Americas ETP News
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Hamilton plans comprehensive ETF revamp
May 1, 2020--Hamilton Capital, a Canadian issuer of ETFs specializing in the financial sector, has proposed a shake-up of its entire product suite.
The changes include the termination of the firms' existing five ETFs as the funds merge with new lower-cost ETFs with slightly altered investment strategies.
Each new ETF will be listed on Toronto Stock Exchange and will offer a ten basis point reduction in management fee compared to the terminating fund.
Each merger requires unitholders within the ETF to approve the transaction in a special shareholder meeting due to be held on 17 June.
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Source: etfstrategy.com
BlackRock's growing clout carries risks for asset manager
April 30, 2020--Group faces increased scrutiny as central banks ask it to help run stimulus packages.
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Source: FT.com
More ETFs Closed Than Launched
April 30, 2020--In a reversal of fortune more exchange-traded products were shut down this year than new funds being launched
Out of a total of 107 funds closed as of April 30, 30 were exchange-traded notes (ETNs) and the rest were exchange-traded funds (ETFs), according to CFRA, a New York research house. The number of funds liquidated was almost twice as much as the 60 funds launched in 2020, according to Morningstar.
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Source: Forbes
U.S. Economy Shrank at 4.8% Pace in First Quarter
April 29, 2020--Gross domestic product recorded steepest contraction since the last recession
The U.S. economy in the first quarter shrank at its fastest pace since the last recession as the coronavirus pandemic shut down large parts of the country, ending the longest economic expansion on record.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally and inflation adjusted annual rate of 4.8% in the first three months, the Commerce Department said Wednesday. The decline marks the beginning of a near-certain recession, economists say, and is the bigg
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Source: wsj.com
SoFi Extends Fee Waiver on ETFs to Mid-2021
April 29, 2020--Despite the current financial environment, the fintech company will continue to offer no-fee ETFs through the first half of next year.
SoFi filed a supplement Tuesday with the Securities and Exchange Commission to continue to waive management fees on two of its exchange traded funds through at least the first half of 2021.
The current prospectuses for the SoFi Select 500 ETF (SFY) and SoFi Next 500 ETF (SFYX) had waived fees through June 30, 2020.
Last year, SoFi, an online financial services firm, became the first company to offer zero-fee ETFs, shaking up the asset management industry. Toroso Investments serves as the investment advisor for the two funds and hired Exponential ETFs to run day-to-day operations.
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Source: wealthmanagement.com
Cboe Global Markets and FTSE Russell Extend Licensing Agreement Through 2030
April 29, 2020--10-year extension of Cboe's U.S. exclusivity to offer trading in options on FTSE Russell Indices
Continues Cboe's successful FTSE Russell-based options franchise, and provides opportunity to potentially expand product suite
Agreement is extension to successful index collaboration that originated in 2015
Cboe Global Markets, Inc. (Cboe: CBOE), one of the world's largest exchange holding companies, today announced it has signed an exclusive licensing agreement with FTSE Russell that extends Cboe's rights to develop and list index options products based on FTSE Russell global indices through 2030.
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Source: Cboe Global Markets, Inc.
Coronavirus savages U.S. economy in first quarter; bigger hit still to come
April 29, 2020--The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.
The drop in gross domestic product (GDP) reported by the Commerce Department on Wednesday reflected a plunge in economic activity in the last two weeks of March, which saw millions of Americans seeking unemployment benefits. The rapid decline in GDP reinforced analysts’ predictions that the economy was already in a deep recession and left economists bracing for a record slump in output in the second quarter.
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Source: reuters.com
CBO's Current Economic Projections and a Preliminary Look at Federal Deficits and Debt for 2020 and 2021
April 27, 2020--Summary
On April 28, Phill Swagel, CBO's Director, will discuss with the House Budget Committee the agency's current economic projections for 2020 and 2021, as well as its preliminary assessment of federal budget deficits and debt in those years.
CBO projects that the nation's output will decline sharply in the second quarter of this year and begin to rise thereafter. As a result, real GDP in the fourth quarter of 2020 is expected to be 5.6 percent lower than it was in the fourth quarter of 2019. The unemployment rate is expected to average 15 percent in the second and third quarters of 2020, higher than at any point since the early 1930s. By the third quarter of this year, about 28 million fewer people will be employed and about 9 million fewer people will be in the labor force than CBO projected in January.
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Source: CBO (Congressional Budget Office)
Liquid Alternatives: BNY Mellon Launches Five New ETFs at Low or Zero Fees
April 27, 2020--Counting the three plain vanilla ETFs launched earlier this week, the launch brings BNY Mellon's ETF tally up to eight.
BNY Mellon has a 30-year track record in indexation and industry leadership in ETF sub-advisory services. Its index team currently manages $340bn for institutional and retail clients globally. Further, as of April 16, it had $1.8 trillion in AUM.
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Source: dailyalts.com
Is USO an actively managed fund now?
April 27, 2020--Exchange traded products that can self-determine whether they trade passively or more actively introduce all sorts of new risks for investors and the wider market.
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Source: FT.com
