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Renaissance Capital Announces the Availability of Options on IPO ETF
June 27, 2019--Options contracts on the Renaissance IPO ETF (ticker: IPO) are now listed for trading on Cboe Global Markets, owner of the largest options exchange in the U.S.
The IPO ETF (ticker: IPO) tracks the Renaissance IPO Index (ticker: IPOUSA), a rules-based index designed to hold the largest most liquid newly-listed U.S. IPOs. Top holdings include music-streaming service Spotify Technology S.A. (9.5%), ride sharing app Uber technologies (4.3%), TV-streaming service Roku Inc. (4.3%), and e-signature platform DocuSign (4.3%)--all companies that have gone public in the last two years. The IPO ETF holdings are subject to change and published daily on Renaissance Capital's web site.
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Source: Renaissance Capital
U.S. Weekly FundFlows Insight Report: Fund Flows Turn Conservative for the Week
June 27, 2019--For the third week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $25.5 billion for Lipper's fund-flows week ended June 26, 2019.
Fund investors were net purchasers of money market funds (+$21.5 billion), taxable fixed income funds (+$6.6 billion), and municipal bond funds (+$1.7 billion), but they were net redeemers of equity funds (-$4.3 billion).
Market Wrap-Up
For the fund-flows week ended June 26, 2019, the broad-based U.S. indices generally suffered small declines as investors focused on rising tensions between Iran and the U.S. after Iran downed an unmanned U.S. drone in the Strait of Hormuz. Investors pushed the S&P 500 to a record close on Thursday, June 20, after the Federal Reserve signaled it would be willing to cut its benchmark interest rates if the economic outlook didn’t show signs of improvement.
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Source: Refinitiv
SEI's Advisors' Inner Circle Fund Expands its Platform to Service Exchange Traded Funds
June 27, 2019--Regulatory Evolution Creates Opportunities for Growth and New Fund Development
SEI today announced its Advisors' Inner Circle Fund(R) Trust (AIC) is extending its platform to offer asset managers the opportunity to launch exchange traded funds (ETFs) within its turnkey series trust operational infrastructure.
The AIC platform's expansion is in response to the SEC's exemptive relief that grants the operation of actively-managed, non-transparent ETFs, as well as the potential adoption of new Rule 6c-11 under the Investment Company Act of 1940 that would allow ETFs to operate without obtaining exemptive orders from the SEC. These regulatory developments are anticipated to provide new opportunities to registrants and an expected boost for the ETF industry.
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Source: SEI
DWS Group Launches U.S. Market's First S&P 500 ESG ETF
June 27, 2019--Xtrackers S&P 500 ESG ETF (NYSE Arca: SNPE) joins DWS's growing ESG product lineup
DWS Group today announced the expansion of its ESG product lineup with the launch of Xtrackers S&P 500 ESG ETF (NYSE Arca: SNPE).
The new fund is the first ETF to provide exposure to an Environmental, Social and Governance (ESG) adjusted S&P 500 index in the U.S. market1.
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Source: DWS Group
US funds call for rule change in response to Mifid II
June 26, 2019--US funds call for rule change in response to Mifid II. A group of US investors with $4tn in assets has called on regulators to require fund managers to disclose, arguing the change is needed to avoid giving their European rivals an unfair advantage.
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Source: FT.com
CBO-The 2019 Long-Term Budget Outlook
June 25, 2019--If current laws generally remained unchanged, large budget deficits would boost federal debt to unprecedented levels over the next 30 years, CBO projects.
Each year, the Congressional Budget Office publishes a report presenting its budget projections for the next 30 years. Those extended baseline projections generally reflect current law. This report is the latest in the series.
Debt in CBO's Extended Baseline Projections. 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, debt several decades from now would probably be much higher than it is today.
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Source: Congressional Budget Office (CBO)
Deutsche faces big hits on US leveraged- loan losses
German bank forced to accept discounts on a pair of risky loans it had underwritten
June 25, 2019--Deutsche Bank is facing multimillion-dollar losses within its US investment banking unit after the German lender struggled to offload two risky corporate loans.
The losses will turn up the heat on Christian Sewing, Deutsche boss, and his management team. They are working on plans to boost meagre returns, including through the creation of a so-called "bad bank" to hive off troubled assets.
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Source: FT.com
Retail Derivatives That Pay Out With Bitcoins Approved by CFTC
June 25, 2019--Small U.S. retail investors will soon be able to buy derivatives that pay out with Bitcoins.
LedgerX, a U.S.=regulated Bitcoin derivatives exchange and clearinghouse, won approval from the Commodity Futures Trading Commission to serve as a designated contract market that will offer Bitcoin spot and physically settled derivatives contracts, including options and futures, to retail clients of any size.
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Source: Bloomberg
ProShares Names ETF Industry Veteran Alex Depetris Managing Director, Operations & Technology
June 25, 2019--ProShares, a premier provider of ETFs, today announced that Alex Depetris has been named to the newly created role of managing director, operations & technology. He will report to ProShares CEO Michael L. Sapir.
Mr. Depetris' principal responsibilities will include overseeing the portfolio group, portfolio operations, financial administration, shareholder services and technology.
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Source: ProShares
Six Charts on Canada's Economic Outlook for 2019
June 25, 2019--Canada's economy is growing at a more sustainable rate following the stellar pace set in 2017-the fastest among G7 economies. Growth is projected to decline to 1.5 percent in 2019 due to a disappointing first quarter for exports, more subdued global growth, and slower pace of consumer spending.
To sustain long-term growth, Canada will need to continue preserving financial stability, as well as focus on policies that boost productivity through export diversification, lower internal trade barriers, and higher infrastructure investment, the IMF stated in its latest annual economic assessment.
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Source: IMF
