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Fed's corp bond facility bought 15 ETFs in first days of operations
May 29, 2020--The Federal Reserve's new facility for corporate bond purchases bought about $1.3 billion of shares in 15 exchange-traded funds in its first week of operation through 158 trades, data released Friday showed.
The Secondary Market Corporate Credit Facility made the purchases from 10 securities firms between its launch on May 12 and May 18, the data showed in the Fed's first detailed disclosure of the SMCCF’s transactions. Its largest holding as of May 19 was the iShares Iboxx US Dollar Investment Grade Corporate Bond ETF at $326.3 million. (Reporting By Dan Burns)
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Source: Reuters
This Mutual-Fund-to-ETF Conversion Will Be an Important Test of Active Management
May 28, 2020--Guinness Atkinson Dividend Builder is a solid mutual fund with modest fees that has beaten its world-stock-fund peers in the past five years, yet no one seems to care. The fund has only $15 million in assets. The question is: Would you take notice of it were an exchange-traded fund instead?
If all goes as planned, investors will find out as the fund (ticker: GAINX) and a sister fund-Guinness Atkinson Asia-Pacific Dividend Builder (GAADX)-will be the first mutual funds to convert to an ETF structure. They will become, respectively, SmartETFs Dividend Builder and SmartETFs Asia Pacific Dividend Builder, according to a preliminary prospectus filed with the Securities and Exchange Commission on May 15.
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Source: barrons.com
Trade-war cost to U.S. market cap was US$1.7 trillion, study says
May 28, 2020--The U.S. trade war with China cut US$1.7 trillion from the market value of listed American firms and will reduce their investment growth rate by almost two percentage points by year-end, according to a report highlighted by the Federal Reserve Bank of New York.
Higher tariffs weakened investment expansion by 0.3 percentage point through the end of 2019 and will subtract another 1.6 percentage points this year, according to the report by economists Mary Amiti, a vice president at the New York Fed, and Columbia University’s Sang Hoon Kong and David Weinstein.
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Source: bnnbloomberg.ca
LGBTQ Loyalty and ProcureAM Launch Advancing Equality Financial Network, Inc.
May 28, 2020--Nicole Douillet, 20-year Wall Street executive and LGBTQ investment pioneer, to lead the team
LGBTQ Loyalty Holdings, Inc. (OTC PINK: LFAP) ("LGBTQ Loyalty" or "the Company"), a diversity and inclusion-driven financial and data methodology company that quantifies corporate equality alignment with the LGBTQ community and minority interest groups, is pleased to announce a new wholly-owned, joint venture, Advancing Equality Financial Network, Inc. ("AEF Network").
The Company, through its wholly-owned subsidiary, Loyalty Preference, Inc ("LPI"), has entered into the joint venture with ProcureAM, LLC ("ProcureAM"), an innovator in the exchange-traded fund (ETF) industry.
The focus of this new venture will be bringing a suite of thematic ESG (Environmental, Social and Governance) Index financial products to market, promoting diversity and inclusion (D&I) practices of leading corporations. Included in the portfolio is the LGBTQ100 ESG Index (NYSE Index Ticker: LGBTQ100), the first financial index centered on representing LGBTQ equality in Corporate America, which was established and listed in the fourth quarter of 2019. The portfolio of Index products to be created will also benchmark and sponsor exchange-traded products (ETPs), offering a unique platform for the creation of both proprietary and partnered D&I impact ETPs.
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Source: LGBTQ Loyalty Holdings,Inc.
Legg Mason And ClearBridge Investments Launch Semi-Transparent ETF Using Precidian Investments' Innovative ActiveShares(R) Technology
May 28, 2020--Legg Mason, Inc. (NYSE: LM) and its affiliate, ClearBridge Investments, LLC, today announced the launch of Legg Mason's first exchange-traded fund (ETF) using the semi-transparent technology of Precidian Investments LLC, ActiveShares(R).
The ClearBridge Focus Value ETF (CFCV), a series of Legg Mason's ActiveShares(R) ETF Trust, trades on the Chicago Board Options Exchange (Cboe) and seeks long-term capital appreciation. The ETF is backed by ClearBridge's proven expertise in active management and through the use of Precidian's ActiveShares(R) technology, its strategy is able to be delivered in a confidential format to safeguard both the ETF and its investors.
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Source: Legg Mason, Inc
U.S. economy shrank at 5% annual rate in the first quarter
May 28, 2020--The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter.
Gross domestic product, the broadest measure of economic health, fell at an annual rate of 5% in the first quarter, a bigger decline than the 4.8% drop first estimated a month ago, the Commerce Department reported.
The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter.
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Source: cnbc.com
HSBC Launches First Equity Index Products Powered by AI and Big Data
May 27, 20202--HSBC worked with EquBot and IBM Watson to introduce the AiPEX family of artificially intelligent equity indices.
HSBC today announced the launch of the AI Powered US Equity Index (AiPEX) family, the market's first to use artificial intelligence (AI) as a method for equity investing.
The AiPEX family of indices was developed by EquBot and leverages the AI capabilities of EquBot and IBM WatsonTM to turn Big Data into investment insight.
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Source: HSBC
Beige Book-May 27, 2020
May 27, 2020--Overall Economic Activity
Economic activity declined in all Districts-falling sharply in most-reflecting disruptions associated with the COVID-19 pandemic. Consumer spending fell further as mandated closures of retail establishments remained largely in place during most of the survey period. Declines were especially severe in the leisure and hospitality sector, with very little activity at travel and tourism businesses.
Auto sales were substantially lower than a year ago, although several Districts noted recent improvement. A majority of Districts reported sharp drops in manufacturing activity, and production was notably weak in auto, aerospace, and energy-related plants. Residential home sales plunged due in part to fewer new listings and to restrictions on home showings in many areas. Construction activity also fell as new projects failed to materialize in many Districts. Commercial real estate contacts mentioned that a large number of retail tenants had deferred or missed rent payments. Bankers reported strong demand for PPP loans. Agricultural conditions worsened, with several Districts reporting reduced production capacity at meat-processing plants due to closures and social distancing measures. Energy activity plummeted as firms announced oil well closures, which led to historically low levels of active drilling rigs. Although many contacts expressed hope that overall activity would pick-up as businesses reopened, the outlook remained highly uncertain and most contacts were pessimistic about the potential pace of recovery.
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Source: federalreserve.gov
CFTC.gov Commitments of Traders Update
May 21, 2020--The current reports for the week of May 19, 2020 are now available.
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Source: cftc.gov
SEC panel says agency should add sustainability disclosure rules
May 21, 2020--The SEC should update its reporting requirements for issuers to include ESG factors, the commission's investor advisory committee said Thursday, voting to approve a recommendation drafted by the committee's investor-as-owner subcommittee.
"The time has come for the SEC to address this issue," said the recommendation. ESG disclosure from issuers will provide investors "with the material, comparable, consistent information they need to make investment and voting decisions," and give issuers a uniform framework. It will also let the SEC take control of ESG disclosure "before other jurisdictions impose disclosure regimes on U.S. issuers and investors alike," the recommendation said.
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Source: pionline.com
