Americas ETP News
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Purpose Investments Inc. Announces Termination of Purpose Healthcare Innovation Yield Fund (HEAL)
June 30, 2023--Purpose Investments Inc. ("Purpose"), in a joint decision with Next Edge Capital Corp. ("Next Edge"), announced today that it would terminate Purpose Healthcare Innovation Yield Fund (TSX Ticker: HEAL) (the "Fund") and will redeem all of the issued and outstanding ETF units, Class A units, Class F units and Class I units (collectively, the "Units") of the Fund in accordance with applicable securities law and the terms of the Fund’s amended and restated declaration of trust. It is anticipated that the termination will occur on or about August 29, 2023 (the "Termination Date").
It is also anticipated that the ETF units of the Fund will be voluntarily delisted from the Toronto Stock Exchange (the "TSX") on or about August 25, 2023, at the close (the "Delisting Date"). Purpose is the trustee and manager of the Fund. Next Edge is the sub-advisor of the Fund.
The decision to close the Fund was a mutual decision by Next Edge and Purpose driven primarily by their collective conclusions regarding the Fund’s relatively low assets under management and the costs associated with maintaining a fund of this size.
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Source: Purpose Investments Inc.
iM Global Partner Launches New Dividend Growth Fund Active ETF with Berkshire Asset Management (BDVG)
June 29, 2023--iM Global Partner (iMGP) and its Partner Berkshire Asset Management (BAM) will launch a new dividend growth exchange traded fund (ETF) on the New York Stock Exchange on June 30.
The iMGP Berkshire Dividend Growth Equity ETF (BDVG) is an active, fully transparent ETF that seeks to achieve its objective by investing in dividend-paying equity securities, with an emphasis on stocks that have a strong track record of paying dividends or that are expected to increase their dividends over time.
This new ETF will leverage the same dividend growth investment strategy that BAM has managed in a separate account format for the past 14 years for high net worth and institutional investors in the US.
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Source: iM Global Partner
Avantis Investors Launches Four New Active ETFs
June 29, 2023--Today, Avantis Investors, a $25 billion* investment offering from global asset manager American Century Investments, expands its exchange traded fund (ETF) platform with the listing of four new actively managed ETFs: Avantis All Equity Markets Value ETF (AVGV), Avantis All International Markets Equity ETF (AVNM), Avantis All International Markets Value ETF (AVNV) and Avantis Moderate Allocation ETF (AVMA).
Each fund seeks long-term capital appreciation and is listed on the New York Stock Exchange (NYSE Arca, Inc.).
"It has always been our goal to offer a well-rounded suite of value-added funds for investors," said Avantis Chief Investment Officer Eduardo Repetto. "We are excited to add these four new ETFs to our lineup and expand the range of low-cost, tax-efficient solutions available to our clients."
All four ETFs are "fund of funds," and utilize a range of existing Avantis ETFs to build out multi-region and multi-asset class solutions.
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Source: American Century Investments
BlackRock Canada Announces Risk Rating Updates for Certain iShares Exchange-Traded Funds
June 29, 2023--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock") (NYSE:BLK) today announced an update to the investment risk ratings of certain iShares exchange-traded funds ("iShares ETFs"). Capitalized terms not otherwise defined in this press release have the meaning ascribed to them in the Prospectus.
Risk Rating Updates
BlackRock Canada has updated the investment risk ratings of the iShares ETFs, or class of the iShares ETF, as applicable, listed below, effective on or about June 29, 2023
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Source: BlackRock Asset Management Canada Limited
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
