Americas ETP News
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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
U.S. Economy Grew a Strong 4.9%, Driven by Consumer Spree That May Not Last
October 26, 2023--U.S. economic growth surged this summer at the fastest pace since 2021, as consumers spent at a blockbuster rate that will be difficult to sustain.
Forecasters expect cooling in coming months as high rates and global risks weigh on the economy
Gross domestic product expanded at a 4.9% seasonally-and inflation-adjusted annual rate in the third quarter-more than double the second quarter pace-the Commerce Department reported Thursday.
The acceleration won't change the Federal Reserve's plans to hold rates steady at their meeting next week.
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Source: wsj.com
Tidal Financial Group Announces Days Global Advisors Launches on NYSE
October 24, 2023--Financial advisory firm Days Global Advisors has launched on the New York Stock Exchange (NYSE) under the ticker HF (NYSE: HF).
The firm's innovative Absolute Return Exchange-Traded Funds (ETF) pave the way for investors to discover progressive investment opportunities.
Absolute Return ETFs target to generate positive returns regardless of market conditions. Day's mission is to provide investment solutions promoting incomparable inclusion, diversity, equity, and access, what Days Global Advisors refers to as I.D.E.A. The firm is bringing I.D.E.A to the traditionally restricted field of generational wealth building.
Days Global Advisors' ETF made its initial debut on the NYSE on August 3, 2023, with an aim to bridge traditional investment gaps. The move allows more investors to tap into diverse investment solutions that have long been the stronghold of hedge funds. The ETF offers a malleable and cost-effective pathway for investors to participate in hedge fund strategies.
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Source: Tidal Financial Group
Purpose Investments Launches Actively Managed Portfolio Solutions Targeting Conservative, Balanced, and Growth Risk Profiles
October 24, 2023--Funds seek to deliver superior outcomes by complementing broad market exposures with a combination of tactical asset allocation and selectively deployed active management
Purpose Investments Inc. ("Purpose") is proud to announce the launch of Purpose Active Portfolio Solutions, including-three single-ticket portfolio solutions designed to suit a broad range of investor risk tolerance.
Each Fund, as defined below, seeks to deliver superior investor outcomes by tactically managing asset allocation within defined ranges and selectively deploying active security selection into market segments where the portfolio manager believes it is most likely to add value.
As part of this initiative, Purpose is launching three funds (each a "Fund" and collectively the "Funds"): Purpose Active Conservative Fund (TSX: PACF), Purpose Active Balanced Fund (TSX: PABF), and Purpose Active Growth Fund (TSX: PAGF). Each Fund has closed the initial offering of its ETF units and will begin trading today on the Toronto Stock Exchange under the ticker symbols noted. Each Fund also offers conventional class A, class F, and class I mutual fund units.
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Source: Purpose Investments Inc.
Exchange Traded Concepts to Close and Liquidate ETC Gavekal Asia Pacific Government Bond ETF
October 23, 2023--After careful consideration, Exchange Traded Concepts, LLC, the Fund's investment adviser, in consultation with Gavekal Capital Limited, the Fund's sub-adviser and sponsor, has recommended, and the Board of Trustees of Exchange Listed Funds Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation.
Accordingly, the Fund is expected to cease operations and liquidate on or about November 17, 2023 (the "Liquidation Date").
The Fund will be closed to orders for new creation units on November 14, 2023, and the last day of trading of the Fund's shares on the NYSE Arca, Inc. will be on or about November 15, 2023.
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Source: Exchange Traded Concepts, LLC
Financial Stability Report-October 2023
October 20, 2023--1. Asset valuations. Equity prices grew faster than expected earnings, pushing the forward price-to-earnings ratio into the upper ranges of its historical distribution. Risk premiums in corporate bond markets narrowed somewhat and remained near the middle of their historical distributions. Prices of residential and commercial properties remained high relative to fundamentals.
2. Borrowing by businesses and households. Balance sheets of many nonfinancial businesses and households remained solid. Growth of business debt continued to decline through the first half of the year, although business debt remained high when measured relative to gross domestic product (GDP) or business assets. Measures of the ability of firms to service their debt remained strong. Household debt remained at modest levels relative to GDP, with most of that debt owed by households with strong credit histories or considerable home equity.
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Source: federalreserve.gov
Ark finds silver lining in massive ETF losses: years of tax benefits
October 22, 2023--Quick Summary:
Even so, mutual funds collectively continue to hold a much larger piece of the US investment pie than ETFs.
Ark said in its Thursday quarterly fund webinar that its December 2025 estimate was a conservative one, and that its capital losses could be sufficient to offset tax liabilities as far out as September 2027.
Wood noted on Thursday's webinar that she thought the potential to save on taxes offered by her company's ETFs was underappreciated."I don’t think many people understand what an asset we have in terms of those tax-loss carry-forwards," Wood said.
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Source: beamstart.com
SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks
October 18, 2023--The Securities and Exchange Commission today proposed a new rule that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal ("agency-related") orders in NMS stocks.
The proposal also would require national securities exchanges to have certain anti-evasion rules and written policies and procedures and disclose certain information if they offer volume-based transaction pricing for member proprietary volume in NMS stocks.
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Source: SEC.gov
SEC Won't Appeal Loss in Grayscale Case, Boosting the Odds GBTC Can Become a Bitcoin ETF
October 16, 2023--Bitcoin's price immediately shot up after the news came out.
The SEC was rebuked by a court in August for how it rejected Grayscale's application to turn its bitcoin (BTC) trust into an ETF.
The regulator won’t appeal that loss, a person familiar with the matter said Friday, boosting the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more-appealing ETF.
BTC's price jumped on the news.
The Securities and Exchange Commission won't appeal a court's scathing reversal of its decision not to let Grayscale convert its bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.
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Source: coindesk.com
SEC Division of Examinations Announces 2024 Priorities
October 16, 2023--The Securities and Exchange Commission's Division of Examinations today released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year. This year's examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.
"The Division of Examinations plays a critical role in protecting investors and facilitating capital formation," said SEC Chair Gary Gensler. "In examining for compliance with our time-tested rules, the Division helps registrants understand the rules as well as ensures that markets work for investors and issuers alike. The Division's efforts, as laid out in the 2024 priorities, enhance trust in our ever-evolving markets."
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Source: SEC.gov