Americas ETP News
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Middlefield Expands Actively Managed ETF Platform
June 11, 2019---Middlefield Group is pleased to announce the expansion of its actively managed ETF platform through the conversions of Middlefield Health & Wellness Dividend Fund (TSX: HWF.UN) and American Core Sectors Dividend Fund (TSX: ACZ.UN), as approved by unitholders at special meetings held on May 17, 2019.
These additions to Middlefield's ETF platform provide value-added solutions to investors and financial advisors looking for unique, actively managed strategies which investors would have difficulty replicating with passive investment products.
Commencing today, Middlefield Health & Wellness ETF (new TSX ticker symbol: HWF) and Middlefield American Core Dividend ETF (new TSX ticker symbol: ACZ) begin trading as ETFs.
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Source: Middlefield Health & Wellness ETF; Middlefield American Core Dividend ETF
Wells Fargo launches outsourced trading with new prime trade services group
June 11, 2019--Wells Fargo has unveiled its new prime trade service group with access to high-and low-touch outsourced trading functions.
US investment bank Wells Fargo has confirmed the launch of its new prime trade services group to provide buy-side clients with access to outsourced and agency trading.
In a statement, Wells Fargo said that the prime trade service group will offer investment firms, ranging from start-up to institutional, experienced traders with the ability to act as an extension of their trading desks.
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Source: thetradenews.com
Nasdaq Commodities postpones launch of new trading system
June 7, 2019--Nasdaq Commodities will postpone the introduction of a new planned trading system, which was set to go live for its members on June 10, the exchange said in a statement on Friday.
The new trading system is called Request for Quote Trading System, or RFQ, and it offers a platform where price quotes will be provided on request.
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Source: Reuters
Defiance ETFs Announces Index and Name Change for Defiance Future Tech ETF
June 7, 2019--Effective June 24th AUGR will be the Defiance Next Gen Video Gaming ETF (VIDG)
Defiance ETFs today announced that it will be changing the underlying index and name of its Defiance Future Tech ETF (AUGR).
Effective June 24th, AUGR will become the Defiance Next Gen Video Gaming ETF (VIDG) and will track the Bluestar Next Gen Video Gaming Index.
"Augmented and virtual reality is a disruptive technology that we continue to believe in, but we feel investors will be better served by a fund that focuses on one of the key areas where this technology may have significant current impacts, which is why we're magnifying the focus of the fund to hone in on the video game space," said Paul Dellaquila, Global Head of ETFs at Defiance.
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Source: Defiance ETFs
AllocateRite Unveils Derivative of its U.S. Domestic Composite Investment Strategy
June 7, 2019-- AllocateRite, the New York FinTech and data science company that provides wealth managers with dynamic asset allocations employed through ETF-based smart investment strategies, is excited to announce the addition of a new deep learning strategy to its portfolio, based on stacking two strategic hidden layers and a protective risk-managing outer layer over its highly successful U.S. Domestic Composite.
"This strategy coalesces pure AI with the dynamic underpinnings of the U.S. Domestic Composite," said AllocateRite Chief of AI and Data Science, Dr. Michael Spece.
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Source: AllocateRite
CFTC.gov Commitments of Traders Reports Update
June 7, 2019--The current reports for the week of June 7, 2019 are now available.
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Source: CFTC.gov
ProShares to Close and Liquidate 3 ETFs
June 7, 2019--On June 5, 2019, ProShares announced that it plans to close and liquidate the following funds, traded on the exchanges noted.
Fund: CDS Short North American HY Credit ETF
Ticker: WYDE
Exchange: Cboe BZX Exchange, Inc.
Fund: UltraShort Gold Miners
Ticker:
GDXS
Exchange: NYSE Arca
Fund: Ultra Gold Miners
Ticker:
GDXX
Exchange: NYSE Arca
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Source: ProShares
CBO-Monthly Budget Review for May 2019
June 6, 2019--The federal budget deficit was $738 billion for the first eight months of fiscal year 2019, the Congressional Budget Office estimates, $206 billion more than the deficit recorded during the same period last year. Revenues were $49 billion higher and outlays were $255 billion higher than during first eight months of 2018.
Shifts in the timing of certain payments increased outlays in the first eight months of this year by $50 billion; last year such shifts decreased outlays by $44 billion. If not for those shifts, the increase in the deficit so far for fiscal year 2019 would have been $112 billion rather than $206 billion.
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Source: Congressinal Budget Office (CBO)
Fidelity Launches First ESG ETF on NEO
June 6, 2019----NEO is proud to welcome Fidelity Investments Canada ULC ("Fidelity") to the NEO family with the launch of the Fidelity Sustainable World ETF (NEO:FCSW), which began trading today on NEO. The new fund, which leverages a quantitative multi-factor model and seeks to identify and invest in global companies that are believed to have favourable environmental, social and governance (ESG), is the first NEO-listed ETF from Fidelity and Fidelity’s first ETF to exclusively employ ESG strategies.
"As sustainable investing continues to gain momentum, we are excited to offer our clients the opportunity to align their investments with their values. The Fidelity Sustainable World ETF is a global multi-factor equity strategy that uses a best-in-class approach to invest in companies with favourable ESG characteristics," said Andrew Clee, Vice President, ETFs at Fidelity Investments Canada ULC.
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Source: NEO Exchange
SEC Adopts Broker-Dealer Best Interest Standard, Disclosure Duties for Broker-Dealers and Investment Advisers, and Publishes Key Interpretations
June 6, 2019--At an Open Meeting on June 5, 2019, and after over a year of consideration, approximately 6,000 comment letters and investor testing, the Securities and Exchange Commission ("SEC" or "Commission") formally adopted four regulatory measures intended to enhance the protection of retail investors while preserving existing investment industry business models and the ability of investors to choose among different types of providers. Specifically, the SEC adopted:
New Regulation BI (for "Best Interest");
New Form CRS (for "Customer Relationship Summary");
An interpretation of an investment adviser's fiduciary duties ("IA Interpretation"); and
An interpretation of the "solely incidental" prong of the broker-dealer exclusion from the definition of an "investment adviser" under the Investment Advisers Act of 1940 ("Advisers Act") ("Solely Incidental Interpretation" and with the IA Interpretation, the "Interpretations").
The following is a summary of the Commission's actions.
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Source: K&L Gates Hub.
