Americas ETP News
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First Trust Launches the First Trust EIP Carbon Impact ETF
August 20, 2019--August 20, 2019--An actively managed ETF that offers impactful investing with exposure to companies that may have a role in mitigating climate change.
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched the First Trust EIP Carbon Impact ETF (NYSE Arca: ECLN) (the "fund").
The fund is managed and sub-advised by Energy Income Partners, LLC ("EIP") and seeks to achieve a competitive risk-adjusted total return, balanced between dividends and capital appreciation, by investing in the equity securities of companies that currently have, or are seeking to have, a positive carbon impact.
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Source: First Trust
Stock whiplash spurs worst run of ETF withdrawals in 6 months
August 19, 2019--A volatile few months for global stock markets is taking its toll on exchange-traded funds.
Almost US$18 billion fled U.S.-listed equity ETFs during the past three weeks, the most since February, according to data compiled by Bloomberg Intelligence.
Investors pulled more than US$3.5 billion in the five days through Aug. 16, capping what was also the longest run of weekly withdrawals in six months.
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Source: Bloomberg
USCF Announces Fee Reduction On Their Exchange Traded Funds (Tickers: SDCI, BUY, BUYN)
August 16, 2019--USCF announced today that it implemented fee waivers for all three of its exchange-traded funds (ETFs) effective August 15, 2019: the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), the USCF SummerHaven SHPEI Index Fund (BUY) and the USCF SummerHaven SHPEN Index Fund (BUYN).
The fee waivers for the three ETFs will remain in effect until October 31, 2020 and may be renewed in the future with approval of the Board of Trustees of USCF ETF Trust.
SDCI is a broad commodity fund that uses the same index for its benchmark as the United States Commodity Index Fund (USCI).
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Source: USCF
Bakkt Says It's 'Cleared to Launch' Bitcoin Futures Next Month
August 16, 2019--Bakkt has been "cleared to launch."
The Intercontinental Exchange's young subsidiary announced Friday that it had acquired a New York state trust charter through the New York State Department of Financial Services (NYDFS).
The approval clears the way for the company to begin offering its highly-anticipated physically-settled bitcoin futures contracts. The company intends to launch its products on Sept. 23.
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Source: coindesk.com
U.S. regulators to drop accounting test in 'Volcker' rewrite: sources
August 13, 2019--U.S. regulators have circulated a new draft of the "Volcker Rule" that would further ease its requirements and scrap a proposed new test that had been met with fierce resistance from Wall Street, according to two people with knowledge of the matter.
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Source: Reuters
CBO-The 2019 Long-Term Budget Outlook in 23 Slides
July 12, 2019--Summary
Under current law, large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049.
That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt. CBO’s analysis indicates that even if values for those factors differed from the agency's projections, under current law, debt several decades from now would probably be much higher than it is today.
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Source: Congressional Budget Office (CBO)
Vanguard Put Gun Stocks in a Gun-Free Fund After Index Error
August 12, 2019--Fund shop apologized to shareholders, called exposure 'modest'
Error raises questions about the rapid growth in ESG products
Vanguard Group Inc.'s biggest sustainable exchange-traded fund bought shares of gun maker Sturm Ruger & Co. Inc. and held them for more than a month, mimicking an error in the benchmark it tracks.
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Source: Bloomberg
The Fate of the World's Largest ETF Is Tied to 11 Random Millennials
August 8, 2019--A wonky structure pegs the fund's future to their mortality
Most of those named in the ETF's documents were not aware
The fate of the world's largest exchange'traded fund rests on the health of a group of twenty-somethings.
Thanks to a quirk in the legal structure used to set up the SPDR S&P 500 ETF Trust, known as SPY, more than $250 billion rests on the longevity of 11 ordinary kids born between May 1990 and January 1993.
Those children are now carving out careers in public relations, restaurants and sales, spread around the country from Boston and Philadelphia to Alabama and Utah. But none of the eight spoken to by Bloomberg News was aware of their role in investing history.
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Source: bloomberg.com
CBO-Monthly Budget Review for July 2019
August 7, 2019--The federal budget deficit was $867 billion for the first 10 months of fiscal year 2019, the Congressional Budget Office estimates-$184 billion more than the deficit recorded during the same period last year. Revenues were $92 billion higher and outlays were $276 billion higher than in the same period in fiscal year 2018.
However, outlays in the first 10 months of last year were reduced by shifts in the timing of certain payments. If not for those shifts, the deficit for that period would have been $44 billion greater, and the increase in the deficit so far this year would have been $140 billion rather than $184 billion.
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Source: Congressional Budget Office (CBO)
Canada's Housing Market Slowdown
August 7, 2019-Following a period of escalating prices, Canada's housing market is cooling. Measures designed to strengthen financial stability such as more stringent tests of borrowers' ability to repay their loans, along with higher interest rates, combined to make mortgage financing more expensive.
As a result, residential mortgage credit slowed to just 3.4 percent annual growth in December 2018.
Nationwide, house prices are 2.5 percent lower than the peak in mid-2018. This week's chart of the week shows that prices in most major cities have stabilized. In Toronto and Vancouver, declines in house prices reduced speculative "froth" but prices remain overvalued.
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Source: IMF
