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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
Cryptofinance: BlackRock takes on SEC in bitcoin ETF battle
July 7, 2023--Who would have thought the dry business of filing for an exchange traded fund with the US securities regulator could elicit so much excitement?
The crypto industry has been set alight by some of the US's biggest money managers filing applications in America to create and run spot bitcoin ETFs.
The world's largest asset manager, BlackRock, led the way, and was followed quickly by Fidelity, WisdomTree, VanEck and Invesco, among others.
Having a spot crypto ETF listed in the US, the world's largest investment market and teeming with other ETFs, has become something akin to the industry's Holy Grail. The argument goes that trading bitcoin can be expensive and there are issues such as having to store it as well as its uncertain regulatory status.
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Source: worldnewsera.com
Tradeweb Reports June 2023 Total Trading Volume of $29.3 Trillion and Average Daily Volume of $1.38 Trillion
July 6, 2023--June 2023 ADV up 10.8% YoY
Second Quarter 2023 ADV up 10.2% YoY
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for June 2023 of $29.3 trillion (tn). Average daily volume (ADV) for the month was $1.38tn, an increase of 10.8 percent (%) year-over-year (YoY).
For the second quarter of 2023, total trading volume was $81.0tn and ADV was $1.30tn, an increase of 10.2% YoY, with preliminary average variable fees per million dollars of volume traded of $2.60.[1]z
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Source: tradeweb.com
Fidelity aims to convert $13.2bn in mutual funds to ETFs
July 5, 2023--Filing indicates the actively managed vehicles will make the transition in November
Fidelity plans to convert six mutual funds with a combined $13.2bn in assets into ETFs in November this year, a regulatory filing shows.
The funds are all actively managed, according to the filing, which lists the $5.2bn Large Cap Value Enhanced Index, $2.3bn Large Cap Growth Enhanced Index, $1.8bn Large Cap Core Enhanced Index, $1.7bn Mid Cap Enhanced Index, $1.6bn International Enhanced Index and $532mn Small Cap Enhanced Index funds. They will all convert to similarly named ETFs.
No changes will be made to the funds' investment processes or management teams.
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Source: ft.com
Federal Reserve-Minutes of the Federal Open Market Committee, June 13-14, 2023
July 5, 2023--Developments in Financial Markets and Open Market Operations
The manager turned first to a review of developments in financial markets. Policy-sensitive rates increased over the intermeeting period, reflecting indications of continued resilience in the economy, persistently elevated core inflation, and reduced downside tail risks following the resolution of the debt limit. The shift in policy expectations contributed significantly to higher Treasury yields.
The increase in nominal yields primarily reflected higher real rates rather than inflation compensation. Broad equity prices rose, although the outperformance was concentrated in a handful of companies with a large market capitalization. Cyclical sectors fared better than sectors that tend to appreciate in a downturn, suggesting some reduced investor concern about downside risks to growth.
Investor sentiment about the banking sector improved as perceived tail risks regarding regional banks appeared to have receded. Equity prices for regional banks rose over the intermeeting period but were still well below early March levels.
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Source: federalreserve.gov
BlackRock fires opening salvo in US buffered ETF price war
July 3, 2023--Its launch of two iShares funds significantly undercuts rivals as flows remain buoyant despite calmer markets
BlackRock has fired the opening salvo in a widely anticipated price war among providers of US buffered exchange traded funds with its launch on June 30 of two ETFs that provide insurance against market falls.
US buffered ETFs, which normally charge annual fees of 75-85 basis points, attracted inflows of $11.1bn in last year's turbulent markets, up from what had been a record of $4.3bn in 2021, according to FactSet.
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Source: ft.com
Innovator Announces Launch of Second Series of Premium Income Barrier ETFsand Upside Caps on Defined Outcome ETFs
July 1, 2023--The series of Barrier strategies launches in the wake of strong market reception to the firm's initial launch earlier this year
July 1, 2023--Innovator Capital Management, LLC (Innovator), pioneer and provider of the largest lineup of Defined Outcome ETFs, today announced the launch of four Premium Income Barrier ETFs, the only suite of ETFs that seek to provide both high rates of income and protective barriers.
There is no guarantee that the Fund will be successful in its attempt to implement the barrier. A shareholder may lose his or her entire investment.
The July series of Premium Income Barrier ETFs seeks to offer four downside barriers, ranging from 10% to 40%. The suite comes to market following the launch of the April series of Barrier ETFs, which have attracted more than $120m in AUM in the months since launching.
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Source: Innovator Capital Management
Exchange Traded Concepts to Close and Liquidate Fount Metaverse ETF
June 20, 2023---After careful consideration, Exchange Traded Concepts, LLC, the Fund's investment adviser, in consultation with Fount Investment Co., Ltd., the Fund's index provider and sponsor, has recommended, and the Board of Trustees of Exchange Traded Concepts Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation.
Accordingly, the Fund is expected to cease operations and liquidate on or about July 28, 2023 (the "Liquidation Date").
The Fund will be closed to orders for new creation units on July 24, 2023, and the last day of trading of the Fund's shares on the NYSE Arca, Inc. will be on or about July 25, 2023. From July 24, 2023 through the last day of trading, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period. Customary brokerage charges may apply to such transactions. From the last day of trading through the Liquidation Date, shareholders will not be able to purchase or sell shares in the secondary market.
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Source: Exchange Traded Concepts, LLC
