Americas ETP News
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ETFs evolve in the active investing space
August 10, 2023--Expect more launches if the investment trust drought continues
Not everything in life is binary.
That's not a mantra from the culture wars but a statement of fact from the front line of the key struggle in the world of investing: the battle between passive and active funds.
Most passive funds are structured as exchange traded funds (ETFs) but there's also a growing cohort of so-called "active ETFs".
Some might proclaim that this surely this goes against the whole concept of passive funds -which find a big, diverse, benchmark index and then copy it by tracking its constituents. Passively.
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Source: ft.com
Noble Absolute Return ETF (NOPE) to Close
August 9, 2023--The Board of Trustees of Tidal ETF Trust has decided to liquidate and close the NOBLE ABSOLUTE RETURN ETF (the "Fund"), based on the recommendation of the Fund's adviser, Toroso Investments, LLC, a Tidal Financial Group company, and the Fund's sub-adviser, Noble-Impact Capital, LLC. The Board of Trustees concluded that liquidating and closing the Fund would be in the best interest of the Fund and its shareholders.
The Fund will cease trading on the NYSE Arca, Inc. ("NYSE") and will be closed to purchase by investors as of the close of regular trading on the NYSE on August 24, 2023 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date.
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Source: Tidal Financial Group
USCF Announces Launch of the USCF Sustainable Commodity Strategy Fund (Ticker: ZSC)
August 9, 2023--USCF today announced it has launched the USCF Sustainable Commodity Strategy Fund (ZSC). The Fund seeks total return by providing broad exposure to commodities across three different sustainability focused themes: agriculture, renewable energy and electrification. ZSC is an actively managed exchange traded fund (ETF).
"We believe that ZSC offers investors the opportunity to capture the benefits of commodities through a new lens," said John Love, President and CEO of USCF. "ZSC delivers commodity exposure oriented toward the agriculture needed to feed the world's growing population, renewable energy and the electrification metals poised to benefit from secular growth tied to the energy transition."
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Source: USCF Investments
GraniteShares ETFs Announces Repositioning of U.S. Large Cap ETF
August 9, 2023--GraniteShares today announced plans to reposition and rename a large-cap ETF in its fund range: GraniteShares XOUT U.S. Large Cap ETF (NYSE: XOUT) (the "Fund"). With this repositioning, the firm will change the ticker symbol, investment goal and strategy for the Fund.
The index provider for the Fund will change from XOUT Capital,LLC to NASDAQ, Inc. and the underlying index will change as described below.
Effective August 15, 2023, the Fund will begin to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq US Large Cap Select Disruptors Index (the "New Index").
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Source: GraniteShares
CBO-Monthly Budget Review: July 2023
August 8, 2023--Summary
The federal budget deficit was $1.6 trillion in the first 10 months of fiscal year 2023, the Congressional Budget Office estimates-more than twice the shortfall recorded during the same period last year.
Revenues were 10 percent lower and outlays were 10 percent higher from October through July than they were during the same period in fiscal year 2022.
Outlays in fiscal year 2023 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 shifts, the deficit through July would have been $1.7 trillion.
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Source: CBO (Congressional Budget Office)
YieldMax Launches Option Income Strategy ETF on Netflix, Inc. (NFLX)
August 8, 2023--YieldMax announced the launch today of the following ETF: YieldMax NFLX Option Income Strategy ETF (NYSE Arca: NFLY)
This ETF seeks to generate monthly income via a synthetic covered call strategy on Netflix, Inc.
(NFLX). NFLY is actively managed by ZEGA Financial. NFLY does not invest directly in NFLX.
NFLX is the latest member of the YieldMax ETF family and like all YieldMax ETFs, aims to deliver substantial monthly income to investors.
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Source: YieldMax
Nasdaq rebalancing prompts huge flows to Invesco ETFs
August 6, 2023--The manager,s flagship QQQ fund accounted for $5.3bn of its $10.1bn July US ETF haul
Invesco's US exchange traded fund flows rebounded sharply in July, more than doubling the manager's first-half tally.
A net $10.1bn flowed into the company, lifting Invesco's business to rank third in the US ETF industry behind iShares and Vanguard, according to data from Morningstar.
The performance was a marked increase on the six months to the end of June, when Invesco's ETFs garnered $8.6bn, seventh-best industry-wide.
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Source: ft.com
BondBloxx exceeds $2 billion in assets
August 3, 2023--Releases Midyear Fixed Income Market Outlook with insights on what's ahead across fixed income asset classes
BondBloxx, the first exchange traded fund (ETF) provider solely focused on fixed income, has exceeded $2 billion in assets under management, doubling its ETF assets shortly after passing the $1 billion milestone in April.
Fixed income ETFs captured $99 billion in flows through the end of the first half of 2023, as investors continued to pursue attractive yields and insulate against economic uncertainty.1
BondBloxx also recently released its 2023 Midyear Fixed Income Market Outlook to help investors navigate the bond market and position portfolios through year end.
BondBloxx Investment Management, a provider of precision fixed income ETFs, announced it has reached the milestone of exceeding $2 billion in assets under management, shortly after passing the $1 billion milestone in April.
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Source: BondBloxx Investment Management Corporation
Guardian Capital Announces Fund Mergers and Change to Certain Guardian Capital ETFs
August 3, 2023--Guardian Capital LP (the"Manager") today announced that three exchange-traded funds managed by the Manager (each, a"Terminating Fund") will be merged into a corresponding mutual fund with an identical mandate (each, a"Continuing Fund").
Each Continuing Fund is an investment fund managed by the Manager. Upon completion of the mergers, securityholders will no longer hold ETF series securities of the applicable Terminating Fund(s). Instead, securityholders will hold ETF series securities of the applicable Continuing Fund(s).
Terminating Fund: Guardian Directed Equity Path ETF to merge into
Continuing Fund: Guardian Directed Equity Path Portfolio
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Source: Guardian Capital LP
SEC Charges New Jersey-Based ETF Manager for Fraudulent Conduct and Bars Founder
August 1, 2023--The Securities and Exchange Commission today charged Samuel Masucci and entities he founded and controls with disadvantaging an exchange traded fund (ETF) they managed and misleading the ETF's trustees to obtain $20 million in rescue financing to avoid a possible bankruptcy.
Masucci and the entities agreed to pay a combined $4.4 million to settle the charges.
The SEC's order finds that, in 2019, in exchange for $20 million in financing and other services, Masucci agreed to keep the ETF's lucrative securities-lending business at the broker-dealer that provided the massive influx of financing despite offers with better terms from other securities lenders that could have benefited investors. Masucci then knowingly failed to disclose this joint arrangement between him and his firm, the fund, and the broker-dealer to the fund's Independent Trustees, instead telling them that the fund had no other viable options.
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Source: SEC.gov
