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Asset Manager One River Files for Carbon-Neutral Bitcoin ETF in US
May 25, 2021--The ETF would buy and dispose of blockchain-based carbon credit tokens to account for the emissions associated with its bitcoin holdings.
One River Digital Asset Management has filed with the U.S. Securities and Exchange Commission (SEC) for a bitcoin exchange-traded fund (ETF) that would be carbon neutral.
According to the S-1 filing, submitted on Monday, the One River Carbon Neutral Bitcoin Trust would be listed on the New York Stock Exchange and would buy and dispose of carbon credits to account for the emissions associated with the bitcoin in the fund.
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Source: coindesk.com
iShares Transportation ETF shifts to market capital weighting
May 19, 2021--The shift will bring transport stocks such as Uber and Lyft into the portfolio for the first time.
iShares Transportation Average ETF (IYT), the world's largest transport-focused exchange-traded fund worth $2.2bn, will now be weighing stocks based on their market capitalization rather than on share prices.
iShares, which was launched in 1896, is the world’s oldest stock market index and tracked the Dow Jones Transportation Average Index. However, BlackRock, the owner of iShares, has decided to make the shift to capital market indicators to the S&P Transportation Select Industry FMC Capped Index.
The shift will bring transport stocks such as Uber and Lyft into the portfolio for the first time, alongside its traditional railroad, airlines, logistics and trucking companies. The switch is scheduled to take place from mid-July.
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Source: industryleadersmagazine.com
Formidable Asset Management Launches First ETF, 'FORH'
May 18, 2021--On May 18, 2021, Formidable Asset Management, LLC, a firm focused on thoughtful investment strategies combined with methodical, tax-efficient, strategic allocations, announced the launch of its first ETF, the Formidable ETF. Shares will trade on the NYSE under the ticker symbol FORH.
FORH is an actively managed, liquid alternatives portfolio diversified among multiple distinct strategies, including tail hedging, inside a single ETF. The fund is driven by Formidable's research process, not a passive index. It has a multi-strategy approach may complement fixed income or equities. Additionally, hedging strategies seek to help mitigate against significant market declines.
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Source: nasdaq.com
ProcureAM Launches LGBT ETF in Partnership with LGBTQ Loyalty Holdings
May 18, 2021--First-ever diversity-and inclusion-driven fund to incorporate LGBTQ community survey data
ProcureAM, a wholly owned subsidiary of Procure Holdings, LLC, launched the LGBTQ + ESG100 ETF (NASDAQ:LGBT) on May 18, 2021, in partnership with LGBTQ Loyalty Holdings, Inc. (LGBTQ Loyalty) and its wholly owned subsidiary Advancing Equality Preference, Inc.
LGBT trades on the Nasdaq and tracks the LGBTQ100 ESG Index (Index Ticker: LGBTQ100), which identifies the top 100 corporations that most align with the LGBTQ community across America. It is the first-ever index to incorporate LGBTQ community survey data into the methodology, generating a benchmark of the nation's highest-performing companies that are most committed to advancing equality.
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Source: ProcureAM
LGBTQ100 ESG Index Reconstituted Ahead of LGBTQ + ESG100 ETF Launch
May 14, 2021--The Index is reconstituted annually and added 11 new companies in March
LGBTQ Loyalty Holdings, Inc. (OTC PINK: LFAP) ("LGBTQ Loyalty" or "the Company"'), a diversity- and inclusion-driven financial methodology and data company, announces through its wholly owned subsidiary, Loyalty Preference Index, Inc., the reconstitution of its LGBTQ100 ESG Index (Ticker: LGBTQ100).
The environmental, social and governance ("ESG") Index, launched in October 2019, is the first-ever Index that references LGBTQ community survey data in the methodology for a benchmark listing of the nation's highest financially performing companies that respondents believe are most committed to advancing equality.
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Source: LGBTQ Loyalty Holdings, Inc.
American Century touts active management edge in ETF campaign
May 14, 2021-Manager's 'Unthink ETFs' message is focused on its non-transparent range launched last year
American Century Investments wants advisers to know it is in the ETF game, too, and that its time-tested active approach brings a new way of thinking to the product wrapper.
The shop has rolled out its first ETF-specific advertising campaign, a series of digital display ads and a new ETF homepage that calls for the market to "Unthink ETFs" and rethink the rules about how the products can generate outperformance for clients.
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Source: ft.com
EXCLUSIVE Fed privately presses big banks on risks from climate change
May 13, 2021--The U.S. Federal Reserve has asked lenders to start providing information on the measures they are taking to mitigate climate change-related risks to their balance sheets, according to four people with knowledge of the matter.
The previously unreported supervisory discussions highlight how U.S. watchdogs are moving to execute President Joe Biden's agenda to incorporate climate risk into the financial regulatory system, with potentially major ramifications for Wall Street.
While European regulators are this year rolling-out climate-change "stress tests" for lenders, the Fed lags its peers.
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Source: reuters.com
First Trust Launches the First Trust New York Municipal High Income ETF
May 13, 2021--An actively managed ETF that seeks to provide federal, New York State and New York City tax-exempt income
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched a new actively managed ETF, the First Trust New York Municipal High Income ETF (NYSE Arca: FMNY) (the "fund").
The fund seeks to provide income that is exempt from regular federal, New York State and New York City income taxes with long-term capital appreciation as a secondary objective. The fund will seek to achieve its investment objectives by investing primarily in municipal debt securities issued by the state of New York.
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Source: First Trust
ETFMG Extends Cannabis Suite of ETFs with U.S. Alternative Harvest ETF (MJUS)
May 13, 2021--MJUS to offer investors exposure to U.S. cannabis companies, including MSOs
ETF Managers Group (ETFMG(R)), leading exchange-traded fund issuer who brought investors MJ, the first U.S. listed and world's largest global cannabis ETF, announced that the ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading today on the New York Stock Exchange.
MJUS offers investors exposure to cannabis companies operating in the United States, including multi-state operators (MSOs) directly involved in the cultivation, production, marketing and distribution of cannabis or cannabis-related products.
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Source: ETFMG
CBO-Monthly Budget Review: April 2021
May 10, 2021--The federal budget deficit was $1.9 trillion in the first seven months of fiscal year 2021, the Congressional Budget Office estimates-$449 billion more than the deficit recorded during the same period last year.
Outlays were 22 percent higher and revenues were 16 percent higher from October through April than during the same period in fiscal year 2020. Most of the increases in 2021 arose from spending for refundable tax credits (particularly recovery rebates), unemployment compensation, and the Small Business Administration's Paycheck Protection Program.
Largely because of the federal government's response to the coronavirus pandemic, the deficits recorded during the first seven months of both 2020 and 2021 are significantly larger than the deficit recorded during the same period in 2019, which totaled $531 billion.
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Source: Congressional Budget Office (CBO)
