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Investors pull record sums from corporate bond ETFs as lending rates soar
November 10, 2023--US Treasury exchange traded funds draw nearly $30bn of inflows in September
Investors pulled record sums from corporate bond exchange traded funds and pumped money into lower-risk government equivalents last month as benchmark lending rates soared to 16-year highs.
Corporate bond ETFs leaked a net $9.4bn in October, according to figures from asset manager BlackRock, exceeding the previous record of $9.2bn in June last year, when strong US inflation data prompted fears of aggressive rate rises.
In contrast, government bond ETFs sucked in $30.4bn, nearly double the level in September, with almost all this money heading into US Treasury funds.
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Source: ft.com
ARK Invest and 21Shares partner to launch digital asset ETF suite
November 9, 2023--Five digital asset ETF products will be listed on the Chicago Board Options Exchange and start trading next week.
Investment management firm ARK Invest, led by pro-Bitcoin investment veteran Cathie Wood, has collaborated with exchange-traded product (ETP) provider 21Shares to launch a new suite of digital asset exchange-traded funds (ETFs).
The move aims to provide a "robust set of options" for investors looking to get digital assets into their trading portfolio.
According to the 21Shares website, the companies will utilize on-chain signals and their crypto-native experience to deliver "long-term capital appreciation" by investing in Bitcoin and Ether futures contracts.
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Source: cointelegraph.com
CBO-Monthly Budget Review: Summary for Fiscal Year 2023
November 8, 2023--Summary
In fiscal year 2023, which ended on September 30, the federal budget deficit totaled nearly $1.7 trillion-an increase of $320 billion (or 23 percent) from the shortfall recorded in the previous year. Revenues and outlays alike declined from 2022 totals-revenues fell by 9 percent, or $457 billion, and outlays decreased by 2 percent, or $137 billion.
Those amounts differ only slightly from the amounts CBO estimated and discussed in last month's Monthly Budget Review.
In 2023, the deficit was equal to 6.3 percent of the nation's gross domestic product (GDP). That deficit is greater than the 50-year average of 3.7 percent and has been exceeded only six times since 1946 (from 2009 through 2012 and in 2020 and 2021). Compared with the size of the economy, federal debt held by the public also increased in 2023-rising to 97.3 percent of GDP from 95.8 percent of GDP at the end of fiscal year 2022.
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Source: CBO (Congressional Budget Office)
Qraft rolls out latest AI-driven ETF with South Korea's LG
November 7, 2023--Qraft Technologies on Tuesday launched its fifth exchange-traded fund (ETF) that relies on artificial intelligence to select holdings, continuing its expansion of the niche AI ETF market.
The LG Qraft AI-Powered U.S. Large-Cap Core ETF will combine Qraft's existing AI models with additional AI-powered forecasting tools developed by LG (003550.KS), the South Korean electronics conglomerate.
LG AI Research, a division of LG, has been applying artificial intelligence to everything from supply and demand forecasting to raw materials purchasing decisions.
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Source: reuters.com
BlackRock Canada Announces Final Termination Proceeds Relating to the Termination of Certain iShares Funds
October 30, 2023--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock") (NYSE:BLK) today announces additional information regarding the termination of the following funds (the "Terminating Funds") that was announced on August 11, 2023.
Terminating Fund Name: iShares MSCI Multifactor EAFE Index ETF (CAD-Hedged)
Ticker: XFF
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Source: BlackRock Asset Management Canada Limited
YieldMax Launches Option Income Strategy ETF on Moderna (MRNA)
October 24, 2023--YieldMax announced the launch today of the following ETF:
YieldMax MRNA Option Income Strategy ETF (NYSE Arca: MRNY)
MRNY seeks to generate monthly income via a synthetic covered call strategy on Moderna, Inc. (MRNA). The ETF is actively managed by ZEGA Financial. MRNY does not invest directly in MRNA.
MRNY is the newest member of the growing YieldMax ETF family and, like all YieldMax ETFs, aims to deliver substantial monthly income to investors. Please see table below for distribution and yield information for all outstanding YieldMax ETFs.
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Source: YieldMax
The Clouty Tune ETF (TUNE) to Close
November 2, 2023--The Board of Trustees of Tidal ETF Trust has decided to liquidate and close the Clouty Tune ETF (the "Fund"), based on the recommendation of the Fund's adviser, Tidal Investments LLC, a Tidal Financial Group company. 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 November 16, 2023 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date.
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Source: Tidal Financial Group
New Name, Same Commitment: Tidal Financial Group Announces Rebranding of Their Investment Advisory Business
November 1, 2023--Tidal Financial Group, an ETF industry leader, is pleased to announce the renaming of its investment advisory arm, Toroso Investments, LLC ("Toroso") to Tidal Investments LLC. The decision to adopt this new name reflects the company's alignment with Tidal Financial Group's overall mission to serve as a fiduciary platform to our partners and clients.
Tidal Investments LLC will continue to build upon the strong foundation that Toroso has established over the years. Our core values, high standards, and the exceptional service our customers have come to expect will remain unwavering.
The transition from Toroso Investments, LLC to Tidal Investments LLC is effective immediately. All future business dealings will be conducted under the new name. The company's physical location, contact information, and all legal documentation will remain unchanged.
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Source: Tidal Financial Group
U.S. Global Investors Launches Gold Royalty GOAU ETF on Mexican Stock Exchange, Expanding Global Footprint in Latin America
November 1, 2023--November 01, 2023--U.S. Global Investors, Inc. (NASDAQ: GROW) (the "Company"), a registered investment advisory firm with longstanding experience in global markets and specialized sectors, today is pleased to announce that its gold mining and royalty ETF, the U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU), is now listed on the Mexican Stock Exchange (BMV).
The new listing expands GOAU's global footprint and allows investors in Mexico to access the fund.
GOAU will join the U.S. Global Jets ETF (NYSE: JETS), which listed on the Mexican Stock Exchange in 2021.
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Source: U.S. Global Investors, Inc.
ETF Investors Plowed Into Ultrashort Bonds as Global Markets Slumped
November 1, 2023--October ETF flows reflect investor uncertainty.
Key Takeaways
The Morningstar Global Markets Index entered correction territory when it lost 3.27% in October.
The Morningstar US Core Bond Index shed 1.56%, marking its sixth straight month in the red.
U.S. exchange-traded funds collected roughly $29 billion, a modest sum by their standards.
Ultrashort-bond funds reeled in nearly $14 billion to power fixed-income flows.
Outflows from international equity and U.S. large-value funds weighed on stock-ETF flows.
iShares, Vanguard, and J.P. Morgan finished October atop the ETF provider flows standings.
Another rough month of performance left small-cap strategies looking undervalued at October’s end.
No Reprieve for Bonds
The exhibit below shows October returns for a sample of ETFs that serve as proxies for major asset classes. A blended portfolio lost 2.08% last month as the case for a diversified 60/40 portfolio took another hit.
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Source: morningstar.com