Americas ETP News
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Concerns grow over ETFs' illiquid holdings
March 29, 2021--Funds with large stakes in barely traded stocks could be hit harder in a market downturn
The surge in ETF investment is beginning to spark concerns that retail investors will not be able to differentiate between exchange traded funds that own securities which are easy to trade and those that have illiquid holdings.
The fear is that some funds, particularly those that have narrow investment objectives, can amass very large holdings in companies that are barely traded.
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Source: FT.com
Wall Street banks anticipate SEC inquiries into SPAC market
March 25, 2021--Wall Street's biggest banks are expecting the U.S. Securities and Exchange Commission to step up its oversight of the red-hot SPACs market.
Officials at major firms are anticipating letters from regulators asking about the potential dangers of underwriting a deluge of deals from so-called blank-check companies, according to two people familiar with the matter.
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Source: pionline.com
Four Charts on Canada's Carbon Pollution Pricing System
March 23, 2021--With a federal price on carbon now written into law, Canada is fighting climate change. The country’s enhanced carbon pricing measures put it on track to meet its Paris Agreement targets, providing a model for other large-emitting countries to follow.
Canada has pledged to cut greenhouse gases by about 30 percent below current levels by 2030 and to achieve emissions neutrality by 2050. To meet these ambitious targets, the country is steadily ramping up its price on carbon.
The following four charts illustrate the "why and how" of Canada's carbon pricing arrangement.
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Source: IMF
Managers hope 'proxy' bitcoin funds will finally win SEC approval
March 22, 2021--Despite their popularity elsewhere, the SEC has yet to give the green light to crypto ETFs
US asset managers are attempting to sidestep the Securities and Exchange Commission's apparent reluctance to approve bitcoin exchange traded funds with applications for products that will provide "proxy" exposure.
The filings with the SEC come as exchange traded products that track the price of the cryptocurrency are already up and running in Sweden, Switzerland, Jersey, Germany and Canada.
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Source: FT.com
BlackRock Cuts Fees on $7.6 Billion Style ETFs to Near Zero
March 22, 2021--Expense ratios of nine funds plunge to range of 0.03% to 0.06%
Competition has prompted big fund issuers to reduce costs
BlackRock Inc.'s revamped $7.6 billion lineup of style ETFs will feature new benchmarks, different tickers and a perk: rock-bottom fees.
The world's biggest exchange-traded fund issuer is cutting the expense ratios on nine iShares Morningstar U.S. Equity Style Box ETFs to a range of 0.03% to 0.06%. That's down from previous charges that varied between 0.25% and 0.30%. Those products--which focus on specific approaches such as company size and growth or value investing-- are now tracking the Morningstar Broad Style Indexes that were launched in January.
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Source: bloomberg.com
BlackRock under pressure to live up to its promises on diversity
March 22, 2021--Past and present employees of colour seek change at asset manager some call 'WhiteRock'
When Essma Bengabsia joined BlackRock full-time in 2018, she thought she had found the perfect launch pad for her career.
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Source: FT.com
First Trust Lists March Series of Target Outcome ETFs(R) Buffer Strategies Based on QQQ, EFA and SPY
March 22. 2021--March series includes: QMAR, YMAR, FMAR and DMAR (collectively, the "funds")
Upside caps announced for the funds, all of which seek a balance of upside performance potential with a downside buffer
The funds join First Trust's lineup of successful and fast-growing actively managed Buffer ETF
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has expanded its suite of Target Outcome ETFs(R) with Buffer Strategies based on Invesco QQQ TrustSM Series 1 ("QQQ") and iShares MSCI EAFE ETF ("EFA"), as well as Buffer and Deep Buffer Strategies based on SPDR(R) S&P 500® ETF Trust ("SPY").
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Source: First Trust
ASYMmetric ETFs Trust files with the SEC-ASYMshares ASYMmetric 500 ETF
March 19, 2021--ASYMmetric ETFs Trust has filed a post-effecive amendment, registration statement with the SEC for the ASYMshares ASYMmetric 500 ETF.
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Source: SEC.gov
SEC Announces 2021 Exam Priorities
March 19, 2021--The Securities and Exchange Commission's (SEC) Division of Examinations (Division) recently announced its 2021 examination priorities, which will continue to prioritize the examination of certain practices, products, and services that the SEC believes present heightened risks to investors or the integrity of the U.S. capital markets.
Although the Division's examination schedule remains flexible to address any emerging or imminent risks to investors, its priorities center around:
Retail investors, including seniors and those saving for retirement, through Regulation Best Interest (Reg. BI) and fiduciary duty compliance
Information security and operational resiliency
Financial technology (fintech) and innovation, including digital assets
Anti-money laundering (AML) programs
London Inter-Bank Offered Rate (LIBOR) transition, and
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Source: SEC.gov
IMF-Canada : 2021 Article IV Consultation-Press Release and Staff Report
March 18, 2021--Summary:
The Canadian economy was operating at close to capacity and had strong policy buffers when the COVID-19 pandemic hit. Economic and social restrictions put in place in March 2020 helped to mitigate the first wave of the virus, but they came at a significant cost.
There was an unprecedented decline in activity in the first half of 2020, followed by a strong rebound in the third quarter as virus-related restrictions were eased. With the onset of the second wave of the virus in late September sparking renewed restrictions across the country, the recovery has slowed. Looking ahead, the strength and durability of the recovery hinges on the evolution of the pandemic.
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Source: IMF
