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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)
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
