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Invesco Announces Fee Reductions and Fee Waivers for three ETFs
June 28, 2023--PLW to reduce fees; ICLO and GTO implement fee waivers
Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, has announced that it will implement a management fee reduction or fee waiver for three ETFs as further outlined below. These changes reflect Invesco's commitment to continually evaluate its product line and provide a better investment experience for its clients.
Effective at market open on June 26, Invesco's management fee for Invesco 1-30 Laddered Treasury ETF (PLW) was reduced from 25 bps to 15 bps.
Effective at market open on June 28, Invesco has agreed to waive a portion of its management fee through Aug. 31, 2025, for Invesco Total Return Bond ETF (GTO) and waive its entire management fee through Dec. 31, 2023, for Invesco AAA CLO Floating Rate Note ETF (ICLO). After giving effect to such waiver, GTO's net unitary management fee will be 25 basis points and ICLO's total expense ratio will be 0 basis points through Dec. 31, 2023.
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Source: Invesco Ltd.
CBO-The 2023 Long-Term Budget Outlook
June 28, 2023--The U.S. faces a challenging fiscal outlook in the coming years, according to CBO's projections. Measured as a percentage of GDP, large and sustained deficits lead to high and rising federal debt that exceeds any previously recorded level.
Deficits
In CBO's projections, the deficit equals 5.8 percent of gross domestic product (GDP) in 2023, declines to 5.0 percent by 2027, and then grows in every year, reaching 10.0 percent of GDP in 2053. Over the past century, that level has been exceeded only during World War II and the coronavirus pandemic. The increase in the total deficit results from faster growth in spending than in revenues.
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Source: Congressional Budget Office (CBO)
BMO Launches +/- 3X MAX Auto Industry Exchange Traded Notes on NYSE Arca
June 28, 2023-BMO today announced the launch of two new MAX Exchange Traded Notes ("ETNs"). MAX offers sophisticated investors efficient, tactical leveraged exposure to stocks in specific market sectors to manage risk and potentially enhance returns.
The two new MAX ETNs are linked to the performance of the Prime Auto Industry Index. The MAX Auto Industry 3x Leveraged ETNs (ticker: CARU) and MAX Auto Industry -3x Inverse Leveraged ETNs (ticker: CARD) will start trading today on NYSE Arca.
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Source: BMO Financial Group
Innovator Announces Upside Cap Ranges on 17 Defined Outcome ETFs and Listing of Four New Premium Income Barrier ETFs
June 26, 2023--ETFs seek to offer investors a range of upside potential and income levels across a variety of enhancement rates and outcome periods
Innovator Capital Management, LLC (Innovator), pioneer and provider of the largest lineup of Defined Outcome ETFs, today announced July upside cap and rate ranges on its Buffer, Barrier, and Accelerated ETFs.
"In early 2023, widespread bearish sentiment had many calling for increased cash and bond allocations as a way to defend against a market downturn; yet equity markets had a stronger first half of the year than expected," said Bruce Bond, founder and CEO of Innovator ETFs. "Investors in our Defined Outcome ETFs were able to position defensively with known-levels of built-in buffers against loss while also benefitting from the equity market rally. We believe the case for our July Series of Defined Outcome ETFs and upcoming Premium Income Barrier ETFs is strong given continued uncertainty in both bond and equity markets heading into the second half of the year.
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Source: Innovator
Invesco Announces Changes to its ETF Line-up
June 23, 2023--Upgrades to existing ETFs reflect Invesco's consistent improvements to the investor experience
Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, has announced that it will change the underlying index of eight of its existing exchange traded funds (ETFs), as well as reducing the fee on five of those ETFs, to provide a better investor experience for its clients.
After markets close on August 25, 2023, Invesco will make modifications to the investment strategies of eight ETFs in its US listed line-up, updating the names, tickers, underlying indexes, index providers and in a few cases fees, to reflect the new strategies. These enhancements are being implemented by Invesco in pursuit of its continuing commitment to clients, making it easier for investors to identify and access these Invesco ETFs.
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Source: Invesco Ltd.
Victory Capital Introduces VictoryShares Free Cash Flow ETF Further Expanding its ETF Offerings
June 22, 2023--Victory Capital Holdings, Inc. (NASDAQ: VCTR) ("Victory Capital" or the "Company") today announced that its wholly owned investment adviser, Victory Capital Management Inc., has launched a new rules-based exchange-traded fund ("ETF"), VictoryShares Free Cash Flow ETF (VFLO).
VFLO seeks to provide investment results that track the performance of the Victory U.S. Large Cap Free Cash Flow Index ("the Index"), which invests in profitable U.S. large-cap companies with high free cash flow yields and favorable growth prospects. The Index screens an initial universe of companies for historical and projected free cash flows. It then goes a step further by eliminating companies with the worst growth characteristics to seek better outcomes in a variety of market environments.
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Source: Victory Capital
Global X ETFs to Liquidate MSCI Nigeria ETF (NGE)
June 22, 2023--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the scheduled liquidation of the Global X MSCI Nigeria ETF (NGE).
Based upon the recommendation of Global X Management Company LLC, the Fund's adviser, the Board of Trustees of the Global X Funds (the "Trust") determined on June 22nd, 2023 that it was in the best interests of the Fund and its shareholders to move forward with liquidation. The Fund represents less than 1% of the assets of Global X ETFs as of June 22nd, 2023.
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Source: Global X Management Company LLC
The Future Fund Launches Long/Short ETF-Investing in Key Megatrends That Are Changing the World
June 21, 2023--Led by renowned investor Gary Black, the Fund buys companies that it believes can best exploit the wave of disruptive innovation and shorts companies most likely to lose value as their businesses are disrupted.
The Future Fund LLC, an SEC-registered investment advisor led by Gary Black and David Kalis, announced today the launch of the Future Fund Long/ Short ETF (NYSE: FFLS) on the New York Stock Exchange effective June 21, 2023.
FFLS is a high-conviction, risk-managed long/short strategy that provides the potential to capitalize on key megatrends driving the economy. Portfolio managers Black and Kalis bring decades of investment experience to the Fund and use a deep fundamental research process to select concentrated investments that may profit from emerging technological or social trends and developments. One of only a handful of fundamental-driven long/short ETFs, FFLS fills a gap in the investment marketplace and provides a unique opportunity to invest in a hedged portfolio of leading secular growth companies ideal for today's choppier economic environment.
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Source: The Future Fund
$10bn surges into JPMorgan covered call ETF this year
June 21, 2023--The wall of money means the defensive fund has become the largest active ETF
A bull market is traditionally accompanied by a wave of euphoria, with ever more investors getting sucked in as stocks march higher.
The current Wall Street variety-with the S&P 500 index up by more than 20 per cent from its October nadir- has been met with a wall of money rolling into one of the more defensive equity strategies: covered calls.
Such is the enthusiasm for this risk-averse strategy that the largest US-listed covered call exchange traded fund, the $26.8bn JPMorgan Equity Premium Income ETF (JEPI) has not only attracted the largest inflows of any actively managed ETF this year, but also become the largest active vehicle to boot.
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Source: ft.com
Global X ETFs Launches the Global X 1-3 Month T-Bill ETF (CLIP)
June 21, 2023--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of the Global X 1-3 Month T-Bill ETF (CLIP), which provides investors with exposure to the short-term Treasury bill market. The fund is the latest addition to Global X's growing suite of Income products.
In recent months, the front end of the yield curve has risen significantly i creating a sharply inverted yield curve as the US Federal Reserve has aimed to tame inflation by raising rates. During such periods of elevated interest rates, short-term treasuries can offer investors a compelling alternative to cash positions. Treasury bills can provide investors with income potential while carrying relatively low interest rate risk due to their short-term nature. CLIP offers investors the benefit of these short-term treasuries in the form of a transparent and cost-effective ETF wrapper.
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Source: Global X Management Company LLC
