Americas ETP News
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Passive fund ownership of US stocks overtakes active for first time
June 5, 2022--Around 16 per cent of US stocks are held by index trackers and ETFs vs 14 per cent by actively managed funds
Passively managed index funds have overtaken actively managed funds' ownership of the US stock market for the first time, data show.
Passive funds accounted for 16 per cent of US stock market capitalisation at the end of 2021, surpassing the 14 per cent held by active funds, according to the Investment Company Institute, an industry body.
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Source: ft.com
J.P. Morgan Integrates With ICE ETF Hub Creating Connectivity for Its ETF Issuers
June 2, 2022--Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that J.P. Morgan's Securities Services has integrated with ICE ETF Hub to facilitate connectivity for its ETF issuers.
"The integration of J.P. Morgan's Securities Services business into the ETF Hub builds on our mission of improving ETF workflows by establishing connectivity for ETF issuers," said Peter Borstelmann, President of ICE Bonds. "This integration broadens the ETF Hub's community and brings greater efficiencies to our customers."
ICE ETF Hub continues to bring efficiencies to primary trading workflows by providing market participants with open architecture technology, which simplifies and standardizes the process for ETF creation and redemption.
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Source: Intercontinental Exchange
CFTC Sues Gemini Over Bitcoin Futures Case From 2017
June 2, 2022--Gemini partnered with Cboe to try and launch what would have been the nation's first bitcoin futures contracts.
The Commodity Futures Trading Commission (CFTC) sued Gemini Trust Company LLC Thursday on allegations the crypto exchange's staff misled the federal regulator during Gemini's 2017 effort to launch trading of what would have been a landmark bitcoin (BTC) futures contract.
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Source: coindesk.com
First futures exchange aimed at health care economy has filed for regulatory approval
June 1, 2022--Intelligent Medicine Exchange (IMX) to offer new risk management, investing tools based on underlying health care data
Intelligent Medicine Exchange (IMX)TM today announced its plans to launch the first financial exchange focused on the health care economy.
IMX has filed for regulatory approval with the U.S. Commodity Futures Trading Commission (CFTC) to be a Designated Contract Market (DCM)-a futures exchange focused on contracts that will enable individual and institutional market participants to manage risk and invest in multiple components of the health care ecosystem.
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Source: IMX Health, LLC
ProcureAM Launches First-Ever Global Disaster Recovery ETF
June 1, 2022--Approach provides investment exposure to $2.2 trillion industry. Firm to celebrate launch by ringing Nasdaq opening bell
Since 1980, the United States alone has sustained 323 weather and climate disasters, costing a staggering $2.2 trillion dollars in total.
By the end of this century, the U.S. government predicts $2 trillion per year in damages from hurricanes, wildfires, floods, droughts, severe storms or earthquakes. The FEMA ETF is the first fund to invest in companies worldwide that are engaged in sustainable recovery and risk reduction efforts of natural disasters.
Index constituents include companies that are materially involved in emergency/backup power generators and batteries, engineering and construction, specialty industrial machinery, building products and materials, as well as waste management, among others. Companies that received contracts with the Federal Emergency Management Agency or similar agencies in the last five years also qualify for inclusion in the fund.
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Source: ProcureAM
BlackRock Updates Multifactor ETF Suite to Serve as Portfolio Building Blocks
June 1, 2022--Effective today, BlackRock implemented changes to the iShares Multifactor suite, bringing enhanced systematic multifactor investing capabilities to the foundation of portfolio construction.
The iShares US Equity Factor ETF (LRGF) and the iShares International Equity Factor ETF (INTF) updates are as follows:
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Source: ishares.com
How finance plays a role in gun control
May 31, 2022--Daniel Defense, which allegedly manufactured the weapon used to kill 19 children and two adults last week at Robb Elementary School in Uvalde, Texas, offers BNPL financing through the fintech Credova. Larger BNPL providers, like Affirm, Afterpay, and Klarna, do not work with firearms sellers in the U.S.
Why should we care?
Finance has long played an underacknowledged-yet contentious-role in the question of U.S. gun control.
Reporting from 2018 by the New York Times uncovered that the majority of attackers in major mass shootings over the preceding decade had acquired their guns with credit cards-often purchasing tens of thousands of dollars' worth of weapons that they couldn't have afforded otherwise.
Banks and credit card providers, the Times argues, have access to key red flags that could prevent future mass shootings, but they don't track or act on this information because they're not required to by law, and they fear alienating gun-owning clients. In the wake of the 2018 mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida, which killed 17 people, Citibank and Bank of America said they would no longer finance or advise gun manufacturers, while PayPal, Apple Pay, and Square reaffirmed that they do not allow the sale of guns through their systems.
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Source: The Financial Revolutionist
ACA Group and Foreside Complete Merger; Combined Firm Will Be Known As ACA
May 31, 2022--May 31, 2022--The merger brings together two of the industry's most well-respected GRC solutions providers. ACA and Foreside together will be positioned to transform the future of GRC, creating a world-class platform for the financial services industry.
ACA Group ("ACA"”) and Foreside Financial Group, LLC ("Foreside"), two of the leading providers of governance, risk, and compliance (GRC) solutions to clients in the financial services industry, today announced the completion of its merger, to become one of the largest providers of GRC solutions globally.
Foreside's distribution business will be rebranded as ACA Foreside and willbecome a division under ACA. Genstar Capital ("Genstar"), a leading private equity firm, is the majority owner of the combined business as a result of acquiring a controlling interest in ACA from Starr Investment Holdings.
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Source: ACA
Fund industry heavyweights muscle in on ETF market
May 30, 2022--Morgan Stanley, Neuberger Berman, SEI and Matthews Asia have launched or are poised to debut products
Neuberger Berman and a clutch of some of the world's biggest investors are joining the exchange traded fund industry for the first time, as they seek a foothold in a fast-growing sector that has piled pressure on active managers to justify their fees.
The US investment house is one of a group including Morgan Stanley, SEI and Matthews Asia-together managing $3tn-that have recently launched or signalled their intention to unveil their debut ETFs.
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Source: ft.com
One River's spot Bitcoin ETF application rejected by SEC
May 27, 2022--The proposed environmentally conscious spot ETF was found to be insufficiently protected against fraud and manipulation, like many ETF proposals before it.
The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca.
The decision comes somewhat ahead of schedule, as the agency had extended the original deadline to June 2 to allow more time for consideration.
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Source: cointelegraph.com
