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ETF Giants Push Back Against Senate Democrat Who Wants to Take Away Tax Break
September 16, 2021--Exchange-traded funds are wildly popular, and the main reason why is taxes-they pay a lot less. But a key Senate Democrat wants to change that, and big money managers are fighting back.
Senate Finance Committee Chairman Ron Wyden, D-Ore., is proposing to close what he describes as a loophole, which lets ETFs pay redeeming investors with securities instead of cash-what the $6.8 trillion ETF market calls in-kind transactions. Those transactions trigger fewer capital-gain taxes.
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Source: barrons.com
Treasury International Capital Data for July
September 16, 2021--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2021. The next release, which will report on data for August 2021, is scheduled for October 18, 2021.
The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $126.0 billion.
Of this, net foreign private inflows were $127.7 billion, and net foreign official outflows were $1.7 billion.
Foreign residents decreased their holdings of long-term U.S. securities in July; net sales were $14.4 billion. Net sales by private foreign investors were $23.3 billion, while net purchases by foreign official institutions were $8.9 billion.
U.S. residents decreased their holdings of long-term foreign securities, with net purchases of $16.4 billion.
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Source: treasury.gov
Hartford Schroders Commodity Strategy ETF is Hartford Funds' seventh actively managed ETF offering
September 15, 2021--Hartford Funds today announced the launch of its first commodity-focused exchange-traded fund ("ETF"), Hartford Schroders Commodity Strategy ETF (NYSE: HCOM), which will be sub-advised by Schroder Investment Management North America Inc. and Schroder Investment Management North America Ltd (collectively, "Schroders"). HCOM seeks long-term total return by investing in a range of commodity-related instruments.
The actively managed Fund's performance benchmark will be the Bloomberg Commodity Total Return Index.
"Hartford Schroders Commodity Strategy ETF allows us to offer our clients exposure to an alternative asset class that we feel is ripe for opportunity in the current market environment," said Vernon Meyer, Chief Investment Officer at Hartford Funds. "This product further demonstrates our commitment to providing both our existing and prospective clients diverse, long-term investing opportunities that can help them achieve their investment goals."
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Source: Hartford Funds
NYSE's new investment vehicle-'natural asset companies'-will tap into ESG fever
September 14, 2021--America's most iconic stock exchange wants to bridge the gap between nature and the concrete jungle that is Wall Street.
With investors now closely scrutinizing the environmental, social, and governance or ESG credentials of companies, the New York Stock Exchange on Tuesday unveiled a partnership two years in the making with Intrinsic Exchange Group to open up investment opportunities in what IEG calls "nature's economy."
"There haven't historically been mechanisms to encourage the capital formation necessary to preserve and restore the natural assets that ultimately underpin the ability for there to be life on Earth," NYSE COO Michael Blaugrund told Fortune.
So, the Big Board is helping create one.
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Source: fortune.com
Coinbase's Junk Bonds Show Crypto Really Is Going Mainstream
September 14, 201--Junk-bond investors gave cryptocurrencies their biggest endorsement yet as Coinbase Global Inc. sold $2 billion of debt.
Demand was so high-at least $7 billion of orders poured in-that the crypto behemoth was able to boost the deal's size from $1.5 billion, according to a person with knowledge of the matter.
Equal amounts of seven-and 10-year bonds were sold at interest rates of 3.375% and 3.625% , respectively, lower than the initially discussed borrowing costs, other people familiar with the situation said.
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Source: bnnbloomberg.ca
Simplify Asset Management Launches the Simplify Tail Risk Strategy ETF (CYA)
September 14, 2021--New fund is designed as a standalone hedge that can help protect equity-dominated portfolios against significant market drawdowns
Simplify Asset Management ("Simplify"), an innovative provider of options-based Exchange Traded Funds ("ETFs"), today announced the launch of its newest ETF: the Simplify Tail Risk Strategy ETF (CYA).
CYA seeks to provide investors with a standalone solution for hedging against severe equity market selloffs. The fund deploys an advanced options overlay designed to handle multiple types of market dislocations and is structured in such a way that modest allocations to the fund may provide a total portfolio hedging solution.
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Source: Simplify Asset Management Inc
Dimensional Lists Two International Equity ETFs After Completing Its Second Mutual Fund-to-ETF Conversion of 2021
September 13, 2021--Dimensional Fund Advisors, a global leader in systematic investing, has announced the listing of two non-US-market exchange-traded funds (ETFs). Listed on the New York Stock Exchange (NYSE), the ETFs further extend the firm's offering of systematic active transparent ETFs.
'Today's listing further demonstrates our commitment to providing the financial professionals we work with a full suite of ETFs that complement our mutual fund and expanded separately managed accounts offerings," said Dimensional Co-CEO and Chief Investment Officer Gerard O’Reilly.
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Source: Dimensional Fund Advisors
Stimulus fears boost demand for ETF havens from inflation
September 13, 2021--A pickup in consumer prices has pushed more investors to look at hedging funds.
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Source: ft.com
VanEck Launches New Active Municipal Bond ETF (SMI) Focusing on Sustainable Development
September 10, 2021--SMI expands on VanEck's sustainability-focused fund line-up, providing investors the opportunity to pursue tax-exempt income with impact (ESG, SDGs, and Climate Action)
VanEck today announced the launch of the VanEck HIP Sustainable Muni ETF (CBOE: SMI), the first ETF designed to offer exposure to investment-grade municipal debt securities that focus on sustainability as well as positive social, environmental and economic outcomes or mission accomplishment.
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Source: VanEck
CBO-Monthly Budget Review: August 2021-The federal budget deficit was $2.7 trillion in the first 11 months of fiscal year 2021, CBO estimates-$295 billion less than the deficit during the same period last year
September 9, 2021--Summary
The federal budget deficit was $2.7 trillion in the first 11 months of fiscal year 2021, the Congressional Budget Office estimates-$295 billion less than the deficit recorded during the same period last year. Although outlays rose by an estimated $245 billion (or 4 percent), revenues rose more-by an estimated $539 billion (or 18 percent).
Programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration’s Paycheck Protection Program-substantially boosted spending, both this year and last year. Outlays in the first 11 months of fiscal year 2021 were about $2.1 trillion more than spending during the same period two years earlier, in 2019. Outlays in 2020 rose almost as much. As a result, the deficits recorded during the first 11 months of 2020 and 2021 were significantly larger than the $1.1 billion shortfall recorded during the same period in fiscal year 2019.
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Source: CBO (Congressional Budget Office)
