11, 2022--Financial literacy in this country has steadily declined over the last 12 years, according to a recent study, but the root cause remains elusive.
In 2021, the average respondent correctly answered 2.6 out of 5 financial literacy questions, according to the findings from the FINRA Foundation National Financial Capability Study that surveyed nearly 30,000 U.S. adults, down from 3.0 out of 5 questions in 2009.
High financial literacy was considered answering more than 3 correctly.
Why financial literacy is declining, its correlation with smart money behaviors, and how to improve all is vexing experts who hope any connection can ultimately help more folks reach financial security.
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Source: finance.yahoo.com
Congressional Budget Office-Monthly Budget Review: August 2022
September 9, 2022-Summary
The federal budget deficit was $944 billion in the first 11 months of fiscal year 2022 (that is, from October 2021 through August 2022), the Congressional Budget Office estimates-$1.8 trillion less than it was at the same point last year. Revenues were $822 billion (or 23 percent) higher and outlays were $945 billion (or 15 percent) lower than they were during the same period a year ago.
Revenues in all major categories rose, especially individual income taxes. Spending related to the coronavirus pandemic declined, particularly for the recovery rebates (also known as economic impact payments), unemployment compensation, pandemic relief through the Small Business Administration (SBA), and relief to state, local, tribal, and territorial governments.
On August 24, 2022, the Administration announced plans to forgive certain portions of federal student loans for many borrowers and other changes to the student loan program. CBO's budget estimates through August do not include outlays related to those actions because the Administration had not recorded any related costs.
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Source: CBO (Congressional Budget Office)
SEC Reins In Internal Bond Trading Embraced by Pimco and T. Rowe Price
September 9, 2022--Investment giants like Pacific Investment Management Co. are facing fresh restrictions on their ability to trade bonds internally between different funds under US Securities and Exchange Commission rules that took effect this week.
The crackdown on the practice, which is widely known as cross-trading, was opposed by Pimco, T. Rowe Price Group Inc. and other managers. The changes follow a lengthy phase-in of sweeping new rules on mutual fund valuations that the SEC passed in 2020 to bolster investor protections.
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Source: bnnbloomberg.ca
