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IndexIQ Launches IQ MacKay Securitized Income ETF (SECR)
May 31, 2024--New fund provides actively managed solution for accessing opportunities across the structured products landscape
IndexIQ, a leading provider of innovative investment solutions, is today announcing the launch of the IQ MacKay Securitized Income ETF (SECR), an actively managed fund designed to provide investors with diversified exposure to income-generating securities across a range of investment grade structured products including mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities and asset-backed securities.
SECR is actively managed by Neil Moriarty, Michael DePalma and Zachary Aronson of the MacKay Shields' Global Fixed Income Team, using an integrated top-down and bottom-up investment process which combines macroeconomic analysis with rigorous security selection seeking to deliver total return with an emphasis on current income.
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Source: IndexIQ
First Trust Expands Target Outcome Lineup with Launch of BUFS, a Laddered Portfolio of Small Cap Moderate Buffer ETFs
May 30, 2024--May 30, 2024--BUFS provides access to a laddered portfolio of FT Vest U.S. Small Cap Moderate Buffer ETFs, diversifying risk across investment time period and market conditions
FT Vest U.S. Small Cap Moderate Buffer ETFs seek to provide a 15% downside buffer with upside potential to a predetermined cap over a one-year Target Outcome Period
BUFS joins First Trust's growing lineup of ETF laddered funds which invest in Target Outcome Funds
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched the FT Vest Laddered Small Cap Moderate Buffer ETF (Cboe: BUFS) (the "fund").
BUFS seeks to provide equity investors with an ongoing risk management strategy by investing substantially all of its assets in a portfolio of FT Vest U.S. Small Cap Moderate Buffer ETFs ("Underlying ETFs" or "Target Outcome Buffer ETFs").
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Source: First Trust
BlackRock's $20 Billion ETF Is Now the World's Largest Bitcoin Fund
May 29, 2024--Asset manager's product dethroned the Grayscale Bitcoin Trust
Recently launched US ETFs have made Bitcoin more accessible
BlackRock Inc.'s iShares Bitcoin Trust has become the world's largest fund for the original cryptocurrency, amassing almost $20 billion in total assets since listing in the US at the start of the year.
The exchange-traded fund held $19.68 billion of the token Tuesday, dethroning the $19.65 billion Grayscale Bitcoin Trust, data compiled by Bloomberg show. The third largest is the $11.1 billion offering from Fidelity Investments.
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Source: bloomberg.com
The New York Stock Exchange Announces Collaboration with CoinDesk Indices to Launch Financial Products Tracking Spot Bitcoin Prices
May 29, 2024-Developing options contracts tied to the CoinDesk Bitcoin Price Index (XBX)
Contracts would be subject to regulatory approvals
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced it is collaborating with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX), the longest-operating spot bitcoin index.
ICE and the NYSE intend to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings. Last year, ICE Futures Singapore collaborated with CoinDesk Indices to update its bitcoin futures contracts, CoinDesk Bitcoin Futures (BMC), to utilize XBX for its monthly contract settlement.
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Source: Intercontinental Exchange, Inc.
US SEC approves exchange applications to list spot ether ETFs
May 23, 2024-- The U.S. Securities and Exchange Commission (SEC) on Thursday approved applications from Nasdaq, CBOE and NYSE to list exchange-traded funds (ETFs) tied to the price of ether, potentially paving the way for the products to begin trading later this year.
While the ETF issuers also have to get the green light before the products can launch, Thursday's approval is a major surprise win for those firms and the cryptocurrency industry, which until Monday had expected the SEC to reject the filings.
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Source: reuters.com
Minutes of the Federal Open Market Committee, April 30-May 1, 2024
May 22, 2024--Developments in Financial Markets and Open Market Operations
The manager turned first to a review of developments in financial markets. Domestic data releases over the intermeeting period pointed to inflation being more persistent than previously expected and to a generally resilient economy. Policy expectations shifted materially in response.
The policy rate path derived from futures prices implied fewer than two 25 basis point rate cuts by year-end.
The modal path based on options prices was quite flat, suggesting at most one such rate cut in 2024. The median of the modal paths of the federal funds rate obtained from the Open Market Desk's Survey of Primary Dealers and Survey of Market Participants also indicated fewer cuts this year than previously thought. Respondents' baseline expectations for the timing of the first rate cut-which had been concentrated around June in the March surveys-shifted out significantly and became more diffuse.
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Source: federalreserve.gov
CBO-The Long-Term Budget Outlook Under Alternative Scenarios for the Economy and the Budget
May 21, 2024--CBO analyzed the effects on the budget and the economy of eight scenarios that differ from those underlying the agency's extended baseline-six that vary economic conditions and two that vary budgetary conditions.
The Congressional Budget Office projects that if current laws governing revenues and spending generally remained unchanged, the federal budget deficit would increase significantly in relation to gross domestic product (GDP) over the next 30 years, driving up federal debt.
Debt held by the public would soar from 99 percent of GDP in 2024 to 166 percent of GDP in 2054-exceeding any previously recorded level and on track to increase further. Those projections are not predictions of budgetary outcomes; rather, they give lawmakers a benchmark for measuring the effects of policy options or proposed legislation.
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Source: CBO (Congressional Budget Office)
State Street Global Advisors Expands its Low-Cost SPDR Portfolio ETF Suite with Debut of the SPDR Portfolio Treasury ETF
May 21, 2024--New ETF Provides Cost-Effective, Broad Treasury Exposure to Customize Bond Portfolios
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the launch of the SPDR Portfolio Treasury ETF (SPTB).
SPTB further enhances SPDR's Portfolio ETF suite by providing low-cost exposure to US Treasury securities with remaining maturities greater than or equal to one year
Priced at three basis points, SPTB seeks to track the performance of the Bloomberg U.S. Treasury Index.
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Source: statestreet.com
Purpose Investments Announces It Will Switch from T+2 to T+1 Settlements on May 27, 2024
May 21, 2024--Major Milestone Achieved: Transition to T+1 Settlement in Canadian and U.S. Securities Markets
Purpose Investments Inc. ("Purpose Investments" or "Purpose") is pleased to announce its participation in a significant advancement to the operational framework of the Canadian and U.S. securities markets: the transition from a T+2 to T+1 settlement cycle.
In conjunction with Canadian and U.S. security markets, Purpose will shorten its settlement cycles for several funds to T+1 from T+2, effective May 27, 2024. The decision to transition to T+1 settlements comes as part of Purpose's ongoing efforts to stay on the leading edge of evolving market trends and regulatory requirements. By reducing settlement times by one business day, Purpose aims to streamline operations and ensure a quicker and smoother experience for clients buying and selling stocks.
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Source: Purpose Investments Inc.
Kingsview Wealth Management Expands Servicing Relationship with Ultimus to Assist in Launch of Four New ETFs
May 21, 2024--Ultimus to serve as fund administrator for newly launched series of ETFs
Ultimus Fund Solutions (Ultimus), a leading independent provider of full-service, technology-enhanced fund administration, accounting, and investor solutions, is proud to announce that current client Kingsview Wealth Management, LLC ("Kingsview") once more turned to Ultimus to assist in four new ETF launches.
Ultimus first collaborated with Kingsview in March of 2021 to support the launch of the three initial Monarch ETFs. Understanding the need to provide a more expansive product line to investors, Kingsview recently selected Ultimus to assist in launching four additional ETFs, bringing the total number to seven in the fund family.
Ultimus' customizable operational model, experienced team of ETF industry professionals, and established relationships within the ETF ecosystem enabled Kingsview to provide a wider variety of investment strategies to investors.
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Source: Ultimus Fund Solutions
