Americas ETP News
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Fed Raises Interest Rates to 22-Year High, Leaves Door Open for More
July 26, 2023--Powell says further rate increases will depend on data
Fed to consider 'extent of additional policy firming'
The Federal Reserve resumed raising interest rates and Chair Jerome Powell left open the possibility of further hikes, which he emphasized will depend on incoming data that has recently signaled a resilient US economy.
After pausing rate increases in June, policymakers lifted borrowing costs again at their policy meeting on Wednesday for the 11th time since March 2022 to curb inflation. The quarter percentage-point hike, a unanimous decision, boosted the target range for the Fed's benchmark federal funds rate to 5.25% to 5.5%, the highest level in 22 years.
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Source: bloomberg.com
Federal Reserve issues FOMC statement
July 26, 2023--Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.
The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5-¼ to 5-½. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.
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Source: federalreserve.gov
TCW to Buy Engine No. 1's ETF Unit in First Deal for CEO Katie Koch
July 25, 2023--Activist investor runs more than $600 million of equity ETFs
Engine No. 1 CEO Jennifer Grancio to join TCW as head of ETFs
TCW Group, the asset manager with a long history of managing bond funds, is expanding into exchange-traded funds with an agreement to buy an ETF business from activist investor Engine No. 1.
The acquisition, the first for new TCW Chief Executive Officer Katie Koch, includes a platform with more than $600 million of US equity ETFs and is expected to be completed in the third quarter, pending shareholder approval. Terms weren't disclosed.
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Source: bloomberg.com
Avantis Investors Launches New Active ETF
July 20, 2023--Avantis Investors, a $27 billion* investment offering from global asset manager American Century Investments, launched a new exchange traded fund (ETF) today. Avantis International Small Cap Equity ETF (AVDS) is now listed on the New York Stock Exchange (NYSE Arca, Inc.) and is the latest addition to Avantis Investors' growing ETF lineup.
"Launching new strategies is fun- especially when it is something clients are asking for," said Avantis Chief Investment Strategist Phil McInnis. "The Avantis International Small Cap Equity ETF compliments the already available Avantis U.S. Small Cap Equity ETF (AVSC). It applies the same principles but now to international markets."
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Source: American Century Investments
Horizons ETFs Launches Three ETFs Tracking the Solactive Equal Weight Canada Banks Index
July 19, 2023--As a very regulated and supervised industry, the Canadian bank sector is recognized for its stability and resilience. In addition to that, Canadian banks are also known for their dividend payments and their diversified business models, both domestically and internationally, which helps mitigate risks.
Solactive is pleased to announce that Horizons ETFs launched three ETFs tracking the Solactive Equal Weight Canada Banks Index. Through an equally weighted methodology, the Solactive Equal Weight Canada Banks Index includes major and regional banks that are listed in the Toronto Stock Exchange Exchange.
The Horizons Equal Weight Banks Index ETF (ticker HBNK) aims to mirror the index's performance without utilizing leverage. The Horizons Enhanced Equal Weight Banks Index ETF (ticker BNKL) seeks to replicate the index's performance 1.25 times (125%). The Horizons Enhanced Equal Weight Canadian Banks Covered Call ETF (ticker BKCL) tracks the index's performance while offering substantial monthly distributions from dividends and call option income. It utilizes a dynamic covered call option writing program to generate income.
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Source: Solactive AG
Panagram Launches Second Actively Managed CLO ETF with Diversified Access to AAA-rated CLO Bonds
July 19, 2023--CLOX seeks consistent return income with limited downside risk
Panagram Structured Asset Management ("Panagram"), a $14.7+ billion credit asset manager specializing in collateralized loan obligations ("CLOs"), announced the launch of its second ETF: Panagram AAA CLO ETF.
CLOX prioritizes capital preservation by investing in AAA-rated CLOs. This sector of the corporate credit market has a long-standing, robust historical track record, with no AAA-rated bond defaults in over 25 years. AAA-rated CLOs have a first priority on the interest and principal from underlying pools of senior secured loans. With CLOX, investors can gain access to a diverse pool of AAA-rated CLO bonds, which can offer higher yields than other similarly rated investments. Additionally, AAA-rated CLO bonds are less correlated to traditional stocks and bonds than other credit assets.
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Source: Panagram Structured Asset Management
ETF Managers Group CEO Samuel Masucci Steps Down Amid SEC Probe And Alleged Conflicts Of Interest
July 18, 2023--ETF Managers Group founder and CEO Samuel Masucci resigned from his role as chief executive and other related positions as part of a settlement with the Securities and Exchange Commission (SEC), which notified him of its decision to bring a civil action stemming from a probe into the company's cannabis exchange-traded fund.
The move comes weeks after ETFMG announced it was selling its ETF lineup to Amplify ETFs in a deal expected to close this year. The firm also recently announced two ETF closures, reported several sources.
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Source: businessinsider.com
Impact Shares Celebrates Five Year Anniversary of the NAACP Minority Empowerment ETF (NYSE: NACP)
July 18, 2023--Impact Shares's flagship NACP ETF celebrates five years of advancing racial diversity and equity in corporate America
Impact Shares is proud to announce the five year anniversary of its flagship product, the NAACP Minority Empowerment ETF (NYSE: NACP).
Launched in July 2018 in partnership with the National Association for the Advancement of Colored People (NAACP), NACP remains the only ETF product on the market that allows investors to allocate capital to U.S. companies with strong racial and ethnic diversity policies in place.
NACP tracks the Morningstar Minority Empowerment Index, which is designed to provide exposure to U.S. companies that prioritize strong diversity policies, empowering employees regardless of race or nationality.
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Source: Impact Shares
AXS Investments Marks 1-Year Anniversary of First-Ever U.S. Single Stock ETFs, TSLQ & NVDS
July 18, 2023--TSLQ & NVDS blazed the trail for U.S.-listed single stock ETFs empowering traders to express bearish short-term views on Tesla and Nvidia stock
AXS Investments, a leading asset manager providing access to alternative investments for growth, income and diversification, is celebrating the first anniversary of the launch of the industry's first-of-its-kind family of single stock ETFs, including the AXS TSLA Bear Daily ETF (TSLQ) and the AXS 1.25X NVDA Bear Daily ETF (NVDS).
TSLQ is one of the fastest-growing ETFs of the past year and provides the inverse (-1x) daily performance of Tesla common stock (TSLA). TSLQ has gathered more than $125 million since launch and trades an average 1.65 million shares per day.
NVDS provides 1.25 times the inverse (-125%) of the daily performance of common shares of NVIDIA Corporation (NVDA). NVDS also surpassed $100 million in assets, while its average daily volume exceeds 3.6 million shares.
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Source: AXS Investments
Innovator Announces Launch of Equity Defined Protection ETF
July 18, 2023--The first-to-market ETF of its kind aims to offer investors equity market exposure, to a cap, with a 100% buffer against downside losses
Innovator Capital Management, LLC (Innovator), pioneer and provider of the largest lineup of Defined Outcome ETFs, today announced the launch of the Equity Defined Protection ETF (TJUL). The first of its kind ETF seeks to provide investors with the upside return of the SPDR S&P 500 ETF Trust (SPY), to a 16.62% cap, and a 100% buffer against SPY losses over a two-year outcome period.
Investors facing uncertain market conditions and the threat of a potential recession have historically only had access to this type of investment strategy in structures that carry high investment minimums, long lockup periods, or high tax burdens. In spite of their features, investors have poured $billions into those structures in order to gain exposure to the compelling underlying risk/reward profile. With the availability of these strategies now in the ETF structure, investors have flocked to defined outcome ETFs, bringing Innovator’s suite to over $13 billion in AUM (as of 7/17/2023).
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Source: Innovator Capital Management
