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Invesco launches ESG version of $200bn exchange traded fund
October 27, 2021-- Top tech groups get lower weighting in ETF that tracks Nasdaq-100 index.
A new version of one of the world's biggest exchange traded funds will manage holdings adhering to environmental, social and governance criteria. One feature will be lower weights for some technology titans including Tesla, Facebook and Amazon.
The $200bn QQQ ETF, which tracks the Nasdaq-100 stock index, is the second most actively traded exchange traded fund. On Wednesday the fund manager Invesco launched ESG versions for investors in the US and Europe, based on a new form of the index created by Nasdaq in June.
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Source: ft.com
First Trust Launches Two New Allocation-Based Portfolios of Target Outcome Buffer ETFs
October 27, 2021--FT Cboe Vest Buffered Allocation Defensive ETF
FT Cboe Vest Buffered Allocation Growth ETF
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund (“ETF") provider and asset manager, announced today that it has launched the FT Cboe Vest Buffered Allocation Defensive ETF (Cboe: BUFT) and the FT Cboe Vest Buffered Allocation Growth ETF (Cboe: BUFG) (collectively, the “funds").
Both funds seek to achieve their investment objective by investing in a portfolio of Target Outcome Buffer ETFs (the “Underlying ETFs") that seek to provide investors with returns (before fees and expenses) based on the price return of the SPDR(R) S&P 500(R) ETF Trust (“SPY"), up to a predetermined cap, while providing a defined buffer against losses of SPY over a Target Outcome Period of one year.
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Source: First Trust
'Ruthless' bitcoin ETF fee war looms after Van Eck filing
October 25, 2021--Asset manager's planned launch will significantly undercut ProShares' BITO and Valkyrie's BTF
A potentially "brutal" price war for US-listed bitcoin exchange traded funds could kick off as soon as Monday, less than a week after the launch of the first such vehicle.
Van Eck has lodged a filing with the US Securities and Exchange Commission to launch its Bitcoin Strategy ETF (XBTF) "as soon as practicable" and signalled that it will charge a management fee of just 65 basis points.
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Source: ft.com
State Street says it has no plan to offload asset management arm
October 22, 2021--ETFs help fuel 26% surge in assets under management in 12 months to September 30
State Street has no plans to relinquish its asset management arm, executives said, as the company revealed exchange traded funds had buoyed a 26 per cent jump in assets under management in the year to September 30.
The executives, speaking during the company's third-quarter earnings call, declined to comment on reports that the manager had been in dealmaking talks with rivals about its fund business. Instead, they underscored how important the unit was for the company.
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Source: ft.com
Regional Economic Outlook, October 2021, Western Hemisphere: A Long and Winding Road to Recovery
October 21, 2021--Regional Economic Outlook for Latin America and the Caribbean, October 2021
An economic recovery is underway in Latin America and the Caribbean (LAC) but the pandemic still casts shadows on much of the region. The recovery was robust in the first quarter of 2021 but lost momentum in some countries in the second quarter, reflecting the rebound in COVID-19 cases.
Real GDP is projected to grow by 6.3 percent in 2021, followed by a more moderate growth of 3 percent in 2022, but would not catch up with pre-pandemic trends in the medium term as persistent weakness in labor markets raises risks of scarring.
Broadly favorable external conditions, high commodity prices, and pent-up demand support short-term growth, while monetary and fiscal policy reversals work in the other direction. Risks to the outlook are tilted downward.
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Source: IMF.org
Financial Stability Oversight Council Identifies Climate Change as an Emerging and Increasing Threat to Financial Stability
October 21, 2021-In First Step, FSOC Releases Report and Recommendations on Climate-related Financial Risk
The Financial Stability Oversight Council (FSOC) has released a new report in response to President Biden's Executive Order 14030, Climate-related Financial Risk. For the first time, FSOC has identified climate change as an emerging and increasing threat to U.S. financial stability.
The report and accompanying recommendations demonstrate FSOC's commitment to building on and accelerating existing efforts on climate change through concrete recommendations for member agencies to:
Assess climate-related financial risks to financial stability, including through scenario analysis, and evaluate the need for new or revised regulations or supervisory guidance to account for climate-related financial risks;
Enhance climate-related disclosures to give investors and market participants the information they need to make informed decisions, which will also help regulators and financial institutions assess and manage climate-related risks;
Enhance actionable climate-related data to allow better risk measurement by regulators and in the private sector; and
Build capacity and expertise to ensure that climate-related financial risks are identified and managed.
view the Financial Stability Oversight Council report on Climate-Related Financial Risk 2021
Source: treasury.gov
New York Life Investments Expands Its Dual Impact Lineup With The Launch Of Three Thematic ETFs
October 21, 2021--New ETFs align with and support the individual missions of leading non-profit organizations -Girls Who Code, Oceana, and National Wildlife Federation
Dual Impact thematic funds are designed for investors who want to position their portfolios potential to do well while helping to have a positive impact on our environment, our society, and beyond
IndexIQ, a New York Life Investments company, today announced the expansion of its Dual Impact family of thematic investment strategies with the launch of three new funds: IQ Engender Equality ETF (NYSE Ticker: EQUL), IQ Clean Oceans ETF (NYSE Ticker: OCEN), and IQ Cleaner Transport ETF (NYSE Ticker: CLNR).
Each fund has been launched in alignment with the mission of a nonprofit leader, and reflects initiatives, research and programs of that organization. Additionally, New York Life Investments has committed to making a contribution to each nonprofit equal to ten percent of the respective fund's management fee so they can continue to have a direct impact around a key cause.
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Source:New York Life Investments
Federal Reserve Beige Book-October 20, 2021
October 20, 2021--Overall Economic Activity
Economic activity grew at a modest to moderate rate, according to the majority of Federal Reserve Districts. Several Districts noted, however, that the pace of growth slowed this period, constrained by supply chain disruptions, labor shortages, and uncertainty around the Delta variant of COVID-19. A majority of Districts indicated positive growth in consumer spending; however, auto sales were widely reported as declining due to low inventory levels and rising prices.
Travel and tourism activity varied by District with some seeing continued or strengthening leisure travel while others saw declines that coincided with rises in COVID cases and the start of the school year. Manufacturing grew moderately to robustly in most parts of the country, as did trucking and freight. Growth in nonmanufacturing activity ranged from slight to moderate for most Districts. Loan demand was generally reported as flat to modest this period. Residential real estate activity was unchanged or slowed slightly but the market remained healthy, overall. Reports on nonresidential real estate varied across Districts and market segments. Agriculture conditions were mixed and energy markets were little changed, on balance.
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Source: federalreserve.gov
Horizons ETFs Launches Active Emerging Markets ETF
October 20, 2021--Sub-advised by Mirae Asset USA, this new actively managed ETF provides exposure to leading companies in the emerging markets
Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the launch of the Horizons Emerging Markets Leaders ETF ("HEMC"). Units of the ETF will begin trading today on the Toronto Stock Exchange ("TSX") under the ticker symbol HEMC:TSX.
HEMC is sub-advised by Mirae Asset Global Investments (USA) LLC ("Mirae Asset USA" or "Sub-Advisor"), utilizing the expertise of Mirae Asset Global Investment's global emerging markets equity team. This team is comprised of 13 portfolio managers and analysts, many of whom are located in the local markets that HEMC invests in. The Mirae Asset Financial Group oversees more than $215 billion in assets for clients worldwide.
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Source: Horizons ETFs Management (Canada) Inc.
Valkyrie Secures Go-Ahead for Bitcoin Futures ETF
October 20, 2021--The crypto-native fund manager is the third sponsor of a bitcoin futures exchange-traded fund to clear all regulatory hurdles.
Valkyrie Investments's bitcoin futures exchange-traded fund (ETF) has won the blessing of the U.S. Securities and Exchange Commission.
The new ETF is set to start trading on Friday, after the bitcoin-linked fund cleared the final regulatory hurdles, a Valkyrie spokesperson said. It will trade on Nasdaq under the ticker BTF on Nasdaq, despite short-lived plans to adopt the more meme-centric ticker BTFD.
Valkyrie is only the third investment company-and the first crypto-native- to receive the Securities and Exchange Commission's greenlight. The ProShares Bitcoin Strategy ETF (stock ticker BITO) launched Tuesday. VanEck's own bitcoin futures ETF offering is slated to trade starting early next week.
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Source: coindesk.com
