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Riskier Cousins of ETFs Are Shutting Down Like Never Before
December 9, 2020--Exchange-traded notes face record liquidations, drop in assets
Market volatility, wild price swings highlight ETNs' dangers
A risky corner of the exchange-traded universe is facing closings at the fastest pace ever.
So far this year, 54 exchange-traded notes have either liquidated or delisted, the most in a single year on record, according to data compiled by Bloomberg.
These instruments faced a wild year, even by 2020's standards, with violent market swings at the beginning of the coronavirus pandemic leading several issuers to pull the plug
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Source: bloomberg.com
New York State Pension Fund Sets 2040 Net Zero Carbon Emissions Target
Announcement Builds on Fund's Climate Action Plan
Review of Energy Sector Investments to Be Completed by 2025, With Potential Divestment for Riskiest Companies
Sponsors of Fossil Fuel Divestment Act Support Fund's Strategy
New York State Comptroller Thomas P. DiNapoli announced today that the New York State Common Retirement Fund (Fund), valued at an estimated $226 billion, has adopted a goal to transition its portfolio to net zero greenhouse gas emissions by 2040.
This process will include completion within four years of a review of investments in energy sector companies, using minimum standards to assess transition readiness and climate-related investment risk, with, where consistent with fiduciary duty, divestment of companies that fail to meet minimum standards.
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Source: osc.state.ny.us
Indxx Global Cloud Computing Index Licensed by Mirae Asset Global Investments for an Exchange Traded Fund
December 8, 2020-Indxx is pleased to announce that the Indxx Global Cloud Computing Index (the "Index"), has been licensed by South Korea based ETF Issuer Mirae Asset Global Investments as the underlying benchmark for the Mirae Asset TIGER Global Cloud Computing Indxx ETF (KRX: 371450 KS Equity ), which began trading today.
This marks the second product tracking the Index, the first being the Global X Cloud Computing ETF (Nasdaq: CLOU) in the United States, which launched in 2019 and has gathered well over $1.25 billion in assets.
The Index (Ticker: ICLOUT) tracks the performance of companies that are in the Cloud Computing Industry. The Cloud Computing Industry is involved in the delivery of computing services- servers, storage, databases, networking, software, analytics and more over the Internet which is referred to as "The Cloud".
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Source: Indxx
CBO-Monthly Budget Review for November 2020
December 8, 2020--The federal budget deficit totaled $430 billion in October and November 2020, the first two months of fiscal year 2021, the Congressional Budget Office estimates. That amount is $87 billion more than the deficit recorded during the same period last year. Outlays were higher by 9 percent, and revenues were lower by 3 percent, than in October and November 2019.
Because December 1, 2019, fell on a weekend, outlays through November in that year were boosted by the shift of certain payments from December to November. If not for those timing shifts, outlays so far this year would have been $123 billion greater than those in the same period last year, and the deficit would have risen more—by $136 billion.
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Source: Congressional Budget Office (CBO)
TrimTabs launches ETFs focused on innovation, high yield
December 9, 2020--TrimTabs Asset Management brought to Cboe Global Markets exchange-traded funds focused on innovative companies and high-yield fixed-income securities.
The TrimTabs Donoghue Forlines Risk Managed Innovation ETF and the TrimTabs Donoghue Forlines Tactical High Yield ETF can shift into lower-risk investments based on daily buy/sell signals
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Source: news.yahoo.com/
Trading outages strike again for US retail brokers
December 7, 2020--Robinhood and Interactive Brokers suffer latest in a series of glitches.
Interactive Brokers and Robinhood suffered more outages on Monday-the latest in a series of glitches as online stock-trading brokerages.
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Source: FT.com
JPMorgan Warns of Crowded Trades Amid Markets' 'Clear Consensus'
December 6, 2020-History shows consensus rarely plays out entirely: strategists
Crowded trades include short dollar, long copper, long Bitcoin
There's strong consensus in markets right now and investors need to position to hedge against crowded trades, according to JPMorgan Chase & Co.
The last time such a strong agreement on strategy existed was in late 2017 and early 2018, and that time period serves as a reminder that such a consensus view rarely plays out in its entirety, strategists led by Nikolaos Panigirtzoglou wrote in a note Friday. Global stocks reached records in January 2018 amid massive inflows, but extended positioning in risk assets became a concern and the next month the "Volmageddon" volatility spike crushed trades that many investors had viewed as a sure thing.
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Source: bloomberg.com
Citi Appointed by Dimensional Fund Advisors to Provide Securities Services for New Family of Active ETFs
December 4, 2020--Citi has been appointed by Dimensional Fund Advisors to provide securities services for its new family of actively managed, transparent exchange-traded funds (ETFs), the first two of which launched on November 18. As part of the mandate, Citi will provide fund administration, global custody, transfer agency, agency securities lending and ETF services.
Dimensional Fund Advisors is a global leader in systematic factor investing that has plans to grow its active, transparent ETF offering. Dimensional has successfully launched three core equity ETFs: Dimensional US Core Equity Market ETF (NYSE Arca: DFAU), Dimensional International Core Equity Market ETF (NYSE Arca: DFAI) and Dimensional Emerging Core Equity Market ETF (NYSE Arca: DFAE). In addition, the firm recently unveiled plans to convert six tax-managed mutual funds into new ETFs in 2021- one of the first to do so in the asset management industry.
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Source: marketwatch.com
Active fund investors earn higher returns for tolerating underperformance
December 4, 2020--Research suggests it pays to be patient as even the top active funds have long periods of undershooting the market
Investors looking to outperform the market by putting money into actively managed funds must tolerate longer periods of decline than most are prepared to weather in the hunt for return.
More than 80 per cent of outperforming active funds in the US spent at least one five-year period in the bottom 25 per cent of funds for performance, new research from Vanguard shows.
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Source: FT.com
FTSE Russell to drop eight Chinese companies after U.S. blacklisting
December 4, 2020--Index provider FTSE Russell said on Friday it will delete shares of Hikvision and seven other Chinese companies from certain products after a U.S. order restricting the purchase of shares in those firms.
In a statement sent by a spokesman for owner London Stock Exchange Group, FTSE Russell said it will remove shares in companies including Hangzhou Hikvision, China Railway Construction Corp, and China Spacesat.
FTSE Russell said it acted following feedback from index subscribers and other stakeholders, and that it was following its policy when sanctions are imposed that restrict investments.
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Source: reuters.com
