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J.P. Morgan Asset Management Launches Two Hedged Equity Funds: JHQDX and JHQTX
February 26, 2021--J.P. Morgan Asset Management today announced the launch of two Hedged Equity funds: JPMorgan Hedged Equity 2 (I-Shares: JHQDX) and JPMorgan Hedged Equity 3 (I-Shares: JHQTX) (collectively, the "funds"). Employing the scale and expertise of J.P. Morgan's Global Equities platform, both funds seek broad S&P 500 equity exposure while hedging overall market risk relative to traditional long-only equity strategies.
Each fund's hedged strategy is implemented on staggered start dates, resetting its hedged period1 every three months to seek a consistent investment experience. At the beginning of each hedged period, a disciplined options overlay strategy is implemented based on market conditions, and over the long-term, intends to reduce the fund's risk by offsetting losses resulting from market volatility.
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Source: J.P. Morgan Asset Management
CI Global Asset Management Files Preliminary Prospectus for World's First Ether ETF
February 25, 2021--Filing reflects CI's emerging leadership in digital assets and aligns with CEO’s strategic priority to modernize its asset management platform
CI Global Asset Management ("CI GAM") announced today that it has filed and obtained a receipt for a preliminary prospectus for CI Galaxy Ethereum ETF ("ETHX" or the "ETF").
When launched, it is expected to be the first ETF in the world to invest directly in Ether,the cryptocurrency built on the Ethereum blockchain.
"Cryptocurrencies are transforming the financial world,and we are excited to launch the world's first ETF investing directly in Ether,one of the most highly valued cryptocurrencies," said Kurt MacAlpine,Chief Executive Officer of CI Financial,the parent company of CI GAM.
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Source: CI Global Asset Management
Coinbase files to go public in a key listing for the cryptocurrency category
February 25, 2021--This morning Coinbase, an American cryptocurrency exchange, released an S-1 filing ahead of its direct listing. The company's public debut has been hotly anticipated thanks to recent activity amongst bitcoin and other blockchain-based assets, the company's controversial political positions and its spiking valuation on private exchanges.
Coinbase's financials show a company that grew rapidly from 2019 to 2020. More than that, the company also crossed the threshold into unadjusted profitability; it's common amongst quickly growing tech companies to lean more heavily on adjusted profit and other more flattering metrics.
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Source: techcrunch.com
Gross Domestic Product, Fourth Quarter and Year 2020 (Second Estimate)
February 25, 2021--Real gross domestic product (GDP) increased at an annual rate of 4.1 percent in the fourth quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 percent.
The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 4.0 percent.
With the second estimate, upward revisions to residential fixed investment, private inventory investment, and state and local government spending were partly offset by a downward revision to personal consumption expenditures (PCE) (see Technical Note).
The increase in real GDP reflected increases in exports, nonresidential fixed investment, PCE, residential fixed investment, and private inventory investment that were partly offset by decreases in state and local government spending and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
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Source: bea.gov
New WisdomTree ETC on Xetra: access to the energy commodity sector with roll optimisation
February 25, 2021-A new exchange-traded commodity issued by WisdomTree has been tradable on Xetra and Börse Frankfurt since Thursday.
With the WisdomTree Energy Enhanced -EUR Daily Hedged, investors can participate in the performance of US dollar-denominated futures contracts on commodities from the energy sector.
Using an optimised roll methodology, roll losses arising from the exchange of maturing futures contracts are minimised during periods of contango markets and roll gains are maximised during backwardation markets. In addition, currency risks between the US dollar and the euro are hedged.
Roll losses in contango markets occur when the next futures contract on a commodity is more expensive than the expiring front month futures contract. The opposite case is called a backwardation market.
Name: WisdomTree Energy Enhanced - EUR Daily Hedged
Asset class: ETC
ISIN: XS2284324667
Ongoing charges: 0.40 per cent
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Source: Deutsche Börse
AdvisorShares' US cannabis ETF surpasses $1bn in assets
February 24, 2021--AdvisorShares' actively managed US cannabis ETF has surpassed $1 billion in assets under management, less than six months after its debut on NYSE Arca.
Introduced in September 2020, the AdvisorShares Pure US Cannabis ETF (MSOS US) seeks long-term capital appreciation by investing in entirely legal, domestic US cannabis equity securities.
The fund, which is up 42.3% YTD and 106.7% since inception, has chimed with thematic investors as well as those seeking a high-growth alpha opportunity to complement a broad-based equity allocation.
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Source: etfstrategy.com
US Central Bank Explains 'Preconditions' for a Digital Dollar
February 24, 2021--The U.S. central bank is grappling with how to proceed on a potential "digital dollar" project.
Hours after U.S. Federal Reserve Chair Jerome Powell declared 2021 to be a pivotal year in consulting the public on the digital dollar, his underlings issued a paper describing what that consultation might look like.
In a Wednesday FEDS Notes, Fed Reserve Senior Counsel Jess Cheng, Payments Specialist Angela N. Lawson and Technology Lab Manager Paul Wong said the onus would be on broadly engaging the public regarding the pros and cons of a U.S. central bank digital currency (CBDC).
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Source: coindesk.com
Invesco Expands Multi-Factor Suite with International Equities ETF, 'IMFL'
February 24, 2021--Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, today announced the launch of the Invesco International Developed Dynamic Multifactor ETF (IMFL).The addition of IMFL broadens the firm's dynamic multifactor suite, which currently includes ETFs that access large-cap and small-cap US equities to include international equities.
Invesco's dynamic multifactor ETFs adapt and evolve factor holdings as the market environment changes. "Invesco has a strong track record of offering dynamic multi-factor ETFs that adapt and evolve factor holdings as the market environment changes," said Anna Paglia, Global Head of ETFs and Indexed Strategies at Invesco. "Clients will now have access to international equities across geographies through an easily accessible single suite of ETFs.
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Source: invesco.com
FEDS Notes-Preconditions for a general-purpose central bank digital currency
February 24, 2021--Introduction
Money is a social and legal construct underpinned by trust. Conceptions of money have evolved and money has taken many forms over the years. In North America, pre-colonial trade was often conducted in wampum, corn, and fur pelts. In fact, wampum, which are decorative beads made from shells, were recognized as official currency by the Massachusetts Bay Colony in 1650.
2 The Federal Reserve note, which was first issued in 1914, is a relatively recent development by historical standards. Today, there are ongoing discussions on a new form of central bank money distinct from physical cash and limited-access central bank deposits. This report focuses on the potential for a general-purpose CBDC that can be used by the public for day-to-day payments.
Crucial to whether "money" is successful is whether it is seen as a safe, stable and reliable instrument. Cash, central bank deposits, and a potential CBDC are all liabilities of the central bank; funds in a bank account are the liability of a commercial bank; and honoring balances on a retail stored value card is an obligation of issuer-but most people do not think of money in terms of their status as a liability and obligation of banks or other entities.
What people care about is not the nuances of how money is recorded on a ledger somewhere, but whether the "money" in question can be safely and reliably used to make a purchase today, as well as in the future. Most people take for granted that cash maintains its full value, funds at a bank are secure, and businesses will honor store credit. Seen in this light, a CBDC could offer another form of safe and reliable money.
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Source: federalreserve.gov
JPMorgan's blockchain payments test is literally out of this world
February 24, 2021--Stuck in space with bills to pay? Don't worry, the satellites could take care of it.
JPMorgan Chase & Co has recently tested blockchain payments between satellites orbiting the earth, executives at the bank told Reuters, showing that digital devices could use the technology behind virtual currencies for transactions.
The so-called Internet of Things (IoT), where devices connect to one another, is most associated with consumer electronics, including smart speakers like Amazon Echo and Google Home, and banks want to be ready to process payments when these smart devices start doing transactions autonomously.Umar Farooq, the CEO of JPMorgan's blockchain business Onyx, thought space was a cool place to try it out.
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Source: reuters.com
