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CBO-Monthly Budget Review: June 2021
July 9, 2021--Summary
The federal budget deficit was $2.2 trillion in the first nine months of fiscal year 2021, the Congressional Budget Office estimates-$508 billion less than the deficit recorded during the same period last year.
Although outlays rose by an estimated $289 billion (or 6 percent), revenues rose more-by an estimated $797 billion (or 35 percent).
Outlays in the first nine months of fiscal year 2021 were almost $2 trillion more than spending during the same period two years earlier, in 2019, mostly because of programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration's Paycheck Protection Program. Outlays in 2020 also were boosted sharply by pandemic-related spending. As a result, the deficits recorded during the first nine months of 2020 and 2021 were significantly larger than the $747 billion shortfall recorded during the same period in fiscal year 2019.
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Source: Congressional Budget Office (CBO)
J.P. Morgan Asset Management Launches Two ActiveBuilders Equity ETFs: JUSA and JIDA
July 8, 2021--Funds expand JPM's newly launched ActiveBuilders ETF suite, seeking to deliver JPM core active management expertise and risk controls through low-cost ETF technology
J.P. Morgan Asset Management today announced the launch of two active equity ETFs, JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (JUSA) and JPMorgan ActiveBuilders International Equity ETF (JIDA) (collectively, the "funds").
The funds join JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) to round out J.P. Morgan Asset Management's ActiveBuilders ETF core equity suite1.
Delivered through the transparent active ETF structure, all three funds will employ the expertise of the JPM Global Equities platform's qualitative and quantitative insights. The ActiveBuilders core equity suite seeks to improve returns and better manage risk across the US, EMEA and emerging markets within a low-cost ETF structure.
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Source: J.P. Morgan Asset Management
Ark bitcoin ETF disclosure reveals planned fee of 0.95%
July 7, 2021--The Ark 21Shares Bitcoin ETF hold and track the performance of the cryptocurrency
Cathie Wood's Ark Invest has set the bar on bitcoin ETF fees, analysts say, after it became the first asset manager to reveal a fee for its proposed bitcoin ETF.
The manager plans to launch a fund that will hold and track the performance of bitcoin, according to a disclosure filed with the Securities and Exchange Commission.
The Ark 21Shares Bitcoin ETF will track the performance of bitcoin in US dollars, as measured by the performance of the S&P bitcoin Index, the filing shows. The ETF trust will also hold bitcoin, and it will trade on the Cboe BZX exchange, according to the filing.
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Source: ft.com
ETF Managers Group (ETFMG(R)) Extends Cannabis and Leveraged ETF Lineup with MJXL
July 7, 2021--Now offering 2x exposure to global cannabis with MJXL, from the issuer who brought investors the first U.S. and world's largest cannabis ETF.
ETF Managers Group LLC (ETFMG(R)), leading exchange-traded fund issuer, announced that the ETFMG 2x Daily Alternative Harvest ETF (NYSE Arca: MJXL) will begin trading today on the New York Stock Exchange.
MJXL is designed to seek daily leveraged investment results, before fees and expenses, of two times (2x) or 200% the performance of the Prime Alternative Harvest Index, providing investors access to the global cannabis ecosystem and benefitting directly from widespread medicinal and recreational legalization initiatives.
The Fund is ETFMG's third cannabis investment offering, joining MJ, the first U.S. listed and world's largest cannabis ETF, and MJUS, providing access to top names in U.S. cannabis, including multi-state operators (MSOs). MJXL also adds to the firm's new suite of 2x Daily Leveraged ETFs, structured to give investors short-term, magnified exposure to high-growth themes already offered by ETFMG.
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Source: ETFMG
ZEGA Financial Launches ZHDG, An Actively-Managed, Buy and Hedge Exchange-Traded Fund
July 7, 2021--July 7, 2021--ZEGA Financial, a registered investment adviser and investment manager known for helping investors successfully navigate volatile and uncertain markets through innovative hedging strategies, today announced the launch of the ZEGA Buy and Hedge ETF (ticker: ZHDG).
The ETF is designed to provide broad U.S. equity large-cap market exposure while seeking to limit downside risk in the event of a material market correction. ZHDG seeks to capture upside market movement to provide long-term capital appreciation while aiming to limit equity losses in any 12-month period.
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Source: ZEGA Financial
U.S. SEC to consider new 'sustainable' fund criteria, data disclosure rules
July 7, 2021--U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said on Wednesday the regulator would consider rules to require "sustainable" fund managers to disclose the criteria and underlying data used to support the label.
Regulators and activists are becoming increasingly concerned that U.S. funds looking to cash in on the popularity of environmental, social and corporate governance (ESG) investing may be misleading shareholders over their products' underlying holdings, a practice known as "greenwashing."
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Source: reuters.com
IMF-Boosting the Economy: The Impact of US Government Spending Plans
July 1, 2021--Despite the tragic loss of life and immense challenges brought on by the pandemic, the US economy is making a remarkable recovery. The Biden administration’s proposed spending plans will add momentum, raising GDP by more than 5 percent from 2022 to 2024, and will create a lasting impact by increasing productivity and labor force participation.
The economic impact of the American Jobs Plan (AJP) and American Families Plan (AFP) was the focus of the IMF’s annual economic and policy review of the United States. After completing discussions with the country's authorities, IMF staff issued a statement today summarizing their conclusions, which will be discussed by the IMF's Executive Board on July 16.
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Source: IMF
AdvisorShares Launches Gerber Kawasaki ETF (Ticker: GK), Actively Managed by Ross Gerber
July 1. 2021--Multi-thematic ETF showcases the top investment ideas from the prominent investor and financial media commentator
AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), today announced that the AdvisorShares Gerber Kawasaki ETF (Ticker: GK) will begin trading on Friday, July 2, 2021.
GK is sub-advised by Los Angeles-based Gerber Kawasaki Wealth and Investment Management with its president and CEO Ross Gerber serving as the ETF's portfolio manager.
Gerber has become one of the most widely followed investors on social and traditional media. His investment ideas and advice have made him a regular in global business news and on many of the most popular podcasts, as well as Gerber Kawasaki's own media properties.
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Source: AdvisorShares
ETFGI reports assets invested in ETF and ETPs listed in Canada reached a record US$246.13 billion at the end of May 2021
June 30, 2021--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reports assets invested in ETF and ETPs listed in Canada reached a record US$246.13 Bn at the end of May. ETFs listed in Canada gathered net inflows of US$6.09 billion during May, bringing year-to-date net inflows to US$22.25 billion.
At the end of the month, Canadian ETF assets increased by 5.3%, from US$233.83 billion at the end of April to US$246.13 billion, according to ETFGI's May 2021 Canadian ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in ETFs and ETPs listed in Canada reach a record $246.13 Bn at the end of May.
Record YTD net inflows of $22.25 Bn beating the prior record of $14.44 Bn gathered YTD in 2020.
Twenty-three months of consecutive net inflows
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Source: ETFGI
Report of the Task Force on Financial Stability
June 29, 2021--Following the Global Financial Crisis of 2007-09, the U.S. and other economies shored up the resilience of their banks through more demanding capital and liquidity requirements and rigorous stress testing. The disruptions of financial markets at the onset of the pandemic in March 2020 underscored the vulnerabilities of markets and institutions that comprise the important-and growing-nonbank sector of the financial system through which much credit to businesses, households, and government flows.
The Task Force on Financial Stability was formed before the pandemic, in October 2019, by the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution and the Initiative on Global Markets at the University of Chicago Booth School of Business. Its mission was to identify gaps in the regulatory architecture and other features of the financial system (outside the regulated banking sector) that make it insufficiently resilient, and to recommend mitigating policies to regulators, Congress, and the industry.
The report focuses on the U.S. Treasury market, open-end mutual funds, housing finance, derivatives clearinghouses, and life insurance companies; it also makes recommendations for the structure and process of regulation, including the Financial Stability Oversight Council and the Office of Financial Research, both created by the Dodd-Frank Act, to increase the likelihood of spotting and addressing issues that will arise in the future.
view the Report of the Task Force on Financial Stability
Source: brookings.edu
