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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.
CBO-The Distribution of Household Income, 2019
November 15, 2022--Summary
The Congressional Budget Office regularly analyzes the distribution of income in the United States and how it has changed over time. This report presents the distributions of household income, means-tested transfers, and federal taxes between 1979 and 2019 (the most recent year for which tax data were available when this analysis was conducted).
Income. Households at the top of the income distribution received significantly more income than households at the bottom. Between 1979 and 2019, average income, both before and after means-tested transfers and federal taxes, grew for all quintiles (or fifths) of the income distribution, but it increased most among households in the highest quintile.
Means-Tested Transfers. Means-tested transfers are cash payments and in-kind benefits from federal, state, and local governments that are designed to assist individuals and families who have low income and few assets. Between 1979 and 2019, households in the lowest quintile received more than half of all means-tested transfers. As a percentage of income before transfers and taxes, means-tested transfers rose over the 41-year period, primarily driven by an increase in Medicaid spending.
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Source: CBO (Congressional Budget Office)
Credit Suisse to sell bulk of Securitized Products Group to Apollo
November 15, 2022--Credit Suisse (CSGN.S) said on Tuesday it has finalised the sale of most of its Securitized Products Group and related financing businesses to U.S. buyout fund Apollo Global Management (APO.N) -a key part of a sweeping revamp for the Swiss bank.
SPG assets held by Credit Suisse are set to slide to $20 billion from $75 billion due to this deal and the potential sale of other parts of the SPG portfolio to third-party investors, it said.
A sale price was not disclosed but Credit Suisse said Apollo would be paying a premium and the deal would result in an improvement in a key capital ratio.
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Source: reuters.com
Simplify Announces Launch of the Simplify Short Term Treasury Futures Strategy ETF (TUA)
November 15, 2022--ETF further augments firm's innovative fixed income suite, provides investors with capital-efficient duration exposure, yield curve opportunities from the short end of the curve
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), today announced the launch of the Simplify Short Term Treasury Futures Strategy ETF (TUA).
TUA is designed with the twin goals of capital and yield curve efficiency, seeking to target the duration* of the ICE 10-Year US Treasury Index by investing in Treasuries and Treasury futures at the short end of the curve.
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Source: Simplify Asset Management Inc.
US Benchmark Series Announces Launch of the US Treasury 12 Month Bill ETF
November 14, 2022--Today, The US Benchmark Series, a brand of F/m Investments ("F/m"), a $4 billion multi-boutique investment advisor based in Washington DC, is proud to announce the launch of the US Treasury 12 Month Bill ETF (Ticker "OBIL").
The US Benchmark Series is a suite of US Treasury ETFs ("the Funds") designed to simplify access to the US Treasury market, holding the most current ("on the run") US Treasury security that corresponds to its tenor.
With OBIL being the latest maturity ETF to launch, joining the initial three ETFs which have raised approximately $300 million in AUM since their mid-August inception-the US Treasury 10 Year Note ETF (Ticker: UTEN); the US Treasury 2 Year Note ETF (Ticker: UTWO); and the US Treasury 3 Month Bill ETF (Ticker: TBIL).
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Source: F/m Investments
