Americas ETP News
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Federal Debt and the Statutory Limit, July 2021
July 21, 2021--CBO projects that if the debt limit is not raised, the Treasury would probably run out of cash and be unable to make its usual payments starting sometime in the first quarter of the next fiscal year, most likely in October or November.
Summary
The debt limit-commonly called the debt ceiling-is the maximum amount of debt that the Department of the Treasury can issue to the public or to other federal agencies. The amount is set by law and has been increased over the years to finance the government's operations. Currently, there is no statutory limit on the issuance of new federal debt because the Bipartisan Budget Act of 2019 (Public Law 116-37), enacted in August 2019, suspended the limit through July 31, 2021. On August 1, 2021, the debt limit will be reset to the previous ceiling of $22.0 trillion, plus the cumulative borrowing that occurred during the period of suspension.
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Source: SEC.gov
New Female-Led ETFs Are Bringing 'Do More Good' Mantra to U.S.
July 21, 2021--The funds are backing the biggest carbon evaders and replicate the managers' U.K. clean energy offerings.
The latest clean energy ETFs to hit the market are looking to promote companies doing the most to avoid carbon emissions.
iClima, a female-led fintech, is launching the exchange-traded funds Wednesday, fresh off the debut of similar funds in the U.K. where the firm is based.
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Source: bloomberg.com
Nasdaq: private market exchange is the next frontier
July 20, 2021--New division would join forces with Goldman Sachs, Morgan Stanley, Citigroup and SVB.
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Source: ft.com
Viridi Funds Launches $RIGZ, an NYSE-Listed Cleaner Energy Crypto-Mining & Semiconductor ETF
July 20, 2021--Actively Managed ETF Serves as the First Clean Energy Crypto Mining Product in the United States
Viridi Funds ("Viridi"), a registered investment advisor and emerging fund manager providing environmentally focused crypto investment products, today announced the launch of the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSE: RIGZ, "RIGZ" or "the Fund").
The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF is an actively managed exchange-traded fund that is focused on investments within the cryptocurrency mining and mining infrastructure industries.
RIGZ was created by Viridi to align profit with purpose- a growing number of investors are keen to gain exposure to the cryptocurrency sector through regulated investment vehicles, but also want to see active leadership and commitment to environmental sustainability. Bitcoin mining is a sector that is particularly well suited to such an investment product as, according to recent figures, over 50% of North American bitcoin mining is done using renewable energy sources, which is a trend that Viridi hopes to encourage through products like RIGZ.1
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Source: Viridi Funds
UBS Settles Charges Related to Investments in Complex Exchange-Traded Product
July 19, 2021--More Than $8 Million Returning to Harmed Investors as Part of Ongoing Risk-Based Initiative
The Securities and Exchange Commission today filed a settled action against UBS Financial Services Inc. for compliance failures relating to sales of a volatility linked exchange-traded product (ETP). This is the sixth matter arising from the Enforcement Division's ETP Initiative.
As described in the SEC's order, the ETP at issue is designed to track short-term volatility expectations in the market as measured against derivatives of a volatility index. According to the order, the issuer of the product warned UBS that it was not appropriate to hold the product for extended periods, and the product’s offering documents made clear that the product was more likely to decline in value when held over a longer period. The order finds that UBS prohibited brokerage representatives from soliciting sales of the product and placed other restrictions on sales of the product to brokerage customers, but did not place similar restrictions on certain financial advisers' use of the product in discretionary managed client accounts.
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Source: SEC.gov
FTSE Russell to review $9tn US index shake-up
July 19, 2021-- FTSE Russell has launched an internal review into the rebalancing frequency of its widely followed family of US stock indices.
Massive concentration of trading around rebalancing prompts rethink.
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Source: FT.com
SS&C ALPS Advisors Adds Active Large-Cap Value ETF to the Lineup
July 16, 2021-The ALPS|Hillman Active Value ETF invests in stocks of large U.S. companies which the Fund's managers believe have sustainable competitive advantages and may be temporarily undervalued by investors
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that SS&C ALPS Advisors, an asset manager and wholly-owned subsidiary of SS&C, launched the ALPS|Hillman Active Value ETF (HVAL), an active large-cap value ETF.
"ALPS Advisors is recognized for innovation and that continues with our Hillman Capital partnership," said Laton Spahr, President of SS&C ALPS Advisors. "Bringing the strategy to market as an ETF may provide additional benefits and broadens access to the great tradition of Hillman Capital."
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Source: SS&C / ALPS Advisors
Demand for loan ETFs 'skyrockets' as inflation worries intensify
July 16, 2021--Demand for exchange traded funds investing in senior loans has rocketed this year as investors hunt for respite from rising inflation.
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Source: ft.com
Renaissance Capital Greenwich Funds files with the SEC-Renaissance IPO ETF
July 15, 2021-Renaissance Capital Greenwich Funds has filed a Form 497K-Summary Prospectus with the SEC for the Renaissance IPO ETF.
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Source: SEC.gov
Goldman Sachs Asset Management Announces Launch of Goldman Sachs Future Planet Equity Exchange-Traded Fund
July 15, 2021--Goldman Sachs Asset Management today announced the launch of the Goldman Sachs Future Planet Equity ETF ("GSFP" or the "Fund"). GSFP is the first transparent, actively managed equity ETF launched by Goldman Sachs and expands the firm's existing suite of thematic ETFs designed to help investors position their portfolios on the right side of disruption by providing focused exposure to long-term secular growth trends.
Goldman Sachs intends to invest in the Fund alongside its clients.
"Rapid change is disrupting the status quo across industries and around the world. We believe we are on the cusp of a sustainability revolution that could have the scale of the industrial revolution and the speed of the digital revolution. In our view, this may give rise to a unique wealth creation opportunity for investors over the next decade," said Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management.
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Source: Goldman Sachs Asset Management
