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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
Cboe Launches New Global Listing Offering for Companies and ETFs of the Purpose-Driven Innovation Economy
June 2, 2023--Cboe leverages its existing network of stock exchanges in five markets around the world to facilitate access to capital and liquidity across the globe
Cboe Global Listings focuses on growth companies and asset managers committed to innovation with a global impact
Abaxx Technologies to become first "intralisted" company to list on both Cboe U.S. and Cboe Canada exchanges, with shares also available for trading on Cboe UK and Cboe Netherlands exchanges
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading securities and derivatives exchange network, announces the launch of Cboe Global Listings, the first-of-its-kind, global listing network facilitating worldwide access to capital and secondary liquidity for companies and ETFs.
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Source: Cboe Global Markets, Inc.
ConvexityShares Announces Appointment of New Sponsor of ConvexityShares Trust
June 2, 2023--ConvexityShares, LLC, as the sponsor (the "Sponsor") of ConvexityShares Trust (the "Trust"), entered into an agreement to voluntarily withdraw as Sponsor to the Trust and transfer its role as the Sponsor to Teucrium Trading LLC ("Teucrium"), effective July 3, 2023 (the "Effective Date"). As of the Effective Date, Teucrium will serve as the new sponsor of the Trust.
The Trust consists of two series, ConvexityShares 1x SPIKES Futures ETF (SPKX) and the ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) (each, a Fund and collectively, the Funds). Teucrium currently serves as the commodity trading adviser for each Fund and, as of the Effective Date, will become the commodity pool operator for each Fund. Teucrium has more than a decade of experience sponsoring commodity futures-based exchange traded products.
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Source: ConvexityShares
AllianzIM Grows Line of Buffered ETFs Designed to Mitigate Risk
June 1, 2023--June Buffered ETFs series provides investors with new tools to fortify their portfolios against potential bear market and provide upside opportunity
Allianz Investment Management LLC (AllianzIM), a subsidiary of Allianz Life Insurance Company of North America, announced today the launch of its latest series of Buffered ETFs.
The June Buffered ETFs series includes two 12-month outcome period ETFs: AllianzIM U.S. Large Cap Buffer10 Jun ETF (NYSE Arca: JUNT) and the AllianzIM U.S. Large Cap Buffer20 Jun ETF (NYSE Arca: JUNW).
With persistently high levels of inflation and potential recessionary concerns from aggressive central bank rate hiking top of mind, many investors are struggling to navigate the frequent ups and downs of today's volatile markets. With the ability to augment the traditional 60/40 portfolio, AllianzIM Buffered ETFs seek to better help investors balance the risk and reward of investing in equity markets. The ETFs offer a downside Buffer of 10% or 20% against market drops, while allowing investors the opportunity to participate in the upside potential of the SPDR S&P 500 ETF Trust up to a stated Cap.
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Source: allianzlife.com
ETFs charge into collateralised loan obligations
June 1, 2023--Since the first two US-domiciled CLO ETFs launched in 2020, seven more have come to market.
The drive for diversification is pushing more innovation in the market.
Since the first two US exchange traded funds offering exposure to collateralised loan obligations launched in 2020, seven more have come to market, Morningstar data shows.
In all, the ETFs have about $2.8bn in assets under management.
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Source: ft.com
Federal Reserve Beige Book May 31, 2023
May 31, 2023--Overall Economic Activity
Economic activity was little changed overall in April and early May. Four Districts reported small increases in activity, six no change, and two slight to moderate declines. Expectations for future growth deteriorated a little, though contacts still largely expected a further expansion in activity.
Consumer expenditures were steady or higher in most Districts, with many noting growth in spending on leisure and hospitality. Education and healthcare organizations saw steady activity on balance.
Manufacturing activity was flat to up in most Districts, and supply chain issues continued to improve. Demand for transportation services was down, especially in trucking, where contacts reported there was a "freight recession." Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale. Commercial construction and real estate activity decreased overall, with the office segment continuing to be a weak spot. Outlooks for farm income fell in most districts, and energy activity was flat to down amidst lower natural gas prices. Financial conditions were stable or somewhat tighter in most Districts. Contacts in several Districts noted a rise in consumer loan delinquencies, which were returning closer to pre-pandemic levels. High inflation and the end of Covid-19 benefits continued to stress the budgets of low- and moderate-income households, driving increased demand for social services, including food and housing.
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Source: federalreserve.gov
