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SPAC Investment Returns Don't Match 'Hype', SEC Chief Says
March 11, 2021--Acting Chair Lee says agency taking close look at disclosures
She says regulator concerned amid unprecedented issuance.
U.S. regulators are growing concerned that risks posed to shareholders from blank-check companies are getting increasingly dangerous as the SPAC bubble inflates to unprecedented levels.
U.S. regulators are growing concerned that risks posed to shareholders from blank-check companies are getting increasingly dangerous as the SPAC bubble inflates to unprecedented levels.
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Source: Bloomberg
NYSE Active ETF Update-News From the Active ETF Market Looking at the Growth of Active Issue #17
March 11, 2021--Last month, we examined the fast and furious start to 2021 for the active ETF industry, noting the significant impact of ARK. By no means, however, is the rest of the industry lagging in growth.
As a refresher, year-to-date total active ETF industry cash flow is $31.4 billion, a record-smashing figure. Excluding ARK, this total is $16.3 billion, still a record for any similar period in history.
Growth has been widespread. Only one asset class-- U.S. Fixed Income --has not yet experienced an increase in year-over-year growth. Across equity strategies, cash flow increased ˜5X year-over-year to $5.2 billion. This expansion is supported by several new ETFs along with strong investor adoption. Nine of the top 20 ETFs by cash flow year-to-date have launched within the last calendar year. Additionally, investors continue to show interest in thematic based strategies with ETFs focused on cannabis, SPACs and blockchain technologies.
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Source: NYSE
A New Vision for the US Climate Agenda
March 10, 2021--March 12, 2021--Over the next decade, global greenhouse gas emissions need to be cut by 25-50 percent to be on track for meeting the 2015 Paris Agreement goal of containing global warming to 1.5-2°C.The United States intends to do its part. Its climate plan pledges US carbon neutrality by 2050, with a 2030 emissions target to be announced shortly.
The plan envisions stronger energy efficiency standards, clean technology subsidies, and $2 trillion of public funding over ten years for clean energy infrastructure and critical technologies, such as green hydrogen.
This blueprint is an excellent start. Our new research highlights specific fiscal actions that would help curb emissions and broaden support for policies to tackle climate change.
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Source: IMF
ASYMmetric ETFs Launches ASPY
March 10, 2021--ASYMmetric ETFsTM Introduces the ASYMsharesTM ASYMmetric 500 ETF (NYSE: ASPY), a Disruptive Portfolio Risk Management Tool
The inaugural ETF leverages proprietary technology seeking to provide wealth creation through capital preservation.
>ASYMmetric ETFs, LLCT< enters the ETF market with the launch of the ASYMshares TM ASYMmetric 500 ETF (NYSE: ASPY), an innovative turn-key investment solution designed with the potential to generate positive returns across bear and bull markets.
ASPY seeks to track the total return performance, before fees and expenses, of the ASYMmetric 500 IndexTM.
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Source: ASYMmetric ETFsTM, LLC
CBO-Monthly Budget Review: February 2021
March 8, 2021--The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, CBO estimates-$423 billion more than the deficit recorded during the same period last year.
The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, the Congressional Budget Office estimates-$423 billion more than the deficit recorded during the same period last year. Outlays were 25 percent higher and revenues were 5 percent higher from October through February than during the same period in fiscal year 2020.
Outlays during the first five months of fiscal year 2020 were boosted by shifts in the timing of certain payments that otherwise would have been due at the beginning of March 2020, which fell on a weekend. Those shifts increased outlays through February 2020 by $52 billion. If not for those shifts, the deficit this year (through February 2021) would have been $476 billion more than in the same period in fiscal year 2020. Three-quarters of that difference is the result of three types of spending in response to the coronavirus pandemic-unemployment compensation, refundable tax credits (consisting of the recovery rebates, the earned income tax credit, and the child tax credit), and the Small Business Administration's Paycheck Protection Program.
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Source: CBO (congressional Budget Office)
Davis ETFs to Transfer Exchange Listing of All Four Funds to CBOE Global Markets, Inc.
March 5, 2021--Davis ETFs are actively managed ETFs with combined assets of over $1.2 billion and were launched in 2017. Davis Selected Advisers, L.P. announced today plans to transfer the listing of all four ETFs from The Nasdaq Stock Market LLC to CBOE Global Markets, Inc. The transfer is expected to take place on or about March 23, 2021. No shareholder action is required as a result of this change nor is the transfer expected to have any effect on the trading of Fund shares.
The ETFs that are transferring are:
Davis Select Worldwide ETF (Ticker: DWLD)
Davis Select U.S. Equity ETF (Ticker: DUSA )
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Source: Davis Selected Advisers, L.P
Buying the BUZZ: A new ETF to track stocks hyped on social media launches today
March 5, 2021--At this point, is anyone surprised?
A movie theater chain. The company that makes Tootsie Rolls. And of course, GameStop. The rally in so-called Reddit stocks has been one of the stock market's most surprising storylines in 2021. And now a new exchange-traded fund is launching that will track these "buzzy" stocks boosted by social media.
Launched by VanEck Vectors Social Sentiment, the new ETF (ticker: BUZZ) tracks the 75 stocks that are getting the most social media hype and packages them into an exchange-traded fund, according to VanEck's fund description of the new ETF.
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Source: fortune.com
CBO-Additional Information About the Budget Outlook: 2021 to 2031
March 5, 2021--In this report, the Congressional Budget Office provides additional information about the baseline budget projections that the agency released on February 11, 2021.
Deficits
CBO projects a federal budget deficit of $2.3 trillion in 2021, nearly $900 billion less than the shortfall recorded in 2020. At 10.3 percent of gross domestic product (GDP), the deficit in 2021 would be the second largest since 1945, exceeded only by the 14.9 percent shortfall recorded last year. Those deficits, which were already projected to be large by historical standards before the onset of the 2020-2021 coronavirus pandemic, have increased significantly as a result of the economic disruption caused by the pandemic and the enactment of legislation in response.
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Source: CBO (Congressional Budget Office)
CBO-The 2021 Long-Term Budget Outlook
March 4, 2021--CBO presents its projections of the federal budget for the next 30 years if current laws governing taxes and spending generally did not change. Growth in revenues would be outpaced by growth in spending, leading to rising deficits and debt.
At an estimated 10.3 percent of gross domestic product (GDP), the deficit in 2021 would be the second largest since 1945, exceeded only by the 14.9 percent shortfall recorded last year. In CBO's projections, deficits decline as the effects of the 2020-2021 coronavirus pandemic wane. But they remain large by historical standards and begin to increase again during the latter half of the decade. Deficits increase further in subsequent decades, from 5.7 percent of GDP in 2031 to 13.3 percent by 2051-exceeding their 50-year average of 3.3 percent of GDP in each year during that period.
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Source: CBO (Congressional Budget Office)
SPAC Froth Turns on Itself With Stocks Plunging 20% in Two Weeks
March 4, 2021--About five blank-check companies went public per day this year
Selloff occurs as stock investors sour on speculative groups
It may turn out that five new special purpose acquisition companies per day was too many.
SPAC mania is showing signs of hitting a stock-market saturation point, with an index tracking blank-check flyers suddenly down about 20% from its peak. The craze is being clipped as quickly as it whipped up, with sentiment souring on growth stocks amid a runup in interest rates and rotation into beaten-down names. Before the selloff, SPACs had almost doubled since October.
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Source: bloomberg.com
