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CBO-Monthly Budget Review: March 2022
April 8, 2022--The federal budget deficit was $667 billion in the first six months of fiscal year 2022, CBO estimates. That amount is roughly 40 percent of the shortfall recorded during the same period in 2021 ($1,706 billion).
Summary
The federal budget deficit was $667 billion in the first six months of fiscal year 2022 (that is, from October 2021 through March 2022), CBO estimates. That amount is roughly 40 percent of the shortfall recorded during the same period in 2021 ($1,706 billion). Revenues were $418 billion (or 25 percent) higher and outlays were $622 billion (or 18 percent) lower than during the same period a year ago.
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Source: Congressional Budget Office(CBO)
ProShares Launches SUPL, the First Supply Chain Logistics ETF
April 7, 2022--UPL provides end-to-end exposure to companies that move global trade forward.
ProShares, a premier provider of ETFs, today launched a Supply Chain Logistics ETF (SUPL) designed to give investors access to companies involved in each point of the process that moves raw materials and goods around the world.
"The pandemic didn't just highlight the crisis facing the global supply chain, it identified a ripe opportunity to invest in the companies striving to provide real solutions and embrace new technologies that may revolutionize global trade," said Michael L. Sapir, ProShares founder and CEO. "SUPL may provide investors with exposure to the companies contributing to this long-term transformation."
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Source: ProShares
SEC Approves Teucrium's Bitcoin Futures ETF
April 6, 2022--Teucrium's approval may hint at a future spot bitcoin ETF approval.
The U.S. Securities and Exchange Commission has allowed NYSE Arca and Teucrium to issue a bitcoin futures exchange-traded fund.
The SEC announced the approval Wednesday in a filing on its website, adding Teucrium to a host of other bitcoin futures ETF issuers.
Notably, Teucrium and NYSE Arca filed the application under the Securities Exchange Act of 1934, filing a 19b-4 form with the SEC. The already-approved bitcoin futures ETFs filed by other companies were under the Investment Company Act of 1940, which follows a slightly different regulatory pathway to approval.
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Source: coindesk.com
Citi hands SEC a SPAC victory
April 5, 2022--Citigroup (C.N) isn't so sure about special-purpose acquisition companies anymore. The bank run by Jane Fraser is putting its leading SPAC business on pause after the U.S. Securities and Exchange Commission proposed new regulations, according to Bloomberg.
It's a win for the agency before its rules even go into effect.
Citi underwrote $22 billion across 108 IPOs in 2021, taking nearly 14% of the market, the largest, per SPAC Research.
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Source: reuters.com
BlackRock Cuts Fees on World's Biggest Bond ETF and More
March 31, 2022--Issuer cuts expense ratio on $85 billion AGG fund to 0.03%
Major issuers continue to trim costs to gain an edge
BlackRock Inc. has just cut costs across a handful of ETFs-- including the biggest bond fund in the industry--as big issuers ramp up the famous fee war across the $7 trillion U.S. marketplace.
In Securities and Exchange Commission filings Thursday after the market close, the world's largest issuer of exchange-traded funds reduced the expense ratio on the $85 billion iShares Core U.S. Aggregate Bond ETF (ticker AGG) to 0.03% from 0.04%.
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Source: bloomberg.com
Volatility Shares Launches the 2x Long VIX Futures ETF (Ticker: UVIX) and the -1x Short VIX Futures ETF (Ticker: SVIX)
March 30, 2022--SVIX brings back-1x (inverse) VIX futures exposure
UVIX brings back 2x (long) VIX futures exposure
Today, Volatility Shares announced the launch of the 2x Long VIX Futures ETF (Ticker: UVIX) and the -1x Short VIX Futures ETF (Ticker: SVIX).
UVIX is designed to track, before fees and expenses, twice the Long VIX Futures Index (Ticker: LONGVOL), an index that has been designed to deliver the daily performance of a portfolio of short-term VIX futures contracts.
SVIX is designed to track, before fees and expenses, the Short VIX Futures Index (Ticker: SHORTVOL), an index that has been designed to deliver the full daily inverse performance of a portfolio of short-term VIX futures contracts.
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Source: Volatility Shares
SEC Division of Examinations Announces 2022 Examination Priorities
March 30, 2022--Enhances Focus on Private Funds, ESG, and Operational Resiliency
The Securities and Exchange Commission's Division of Examinations today announced its 2022 examination priorities, including several significant areas of focus and many perennial risk areas.
The Division will focus on private funds, environmental, social and governance (ESG) investing, retail investor protections, information security and operational resiliency, emerging technologies, and crypto-assets.
The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.
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Source: SEC.gov
Optica Capital Launches Rare Earths and Critical Materials ETF (NYSE: CRIT)
March 29, 2022--ETF invests in producers of government-mandated, strategically vital materials, focusing on minerals and metals deemed in critical or short supply
Optica Capital, a strategic and innovative financial firm that designs, launches and manages themed indexes, announces the launch of its first exchange-traded fund (ETF), the Rare Earths and Critical Materials ETF (NYSE: CRIT).
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Source: Optica Capital
Chinese ADR delisting threat looms over ETFs
March 24, 2022--More than 95% of one Invesco ETF is in Chinese ADRs and an iShares ETF is the largest holder of five facing delisting
Exchange traded funds run by global asset managers including BlackRock and Invesco have large exposures to the threat that American depository receipts holdings will be delisted if the Chinese companies fail to meet US auditing requirements.
The US Securities and Exchange Commission has moved closer to delisting certain Chinese companies, identifying the first batch of five that will have to provide proof of audit compliance by the end of March. Failing to do so means they will have to delist from New York's stock exchange by 2024.
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Source: ft.com
Active funds take more of the fixed income ETF pie
March 21, 2022--Recent rule changes by the SEC have made it easier for new entrants to make their mark.
Exchange traded funds that invest in fixed income are dominated by three leading providers: BlackRock, Vanguard and State Street.
But new regulations and rising demand for actively managed variants in this segment of the market are allowing more players to make their mark.
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Source: FT.com
