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SEC to Weigh New Artificial-Intelligence Rules for Brokerages
June 13, 2023--Wall Stree's main regulator is moving to introduce new rules for brokerages using artificial intelligence to interact with clients.
The US Securities and Exchange Commission said Tuesday that a long contemplated plan to rein in conflicts of interest associated with the technology could be introduced as soon as October.
The proposal would also apply to predictive data analytics and machine learning.
Since taking the helm of the agency two years ago, SEC Chair Gary Gensler has repeatedly expressed concerns over whether brokers and financial advisers really make recommendations that are in their clients' best interests. He’s also said certain new technologies when used by financial professionals can present "inherent" conflicts of interest.
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Source: bnnbloomberg.ca
Defiance ETFs Launches EVXX, The First ETF Offering Pure Exposure to the EV Revolution
June 12, 2023-EVXX offers access to the 5 largest pure electric vehicle companies globally-current holdings include Tesla, Nio, Rivian, LI Auto and Xpeng
Defiance, a leading thematic ETF provider, today announced the launch of EVXX, the Defiance Pure EV ETF.
EVXX is the first ETF in the electric vehicle ("EV") sector to target pure exposure to EV manufacturers, providing long-term investors with direct and concentrated access to the fastest-growing electric vehicle companies.
Many countries have already begun to outpace early estimates for EV adoption. EV sales are expected to grow 35% this year to reach 14 million units after a record-breaking 2022.1
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Source: Defiance ETFs
Amplify ETFs Doubles Product Line with Agreement To Acquire ETF Managers Group's Exchange-Traded Funds
June 12, 2023--The transaction covers over $3.5 billion in ETF assets expanding Amplify ETFs' income, thematic, and core offerings.
Amplify ETFs and ETF Managers Group (ETFMG) announced today a definitive agreement under which Amplify ETFs will acquire ETFMG's exchange-traded funds (ETFs) lineup.
In addition to complementing Amplify ETFs' current suite of income, thematic, and core ETFs, this acquisition will double its offerings and provide investors access to many first-to-market, innovative, and transformational trends through an expanded thematic lineup.
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Source: yahoo.com
Fidelity Launches Six Thematic ETFs with Innovative Disruptive Strategies
June 12, 2023-Fidelity's Expanding Active Equity ETF Lineup now includes 15 ETFs and more than $1 billion in assets
Fidelity Investments announced the launch of six new disruptive ETFs. Fidelity Disruptive Automation ETF (FBOT), Fidelity Disruptive Communications ETF (FDCF), Fidelity Disruptive Finance ETF (FDFF), Fidelity Disruptive Medicine ETF (FMED), and Fidelity Disruptive Technology ETF (FDTX) are trading on Nasdaq and available immediately commission-free for individual investors and financial advisors through Fidelity's online brokerage platforms.
Fidelity Disruptors ETF (FDIF), a fund of funds which will invest in a combination of these five Fidelity ETFs, will be available on June 20, 2023.
The new ETFs will be among the most competitively priced active thematic strategies in the industry with a total expense ratio of 0.50%.
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Source: Fidelity Investments
Clouty Introduces MUSIQ, First Benchmarked Financial Index for Streaming of Songs
June 11, 2023--MUSIQ 500 Composite Officially Launches Today, Opening Door for Industry Risk Management and Music as a Tradable Asset
Clouty, the first organization to make music a financial instrument, announced that today it is launching a composite index designed to serve as the key benchmark for the music industry.
The firm is partnering with the world's leading data providers to disseminate the index globally. The move paves the way for the introduction of a host of tradable financial products, giving the industry and those with exposure to it an opportunity for much-needed risk management capabilities, and offering institutional investors as well as the general public a chance to have a financial stake in music, even down to their favorite songs and genres.
Music is one of the only asset classes that has continued to rise amidst a macro-economic downturn.
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Source: Clouty
CBO-Monthly Budget Review: May 2023
June 8, 2023--The federal budget deficit was $1.2 trillion in the first eight months of fiscal year 2023, CBO estimates-$735 billion more than the shortfall recorded during the same period last year.
Summary
The federal budget deficit was $1.2 trillion in the first eight months of fiscal year 2023, the Congressional Budget Office estimates-$735 billion more than the shortfall recorded during the same period last year. Revenues were 11 percent lower and outlays were 9 percent higher from October through May than they were during the same period in fiscal year 2022.
Shifts in the timing of certain payments affect that comparison. Outlays this fiscal year were reduced by the shifting of certain payments-totaling $63 billion-from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. If not for those timing shifts, the deficit in the first eight months of fiscal year 2023 would have been larger-$1,224 billion rather than $1,161 billion.
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Source: CBO (Congressional Budget Office)
Calamos files to launch convertible bond ETF
June 6, 2023--The actively managed vehicle will come to market nearly 40 years after the manager's first mutual fund offering
Calamos Investments, one of the pioneers in convertible bond funds, has filed to bring its expertise to exchange traded fund investors nearly 40 years after first mutual fund offering.
The Calamos Convertible High Delta ETF (CVRT) is expected to launch in the third quarter.
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Source: ft.com
Inspire Introduces the World's First Biblically Responsible Structured Notes
June 5, 2023--Inspire and Barnabas Capital partner to launch Inspire Faith Notes, the world's first biblically responsible structured notes.
Inspire Insight, a sister company of leading biblically responsible investing firm Inspire Investing, has announced the launch of Inspire Faith Notes, the world's first biblically responsible structured notes, in conjunction with Barnabas Capital.
Inspire Faith Notes are innovative structured notes that utilize the Inspire Impact Score approach to biblically responsible investing by licensing the top 10 holdings of the Inspire 100 index as the notes' underlying basket of securities. The Inspire Impact Score methodology is an objective, rules-based scoring system that identifies some of the world's most inspiring, biblically aligned companies to invest in. By applying a faith-based perspective, this scoring system seeks out businesses that are a blessing to their customers and communities, workforce, and the world while excluding those that operate at odds with biblical values.
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Source: Inspire Investing
Buffett-inspired ETP puts innovation in the hot seat
June 5, 2023--Analysts warn that some of its components look risky and say it has little in common with the famed investor
The pace of innovation in the exchange traded fund industry shows no sign of slowing with one of the latest inventions aimed squarely at admirers of famed investor Warren Buffett.
However, with one analyst commenting that it appears to be filled with "liquid horse manure", the exchange traded product comes with a health warning.
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Source: ft.com
Crypto shares tumble as Binance SEC lawsuit ripples through industry
June 5, 2023--Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry.
The U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a "web of deception" to evade U.S. laws, among other charges. Reuters earlier reported that Binance controlled its US affiliate's bank accounts, despite claiming it was independent.
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Source: reuters.com
