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VanEck commodities ETF highlights complexities of investing
September 24, 2023--CMCI investors have to take views on inflation expectations, the transition economy and how long they plan to hold it
VanEck's decision last month to launch an exchange traded fund version of its $570mn constant maturity commodities index mutual fund highlights some of the issues around using such ETFs.
Despite VanEck's strong conviction in the strategy, it has taken it 13 years since the launch of the mutual fund to unveil an ETF version.
"Following a difficult bear market in commodities that began in the middle of the last decade, we are excited to expand our offerings to those investors that prefer the features of exchange traded funds, such as intraday liquidity, at a time when more investors are considering the merits of commodities in their portfolio," said Brandon Rakszawski, senior ETF product manager at VanEck.
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Source: ft.com
SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations
September 22, 2023--The Securities and Exchange Commission today announced settled charges against broker-dealer Citadel Securities LLC for violating a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt.
These records are routinely used by regulators in policing prohibited short selling activity. To settle the SEC's charges, Miami-based Citadel Securities agreed to pay a $7 million penalty.
According to the SEC's order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa. The SEC's order finds that the inaccurate marks resulted from a coding error in Citadel Securities's automated trading system and that the firm provided the inaccurate data to regulators, including the SEC during this period.
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Source: SEC.gov
Goldman to Pay SEC $6 Million in Penalties for Providing Deficient Blue Sheet Data
September 22, 2023--The Securities and Exchange Commission today announced settled charges against Goldman Sachs & Co. LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Goldman agreed to pay a $6 million penalty to resolve the SEC's charges.
According to the SEC's order, over a period of approximately ten years, Goldman made more than 22,000 deficient blue sheet submissions to the SEC. The order finds that, as a result of 43 different types of errors, these submissions contained missing or inaccurate trade data for at least 163 million transactions. The order further finds that Goldman lacked adequate processes to verify the accuracy of its electronic blue sheet submissions.
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Source: SEC.gov
Securities lending earnings dwarf fees in some ETFs
September 22, 2023--Bonanza for the niche thematic funds arose because the stocks they owned were tumbling in value
Unusually large securities lending revenues at a clutch of exchange trade funds dwarfed their annual management fees by a factor of five last year.
However, the bonanza may have come as cold comfort to investors, because the strong demand to borrow the ETFs' stocks was due to the fact they were tumbling in value- leaving investors badly out of pocket in spite of the windfall.
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Source: ft.com
Matthews Launches Five New Active ETFs to Provide Greater Customization in Emerging Markets
September 22, 2023--Matthews further enhanced its Emerging Markets leadership in Active ETFs today with the launch of five new actively managed exchange-traded funds (ETFs) on the New York Stock Exchange. Following the launch of its Active ETFs platform last year, this will bring the firm's suite of Emerging Market and Asia-focused ETFs to 10.
"At Matthews, we are pragmatic, skeptical, risk-aware, and fact-based in our analysis of investment opportunities. Sophisticated investors have long sought Emerging Market exposure, for returns and diversification," said Cooper Abbott, CEO of Matthews.
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Source: Matthews Asia
AllianceBernstein Launches AB US Large Cap Strategic Equities ETF (LRGC) on NYSE Arca
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September 20, 2023--AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P., a leading global investment management and research firm, announced today the launch of AB U.S. Large Cap Strategic Equities ETF (LRGC) as an active exchange-traded fund (ETF) on the New York Stock Exchange (NYSE).
Global trading firm Jane Street will be the Lead Market Maker on this product and will bring extensive industry experience and pricing expertise to AB's ETFs.
"The launch of AB U.S. Large Cap Strategic Equities ETF demonstrates our continued commitment to innovation and growth in order to meet evolving client needs," said AB's Global Head of ETFs and Portfolio Solutions Noel Archard.
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Source: AllianceBernstein
SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names
September 20, 2023--The Securities and Exchange Commission today adopted amendments to the Investment Company Act "Names Rule," which addresses fund names that are likely to mislead investors about a fund's investments and risks.
The amendments modernize and enhance the Names Rule and other names-related regulatory requirements to further the Commission's investor protection goals and to address developments in the fund industry in the approximately 20 years since the rule was adopted.
"As the fund industry has developed over the last two decades, gaps in the current Names Rule may undermine investor protection," said SEC Chair Gary Gensler. "Today’s final rules will help ensure that a fund's portfolio aligns with a fund's name. Such truth in advertising promotes fund integrity on behalf of fund investors."
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Source: SEC.gov
Active U.S. funds outperform passive counterparts, Morningstar report reveals
September 19, 2023--In a significant shift, over half of U.S. actively managed mutual funds and ETFs have outperformed their average passive counterparts in the year ending June, according to a recent report by Chicago-based research firm Morningstar.
This marks a notable increase from 43% in the calendar year ending December 2022.
The comprehensive study, which incorporated 8,212 funds and ETFs representing around $17 trillion in assets or approximately 55.9% of the U.S. fund market as of June 30, showed that active funds excelled across multiple asset classes and nearly all categories monitored by the firm. The only category not keeping pace was corporate bond funds, with just 40% outperforming passive rivals during the same period.
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Source: finance.yahoo.com
BondBloxx launches high yield bond sector rotation ETF sub-advised by Macquarie Asset Management
September 19, 2023--First of its kind active ETF allocates among high yield bond sector ETFs
BondBloxx Investment Management announces the launch of the BondBloxx USD High Yield Bond Sector Rotation ETF (HYSA), which began trading on the NYSE Arca on September 18.
This active ETF is the first of its kind, offering access to a high yield bond sector rotation strategy that allocates among precise high yield bond sector ETFs and seeks to maximize total return. Macquarie Asset Management serves as the fund's sub-adviser, a role that leverages their extensive experience in active high yield bond portfolio management, research, and risk management, and builds on the partnership announced with BondBloxx earlier this year.
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Source: BondBloxx Investment Management Corporation
Roundhill Sports Betting & iGaming ETF (NYSE Arca: BETZ) Changes Underlying Index
September 18, 2023--BETZ to track Morningstar Sports Betting & iGaming Select Index
On July 27, 2023, Roundhill Financial Inc. (the "Adviser"), the investment adviser to the Roundhill Sports Betting & iGaming ETF (the "Fund") has announced it will modify the underlying index of the Fund from the Roundhill Sports Betting and iGaming Index (the "Current Index") to the Morningstar Sports Betting & iGaming Select IndexSM (the "New Index").
These changes are anticipated to go into effect following the market closing on September 29, 2023. The Fund will open for trading on October 2, 2023 tracking the new Index.
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Source: Roundhill Investments