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Financial Stability Report November 2021
November 8, 2021--Overview
This report reviews conditions affecting the stability of the financial system by analyzing vulnerabilities related to valuation pressures, borrowing by businesses and households, financial leverage, and funding risk. It also highlights several near-term risks that, if realized, could interact with these vulnerabilities.
Since the May 2021 Financial Stability Report was issued, prices of risky assets generally rose further. Despite concerns about the spread of the Delta variant of the virus that causes COVID-19, asset prices were supported by increased earnings expectations and low Treasury yields.
Business and household borrowing as a percentage of gross domestic product (GDP) decreased further. Banks continued to be profitable and strongly capitalized. By contrast, structural vulnerabilities persist in some types of money market funds (MMFs) and other cash-management vehicles as well as in bond and bank loan mutual funds and could again amplify shocks to the financial system in times of stress.Our view of the current level of vulnerabilities is as follows:
1. Asset valuations. Prices of risky assets generally increased since the previous report, and, in some markets, prices are high compared with expected cash flows. House prices have increased rapidly since May, continuing to outstrip increases in rent. Nevertheless, despite rising housing valuations, little evidence exists of deteriorating credit standards or highly leveraged investment activity in the housing market. Asset prices remain vulnerable to significant declines should investor risk sentiment deteriorate, progress on containing the virus disappoint, or the economic recovery stall.
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Source: federalreserve.gov
Sprott Asset Management Enters Agreement with North Shore Indices, Inc. to Acquire Licensing Rights to the Index Tracked by the North Shore Global Uranium Mining ETF
November 4, 2021--November 4, 2021--Sprott Inc. ("Sprott") (NYSE/TSX: SII) announced today that Sprott Asset Management LP ("Sprott Asset Management"), a wholly-owned subsidiary of Sprott, has entered into a definitive agreement (the "Agreement") with North Shore Indices, Inc. to acquire an exclusive licence to use the North Shore Global Uranium Mining Index (the "Index"), the performance of which the North Shore Global Uranium Mining ETF ("URNM"), a series of Exchange Traded Concepts Trust (the "Trust"), seeks to track.
In connection with the Agreement, and subject to the approval of a reorganization by both the Board of Trustees of the Trust and shareholders of URNM, it is anticipated that URNM would be reorganized into a newly created series of the Sprott Funds Trust, the Sprott Uranium Miners ETF, which series will be advised by Sprott Asset Management and sub-advised by ALPS Advisors, Inc. Assuming the transaction is approved by the Board of Trustees of the Trust and the shareholders of URNM, the reorganization is expected to close in the first quarter of 2022.
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Source: Sprott
USCF Announces Launch of the USCF Gold Strategy Plus Income Fund (Ticker: GLDX)
November 3, 2021--USCF today announced it has launched the USCF Gold Strategy Plus Income Fund (GLDX) with SummerHaven Investment Management, LLC (SummerHaven), a Stamford based investment management firm, as sub-adviser. GLDX seeks investment results that generally correspond over the long term to the performance of the price of gold, while generating dividend income through selling gold call options and through collateral interest income.
GLDX is an actively managed exchange traded fund (ETF).
SummerHaven and USCF previously collaborated on three exchange traded products: the United States Copper Index Fund (NYSE Arca: CPER), United States Commodity Index Fund (NYSE Arca: USCI) and the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (NYSE Arca: SDCI) respectively.
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Source: USCF Investments
Impact Shares and UNCDF Launch New Global Climate Select ETF (NYSE Arca: NTZO) based on customized MSCI index
November 3, 2021--Strict climate ETF launched by Impact Shares and members of the Global Investors for Sustainable Development to support UN climate goals
Impact Shares, the nonprofit ETF sponsor backed by The Rockefeller Foundation, is pleased to announce the launch of the Impact Shares MSCI Global Climate Select ETF (NYSE Arca: NTZO) in collaboration with the United Nations Capital Development Fund (UNCDF), the UN agency that makes public and private finance work for the poor in the world's 46 Least Developed Countries (LDCs).
NTZO is based on an index licensed by MSCI (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community.
The new ETF, based on the MSCI ACWI Climate Pathway Select Index, was co-created by Impact Shares and a working group of the Global Investors for Sustainable Development (GISD) Alliance.
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Source: Impact Shares
Fed Dials Back Bond Purchases, Plots End to Stimulus by June
November 3, 2021--Central bank affirms forecast that factors driving high inflation are 'expected to be transitory'
The Federal Reserve closed a chapter on its aggressive, pandemic-driven stimulus when it approved plans Wednesday to begin scaling back its bond-buying program this month amid concerns that inflationary pressures could last longer than officials expected earlier this year.
Fed officials agreed to wind down their $120-billion-a-month asset-purchase program by $15 billion each in November and December, a pace that could phase out the purchases entirely by next June.
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Source: wsj.com
J.P. Morgan Asset Management Launches Active Fixed Income ETF: JPMorgan Income ETF (JPIE)
November 2, 2021-- J.P. Morgan Asset Management today announced the launch of JPMorgan Income ETF (JPIE) ("the fund"), an active fixed income ETF which targets debt securities across the fixed income universe, seeking to deliver yield with lower volatility and attractive distributions.
Using sector allocation shifts, JPIE invests in a wide variety of debt securities that have the potential to maximize income while reducing portfolio-level risk. JPIE draws upon the combined expertise of the firm's Global Fixed Income Currency and Commodities (GFICC) platform, providing the best ideas from diverse asset class expertise and broad investment capabilities.
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Source: J.P. Morgan Asset Management
Horizons ETFs Launches New High Interest Savings ETF
November 2, 2021--This latest ETF offering, which will trade under the ticker "CASH", provides a low-cost cash savings alternative to traditional bank accounts, with daily liquidity and a competitive interest rate paid monthly.
Horizons ETFs Management (Canada) Inc. ("Horizons ETFs" or the "Manager") is pleased to announce the launch of the Horizons High Interest Savings ETF ("CASH" or the "ETF").
Units of the ETF will begin trading today on the Toronto Stock Exchange ("TSX").
CASH seeks to maximize monthly income for unitholders while preserving capital and liquidity by investing primarily in high interest deposit accounts with Canadian banks. The investment objective of CASH is similar to the Horizons Cash Maximizer ETF ("HSAV"), except unlike HSAV, CASH will seek to pay out regular monthly distributions of income.
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Source: Horizons ETFs Management (Canada) Inc
Simplify Asset Management Adds to Its Options-focused ETF Offerings With the Launch of the Simplify Hedged Equity ETF (HEQT)
November 2, 2021--Fund is fully invested in the S&P 500 with simultaneous exposure to a series of put-spread collars designed to help reduce volatility
Simplify Asset Management ("Simplify"),an innovative provider of options-based Exchange Traded Funds ("ETFs"),today announced the latest addition to its fast-growing ETF family: the Simplify Hedged Equity ETF (HEQT).
HEQT seeks capital appreciation by fully investing in a low-cost S&P 500 ETF while simultaneously investing in a series of put-spread collars designed to help reduce volatility. By deploying a ladder of collars that expire over three sequential months, the fund seeks to create a hedged equity approach with more robust opportunities for improving rebalancing luck. Each collar consists of an approximately 5% OTM to 20% Out of the Money (OTM) put-spread, funded by selling a call. HEQT is the first equity ETF to utilize this laddered approach to put-spread collars.
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Source: Simplify Asset Management Inc.
-AdvisorShares Announces North Square Investments' Affiliate, CS McKee, as Sub-Advisor to ESG Core Bond ETF (Ticker: MENV) and Ultra-Low Duration Fixed Income ETF (Ticker: HOLD)
November 1, 2021-AdvisorShares, a leading sponsor of actively managed ETFs, announced today that CS McKee, an affiliated manager of North Square Investments (North Square), will assume sub-advisor responsibilities of the AdvisorShares FolioBeyond Smart Core Bond ETF (NYSE Arca: FWDB) and the AdvisorShares Sage Core Reserves ETF (NYSE Arca: HOLD).
Effective today, both funds will be renamed the AdvisorShares North Square McKee ESG Core Bond ETF and the AdvisorShares North Square McKee Core Reserves ETF. FWDB will change its ticker symbol to MENV while HOLD will maintain its current ticker symbol.
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Source: AdvisorShares
Simple, low-cost ETFs lead race for investors' cash
November 1, 2021--Vanguard's easy to explain funds find broad appeal, but iShares still leads the pack.
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Source: FT.com
