Americas ETP News
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After criticizing the idea, Vanguard to launch low-cost commodities mutual fund, but it ain't for Mom-and-Pop investors
April 10, 2019--Local mutual fund giant Vanguard will launch an extremely low-cost commodities mutual fund, but the minimum investment is $50,000.
That's not generally aimed at retail investors--and there are good reasons why.
The main driver behind Vanguard's push into commodities appears to be because of demand from big institutions like banks, insurance companies and other professional investors who might otherwise buy a competitor's (read PIMCO) commodities fund with a much higher price tag.
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Source: philly.com
Minutes of the Federal Open Market Committee, March 19-20, 2019
April 10, 2019--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 19-20, 2019. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.
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Source: federalreserve.gov
CFTC.gov Swaps Report Update
April 10, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
WisdomTree Cross-Lists 5 UCITS ETFs in Peru
April 9, 2019--Company's First UCITS ETFs in Peru Join Growing Set of Strategies Listed in Latin America
WisdomTree Investments, Inc. (NASDAQ: WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced that 5 European WisdomTree UCITS ETFs have been listed on The Lima Stock Exchange, Bolsa de Valores de Lima (BVL).
Newly Listed UCITS ETFs:
UCITS ETF Name: WisdomTree US Equity UCITS ETF-Acc
Ticker: DHSA
ISIN: IE00BD6RZT93
UCITS ETF Name: WisdomTree US Quality Dividend Growth UCITS ETF-USD Acc
Ticker: DGRA
ISIN: IE00BZ56RG20
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Source: WisdomTree Investments, Inc.
Principal Financial to buy Wells Fargo's retirement unit for $1.2 billion
April 9, 2019-- U.S. retirement plan administrator Principal Financial Group said on Tuesday it would buy Wells Fargo & Co's retirement plan services business for $1.2 billion, as it seeks a larger presence in markets serving mid-sized companies.
The move, first revealed last month by Reuters, marks the latest divestment from Wells Fargo, which has been streamlining its business as it grapples with the fallout of customer abuse scandals.
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Source: Reuters
Several Deutsche Bank exchange-traded-notes to cease trading Thursday
April 9, 2019--A dozen of Deutsche Bank's exchange-traded notes that provide exposure to oil, metals and other commodities are set to stop trading on Thursday, according to a recent filing by the bank.
Exchange-traded notes, including the DB FI Enhanced Global High Yield ETN, the DB Crude Oil Long ETN and the Elements Dogs of the DOW Dow Jones High Yield Select 10 Total Return ETN, will be delisted at the close of trading on Thursday, according to an April 2 filing with the U.S. Securities and Exchange Commission.
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Source: Reuters
Global X Launches GNOM: An ETF targeting the Transformative Genomics Industry
April 9, 2019-- Global X ETFs, the New York-based provider of exchange-traded funds, announced today the launch of the 13th fund in its Thematic Growth suite, the Global X Genomics & Biotechnology ETF (Nasdaq: GNOM).
Designed to track the Solactive Genomics Index, the fund holds a basket of companies that potentially stand to benefit from advances in the field of genomic science, such as companies involved in gene editing, genomic sequencing, genetic medicine/therapy, computational genomics, and biotechnology.
GNOM's launch comes at a time when the DNA sequencing market is experiencing significant growth, with estimates expecting the market to grow from $6.2 billion in 2017 to $25.5 billion by 2025-representing a compound annual growth rate of 19%.i As a result of significant technological advances in the field, it's estimated that anyone with $100 can now sequence their DNA, down from the $100 million it was estimated to cost in 2001.ii
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Source: Global X
CBO-The 2019 Budget and Economic Outlook
April 9, 2019--In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years.
CBO's projection of the deficit for 2019 is now $75 billion less-and its projection of the cumulative deficit over the 2019-2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes—most notably, a decrease in emergency spending.
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Source: Congressional Budget Office (CBO)
Thompson Hine Investment Management Update-SEC Grants No-Action Relief for Initial Coin Offering
April 9, 2019--Key Notes:
No-action relief granted for offer and sale of tokens without registration as a security
FinHub releases framework for analyzing the offer and sale of digital assets under the Howey test
On April 3rd, 2019, the U.S. Securities and Exchange Commission's Strategic Hub for Innovation and Financial Technology (FinHub) published a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.
Its statement on the framework of an "investment contract" coincides with the Division of Corporation Finance issuing a response to a no-action request, indicating that the Division will not recommend enforcement action to the Commission if the digital asset described in the request is offered or sold without registration under the U.S. federal securities law.
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Source: Thompson Hine
ETFs that don't disclose holdings daily set for SEC nod
April 8, 2019--Market regulators are poised to approve trading of a new kind of product that could bring more stockpickers to U.S. exchange-traded funds, according to a filing on Monday.
The U.S. Securities and Exchange Commission's conditional approval would allow Precidian Investments to license a new type of actively managed exchange-traded fund (ETF) that, like traditional active mutual funds, will not be required to disclose what it owns on a daily basis as most current active ETFs must.
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Source: Reuters
