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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
BlackRock, MSCI draw scrutiny from US House Committee on China
August 1, 2023--A U.S. congressional committee on China is investigating asset management giant BlackRock and index provider MSCI, saying they were facilitating investments into blacklisted Chinese companies, underscoring how tense relations between the two countries are rippling out into corporate America.
The firms have facilitated the flow of American capital into companies the U.S. government had found guilty of fueling China's military advancement or human rights abuses, the House of Representatives' Select Committee on the Chinese Communist Party (CCP) said in letters dated Monday and seen by Reuters on Tuesday.
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Source: reuters.com
AllianzIM Debuts August Buffered ETF Series Amid Rising Demand for Risk Mitigation Tools
August 1, 2023--August Buffered ETFs help address investor anxiety amid economic uncertainty
Allianz Investment Management LLC (AllianzI,), a subsidiary of Allianz Life Insurance Company of North America, announced today the launch of its latest series of Buffered ETFs.
The August Buffered ETFs series includes two 12-month outcome period ETFs: AllianzIM U.S. Large Cap Buffer10 Aug ETF (NYSE Arca: AUGT) and the AllianzIM U.S. Large Cap Buffer20 Aug ETF (NYSE Arca: AUGW).
Despite signs that inflation is cooling, worries of an economic slowdown are prevailing among most Americans. The August Buffered ETFs series equips investors' portfolios with an added layer to seek risk mitigation during these unpredictable times. The ETFs seek a downside Buffer of 10% or 20% against market drops, while allowing investors to participate in the upside potential of the SPDR S&P 500 ETF Trust up to a stated Cap.
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Source: allianzlife.com
2ND VOTE FUNDS to close its 2ndVote Life Neutral ETF (LYFE) and 2ndVote Society Defended ETF (EGIS)
August 1, 2023--Due to factors such as limited asset growth opportunities and the ongoing operational costs, the Board of Trustees of 2nd Vote Funds (the "Trust") has approved a Plan of Liquidation (the "Plan") for the 2ndVote Life Neutral Plus ETF (Cboe BZX: LYFE) and 2ndVote Society Defended ETF (Cboe bZX: EGIS) (each, a "Fund," collectively, the "Funds") based on the recommendation of the Fund's investment adviser, 2ndVote Advisers, LLC (the "Adviser").
As a result, the Board concluded that liquidating and closing each Fund would be in the best interest of the Fund and its shareholders.
Each Fund will cease trading on Cboe BZX Exchange, Inc. and will be closed to purchase by investors as of the close of regular trading on August 3, 2023 (the "Closing Date"). The Funds will not accept purchase orders after the Closing Date.
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Source: 2nd Vote Funds
IMF Staff Country Report-Brazil: Selected Issues
July 31, 2023--BRAZIL'S FISCAL FRAMEWORK: CHALLENGES AND OPTIONS FOR REFORM1
A. Introduction
1. Brazil was an early adopter of fiscal rules, and the fiscal framework has guided fiscal policies for two decades. The framework helped modernize public financial management and significantly contributed to fiscal sustainability and macroeconomic stability.
At the same time, effectiveness has waned in recent periods, partly due to design problems, but also reflecting a weakening of legal provisions in the face of entrenched budget rigidities and the need to respond to shocks. Brazil's fiscal framework has also grown more complex over time.
2. The new proposed fiscal rule aims at achieving fiscal consolidation by limiting expenditures to grow less than revenues over time. The rule addresses important political priorities and helps reduce fiscal uncertainty, while providing the opportunity to prepare reforms for a gradual improvement in the primary fiscal balance.
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Source: imf.org
