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SEC launches probe into ETF revenue-sharing deals
April 26, 2022--US regulator to investigate potential conflicts of interest arising from payments to intermediaries
The US Securities and Exchange Commission's enforcement division has launched a sweep of ETF revenue-sharing practices, probing fund groups about the payments they make to broker-dealers and other financial intermediaries.
Specifically, the SEC wants documents related to what it described as "any compensation paid by an adviser or an ETF to a financial intermediary based on assets held by the financial intermediary", according to details of a letter shared with BoardIQ, a sister publication of the Financial Times.
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Source: ft.com
Fidelity to allow retirement savings allocation to bitcoin in 401(k) accounts
April 26, 2022--Fidelity Investments said on Tuesday it will allow individuals to allocate part of their retirement savings in bitcoin through their 401(k) investment plans, becoming the first major retirement plan provider to do so.
The family controlled asset manager said MicroStrategy Inc (MSTR.O), a major bitcoin corporate backer, will be the first employer to use the new product, which will be made available to other employers by the middle of the year.
Through the new offering, employees will be able to invest in bitcoin through a Digital Assets Account (DAA) within the core lineup of their 401(k) plans, Fidelity said.
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Source: reuters.com
First Manhattan Co. Launches Inaugural Actively Managed ETF-FMC Excelsior Focus Equity ETF (Ticker: FMCX)
April 26, 2022--FMCX Seeks to Comprise a High-Conviction Portfolio from a Firm with Decades-Long Investing Experience
FMCX's Strategy Mirrors First Manhattan's Fundamentals-Based, Research-Intensive Approach Across Sectors
First Manhattan Pursues Impactful Engagement with Management Teams on Long-Term Strategy, Growth, and Governance
First Manhattan Co. ("First Manhattan"), an independently owned and operated investment advisory firm, today announced the launch of its inaugural exchange-traded fund, FMC Excelsior Focus Equity ETF (ticker: FMCX) ("FMCX" or the "Fund"), an actively managed ETF that invests in First Manhattan's highest-conviction ideas driven by its rigorous, fundamentals-based research. The Fund will invest in companies that First Manhattan believes possess durable competitive advantages and long-term growth prospects, management teams with strong governance practices, and attractive opportunities to reinvest cash profits.
Source: First Manhattan Co.
KraneShares Launches First US-Listed Global Carbon Offset ETF (NYSE: KSET)
April 26, 2022-- Krane Funds Advisors, LLC ("KraneShares"), an asset management firm known for its global exchange-traded funds (ETFs) and innovative investment strategies, announced the launch of the KraneShares Global Carbon Offset Strategy ETF (Ticker: KSET) on the New York Stock Exchange today.
KSET offers broad coverage of the voluntary carbon market by tracking carbon offset futures contracts. These futures contracts include nature-based global emission offsets (N-GEOs) and global emission offsets (GEOs), which trade through the CME Group, the world's largest financial derivatives exchange. KSET will dynamically add additional offset markets as they reach scale.
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Source: Krane Funds Advisors, LLC
IMF-Latin America Faces Unusually High Risks
April 26, 2022--The War in Ukraine, higher inflation, tighter financial conditions, economic decelerations of key trading partners, and social discontent may dim growth prospects.
The war in Ukraine is shaking the global economy and raising uncertainty about the outlook for Latin America and the Caribbean.
The impact is being felt in Latin America through higher inflation that is affecting real incomes, especially of the most vulnerable. Policymakers are reacting to this challenge by tightening monetary policy and implementing measures to soften the blow on the most vulnerable and contain the risks of social unrest.
But there are other risks looming. A possible escalation of the war could eventually lead to global financial distress and tighter financial conditions for the region.
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Source: imf.org
Sprott Asset Management Announces Acquisition of Assets Relating to the North Shore Global Uranium Mining ETF
April 25, 2022--April 25, 2022--URNM begins trading today as a series of Sprott Funds Trust, expanding the firm's ETF offerings in that Trust
Sprott Inc. ("Sprott") (NYSE/TSX: SII) and Sprott Funds Trust jointly announced today that Sprott Asset Management LP ("Sprott Asset Management"), a wholly-owned subsidiary of Sprott, has completed the acquisition of certain assets relating to managing the North Shore Global Uranium Mining ETF ("URNM"), to which Exchange Traded Concepts, LLC acted as the investment adviser.
Sprott Funds Trust and Exchange Traded Concepts Trust have completed the reorganization of the North Shore Global Uranium Mining ETF from a series of Exchange Traded Concepts Trust to Sprott Uranium Miners ETF, a series of Sprott Funds Trust. URNM is now advised by Sprott Asset Management and sub-advised by ALPS Advisors, Inc.
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Source: Sprott
SEC fears may cement Vanguard monopoly
April 25, 2022--Patent for unique tax-efficient fund structure expires in 2023, but rivals may not be able to follow suit
Fears that some investors are cross subsidising others may prevent rival fund managers from being allowed to replicate a unique tax-efficient fund structure created by Vanguard.
Vanguard's "exchange traded fund-as-a-share-class" structure allows the Pennsylvanian powerhouse to operate a mutual fund and a sister ETF as essentially the same vehicle, generating superior tax efficiency and economies of scale.
Vanguard's patent for the structure expires next year, prompting speculation that rival fund groups might seek to replicate it.
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Source: ft.com
Grayscale makes fresh push for SEC approval to become bitcoin ETF
April 23, 2022--Crypto asset manager has focused on key legal detail in letter to regulator ahead of July deadline
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Source: ft.com
State Street Global Advisors Introduces Two SPDR MSCI Climate Paris Aligned ETFs
April 22, 2022--Climate leader UC Investments (University of California)1 provides early stage commitment to funds designed for investors seeking to decarbonize their portfolios.
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today introduces two SPDR MSCI Climate Paris Aligned ETFs designed to help investors meet their climate objectives.
The funds, SPDR MSCI USA Climate Paris Aligned ETF (NZUS) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC), 2 track the MSCI USA Climate Paris Aligned and MSCI ACWI Climate Paris Aligned Indexes and are geared toward the growing number of investors interested in addressing climate change in their portfolios, both to mitigate climate risk and to invest in climate solutions.
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Source: State Street Global Advisors
State Street Global Advisors Introduces Two SPDR(R) MSCI Climate Paris Aligned ETFs
April 22, 2022--Climate leader UC Investments (University of California)1 provides early stage commitment to funds designed for investors seeking to decarbonize their portfolios.
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today introduces two SPDR MSCI Climate Paris Aligned ETFs designed to help investors meet their climate objectives.
The funds, SPDR(R) MSCI USA Climate Paris Aligned ETF (NZUS) and SPDR(R) MSCI ACWI Climate Paris Aligned ETF (NZAC),2 track the MSCI USA Climate Paris Aligned and MSCI ACWI Climate Paris Aligned Indexes and are geared toward the growing number of investors interested in addressing climate change in their portfolios, both to mitigate climate risk and to invest in climate solutions.
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Source: State Street Global Advisors
