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SEC Adopts Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures
December 14, 2022--The Securities and Exchange Commission today adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new disclosure requirements to enhance investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider trading liability under Section 10(b) and Rule 10b-5.
Collectively, the final rules aim to strengthen investor protections concerning insider trading and to help shareholders understand when and how insiders are trading in securities for which they may at times have material nonpublic information.
"About 20 years ago, the SEC established Exchange Act Rule 10b5-1. This rule provided affirmative defenses for corporate insiders and companies to buy and sell company stock as long as they adopted their trading plans in good faith- before becoming aware of material nonpublic information," said SEC Chair Gary Gensler.
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Source: SEC.gov
Muni-Bond ETFs Lure $28 Billion as Mutual Funds Bleed Cash
December 13, 2022--Citigroup says market volatility catalyst to greater adoption
Low costs and model portfolios also spur adoption, bank says,br>Market volatility supercharged the growth of municipal-bond exchange traded funds in 2022 at the expense of open-end mutual funds, which may lose some of those assets for good.
Despite the worst market rout in 40 years, investors plowed a record $27.8 billion into municipal-bond ETFs this year, a striking contrast to open-end funds which lost more than $130 billion. As much as half the inflows came from mutual fund holders selling shares at a loss to offset gains and swapping into ETFs, according to estimates by Drew Pettit, director of ETF analysis and strategy at Citigroup Inc.
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Source: bloomberg.com
JPMorgan to give $1.7bn in active ETFs a passive makeover
December 13, 2022--The funds will have their management fees reduced, disclosures show
JPMorgan will give three actively managed ETFs with a combined $1.7bn in assets a passive makeove, filings show.
The ETFs will become part of JPMorgan's BetaBuilders family of traditional cap-weighted strategies covering various countries and regions, the firm disclosed on Friday.
The three funds are the firm's $1.2bn US Aggregate Bond ETF, $418mn High Yield Research Enhanced ETF and $43mn Corporate Bond Research Enhanced ETF.
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Source: ft.com
First Leveraged Single-Stock ETFs Launch On: Meta, Alibaba & Nvidia
December 13, 2022--GraniteShares, the U.S. ETF issuer, has listed three new leveraged single-stock Exchange Traded Funds (ETFs) on the NASDAQ Stock Exchange.
GraniteShares' new suite of leveraged single-stock ETFs enables sophisticated investors to take high-conviction positions on some of the most popular stocks: Meta, Alibaba & Nvidia.
The three new leveraged single-stock ETFs are as follows:
Fund Name: GraniteShares 1.5X Long META Daily ETF
Fund Ticker: FBL
Underlying Stock: Meta
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Source: GraniteShares
Bond Investors Swap Mutual Funds for ETFs at Record Pace
December 10, 2022--Amount invested in exchange-traded funds climbs to 21% of bond-fund assets
Worn down from record losses, investors have fled bond mutual funds en masse. But many aren't quitting on bonds-they are just turning to exchange-traded funds.
One main reason: taxes. Some investors sell beaten-down positions in bond funds to harvest tax losses. In many cases this year, investors have opted to put cash into similar ETFs to maintain bond exposure in their portfolios. As long as the securities within the ETF aren't nearly identical to those in the mutual fund, swapping the so-called wrapper around the holdings allows investors to stay invested, while capitalizing on tax benefits.
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Source: wsj.com
CBO-Monthly Budget Review: November 2022
December 8, 2022--Summary
The federal budget deficit totaled $335 billion in October and November 2022, the first two months of fiscal year 2023, the Congressional Budget Office estimates.
That amount is $21 billion less than the deficit recorded during the same period last fiscal year: Revenues this year were $5 billion (1 percent) higher and outlays were $16 billion (2 percent) lower.
Outlays in the new fiscal year were reduced by the shift 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 that, the deficit so far in 2023 would have been $399 billion, $42 billion greater than the shortfall in the first two months of fiscal year 2022.
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Source: CBO (Congressional Budget Office)
ProShares Launches ION, The First ETF to Invest Only in Companies Mining Battery Metals
December 1, 2022--ProShares, a premier provider of ETFs, today launched ProShares S&P Global Core Battery Metals ETF (ION), the first ETF to invest only in companies mining battery metals. These companies supply the raw metals needed to power the batteries used in the growing number of electric vehicles, laptops, smartphones and energy storage devices.
"An energy revolution is underway that is transforming the way we power our lives," said Michael L. Sapir, ProShares founder and CEO. "With ION, there is now an ETF that offers investors an effective way to access companies meeting the soaring demand for batteries and the metals needed to make them."
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Source: ProShares ETFs
AllianzIM Launches December Series of U.S. Large Cap Buffered ETFs
December 1, 2022--New Monthly Series Creates More Entry Points for Investors Seeking Exposure to Risk Mitigation Strategies
Allianz Investment Management LLC (AllianzIM), a wholly-owned subsidiary of Allianz Life Insurance Company of North America (Allianz Life), announced today the launch of its December series of U.S. Large Cap Buffered Exchange Traded Funds (ETFs).
The December series includes two ETFs with a twelve-month Outcome Period: the AllianzIM U.S. Large Cap Buffer10 Dec ETF (NYSE Arca: DECT) and the AllianzIM U.S. Large Cap Buffer20 Dec ETF (NYSE Arca: DECW).
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Source: Allianz Investment Management LLC
Florida to pull $2bn from BlackRock in spreading ESG backlash
December 1, 2022--Republican chief financial officer says US state will take 'business elsewhere' in move that surprises asset manager
Florida will replace BlackRock as the manager of $2bn in state Treasury funds, part of a spreading Republican backlash against sustainable investing.
The move comes after Florida governor Ron DeSantis, a potential Republican US presidential candidate in 2024, led a resolution to stop the state's pension funds from considering environmental, social and governance principles to guide investment.
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Source: ft.com
CBO's Current View of the Economy in 2023 and 2024 and the Budgetary Implications
November 30, 2022--According to CBO's current assessment, economic growth will probably be slower in 2023 than the agency projected in May 2022, reflecting recent developments (including higher interest rates), and faster in 2024, as the economy recovers.
Rates of unemployment, inflation, and interest will probably be higher over the next two years than CBO projected in May 2022. Slower economic growth and higher rates of unemployment, inflation, and interest increase federal deficits and debt.
CBO will publish its budget and economic projections early next year in the agency's annual Budget and Economic Outlook.
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Source: CBO (Congressional Budget Office)
