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Federal Reserve Beige Book-October 20, 2021
October 20, 2021--Overall Economic Activity
Economic activity grew at a modest to moderate rate, according to the majority of Federal Reserve Districts. Several Districts noted, however, that the pace of growth slowed this period, constrained by supply chain disruptions, labor shortages, and uncertainty around the Delta variant of COVID-19. A majority of Districts indicated positive growth in consumer spending; however, auto sales were widely reported as declining due to low inventory levels and rising prices.
Travel and tourism activity varied by District with some seeing continued or strengthening leisure travel while others saw declines that coincided with rises in COVID cases and the start of the school year. Manufacturing grew moderately to robustly in most parts of the country, as did trucking and freight. Growth in nonmanufacturing activity ranged from slight to moderate for most Districts. Loan demand was generally reported as flat to modest this period. Residential real estate activity was unchanged or slowed slightly but the market remained healthy, overall. Reports on nonresidential real estate varied across Districts and market segments. Agriculture conditions were mixed and energy markets were little changed, on balance.
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Source: federalreserve.gov
Horizons ETFs Launches Active Emerging Markets ETF
October 20, 2021--Sub-advised by Mirae Asset USA, this new actively managed ETF provides exposure to leading companies in the emerging markets
Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the launch of the Horizons Emerging Markets Leaders ETF ("HEMC"). Units of the ETF will begin trading today on the Toronto Stock Exchange ("TSX") under the ticker symbol HEMC:TSX.
HEMC is sub-advised by Mirae Asset Global Investments (USA) LLC ("Mirae Asset USA" or "Sub-Advisor"), utilizing the expertise of Mirae Asset Global Investment's global emerging markets equity team. This team is comprised of 13 portfolio managers and analysts, many of whom are located in the local markets that HEMC invests in. The Mirae Asset Financial Group oversees more than $215 billion in assets for clients worldwide.
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Source: Horizons ETFs Management (Canada) Inc.
Valkyrie Secures Go-Ahead for Bitcoin Futures ETF
October 20, 2021--The crypto-native fund manager is the third sponsor of a bitcoin futures exchange-traded fund to clear all regulatory hurdles.
Valkyrie Investments's bitcoin futures exchange-traded fund (ETF) has won the blessing of the U.S. Securities and Exchange Commission.
The new ETF is set to start trading on Friday, after the bitcoin-linked fund cleared the final regulatory hurdles, a Valkyrie spokesperson said. It will trade on Nasdaq under the ticker BTF on Nasdaq, despite short-lived plans to adopt the more meme-centric ticker BTFD.
Valkyrie is only the third investment company-and the first crypto-native- to receive the Securities and Exchange Commission's greenlight. The ProShares Bitcoin Strategy ETF (stock ticker BITO) launched Tuesday. VanEck's own bitcoin futures ETF offering is slated to trade starting early next week.
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Source: coindesk.com
First Ever Real Estate Tech ETF Launched by ETF Managers Group (ETFMG)
October 20, 2021--HHH is the World's First ETF to Provide Exposure to the Technology Transforming the Global Real Estate Industry
ETF Managers Group LLC (ETFMG(R), a leading exchange-traded fund issuer, announced that the ETFMG Real Estate Tech ETF (NYSE Arca: HHH) will begin trading today on the New York Stock Exchange.
HHH is the world's first ETF designed to give pure-play exposure to global technology companies that are digitally transforming the real estate industry to optimize the way people research, rent, buy, sell, insure and manage property.
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Source: ETFMG
Invesco Drops Pursuit of Bitcoin Futures ETF Filing Before Debut
October 19, 2021--Invesco Ltd. has dropped its pursuit of a futures-backed Bitcoin exchange-traded fund hours before the first such product is set to launch on a U.S. exchange.
"We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF," an Invesco spokesperson said in a statement.
The firm declined to comment further.
The decision comes on the eve before the ProShares Bitcoin Strategy ETF (ticker BITO) begins trading.
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Source: bnnbloomberg.ca
First U.S. bitcoin futures ETF launches. Strategist behind it on what's next
October 19, 2021--The firm behind the first U.S. bitcoin futures-based exchange-traded fund has high hopes for its new product.
The ProShares Bitcoin Strategy ETF (BITO), which tracks bitcoin futures contracts, rose as much as 3% in its Tuesday debut.
Though some are concerned that a futures-based ETF could deviate from bitcoin's spot price, ProShares' head of investment strategy, Simeon Hyman, sees it another way.
NYSE Arca Files Form 19b-4 to Convert Grayscale(R) Bitcoin Trust into an ETF
October 19, 2021--The filing reflects Grayscale's ongoing commitment to converting its entire family of digital currency investment products into ETFs
Grayscale Investments(R), the world's largest digital currency asset manager, announced today that NYSE Arca has filed Form 19b-4 with the Securities and Exchange Commission (SEC) to convert Grayscale's flagship product, Grayscale(R) Bitcoin Trust (OTCQX: GBTC), into a Bitcoin Spot ETF.
The move comes on the heels of the SEC's clearance of a Bitcoin Futures ETF.
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Source: Grayscale Investments
Women Investors Outperform Men: Fidelity
October 19, 2021--Fidelity says that women retail clients did better investing in the stock market than the firm’s male customers -yet few women feel confident about their investing prowess.
Female Fidelity customers outperformed males by 0.4%, the company found in an analysis of five million customers' accounts over the last decade.
And women are branching out: 67% are now investing outside of their retirement accounts, compared to 44% who did so in 2018, Fidelity found in a survey of 2,400 American adults.
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Source: financialadvisoriq.com
SEC Staff Releases Report on Equity and Options Market Structure Conditions in Early 2021
October 18, 2021--The Securities and Exchange Commission today published a Staff Report on Equity and Options Market Structure Conditions in Early 2021, which focuses on the January 2021 trading activity of GameStop Corp (GME), the most famous of the "meme stocks." Because the meme stock episode raised several questions about market structure, the staff report also provides an overview of the equity and options market structure for individual investors.
"January's events gave us an opportunity to consider how we can further our efforts to make the equity markets as fair, orderly, and efficient as possible," said SEC Chair Gary Gensler. "Making markets work for everyday investors gets to the heart of the SEC's mission. I would like to thank the staff for bringing their expertise to this important report, and for their ongoing work on to address the issues that January’s events raised."
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Source: SEC.gov
ProShares to Launch the First U.S. Bitcoin-Linked ETF on October 19
October 18, 2021--BITO will offer access to bitcoin with the convenience, liquidity and tradability of an ETF
ProShares, a premiere provider of ETFs, plans to launch the first bitcoin-linked ETF in the United States (NYSE Ticker: BITO) tomorrow, October 19, 2021. BITO's launch will mark a milestone for ETFs.
BITO will offer investors an opportunity to gain exposure to bitcoin returns conveniently, through a brokerage account. BITO can be bought and sold like a stock and eliminates the need for an account at a cryptocurrency exchange and for a crypto wallet.
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Source: proshares.com
