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Bitcoin ETF Deadlines Loom Again for SEC Ahead of Labor Day Weekend
August 28, 2023--The journey to a potential Bitcoin ETF has so far been long and arduous. But some key decisions in the race are likely coming this week as crypto faithful await to see how things play out this time.
The US Securities and Exchange Commission is expected to respond to filings from Bitwise, BlackRock, VanEck, WisdomTree and Invesco right before the Labor-Day weekend, according to Bloomberg Intelligence.
Regulators can reject, approve or delay. Bitwise's application is set for consideration by Friday, with the others due the following day, making it likely the SEC will weigh in before the weekend.
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Source: bnnbloomberg.ca
AXS Investments Teams with Gapstow Capital Partners to Transform the High Yield Space with RINC, a Unique Real Estate Income ETF
August 28, 2023--AXS Real Estate Income ETF (RINC) provides an alternative path to higher yields with exposure to liquid real estate investments
AXS Investments, a leading asset manager providing access to alternative investments for income, growth and diversification, is today adding a new ETF to its fund lineup: the AXS Real Estate Income ETF (RINC).
RINC seeks to track the performance of the Gapstow Real Estate Income Index (GREI) and is designed for investors looking for a differentiated source of high yield.
The RINC ETF marks the launch of the AXS partnership with Gapstow Capital Partners, which developed the fund's underlying index. This proprietary index is designed to track publicly traded mortgage REITs (mREITs) that own and/or originate real estate debt. Unlike existing ETFs providing mREIT exposure, RINC is equally weighted by sector-50% commercial real estate lending, 25% non-agency residential real estate debt, and 25% agency residential real estate debt-with the mREITs within those sectors also equally weighted. The index rebalances quarterly to maintain its diversified exposure.
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Source: AXS Investments
SEC Announces First Fee Rate Advisory for Fiscal Year 2024
August 25, 2023--The Securities and Exchange Commission today announced that the fees that public companies and other issuers pay to register their securities with the Commission will increase from $110.20 per million dollars to $147.60 per million dollars, effective Oct. 1.
The new fee rate will be applicable to the registration of securities under Section 6(b) of the Securities Act of 1933, the repurchase of securities under Section 13(e) of the Securities Exchange Act of 1934, and proxy solicitations and statements in corporate control transactions under Section 14(g) of the Securities Exchange Act of 1934.
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Source: SEC.gov
KraneShares Dynamic Emerging Markets Strategy ETF (Ticker: KEM) Lists On NYSE
August 25, 2023--Krane Funds Advisors, LLC ("KraneShares"), an asset management firm known for its China-focused exchange-traded funds (ETFs) and innovative investment strategies, today announced the launch of the KraneShares Dynamic Emerging Markets Strategy ETF (Ticker: KEM) on the New York Stock Exchange.
KEM is designed to address evolving opportunities within the emerging markets (EM) landscape, highlighting the significance of China as a separate asset class. KEM dynamically allocates between China and Emerging Markets ex China, optimizing China exposure based on real-time signals. China and Emerging Markets ex China are represented in KEM by the KraneShares MSCI All China Index ETF (Ticker: KALL) and the KraneShares MSCI Emerging Markets ex China Index ETF (Ticker: KEMX), respectively.
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Source: KraneShares
YieldMax Launches Option Income Strategy ETFs on Microsoft and Disney
August 25, 2023--YieldMax announced the launch today of the following ETFs:
YieldMax MSFT Option Income Strategy ETF (NYSE Arca: MSFO)
YieldMax DIS Option Income Strategy ETF (NYSE Arca: DISO)
MSFO and DISO seek to generate monthly income via a synthetic covered call strategy on Microsoft Corporation (MSFT) and The Walt Disney Company (DIS), respectively.
The ETFs are actively managed by ZEGA Financial. These ETFs do not invest directly in MSFT or DIS.
MSFO and DISO are the newest members of the growing YieldMax ETF family and, like all YieldMax ETFs, aim to deliver substantial monthly income to investors. Please see table below for distribution and yield information for all outstanding YieldMax ETFs.
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Source: YieldMax
Jeremy Grantham's GMO enters ETF space for the first time
August 25, 2023--The active offering will invest in companies it classifies as 'high quality'
GMO, the value-oriented house co-founded by the veteran investor Jeremy Grantham, has filed to launch its first exchange traded fund, a regulatory filing shows.
The actively managed GMO US Quality ETF will invest primarily in companies that GMO believes to be of "high quality", the filing says.
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Source: ft.com
Vanguard share class monopoly faces challenge with unique filing
August 24, 2023--US investment boutique hopes first application for mutual fund share classes of ETFs will gain approval
A US investment boutique has filed with regulators to launch mutual fund share classes of its family of exchange traded funds in the latest attempt by the industry to break Vanguard's lucrative US-wide monopoly on the innovative structure.
Vanguard was granted a US patent for its "ETF-as-a-share-class" structure in 2000, allowing it to operate a mutual fund and a sister ETF as essentially the same vehicle, generating superior tax efficiency and economies of scale.
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Source: ft.com
JPMorgan Wins Ruling That Leveraged Loans Are Not Securities
August 24, 2023--JPMorgan Chase & Co. won a federal appeals court ruling that a $1.8 billion leveraged loan at issue in a court case was not a security, a victory for the banking and private equity industries.
The decision Thursday by the Second Circuit US Court of Appeals in Manhattan came in a securities fraud lawsuit brought by a trustee for note purchasers in a 2014 syndicated loan deal led by JPMorgan. Soon after the notes began trading, the borrower, drug-testing company Millennium Health, ran into legal troubles and filed for bankruptcy the next year.
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Source: bloomberg.com
SEC Enhances the Regulation of Private Fund Advisers
August 23, 2023--The Securities and Exchange Commission today adopted new rules and rule amendments to enhance the regulation of private fund advisers and update the existing compliance rule that applies to all investment advisers. The new rules and amendments are designed to protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.
"Private funds and their advisers play an important role in nearly every sector of the capital markets," said SEC Chair Gary Gensler. "By enhancing advisers' transparency and integrity, we will help promote greater competition and thereby efficiency. Consistent with our mission and Congressional mandate, we advance today's rules on behalf of all investors - big or small, institutional or retail, sophisticated or not."
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Source: SEC.gov
VanEck Launches Constant Maturity
Commodity Strategy ETF (CMCI)
Augusty 23, 2023-- VanEck today announced the launch of its newest ETF, the VanEck CMCI Commodity Strategy ETF (CMCI), a unique fund that brings a
"constant maturity" approach to the U.S. commodity ETF category for the first time.
CMCI is powered by the same underlying index-the UBS Constant Maturity Commodity Index ("the Index")-as the VanEck Constant Maturity Commodity Index Fund (A shares: CMCAX; I shares: COMIX), a mutual fund with a proven track record dating back to 2010 and close to $600 million in assets under management.
"Commodities have historically played a range of important roles in investor portfolios, acting as a hedge against inflation and source of uncorrelated returns.
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Source: VanEck