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IMF Working Paper-The Pricing-Out Phenomenon in the U.S. Housing Market
January 6, 2023--Summary:
The COVID-19 pandemic further extended the multi-year housing boom in advanced economies and emerging markets alike against massive monetary easing during the pandemic. In this paper, we analyze the pricing-out phenomenon in the U.S. residential housing market due to higher house prices associated with monetary easing.
We first set up a stylized general equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower housing affordability for first-time homebuyers, and increase housing wealth inequality between first-time and repeat homebuyers.
We then use the U.S. household-level data to quantify the effect of the house price change on housing affordability relative to that of the interest rate change. We find evidence of the pricing-out effect for all homebuyers; moreover, we find that the pricing-out effect is stronger for first-time homebuyers than for repeat homebuyers. The paper highlights the importance of accounting for general equilibrium effects and distributional implications of monetary policy while assessing housing affordability. It also calls for complementing monetary easing with well-targeted policy measures that can boost housing affordability, particularly for first-time and lower-income households. Such measures are also needed during aggressive monetary tightening, given that the fall in house prices may be insufficient or too slow to fully offset the immediate adverse impact of higher rates on housing affordability.
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Source: imf.org
The RBB Fund Expands ETF Platform with Innovative Offering
January 4, 2022--The RBB Fund Complex ("RBB"), a pioneer of the independent series trust, is proud to announce the launch of the Element EV, Solar & Battery Materials (Lithium, Nickel, Copper, Cobalt) Futures Strategy ETF (NYSE: CHRG).
CHRG seeks to provide actively-managed exposure to the core commodities essential to the production of electric vehicles ("EV"), battery energy storage systems, and other renewable infrastructure.
Element ETFs, LLC, a newly launched investment adviser to CHRG, brings decades of private equity experience in metals investing to the ETF market for Electric Vehicle and Battery Energy Storage System Critical Inputs. CHRG seeks to provide investors with institutional-quality exposure to the futures contracts of commodities-such as lithium, cobalt, nickel, and copper -that are key to the shift to a net-zero carbon renewable economy.
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Source: RBB Fund Complex
GCAD Gabelli Launches Aerospace and Defense ETF
December 28, 2022--Veteran PM Tony Bancroft to Lead Team
Gabelli Funds ("GAMCO") (OTCQX: GAMI) announced today the launch of its fifth ETF, which will begin trading under the symbol GCAD on the New York Stock Exchange on January 4, 2023. GCAD will focus on the aerospace and defense sectors, one of Gabelli Funds’ research core competencies. Following an update to the registration statement, GCAD will trade under the name: "Gabelli Commercial Aerospace & Defense ETF".
Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR, is the team leader and portfolio manager of the Fund. Mr. Bancroft joined Gabelli Funds in 2009 after serving as an F/A-18 Hornet fighter pilot with the United States Marine Corps. Tony graduated with distinction from the United States Naval Academy with a BS in systems engineering and holds an MBA in finance and economics from Columbia Business School.
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Source: Gabelli Funds
John Hancock Investment Management launches International High Dividend ETF
December 22, 2022--John Hancock Investment Management, a company of Manulife Investment Management, announced today that it has launched John Hancock International High Dividend ETF (NYSE: JHID). The new ETF is actively managed and subadvised by Manulife Investment Management (US) LLC, John Hancock Investment Management's affiliated asset manager.
The investment objective of JHID is to seek a high level of current income, with long-term growth of capital as a secondary objective. Under normal market conditions, the fund invests at least 80% of its net assets in dividend-paying large-and mid-cap equity securities of non-U.S. developed-market companies. These dividend-paying large- and mid-cap equity securities are incorporated in, or have their primary listing exchange in, developed markets, excluding the United States.
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Source: John Hancock Investment Management
Vanguard on track to lead US ETF sales in 2022
December 22, 2022--Rival iShares, however, was bestselling manager in November
iShares bested Vanguard in US exchange trade fund flows last month, but Vanguard remains on pace to finish the year on top.
iShares took in $19.9bn in net flows in November, lifted by an $11.6bn haul for its stock ETFs, new data from Morningstar show.
Vanguard's ETFs, meanwhile, added $11bn, the data show, and Invesco was the third bestseller, with $7.7bn.
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Source: FT.com
Viridi Funds Announces ETF Liquidation, De-listing
December 20, 2022--Upon the recommendation of Empowered Funds, LLC, dba EA Advisers, the Board of Trustees (the "Board") of EA Series Trust (the "Trust") approved a proposal to liquidate the Viridi Bitcoin Miners ETF ("RIGZ" or the "Fund"), a series of the Trust.
After careful consideration of a number of factors, including the negative macroeconomic climate that has significantly affected the underlying constituents and the ability to deliver on the ETF mandate, the Board concluded that it is advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Any shareholders still holding shares of the fund at liquidation will receive a cash distribution equal to the net asset value (NAV) of their shares.
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Source: ETF Architect
SEC urged to rein in single-stock leveraged and inverse ETFs
December 15, 2022--The regulator should impose more restrictions, members of its Investor Advisory Committee say
The Securities and Exchange Commission should prevent leveraged and inverse single-stock exchange traded funds from being called ETFs, members of its Investor Advisory Committee have said.
The single-stock ETFs, which provide leveraged or inverse exposure to just one stock, should be required to disclose more information than other ETFs about their risks and uses, said panellists at a meeting of the committee. They should also be subject to more restrictions, they said.
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Source: SEC.gov
SEC Proposes Regulation Best Execution
December 14, 2022--The Securities and Exchange Commission today proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers.
While a best execution rule was first established in 1968 by the National Association of Securities Dealers, Inc., the predecessor to the Financial Industry Regulatory Authority, Inc., the proposed rule, if adopted, would create the first SEC-established rule concerning best execution.
"I am pleased to support this proposal because, if adopted, it would help ensure that brokers have policies and procedures in place to uphold one of their most important obligations: to seek best execution when trading securities, whether equities, fixed income, options, crypto security tokens, or other securities," said SEC Chair Gary Gensler.
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Source: SEC.gov
SEC Proposes Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders
December 14, 2022--The Securities and Exchange Commission today proposed to amend certain rules under Regulation NMS to adopt variable minimum pricing increments, or "tick sizes," for the quoting and trading of NMS stocks, reduce access fee caps for protected quotations, and accelerate the transparency of the best priced orders available in the market.
The proposed amendments are designed to enhance trading opportunities for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.
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Source: SEC.gov
SEC Proposes Amendments to Enhance Disclosure of Order Execution Information
December 14, 2022--The Securities and Exchange Commission today proposed amendments that would update the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks, which are stocks listed on a national securities exchange. Rule 605 was adopted in 2000 and provides visibility into execution quality at different market centers.
It has not been substantively updated since it was adopted.
"In the 22 years since Rule 605 was adopted, our equity markets have been transformed by ever-changing technologies and business models," said SEC Chair Gary Gensler. "Current Rule 605 disclosures have not kept up with our markets and provide investors with an incomplete picture of execution quality.
Source: SEC.gov
