Americas ETP News
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Blue Tractor Group Announces Software Release to Support Shielded AlphaSM ETF Structure
January 30, 2019--Blue Tractor's Shielded AlphaSM ETF structure allows active managers to port their strategy into an ETF wrapper while fully protecting key sources of alphaBlue.
Blue Tractor Group, LLC ("Blue Tractor") today announced the alpha release of software facilitating the operation of Blue Tractor's novel Shielded AlphaSM exchange traded fund ("ETF") structure.
The Shielded AlphaSM ETF structure is highly transparent, disclosing to the market through the daily portfolio composition file ("PCF") basket the names of a fund's portfolio holdings, but importantly not the actual portfolio weightings, thereby fully obscuring the ETF's investment strategy. The PCF basket will have a minimum 90% asset value overlap with the fund's actual portfolio weightings. As such, a Shielded AlphaSM ETF is not a non-transparent ETF. The U.S. Securities and Exchange Commission ("SEC") has yet to approve the Shielded AlphaSM ETF structure.
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Source: Blue Tractor Group, LLC
Federal Reserve issues FOMC statement
January 30, 2019--Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has remained low.
Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier last year. On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent. Although market-based measures of inflation compensation have moved lower in recent months, survey-based measures of longer-term inflation expectations are little changed.
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Source: federalreserve.gov
J.P. Morgan Asset Management Launches Core Plus Bond ETF
January 30, 2019--JCPB offers investors a unique active option in seeking to build stronger fixed income portfolios
J.P. Morgan Asset Management today announced the launch of the JPMorgan Core Plus Bond ETF (JCPB), an actively managed fixed-income ETF, which delivers core exposure via the best ideas of J.P. Morgan's fixed income platform.
The launch expands J.P. Morgan's innovative suite of actively managed fixed income ETFs to eight strategies.
The Fund seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium-and low-grade debt securities.
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Source: marketwatch.com
ETFGI reports ETFs and ETPs listed in Latin America gather net inflows of US$635 million during December 2018
January 29, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Latin America gathered net inflows of US$635 million during December.
During the month, total assets invested in the Latin American ETF and ETP industry increased 8.15%, from US$7.81 billion at the end of November, to US$8.44 billion, according to ETFGI's December 2018 Latin American ETF and ETP industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Total Assets invested in ETFs and ETPs listed in Latin America increase 8.15% to $8.44 Bn in December.
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Source: ETFGI
Fidelity Is Said to Plan March Launch of Bitcoin Custody Service
January 29, 2019--Service may help institutional investors ease into crypto
Commonplace in other assets, custody's absence keeps pros out
Fidelity Investments is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter, as the mutual-fund giant moves forward with a plan that could help ease fears of trading cryptocurrencies.
In October, the Boston-based firm announced it would offer a range of crypto products designed for large investors like hedge funds. Bitcoin storage will be the first one available, according to employees of three firms that spoke with Fidelity in the past several weeks and asked not to be named discussing plans that are still private. Ether custody is expected to be next, they said.
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Source: Bloomberg
Taylor North American Equity Opportunities Fund Completes Merger With Brompton Global Dividend Growth ETF
January 29, 2019--Brompton Funds Limited (the "Manager"), the manager of Taylor North American Equity Opportunities Fund ("TOF") is pleased to announce the completion of the merger (the "Merger") of TOF into Brompton Global Dividend Growth ETF ("BDIV" and together with TOF, the "Funds") effective January 29, 2019.
The Merger was approved at a special meeting of unitholders of TOF held on November 30, 2018.
The Merger was implemented using exchange ratios based on the relative net asset value ("NAV") per unit of each of TOF and BDIV, each determined as at the close of business on January 28, 2019. The table below provides the NAV per unit for each of the Funds and the applicable exchange ratio at such time.
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Source: Brompton Funds
Thompson Hine Update-Preparing for the Next Generation of Actively Managed ETFs
January 29, 2019--Key Notes:
Many expect the SEC to soon approve newer versions of exemptive relief for the next generation of actively managed ETFs, which differ in how they keep the ETF's strategy secret, how they support the arbitrage process and potential intellectual property (IP) protection.
Five applicants have received and responded to SEC comments.
Potential sponsors of this next generation of ETFs should understand these different models and related IP implications to decide what path they want to follow to be able to offer these ETFs.
Many believe the SEC is poised to allow for the first time the next generation of actively managed ETFs, which differ from traditional ETFs in how they keep the ETF's strategy secret, how they support the arbitrage process and potential intellectual property protection.
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Source: Thompson Hine
Tidal ETF Services LLC Partners with Aware Asset Management to Launch AWTM
January 29, 2019--Liquid, Actively Managed, Ultra-Short Duration Bond ETF
Today Tidal ETF Services LLC is proud to announce the launch of their first ETF in partnership with Aware Asset Management, a Minnesota-based asset manager focused on fixed-income portfolio management.
The Aware Ultra-Short Duration Enhanced Income ETF (NYSE: AWTM) is the first ETF of its kind, an actively-managed fixed income ETF designed specifically for the unique needs of investors looking for cash-plus solutions.
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Source: Tidal ETF Services
Equium Capital Management Inc. Announces Fund Termination
January 29, 2019--Equium Capital Management Inc. ("Equium Capital"), the manager of Equium Global Tactical Allocation Fund (the "Fund"), today announced its intention to terminate the Fund, including the Series A, Series F and ETF Series (TSX: ETAC) units (collectively, the "Units") on or about March 29, 2019 (the "Termination Date").
Effective today, the Series A and Series F Units of the Fund are no longer available for purchase, including any purchases made pursuant to existing pre-authorized payment plans. It is anticipated that the ETF Series Units of the Fund will cease trading and be voluntarily delisted from the Toronto Stock Exchange on or about March 28, 2019 at the close of business. Effective February 28, 2019, no further subscriptions for ETF Series Units of the Fund will be accepted.
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Source: Equium Capital Management Inc.
CBO-The Budget and Economic Outlook: 2019 to 2029
January 29, 2019--In CBO's projections, deficits remain large by historical standards, and federal debt grows to equal 93 percent of GDP by 2029. As the effects of fiscal stimulus wane, projected economic growth falls back below the historical average.
Deficits
In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years. CBO's projection of the deficit for 2019 is now $75 billion less-and its projection of the cumulative deficit over the 2019–2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes-most notably, a decrease in emergency spending.
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Source: Congressional Budget Office (CBO)
