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ETFs shrug off pending multitrillion dollar Nasdaq 100 revamp
July 17, 2023--There is no evidence yet of front-running despite decision to massively reduce weightings of tech giants
A multitrillion-dollar revamp of one of the world's largest stock market indices looks set to be a bit of a damp squib in the exchange traded fund world.
The combined weighting of six vast technology behemoths-Microsoft, Apple, Alphabet, Nvidia, Amazon and Tesla-in the Nasdaq 100 index is due to be slashed from the 50.9 per cent they reached at the close of trading on July 7, when the "special rebalance" was announced, to just 40 per cent.
The revamp, which will be enacted at close of trading on July 21, is designed to ensure funds tracking the Nasdaq 100 do not breach industry-wide fund-concentration limits, after a strong rally by the tech mega-caps drove their combined weighting beyond limits set by the Securities and Exchange Commission, the regulator.
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Source: ft.com
Market maker Citadel set to accelerate credit trading transformation
July 13, 2023--High-frequency firm started offering US investment-grade bond trading to clients in June
Citadel Securities' entry into America's $10tn corporate bond market looks set to turbo charge an electronic trading revolution in an asset class once dominated by large banks and telephone transactions, say investors and industry executives.
Ken Griffin's high-frequency market-making firm, which acts as an intermediary between buyers and sellers of assets and handles $463bn in trades each day, started offering US investment-grade bond trading to clients in June.
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Source: ft.com
SEC dealt legal setback in effort to tame crypto market
July 13, 2023--In closely watched case against Ripple, judge says tokens sold on public exchanges were not securities
US regulators were dealt a setback in their effort to restrict the sale of cryptocurrencies on Thursday when a judge found that Ripple Labs did not violate securities law by selling digital tokens to members of the public.
The Securities and Exchange Commission filed a civil lawsuit against the cryptocurrency pioneer in December 2020, claiming that Ripple sold $1.38bn worth of its XRP token without filing the registrations required under securities laws.
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Source: ft.com
Global X ETFs Launches the U.S. Cash Flow Kings 100 ETF (FLOW)
July 12, 2023--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of the Global X U.S. Cash Flow Kings 100 ETF (FLOW). The fund provides access to companies which exhibit high free cash flow yields and represents the latest addition to Global X's growing suite of Income funds.
Even as the Federal Reserve slows its pace of interest rate hikes, rates may remain elevated for a significant period due to stickier parts of inflation such as housing and wages. In a high interest rate environment, companies with high levels of free cash flow-or cash available to investors after accounting for operating expenses and capital expenditures-may be particularly appealing. Free cash flow may offer a level of insight into a company's financial health and corporate flexibility. FLOW's underlying index selects the top 100 constituents by free cash flow yield over the last twelve months from within the Mirae Asset U.S. 1000 Index, which tracks the performance of the top 1,000 U.S. companies by market capitalization.
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Source: Global X Management Company LLC
Simplify Launches First-of-its-Kind Multi-Quantitative Strategy ETF (QIS)
July 11, 2023--Simplify team curates a diversified portfolio of quantitative strategies from across Wall Street to create ETF access to an investment category used by the biggest hedge funds and institutions
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), is today announcing the launch of its newest fund, the first-of-its-kind Simplify Multi-QIS Alternative ETF (QIS).
QIS is designed to play a key role for advisors and investors in delivering positive absolute returns and income and seeks to do so by investing in a diversified portfolio of third-party quantitative investment strategies across equities, interest rates, commodities, and currencies.
The QIS approach begins with Simplify evaluating thousands of quantitative strategies managed by the biggest investment banks, narrowing that universe down to the few hundred with the most compelling risk-adjusted return characteristics.
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Source: Simplify Asset Management Inc.
Guardian Capital LP Launches Ultra Short-Term Canadian and U.S. T-Bill Funds
July 11, 2023--Guardian Capital LP (Guardian Capital) is excited to announce the launch of the ETF series of Guardian Ultra-Short Canadian T-Bill Fund and Guardian Ultra-Short U.S. T-Bill Fund (the Guardian Funds), which are expected to commence trading on the Toronto Stock Exchange (TSX) when the market opens this morning.
These Guardian Funds are designed to provide investors with interest income and access to low-risk, high-quality cash alternatives by investing primarily in short-term Canadian and U.S. treasury bills, as applicable.
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Source: Guardian Capital LP
GraniteShares' Leveraged Single-Stock ETF NVDL Hits $100 Million in Assets
July 11, 2023--July 11, 2023--The GraniteShares 1.5X Long NVDA Daily ETF (NVDL) has surpassed $100 million in assets under management (AUM) ahead of the one-year launch anniversary of single-stock ETFs in the United States.
NVDL, designed to offer 1.5X (150%) daily leverage exposure to shares of Nvidia (NVDA), has provided high conviction investors magnified exposure to NVDA and more broadly, the burgeoning AI sector.
Since its inception, NVDL has captured the attention of investors seeking to capitalize on the impressive growth of Nvidia. Nvidia's stock price has soared this year, becoming the world's first chipmaker to achieve a market value of $1 trillion. NVDL has enabled investors to participate in NVDA's success story and the AI theme.
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Source: GraniteShares
CBO-Monthly Budget Review: June 2023
July 11, 2023--Summary
The federal budget deficit was $1.4 trillion in the first nine months of fiscal year 2023, the Congressional Budget Office estimates-$875 billion more than the shortfall recorded during the same period last year. Revenues were 11 percent lower and outlays were 10 percent higher from October through June than they were during the same period in fiscal year 2022.
Shifts in the timing of certain payments affect that comparison. Outlays in the first nine months of fiscal year 2023 were increased, on net, by $23 billion as a result of the shifting of certain payments both into and out of that period because the regular payment date fell on a weekend. The larger set of those shifts boosted outlays in June 2023 because July 1 was a Saturday. If not for those timing shifts, the deficit in the first nine months of 2023 would have been smaller- $1,367 billion rather than $1,390 billion.
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Source: CBO (Congressional Budget Office)
Winklevoss twins's sue crypto investor DCG after dispute over restructuring
July 8, 2023--July 8, 2023--GEMINI Trust Co, the digital-asset exchange founded by the billionaire Winklevoss brothers, filed a lawsuit against Digital Currency Group and its chief executive officer Barry Silbert, alleging "fraud and deception" stemming from a failed lending venture between the two firms.
The lawsuit represents the latest salvo in a months-ong public dispute between the Winklevoss twins and Silbert over hundreds of millions of dollars in frozen funds related to Genesis Global Holdco, a now-bankrupt DCG subsidiary. The suit was filed in the County of New York Supreme Court on Friday (Jul 7).
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Source: businesstimes.com
'Star' fund managers jump into ETF space
July 7, 2023--Investment houses are unleashing their 'brightest and best' to capitalise on rising demand for active ETF strategies
-A battery of "star" fund managers have muscled their way into exchange traded funds for the first time as the in-vogue fund structure expands from its passive, index-tracking roots into actively managed strategies.
Investment houses' rising appetite to unleash their "brightest and best" performers into the ETF world is also recognition that traditional mutual funds are rapidly losing market share, particularly in the US, and that ETFs appear to be the future.
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Source: ft.com
