Americas ETP News
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SoFi Gig Economy ETF up over 100% Since March Low
August 27, 2020--SoFi announced today that its SoFi Gig Economy ETF (GIGE) reached a new 52-week high on August 26, 2020, closing at a price of $28.09.
As of yesterday's close, GIGE has more than doubled (101.8%) off its 52-week low of $13.92 on March 16th. GIGE is in the top 30 of best-performing equity ETFs in the U.S. this year (out of 1,482, not including leveraged funds). As of the most recent quarter end on 6/30/2020, GIGE was up 19.71% year-over-year and 16.44% since its inception May 8, 2019.
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Source: SoFi
Fed Chair Sets Stage for Longer Periods of Lower Rates
August 27, 2020--Jerome H. Powell said the central bank would focus its efforts on fostering a strong labor market while tolerating higher inflation.
Jerome H. Powell, the chair of the Federal Reserve, announced a major shift in how the central bank guides the economy, signaling it will make job growth pre-eminent and will not raise interest rates to guard against coming inflation just because the unemployment rate is low.
In emphasizing the importance of a strong labor market and saying the Fed will tolerate slightly faster price gains, Mr. Powell and his colleagues laid the groundwork for years of low interest rates. That could translate into long periods of cheap mortgages and business loans that foster strong demand and a solid job market.
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Source: nytimes.com
Fee Rate Advisory #1 for Fiscal Year 2021
August 26, 2020--The Securities and Exchange Commission today announced that in fiscal year 2021 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $109.10 per million dollars.
Background
The securities laws require the Commission to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934. The Commission must set rates for the fees paid under Section 6(b) to levels that the Commission projects will generate collections equal to annual statutory target amounts. The Commission's projections are calculated using a methodology developed in consultation with the Congressional Budget Office and the Office of Management and Budget. As directed by the statute, the Commission determined the statutory target amount for fiscal year 2021 to be $709,554,300 by adjusting the fiscal year 2020 target collection amount of $705 million for the rate of inflation. The annual adjustment to the fee rate under Section 6(b) also sets the annual adjustment to the fee rates under Sections 13(e) and 14(g).
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Source: SEC.gov
A US-Focused Cannabis ETF Is Finally On The Way
August 26, 2020--Through boom and burst of the cannabis equity cycle, two things became abundantly clear: multi-state operators (MSOs) often outperformed their Canadian rivals and accessing MSOs through most New York-listed marijuana exchange-traded funds was difficult.
What Happened: Accessing cannabis MSOs via the ETF wrapper will soon get easier because AdvisorShares is launching the AdvisorShares Pure US Cannabis ETF NYSEMSOS on Sept. 2.
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Source: benzinga.com
U.S. SEC allows more investors access to private companies, eases company disclosures
August 26, 2020--The U.S. Securities and Exchange Commission (SEC) on Wednesday adopted changes to its decades-old definition of a professional investor in order to allow more everyday Americans to buy shares in private companies, and eased come company disclosure rules.
The agency said it hopes the changes to its "accredited investor" definition will boost retail investors' access to the swelling pool of companies that are staying private for longer. But the change was criticized by investor advocates and agency officials who say even seasoned investors struggle to spot problems with private companies.
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Source: reuters.com
SEC approves NYSE proposal to allow IPO alternative
August 26, 2020--The U.S. Securities and Exchange Commission said on Wednesday it approved a proposal by the New York Stock Exchange to allow companies to raise capital through direct listings.
The move is a major breakthrough for the exchange operator that has been pushing for an alternative to traditional initial public offerings (IPOs) for companies to raise money. The move is a major breakthrough for the exchange operator that has been pushing for an alternative to traditional initial public offerings (IPOs) for companies to raise money.
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Source: reuters.com
Canadian taxpayers financing of tar sands pipelines could be putting billions of dollars at risk: Carbon Tracker
August 25, 2020--Research finds that pipeline oil would be uneconomic under Paris targets
Canadian taxpayers could be putting at risk billions of dollars invested into the controversial Keystone XL and Trans Mountain oil pipelines if the country respects its CO2 reduction commitments under the Paris Agreement and global oil demand drops and prices weaken in line with efforts to meet the targets of the international accord.
Research by Carbon Tracker in a recent report, titled: Pipe Dreams: Why Canada's proposed pipelines don’t fit in a low carbon world, says currently 'unsanctioned' oil sands projects underpinning future use of the huge pipeline project extensions like Keystone XL and Trans Mountain would be economically uncompetitive under both the 1.7-1.8°C Sustainable Development Scenario (SDS) and the c.1.6°C Beyond 2 Degrees Scenario (B2DS) climate change scenarios outlined by the International Energy Agency (IEA).
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Source: responsible-investor.com
The Shakeout in the ETF Industry Is Accelerating
August 25, 2020--A record 188 exchange-traded products have closed, while launches are at their lowest number since 2013.
Asset managers have closed more exchange-traded products than they have launched this year, a sign of how market gyrations have accelerated an industry shakeout.
So far this year, 188 exchange-traded products, including funds and notes, have been shut down, the most on record, according to FactSet. The closures occurred at big and small asset managers alike, including BlackRock Inc., which manages the popular suite of iShares ETFs; JPMorgan Chase & Co.; Invesco Ltd.; ProShares and Direxion.
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Source: wsj.com
Exclusive: Nasdaq files with SEC for IPO alternative to raise funds
August 25, 2020-- Exchange operator Nasdaq Inc has filed with U.S. regulators to change its rules to enable companies that debut on the stock market through a direct listing to raise capital, as an alternative to an initial public offering.
The move underscores a desire for an alternative route to the public markets to an IPO, for decades the avenue used by the likes of Amazon.com Inc and Apple Inc, amid criticism by venture capital firms that investment banks underprice IPOs to help investors score big gains.
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Source: reuters.com
Biggest Oil Fund Is Facing SEC Action But Still Luring Cash
August 24, 2020--USO attracts $414 million in day after receiving Wells Notice
There 'aren't many other options' for ETF investors: Geraci
A notice of potential U.S. regulatory action proved no deterrent for investors piling into the world's biggest oil exchange-traded fund.
The United States Oil Fund ETF, ticker USO, posted its largest one-day inflow since April last week even after the Securities and Exchange Commission recommended enforcement action against the fund and its management for disclosures made during market turmoil this year.
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Source: bloomberg.com
