Americas ETP News
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ETF investors set to pay for helping reduce meme stock risk
August 17, 2023--Mismatches as a result of the US transition to T+1 settlement next year will particularly affect ETFs, observers say
Exchange traded fund industry participants are bracing themselves to take on a costly transfer of risk from US retail brokers, such as Robinhood, when the US unilaterally implements T+1 settlement in May next year.
The move, which will reduce the standard US trade settlement cycle of two business days to just one for all securities (US Treasuries already settle on T+1), would reduce "credit, market and liquidity risks" for market participants, according to the US Securities and Exchange Commission.
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Source: ft.com
Coinbase wins approval to offer crypto futures trading in US
August 16, 2023--Coinbase Global (COIN.O) said on Wednesday it had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win even as it battles a lawsuit from the Securities and Exchange Commission (SEC).
The move will allow Coinbase to offer bitcoin and ether futures directly to eligible U.S. customers. Until now, only its institutional clients could trade in such products.
Coinbase shares climbed 3% to $81.55 after the approval, which was granted by the National Futures Association (NFA), a self-regulatory organization designated by the Commodity Futures Trading Commission (CFTC).
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Source: reuters.com
Madison Investments Debuts Actively-Managed ETF Suite with Launch of Madison Dividend Value ETF (DIVL)
August 15, 2023--Madison Investments, an independently-owned investment firm managing $22.9 billion in assets, today announces the launch of its first exchange-traded fund (ETF), the Madison Dividend Value ETF (NYSE: DIVL).
The actively-managed, income-oriented ETF marks the debut of Madison Investments' ETF suite, which is designed to help investors pursue income and capital appreciation by employing institutional-caliber, risk-controlled investment strategies.
The firm plans to expand this suite in the coming weeks, with the launch of the Madison Covered Call ETF (NYSE: CVRD) and two active fixed income products: the Madison Aggregate Bond ETF (NYSE: MAGG) and the Madison Short Term Strategic Income ETF (NYSE: MSTI). Each active ETF utilizes a disciplined investment process to pursue consistent income and market-like growth with below-market risk.
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Source: Madison Investments
Cathie Wood's Ark 21Shares Bitcoin ETF Application Decision Pushed Out by SEC
August 11, 2023--The regulator is reviewing more than a dozen spot bitcoin and ether future ETF applications.
The U.S. Securities and Exchange Commission extended its review of the Ark 21Shares bitcoin exchange-traded fund application, as it continues to look at applications from traditional finance heavyweights such as BlackRock (BLK) and Fidelity Investments.
The SEC published an order calling for public input on the Ark 21Shares Bitcoin ETF application, a standard move that pushes any decision by another several weeks. The SEC has a total of 240 days to make a final decision on an application after it starts reviewing one. The SEC is giving the general public three weeks to weigh in on the proposal itself, and an additional five weeks to respond to those initial slate of comments.
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Source: ft.com
US SEC delays decision on Cathie Wood's spot bitcoin ETF
August 11, 2023--The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve Cathie Wood-led Ark Investment Management's (ARK) spot bitcoin exchange-traded fund (ETF), a filing by the regulator showed on Friday.
The SEC is seeking public comment on the Ark 21Shares Bitcoin ETF application, and has pushed back the decision date by several weeks to potentially months. It was previously due to make a decision by Aug. 13.
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Source: reuters.com
BlackRock Canada Announces Changes to its iShares Fund Lineup
August 11, 2023--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock") (NYSE:BLK) announced plans today to terminate the following funds (collectively, the "Terminating Funds"), based on an ongoing process to review its product lineup and meet the evolving needs of Canadian investors.
Each Terminating Fund will terminate on or about the applicable termination date set out below (with respect to a Terminating Fund, its "Termination Date").
Terminating Fund Name: iShares MSCI Multifactor USA Index ETF
Ticker: XFS/
XFS.U
Termination Date: October 24, 2023
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Source: BlackRock Asset Management Canada Limited
Index-Tracking ETFs Were All the Rage, Until Now
August 11, 2023--Active funds offered by JPMorgan, Dimensional gain popularity, take market share from giants like BlackRock
The titans of the ETF industry are facing competition in the battle for new money.
BlackRock, Vanguard Group and State Street have long had a chokehold on the market for exchange-traded funds, largely through the passive index-tracking funds that helped make ETF investing popular.
Active funds hold only 4% of ETF assets but account for 23% of ETF inflows so far this year.
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Source: wsj.com
ETFGI reports assets invested in the ETFs industry in Canada reached a record of US$295 billion at end of July
August 10, 2023--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs ecosystem, reports assets invested in the ETFs industry in Canada reached a record of US$295 billion at the end of July.
The ETFs industry in Canada gathered net inflows of US$2.77 billion during July, bringing year-to-date net inflows to US$19 billion. Assets have increased 17.7 % YTD in 2023, going from US$250.19 Bn at the end of 2022, to US$294.56 Bn at the end of July, according to ETFGI's July 2023 Canadian ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Asset invested in the ETFs industry in Canada reached a record $294.56 Bn. Prior record $ 286.13 Bn was set at the end of June 2023.
Net inflows of $2.77 Bn in July 2023.
Year-to-date net inflows of $19 Bn are the third highest, after YTD net inflows of $28.57 Bn in 2021, YTD net inflows of $21.70 Bn in 2020.
13th month of consecutive net inflows.
Equity ETFs and ETPs listed in Canada gathered $3.77 Bn in YTD net inflows 2023.
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Source: ETFGI
Five Treasury Digital Funds Linked to Solactive Indices Available on WisdomTree Prime
August 10, 2023--Interest rates have been steadily rising over a little more than a year, primarily driven by inflationary pressures and the actions taken by the Federal Reserve.
Consequently, Treasury instruments have experienced a resurgence in popularity and demand, leading investors to turn to these instruments to mitigate risks and capitalize on the stability and reliability of Treasury securities.
Foreseeing this potential, Solactive is pleased to announce that WisdomTree has broadened its range of US Treasury-linked products by launching five Digital Funds seeking to track Solactive indices. These funds are now available to investors in 21 U.S. states via WisdomTree Prime, a personal finance app within a blockchain-native ecosystem.
Among the new offerings, the WisdomTree Floating Rate Treasury Digital Fund (FLTTX) is linked to the Solactive US Treasury Floating Rate Bond Index. This index provides exposure to the short end of the yield curve, as the coupon rate of index components is reset regularly, according to the 13-week bill auction results.
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Source: Solactive AG
J.P. Morgan Asset Management Announces Liquidation of Two Exchange-Traded Funds
August 10, 2023--J.P. Morgan Asset Management today announced the upcoming liquidation and dissolution of two exchange-traded funds: JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (JUSA) and JPMorgan ActiveBuilders International Equity ETF (JIDA) (collectively, the "ETFs").
Shareholders may buy and sell their shares prior to the de-listing date at market prices on the NYSE Arca. Last day of trading for JUSA on the NYSE Arca is September 13, 2023. Last day of trading for JIDA on the NYSE Arca is October 10, 2023.
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Source: J.P. Morgan Asset Management
