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The U.S. Securities and Exchange Commission Approves Exemptive Relief to Permit Blue Tractor Group's Shielded AlphaSM ETF Structure
December 11, 2019--A Shielded AlphaSM ETF confers to active managers the ability to manage their ETF creation basket to generate additional alpha
Blue Tractor Group, LLC ("Blue Tractor") is pleased to announce that the U.S. Securities and Exchange Commission ("SEC") has approved the exemptive relief necessary to permit Blue Tractor's Shielded AlphaSM exchange-traded fund ("ETF") structure.
Blue Tractor thanks the SEC for its collaborative regulatory approval process. The SEC issued its exemptive order on December 10, 2019.
Blue Tractor's Shielded AlphaSM structure is a 'wrapper' that facilitates management of actively managed portfolio strategies within an ETF rather than in a traditional mutual fund or separately managed account, thereby conferring the benefits of an ETF to advisors and investors alike, including lower cost, greater tax efficiency and intra-day liquidity.
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Source: Blue Tractor Group
Office of Financial Research Reports on Risks to Financial Stability
December 11, 2019--The U.S. Office of Financial Research today released its 2019 Annual Report to Congress. The Annual Report, which includes a financial stability risk assessment and key findings, describes risks to financial stability as moderate.
As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the report provides an update on the status of the efforts of the OFR in meeting its mission.
The 2019 Annual Report to Congress states that risks to U.S. financial stability remain in the medium range, reflecting a mix of high, moderate, and low risks in the financial system. Solvency and leverage risk continues to be low. Most other types of risk to financial stability are moderate. Of those moderate risks, macroeconomic risk is higher than a year ago. Credit risk is still moderate. Market risk remains elevated. Asset prices have appreciated with the strong U.S. economy. High asset prices can be a plus, but as past crises have shown, can also be vulnerable to declines.
view the OFR 2019 Annual Report to Congress
Source: OFR
LedgerX Places Founders on Administrative Leave After Tussle With CFTC
December 9, 2019--LedgerX CEO and COO Paul and Juthica Chou are no longer running the company they founded.
A press release Monday announced that the couple had been "placed on administrative leave," effective immediately, with Larry E. Thompson named as interim CEO and lead director of Ledger Holdings, the derivatives provider's parent company.
"The board composition is tricky," Juthica Chou told CoinDesk via email. "There is nobody else on the board that knows computer science, bitcoin and derivatives-which makes these conflicts and disagreements often difficult. Paul and I wish the new management team well."
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Source: coindesk.com
CBO-Monthly Budget Review for November 2019
December 8, 2019--The federal budget deficit was $342 billion for the first two months of fiscal year 2020, CBO estimates, $36 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher-by 3 percent and 6 percent, respectively-than in October and November 2018.
Because December 1 fell on a weekend in 2019 and in 2018, outlays through November in each fiscal year were boosted by the shift of certain payments from December to November. If not for those timing shifts, outlays so far this year would have been $44 billion greater than those in the same period last year, and the deficit would have risen less-by $32 billion.
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Source: Congressional Budget Office (CBO)
Latin America's fund market tipped to double by 2025
December 8, 2019--Competition for region's growing assets expected to lead to fee reduction
Latin America's asset management industry is set to double by 2025, driven by the growing wealth and size of the region's middle class, as well...
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Source: FT.com
NYSE direct listings proposal rejected by SEC
December 6, 2019--Decision delivers blow to efforts to expand the flotation procedure.
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Source: FT.com
J.P. Morgan Asset Management Launches BetaBuilders International Equity ETF: BBIN
December 5, 2019--J.P. Morgan Asset Management today announced the launch of the JPMorgan BetaBuilders International Equity ETF (BBIN), providing investors with liquid, low-cost access to Developed International equities ex-North America.
The launch expands JPMorgan's innovative BetaBuilders suite of ETFs to eight strategies, offering efficient access to simple market cap-weighted building blocks priced for today's market. The new fund provides cost-efficient market-cap weighted exposure to the Morningstar Developed Markets ex-North America Target Market Exposure Index.
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Source: J.P. Morgan Asset Management
Exchange Traded Concepts Launches Uranium Mining ETF
December 4, 2019--Exchange Traded Concepts, LLC, ("ETC"), a leader in providing white label Exchange Traded Fund (ETF) solutions, in conjunction with North Shore Indices, Inc., today announced that it has launched the North Shore Global Uranium Mining ETF (NYSE ARCA: URNM).
URNM is a targeted play on the uranium mining sector, that offers efficient access to a global, basket of companies in the Uranium industry. This fund offers a thematic play on potential nuclear power demand growth and uranium supply deficits. The ETF tracks the The North Shore Global Uranium Mining Index which is a focused uranium mining index. The index holds both miners and holders of physical uranium. It is currently tilted towards junior miners.
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Source: Exchange Traded Concepts
First Trust Expands its ETF Lineup with Active Factor ETFs
December 4, 2019--ETFs that deploy a systematic, active strategy targeting four main factor exposures
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched three actively managed ETFs: the First Trust Active Factor Large Cap ETF (NYSE Arca: AFLG), the First Trust Active Factor Mid Cap ETF (NYSE Arca: AFMC) and the First Trust Active Factor Small Cap ETF (NYSE Arca: AFSM) (collectively, "the funds").
The funds seek to provide capital appreciation by investing at least 80% of their net assets (including investment borrowings) in equity securities. The funds will principally invest in the common stocks of U.S. companies that are listed and traded on a U.S. national securities exchange.
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Source: First Trust
Fidelity's head of $2.8tn asset management arm to retire
December 3, 2019--The head of Fidelity's $2.8tn asset management division is retiring from the Boston investment group after just a year in the job, to be replaced.
Steve Neff to be replaced by head of global asset management Bart Grenier
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Source: FT.com
