Americas ETP News
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EXCLUSIVE Fed privately presses big banks on risks from climate change
May 13, 2021--The U.S. Federal Reserve has asked lenders to start providing information on the measures they are taking to mitigate climate change-related risks to their balance sheets, according to four people with knowledge of the matter.
The previously unreported supervisory discussions highlight how U.S. watchdogs are moving to execute President Joe Biden's agenda to incorporate climate risk into the financial regulatory system, with potentially major ramifications for Wall Street.
While European regulators are this year rolling-out climate-change "stress tests" for lenders, the Fed lags its peers.
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Source: reuters.com
First Trust Launches the First Trust New York Municipal High Income ETF
May 13, 2021--An actively managed ETF that seeks to provide federal, New York State and New York City tax-exempt income
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched a new actively managed ETF, the First Trust New York Municipal High Income ETF (NYSE Arca: FMNY) (the "fund").
The fund seeks to provide income that is exempt from regular federal, New York State and New York City income taxes with long-term capital appreciation as a secondary objective. The fund will seek to achieve its investment objectives by investing primarily in municipal debt securities issued by the state of New York.
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Source: First Trust
ETFMG Extends Cannabis Suite of ETFs with U.S. Alternative Harvest ETF (MJUS)
May 13, 2021--MJUS to offer investors exposure to U.S. cannabis companies, including MSOs
ETF Managers Group (ETFMG(R)), leading exchange-traded fund issuer who brought investors MJ, the first U.S. listed and world's largest global cannabis ETF, announced that the ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading today on the New York Stock Exchange.
MJUS offers investors exposure to cannabis companies operating in the United States, including multi-state operators (MSOs) directly involved in the cultivation, production, marketing and distribution of cannabis or cannabis-related products.
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Source: ETFMG
CBO-Monthly Budget Review: April 2021
May 10, 2021--The federal budget deficit was $1.9 trillion in the first seven months of fiscal year 2021, the Congressional Budget Office estimates-$449 billion more than the deficit recorded during the same period last year.
Outlays were 22 percent higher and revenues were 16 percent higher from October through April than during the same period in fiscal year 2020. Most of the increases in 2021 arose from spending for refundable tax credits (particularly recovery rebates), unemployment compensation, and the Small Business Administration's Paycheck Protection Program.
Largely because of the federal government's response to the coronavirus pandemic, the deficits recorded during the first seven months of both 2020 and 2021 are significantly larger than the deficit recorded during the same period in 2019, which totaled $531 billion.
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Source: Congressional Budget Office (CBO)
Bitcoin ETF From 3iQ and CoinShares Tops C$1B AUM
May 7, 2021--"Reaching $1 billion in only three weeks speaks to the enormous market demand for bitcoin," said Fred Pye, CEO of 3iQ.
The 3iQ CoinShares Bitcoin ETF has reached over C$1 billion (US$823 million) in assets under management (AUM) after only three weeks of trading on the Toronto Stock Exchange.
In an announcement Friday, 3iQ said the bitcoin exchange-traded fund launched in partnership with CoinShares has seen enormous demand from investors.
The bitcoin ETF began trading in Canadian dollars under the ticker BTCQ and in U.S. dollars under the symbol BTCQ.U on the TSX on April 19.
On April 23, Canadian regulators approved the "3iQ CoinShares Ether ETF" which became the fourth ether ETF to trade on the TSX.
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Source: coindesk.com
Fed warns high asset prices could make investors vulnerable
April 6, 2021--The Federal Reserve is warning that prices of stocks and other financial assets are rising to levels that could set investors up for big losses from sudden declines.
A Fed report released Thursday noted that stocks and other risky assets have risen in value since last November, in some cases to record highs, as the outlook for the post-pandemic U.S. economy has improved with increases in vaccinations and business re-openings.
"asset prices may be vulnerable to significant declines should risk appetite fall," the Fed report warned.
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Source: washingtonpost.com
BNY Mellon leads back-office race to secure US crypto ETF business
May 5, 2021--Regulators have not approved any bitcoin funds despite a growing list of proposals
Regulators are taking their time evaluating the growing number of bitcoin exchange traded fund proposals. But backers of such products are wasting no time to ensure they have the vendors in place to keep them humming if they are approved.
The early winner in the cryptocurrency ETF service provider contest is BNY Mellon. The New York-based bank has secured administration and/or transfer agency contracts with three of the eight bitcoin ETFs that have filed registration paperwork with the Securities and Exchange Commission, according to public announcements and regulatory disclosures.
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Source: FT.com
A reckoning for Spacs: will regulators deflate the boom?
May 4, 2021--The SEC is concerned about the market for 'blank-cheque' companies, including optimistic projections and celebrity endorsements.
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Source: FT.com
Alger Launches Second High Conviction, Focused Actively Managed Exchange Traded Fund
May 4, 2021--Alger announced the launch of Alger 35 ETF (ATFV), a high-conviction, actively managed exchange traded fund managed by Dan Chung, CEO and chief investment officer.
The ETF invests in 35 "best ideas" sourced from the firm's experienced analyst team.
Fred Alger Management, LLC ("Alger"), a leading growth equity investment manager, today announced the launch of Alger 35 ETF (ATFV), a high-conviction, actively managed exchange traded fund (ETF). It will invest in 35 "best ideas" sourced from the firm’s experienced analyst team.
Alger 35 ETF will be managed by Dan Chung, CEO and chief investment officer of Alger. Dan, who has 27 years of investment experience, is also a portfolio manager on several of Alger's long only and long/short growth equity strategies. The ETF will execute a strategy similar to the Alger 35 Fund, a five-star Morningstar rated fund, which launched in 2018.
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Source: prweb.com
Schwab Asset Management Launches Schwab International Dividend Equity ETF
April 29, 2021--Schwab Asset Management announced today that the Schwab International Dividend Equity ETF (SCHY) started trading on the NYSE Arca. With an operating expense ratio (OER) of 0.14%, the ETF is among the lowest cost ETFs providing exposure to international dividend equity securities.
"We are excited to bring our newest ETF to market for investors who are eager for additional choice in investment strategies that seek income," said David Botset, SVP of Product Strategy for Schwab Asset Management. "We are committed to providing investors with products that can help them build well-diversified portfolios at great value, and we’re pleased to expand our line-up with this new international dividend ETF."
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Source: Schwab Asset Management
