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U.S. SEC chair Gensler seeks to scrutinize private fund fee arrangements, ''side letter' provisions
November 10, 2021--The chair of the U.S. Securities and Exchange Commission (SEC) said on Wednesday that the agency will consider new rules that scrutinize how private funds charge investors and measure performance.
Gary Gensler, in a keynote address to members of the Institutional Limited Partners Association, added that agency rules would address how funds use separate agreements with investors, so-called "side letters," as a work-around to fund constitutions.view more
Source: reuters.com
New BlackRock Minimum Volatility Factor and Fixed Income ESG ETFs Provide More Choices to Putting Sustainability at The Core of Investment Portfolios
November 10, 2021--iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and iShares ESG Advanced Investment Grade Corporate Bond ETF (ELQD) help investors integrate climate considerations and manage broader ESG risks overall.
Delivering on our commitment to expand our sustainable product offering, iShares today launched the iShares ESG Advanced Investment Grade Corporate Bond ETF (ELQD) and, on November 4, 2021, launched the iShares ESG MSCI USA Min Vol Factor ETF (ESMV). ESMV and ELQD are sustainable versions of two of the firm’s flagship equity factor and fixed income funds.1
Sustainable Investing in Flagship Strategies
"We are proud to further expand our lineup today with ESG factor and fixed income funds. These funds further enable our clients to build strong portfolios customized to their sustainable goals and navigate the transition to a low carbon economy," said Carolyn Weinberg, Global Head of Product of the iShares and Index Investment business at BlackRock
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Source: BlackRock
Tuttle Capital Short Innovation ETF Launches on Nasdaq
November 9, 2021--Fund Offers Inverse Exposure to a Portfolio of Disruptive Companies
The Tuttle Capital Short Innovation ETF (Nasdaq: SARK) will start trading on the Nasdaq today. This distinctive exposure allows investors to potentially profit from a decline in a portfolio of companies involved in disruptive industries such as electric vehicles, next-gen internet, genomics and fintech.
SARK offers investors of all sizes and types convenient "one-ticker" access to a short vehicle that may otherwise be difficult to execute on their own. SARK is an actively managed exchange traded fund that attempts to achieve the inverse (-1x) of the return of the ARK Innovation ETF (NYSE Arca: ARKK) for a single day, not for any other period.
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Source: Tuttle Capital Management
Adaptive Converts 3 Mutual Funds To ETFs
November 9, 2021--Adaptive Investments expanded its lineup of actively managed ETFs with the conversion of three of its mutual funds. The AI Quality Growth ETF (AQGX), the RH Tactical Outlook ETF (RHTX) and the RH Tactical Rotation ETF (RHRX) debuted on the NYSE Arca Monday.
Ticker: AQGX
Fund: AI Quality Growth ETF
Starting Expense Ratio: 0.97%
Post-Waiver Expense Ratio*1.48%
Ticker: RHTX
Fund: RH Tactical Outlook ETF
Starting Expense Ratio: 1.37%
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Source: yahoo.com
Fed Warns of Peril in Run-Up of Risky Asset Prices, Stablecoins
November 8, 2021--In report, Fed also flags concerns tied to Chinese real estate
Central bank cautions stablecoins are susceptible to 'runs'
The Federal Reserve is warning that prices of risky assets keep rising, making them more susceptible to perilous plunges if the economy takes a turn for the worse, and cited stablecoins as an emerging threat.
"Asset prices remain vulnerable to significant declines should investor risk sentiment deteriorate, progress on containing the virus disappoint, or the economic recovery stall," the Fed said in its twice-yearly Financial Stability Report released Monday.
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Source: bloomberg.com
SEC Charges Exchange-Traded Product and Its General Partner With Disclosure Failures
November 8, 2021--The Securities and Exchange Commission today charged United States Oil Fund LP, an exchange-traded product (ETP), and its general partner United States Commodity Funds LLC for misleading statements about limitations imposed by its sole futures commission merchant and broker. USO and USCF have agreed to pay $2.5 million in penalties to settle parallel cases by the SEC and Commodity Futures Trading Commission
According to the SEC's order, USO's investment objective is to track the changes in the spot price of oil, as measured by the changes in prices of certain oil futures contracts. In April 2020, in the midst of oil market turmoil and the near-month futures contract closing at a negative price, USO's sole futures broker told USO it would not execute any new oil futures positions for USO. As a result of this limitation, USO was restricted from investing the proceeds generated by the future sale of newly created shares in oil future contracts, creating the risk that USO would not be able to meet its stated investment objective. The order finds that USO did not fully disclose the character and nature of the limitation until one month after the limit was first imposed.
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Source: SEC.gov
Financial Stability Report November 2021
November 8, 2021--Overview
This report reviews conditions affecting the stability of the financial system by analyzing vulnerabilities related to valuation pressures, borrowing by businesses and households, financial leverage, and funding risk. It also highlights several near-term risks that, if realized, could interact with these vulnerabilities.
Since the May 2021 Financial Stability Report was issued, prices of risky assets generally rose further. Despite concerns about the spread of the Delta variant of the virus that causes COVID-19, asset prices were supported by increased earnings expectations and low Treasury yields.
Business and household borrowing as a percentage of gross domestic product (GDP) decreased further. Banks continued to be profitable and strongly capitalized. By contrast, structural vulnerabilities persist in some types of money market funds (MMFs) and other cash-management vehicles as well as in bond and bank loan mutual funds and could again amplify shocks to the financial system in times of stress.Our view of the current level of vulnerabilities is as follows:
1. Asset valuations. Prices of risky assets generally increased since the previous report, and, in some markets, prices are high compared with expected cash flows. House prices have increased rapidly since May, continuing to outstrip increases in rent. Nevertheless, despite rising housing valuations, little evidence exists of deteriorating credit standards or highly leveraged investment activity in the housing market. Asset prices remain vulnerable to significant declines should investor risk sentiment deteriorate, progress on containing the virus disappoint, or the economic recovery stall.
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Source: federalreserve.gov
Sprott Asset Management Enters Agreement with North Shore Indices, Inc. to Acquire Licensing Rights to the Index Tracked by the North Shore Global Uranium Mining ETF
November 4, 2021--November 4, 2021--Sprott Inc. ("Sprott") (NYSE/TSX: SII) announced today that Sprott Asset Management LP ("Sprott Asset Management"), a wholly-owned subsidiary of Sprott, has entered into a definitive agreement (the "Agreement") with North Shore Indices, Inc. to acquire an exclusive licence to use the North Shore Global Uranium Mining Index (the "Index"), the performance of which the North Shore Global Uranium Mining ETF ("URNM"), a series of Exchange Traded Concepts Trust (the "Trust"), seeks to track.
In connection with the Agreement, and subject to the approval of a reorganization by both the Board of Trustees of the Trust and shareholders of URNM, it is anticipated that URNM would be reorganized into a newly created series of the Sprott Funds Trust, the Sprott Uranium Miners ETF, which series will be advised by Sprott Asset Management and sub-advised by ALPS Advisors, Inc. Assuming the transaction is approved by the Board of Trustees of the Trust and the shareholders of URNM, the reorganization is expected to close in the first quarter of 2022.
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Source: Sprott
USCF Announces Launch of the USCF Gold Strategy Plus Income Fund (Ticker: GLDX)
November 3, 2021--USCF today announced it has launched the USCF Gold Strategy Plus Income Fund (GLDX) with SummerHaven Investment Management, LLC (SummerHaven), a Stamford based investment management firm, as sub-adviser. GLDX seeks investment results that generally correspond over the long term to the performance of the price of gold, while generating dividend income through selling gold call options and through collateral interest income.
GLDX is an actively managed exchange traded fund (ETF).
SummerHaven and USCF previously collaborated on three exchange traded products: the United States Copper Index Fund (NYSE Arca: CPER), United States Commodity Index Fund (NYSE Arca: USCI) and the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (NYSE Arca: SDCI) respectively.
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Source: USCF Investments
Impact Shares and UNCDF Launch New Global Climate Select ETF (NYSE Arca: NTZO) based on customized MSCI index
November 3, 2021--Strict climate ETF launched by Impact Shares and members of the Global Investors for Sustainable Development to support UN climate goals
Impact Shares, the nonprofit ETF sponsor backed by The Rockefeller Foundation, is pleased to announce the launch of the Impact Shares MSCI Global Climate Select ETF (NYSE Arca: NTZO) in collaboration with the United Nations Capital Development Fund (UNCDF), the UN agency that makes public and private finance work for the poor in the world's 46 Least Developed Countries (LDCs).
NTZO is based on an index licensed by MSCI (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community.
The new ETF, based on the MSCI ACWI Climate Pathway Select Index, was co-created by Impact Shares and a working group of the Global Investors for Sustainable Development (GISD) Alliance.
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Source: Impact Shares
