Americas ETP News
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Crypto lender BlockFi files for bankruptcy, cites FTX exposure
November 29, 2022--Filing follows weeks after FTX collapse
FTX listed as BlockFi's No.2 creditor
Bitcoin down over 70% from 2021 peak
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month.
The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin , the most popular digital currency by far, is down more than 70% from a 2021 peak.
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Source: reuters.com
Fidelity announces mutual fund to ETF conversions
November 28, 2022--Fidelity Investments Inc. recently unveiled plans to convert six mutual funds into exchange-traded funds, according to a press release.
The conversions, which are expected to be completed in June 2023, mark the first time Fidelity will turn mutual funds into ETFs, mirroring recent moves made by other firms, various news outlets have reported.
"A growing number of investors are seeking the tax efficiency, trading flexibility and potential cost efficiency benefits of ETF vehicles," Greg Friedman, Fidelity’s head of ETF management and strategy, said in a statement. "A growing number of investors are seeking the tax efficiency, trading flexibility and potential cost efficiency benefits of ETF vehicles.
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Source: pbn.com
Fidelity to Join Mutual Fund-to-ETF Club With $430 Million Flip
November 23, 2022--Firm plans to convert six mutual funds into active ETFs
Mutual fund conversion has been a trend but first for Fidelity
Fidelity Investments, one of the country's largest asset managers, is making its first foray into converting some of its mutual funds into ETFs.
The Boston-based firm on Wednesday revealed plans to convert six of its thematic mutual funds into actively-managed exchange-traded funds. Fidelity expects to complete the conversion in June 2023.
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Source: bloomberg.com
Global X Expands its Income Product Lineup with Launch of Sector Covered Call ETFs
November 22, 2022--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of three new covered call ETFs covering the financials, health care, and information technology sectors of the S&P 500.
The funds, are Global X's latest additions to its Income family, which offers investors ETF strategies that look beyond traditional fixed income to help increase or diversify a portfolio's yield potential.
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Source: Global X Management Company LLC
Pimco ETF makes history with move to open outcry pit
November 21, 2022--The $3bn Active Bond ETF uses a combination of electronic trading and the 'human touch'
Pimco's $3bn Active Bond ETF (BOND) has become the first active ETF to be traded in an open outcry pit, in a move aimed at enhancing liquidity and reducing trading costs.
It is almost certainly the first ETF of any kind to be traded in an open outcry pit since 2007.
Open outcry, where floor traders shout and use hand movements to execute orders, has died out on most stock exchanges due to the rise in electronic trading- touted as faster, cheaper, more efficient and less prone to manipulation by market-makers. But the New York Stock Exchange still operates a hybrid model because it believes floor traders can sometimes provide advantages such as reduced volatility and better liquidity.
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Source: ft.com
BlackRock iShares Unit Launches Environmentally Aware Real Estate ETF
November 18, 2022--BlackRock's iShares ETF platform has launched a new fund that provides exposure to real estate holdings held by REITs and listed real estate companies that are leaders in energy efficiency and green certification.
The iShares Environmentally Aware Real Estate ETF (ERET), which trades on Nasdaq, seeks to track the investment results of the FTSE EPRA Nareit Developed Green Target Index.
As of Nov. 17, Prologis, Inc. (NYSE: PLD) had the highest weighting in the index at 6.27%. In second place was Equinix, Inc. (Nasdaq: EQIX) with a 5.6% weighting, and VICI Properties Inc. (NYSE: VICI) had the third highest weighting at 2.43%.
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Source: reit.com
T. Rowe Price Launches Floating Rate Exchange-Traded Fund
November 17, 2022--The new fixed income ETF began trading today on NYSE Arca1, Inc., and expands the firm's ETF line-up to ten active ETFs
T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm and a leader in retirement services, announced today the addition of a fifth actively managed fixed income exchange-traded fund (ETF), T. Rowe Price Floating Rate ETF (Ticker: TFLR), which is available to the public beginning today on NYSE Arca, Inc.
The new ETF follows last month's launch of T. Rowe Price U.S. High Yield ETF (Ticker: THYF) and brings the firm's total roster of active ETFs to ten.
The Floating Rate strategy is constructed similarly to the mutual fund, T. Rowe Price Floating Rate Fund (Ticker: PRFRX), investing primarily in floating-rate loans and other floating rate debt securities.
The strategy uses a disciplined approach to credit selection, featuring rigorous proprietary research and strict risk control. It is managed by Paul Massaro, head of the Global High Yield team and portfolio manager of the Floating Rate strategy since its 2008 inception. He has 22 years of investment industry experience, including 19 years at T. Rowe Price.
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Source: T. Rowe Price
Innovator Lists the Gradient Tactical Rotation Strategy ETF (IGTR), a Global Equity Strategy Seeking Systematic Alpha
November 17, 2022--Innovator Capital Management, LLC (Innovator) today announced the listing of the Innovator Gradient Tactical Rotation Strategy ETF (IGTR) on NYSE Arca. IGTR is an actively managed global equity strategy that seeks to provide long-term capital appreciation and achieve excess returns over the S&P Global Broad Market Index.
The ETF will be subadvised by Gradient Investments LLC, an independent, privately owned, fee-based, SEC-registered investment advisor, and is patterned on a proprietary rules-based methodology from the Arden Hills, Minnesota-based RIA.
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Source: Innovator Capital Management
Harbor Capital Advisors Launches Latest ETF: Health Care Strategy
November 17, 2022--Harbor Capital Advisors, Inc. ("Harbor”), a premier multi-manager investment firm offering access to innovative and specialized expertise across a range of investment strategies and vehicles, launched its latest exchange-traded fund (ETF), the Harbor Health Care ETF (MEDI).
This is the 11th ETF for the firm's growing lineup of ETFs that span several investment themes and asset classes. Along with ETFs, Harbor Capital offers a curated experience of mutual funds and collective investment trusts (CITs).
MEDI will be subadvised by Westfield Capital Management Company, L.P. ("Westfield”). Westfield is a long-term Harbor partner, having managed the Harbor Small Cap Growth Fund since 2000, a sleeve of the Harbor Disruptive Innovation Fund and Harbor Disruptive Innovation ETF since 2021, and the Harbor Dividend Growth Leaders ETF since 2022.
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Source: Harbor Capital Advisors
Federated Hermes, Inc. launches U.S. Strategic Dividend ETF
November 16, 2022--New dividend-focused product adds to growing ETF business
Federated Hermes, Inc. (NYSE: FHI), a global leader in active, responsible investing, today announced the launch of the Federated Hermes U.S. Strategic Dividend ETF (NYSE: FDV).
The new actively managed ETF benefits from Federated Hermes' time-tested approach to managing dividend equity strategies and adds the advantages of an ETF structure, including tax efficiency, lower costs and intraday trading.
The Federated Hermes U.S. Strategic Dividend ETF seeks income and long-term capital appreciation by investing in U.S. companies with dividend yields above the S&P 500 Index average. The ETF benefits from a Federated Hermes investment process that has been in place since 2001. The strategy invests in lower volatility, income-producing U.S. companies that are in strong financial condition and have demonstrated resilience through business and economic cycles.
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Source: Federated Hermes, Inc.
