Americas ETP News
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Growth-value rotation to prompt major rebalancing of $15bn ETF
April 29, 2021--Top-10 holdings of iShares MSCI USA momentum fund thought to be at risk of exclusion include Amazon
Investors in a $15bn exchange traded fund are being warned to brace for a major rebalancing at the end of May that could see Amazon, currently one of the top 10 holdings, removed from the index altogether.
The cautionary advice on the iShares MSCI USA Momentum Factor ETF (MTUM) from CFRA, a research consultancy, might not come as a complete surprise to those who have been monitoring the market rotation away from growth to value companies, but the scale of the expected changes is a reminder that some ETFs can dramatically revamp their holdings.
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Source: FT.com
SEC extends decision on VanEck Bitcoin ETF proposal by another 45 days
April 29, 2021--The Securities & Exchange Commission has made a filing confirming that the decision on VanEck Bitcoin ETF will be delayed.
Currently, Grayscale Bitcoin Trust holds most of the shares in institutional investment in the cryptocurrency-related product.
Approval of the Bitcoin ETF would provide a more stable alternative to GBTC, providing a gateway for institutional money flow into the market.
The Securities & Exchange Commission (SEC) has decided to extend its decision on VanEck and the Chicago Board Options Exchange's (CBOE) application to list a Bitcoin exchange-traded fund (ETF). SEC to make a decision in June
VanEck filed the latest application for a Bitcoin ETF in December 2020. The SEC started the 45-day clock when CBOE filed to list the product.
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Source: fxstreet.com
CBO-Budgetary Effects of Climate Change and of Potential Legislative Responses to It
April 27, 2021--CBO outlines the main channels by which climate change and policies intended to mitigate or adapt to it affect the federal budget. Climate change increases budget deficits; investments in mitigation or adaptation could reduce those costs.
Summary
In this report, the Congressional Budget Office outlines the primary channels by which climate change and policies intended to mitigate or adapt to it affect the federal budget.
Climate change increases federal budget deficits, on net, by reducing revenues and increasing mandatory spending, both through its broad effects on the economy-which are negative, on average-and its specific effects on particular programs. Climate change may also increase the amount of discretionary funding provided by the Congress for certain activities and programs.
Investment by the government or others in various types of mitigation or adaptation efforts could reduce the costs of climate change. The benefits of successful investments would generally accrue gradually over many years and might be only partially reflected in future savings to the federal budget. The extent of future budgetary savings might sometimes be a small proportion of the up-front costs. Currently, CBO has no basis for estimating future savings, because many of the linkages between climate change and the federal budget require further assessment
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Source: CBO (Congressional Budget Office)
JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources
April 26, 2021--JPMorgan Chase is preparing to offer an actively managed bitcoin fund to certain clients, becoming the latest, largest and -if its CEO's well-documented distaste for bitcoin is any indication- unlikeliest U.S. mega-bank to embrace crypto as an asset class.
The JPMorgan bitcoin fund could roll out as soon as this summer, two sources familiar with the matter told CoinDesk. Institutional bitcoin shop NYDIG will serve as JPMorgan's custody provider, a third source said.
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Source: coindesk.com
Commodity Cycles, Inequality, and Poverty in Latin America
April 26, 2021--Summary:
Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world's highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century.
Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.
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Source: IMF
AdvisorShares Launches BEDZ and EATZ, the First ETFs with Dedicated Exposure to Hotels and Restaurants
April 21, 2021--AdvisorShares Hotel ETF (BEDZ) and AdvisorShares Restaurant ETF (EATZ) actively invest in key service industries on the road to recovery and return to normalcy amid the global pandemic
AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), today announced the launch of the AdvisorShares Hotel ETF (Ticker: BEDZ) and the AdvisorShares Restaurant ETF (Ticker: EATZ). They become the only U.S.-listed ETFs to provide dedicated exposure to their respective industries of focus.
BEDZ invests solely in the hotel industry and its related services, including hotels, resorts, cruise lines, and other travel-related services. EATZ invests solely in the restaurant and food service industry, including restaurants, bars, pubs, fast food, take out facilities and food catering services.
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Source: AdvisorShares
Three Ether ETFs begin trading on Toronto Stock Exchange
April 20, 2021--Three ether (ETH) exchange=traded funds (ETFs) began trading on the Toronto Stock Exchange on Tuesday.
The ETFs are by Canada-based asset managers: Purpose Investments,CI Global Asset Management,and Evolve Funds Group.
The three firms received the green light from the Ontario Securities Commission last week.
The move follows shortly after the regulator approved the world's first bitcoin ETFs by the three firms earlier this year.
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Source: theblockcrypto.com
Goldman Sachs Asset Management pumps up innovation ETF pipeline
April 20, 2021--The Future Consumer and Future Health Care funds will focus on areas such as ecommerce and genomics
Goldman Sachs Asset Management is doubling down on its effort to capture some of the buzz and assets chasing emerging technologies and innovative service businesses.
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Source: ft.com
The spread of the arbitrage economy
April 19, 2021--Troubles rise as companies exploit the opaque gaps between regulations
Deliveroo, Greensill, Coinbase, Archegos. Apart from their shared proclivity to dominate the headlines, these high and low flying outfits are an exceptionally disparate bunch.
Yet one thing they have in common is a dependence on regulatory arbitrage to attempt to extract value – successfully or otherwise- from pedestrian core businesses in which fancy technology plays a purely ancillary role.
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Source: FT.com
Robotics ETFs hit by a strong outflow in March
April 19, 2021--Exchange-traded funds focused on robotics have seen "massive" outflows in recent weeks as one of the hottest trends in the last six months could collapse.
Robotics and automation-themed ETFs recorded a $ 735 million inflow between September and February 2020, according to data from New York-based ETF manager GlobalX. The reversal is most noticeable.
However, the record $ 506 million of this money was withdrawn from the market in March alone, reducing assets by 8.5% to $ 5.4 billion.
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Source: eminetra.co.uk
