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BlackRock revamps style ETFs with retail investors in mind
December 18, 2020--The nine iShares will switch to new Morningstar indices that will go live in January
BlackRock will revamp a set of iShares Morningstar-backed ETFs to better reflect how retail investors allocate to growth and value stocks.
The move to a new family of more diversified benchmarks from the low-cost index provider could portend a new front in the ETF fee war, one analyst said.Nine iShares ETFs representing about $7bn in assets in March will move their benchmarks from Morningstar's US Style Index family to the new Morningstar Broad Style Index family, BlackRock announced on Tuesday. The Morningstar Broad Style Indexes will go live in January, the announcement states.
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Source: FT.com
Federal Reserve frees up US banks to resume share buybacks
December 18, 2020--Pandemic stress test results show lenders to be 'source of strength', regulator says
The Federal Reserve has given America’s most profitable banks the green light to resume share buybacks for the first quarter of next year, even though it found that the country's biggest lenders could face pandemic-related loan losses of more than $600bn.
The US central bank's decision to lift a six-month ban on buybacks followed months of public protests by profitable lenders, including Morgan Stanley and JPMorgan Chase, several of whom immediately signalled their intention to restart purchases.
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Source: FT.com
Coinbase announces confidential submission of draft registration statement
December 17, 2020--Coinbase Global, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC").
The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.
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Source: coinbase.com
Stock index giant MSCI to remove some Chinese stocks under U.S. pressure
December 16, 2020--MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes.
The announcement follows similar moves by S&P Dow Jones Indices, FTSE Russell and U.S.-based trading app Robinhood to limit customers' exposure to the affected Chinese stocks.
MSCI plans to launch versions of the indexes that keep the deleted names.
Global investors are turning cautious on investing in some Chinese companies named in a U.S. government executive order.
MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes effective at the close of businesses on Jan. 5, 2021.
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Source: cnbc.com
The SPAC and New Issue ETF (SPCX) Launches on the NYSE
December 16, 2020--First Actively-Managed SPAC ETF Gives Investors Access to a Burgeoning Market
The SPAC and New Issue ETF (NYSE: SPCX) starts trading on the New York Stock Exchange today. SPCX is the first actively-managed ETF that gives investors direct exposure to the disruptive capital markets theme of Special Purpose Acquisition Companies (SPACs).
"The SPAC market has traditionally been hard to access for all but a small group of institutional investors" says Matthew Tuttle, Chief Executive Officer and Chief Investment Officer of Tuttle Tactical Management LLC ("TTM"), which serves as the Advisor to SPCX.
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Source: Tuttle Tactical Management
Federal Reserve Board and Federal Open Market Committee release economic projections from the December 15-16 FOMC meeting
December 16, 2020--Summary of Economic Projections
In conjunction with the Federal Open Market Committee (FOMC) meeting heldon December 15-16, 2020, meeting participants submitted their projections ofthe most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2020 to 2023 and over the longer run.
Each participant's projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy-including a path for the federal funds rate and its longer-run value-and assumptions about other factors likely to affect economic outcomes.
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Source: federalreserve.gov
JPMorgan was losing bidder in $7bn battle for asset manager Eaton Vance
December 16, 2020--Jamie Dimon's JPMorgan Chase lost out to Morgan Stanley in the $7bn bidding battle to purchase US funding manager Eaton Vance, a revelation that highlights the fierce competitors amongst Wall Street powerhouses to beef up their asset administration arms.
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Source: FT.com
Booming IPO ETF to shuffle holdings after more than doubling this year
December 16, 2020--The high-flying Renaissance IPO exchange-traded fund (IPO) will have its quarterly rebalancing after Friday's closing bell, adding a slew of companies that recently made their public-market debut.
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Source: cnbc.com
Cboe Becomes Primary Listing Exchange for ProShares Volatility ETFs
December 16, 2020--Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today announced that the full suite of ProShares Volatility ETFs successfully transferred to Cboe BZX Exchange from NYSE Arca for trading beginning Wednesday, December 16.
ProShares Volatility ETFs are designed to offer exposure to the S&P 500 VIX Short-Term Futures Index and the S&P 500 VIX Mid-Term Futures Index, as well as leveraged and inverse exposure to the S&P 500 VIX Short-Term Futures Index.
The ETFs include: VIX Short-Term Futures ETF (Ticker: VIXY), VIX Mid-Term Futures ETF (Ticker: VIXM), Ultra VIX Short-Term Futures ETF (Ticker: UVXY) and Short VIX Short-Term Futures ETF (Ticker: SVXY). With the addition of these four ETFs, Cboe BZX Exchange now lists a total of 22 ETFs from ProShares. These comprise of 11 ETFs which had launched on Cboe, and 11 ETFs which transferred to Cboe from competing exchanges.
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Source: CBOE
BP Boosts Its Bet on Trees
December 16, 2020--With majority ownership of Finite Carbon, the oil giant plans to take global the business of paying landowners not to cut down trees
BP has bought a controlling stake in the largest U.S. producer of carbon offsets, doubling down on a bet that preserving forests will be key to companies meeting their carbon-reduction goals.
The oil giant in late 2019 made a $5 million venture investment in Pennsylvania's Finite Carbon, which helps landowners sell their forests as carbon sinks. With majority ownership of Finite, BP plans to take global the business of paying landowners not to cut down trees.
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Source: wsj.com
