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SEC Adopts Broker-Dealer Best Interest Standard, Disclosure Duties for Broker-Dealers and Investment Advisers, and Publishes Key Interpretations
June 6, 2019--At an Open Meeting on June 5, 2019, and after over a year of consideration, approximately 6,000 comment letters and investor testing, the Securities and Exchange Commission ("SEC" or "Commission") formally adopted four regulatory measures intended to enhance the protection of retail investors while preserving existing investment industry business models and the ability of investors to choose among different types of providers. Specifically, the SEC adopted:
New Regulation BI (for "Best Interest");
New Form CRS (for "Customer Relationship Summary");
An interpretation of an investment adviser's fiduciary duties ("IA Interpretation"); and
An interpretation of the "solely incidental" prong of the broker-dealer exclusion from the definition of an "investment adviser" under the Investment Advisers Act of 1940 ("Advisers Act") ("Solely Incidental Interpretation" and with the IA Interpretation, the "Interpretations").
The following is a summary of the Commission's actions.
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Source: K&L Gates Hub.
Nuveen Adds To ESG Roster With New Large-Cap ETF
June 5, 2019--Nuveen, already home to one of the largest lineups of environmental, social and governance (ESG) exchange traded funds, added to that suite Tuesday with the launch of the Nuveen ESG Large-Cap ETF (cboe:NULC).
NULC comes to market at a time of rapid growth for some new, domestic ESG ETFs. A pair of funds in that group that debuted earlier this year, recently hit $1 billion in assets under management, bringing the number of U.S.-listed ETFs at that milestone to five. The new NULC tracks the TIAA ESG USA Large-Cap Index.
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Source: MarketWatch
New SEC Rule Heightens Broker Responsibilities to Investors
June 5, 2019--SEC votes to require brokers to disclose more about conflicts of interest on investment advice
Stockbrokers will have more responsibility to act in the best interest of investors and tell them about conflicts of interest that can skew advice under a regulation approved Wednesday.
The Securities and Exchange Commission said its Regulation Best Interest raises the bar from the current standard for brokers. It is the latest development in a decadeslong debate over what responsibilities brokers have to clients when giving them investment advice. A stricter rule from the Obama administration sparked an industry backlash...
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Source: Wall Street Journal
There's Now a Trade War ETF You Can Invest In
June 5, 2019--M-CAM International's new product will trade under 'TWAR'
The fund will buy companies that have government contracts
Playing the trade war usually means betting against companies that are likely to suffer, such as those in the tech sector or with Chinese revenue.
Not so for a new exchange-traded fund from M-CAM International that's trying to identify the winners with an approach that could surprise some investors. The Innovation Alpha Trade War ETF, which started trading on Wednesday under the ticker TWAR, plans to buy companies that have government contracts, calculating that state support could buoy these stocks if tensions escalate.
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Source: Bloomberg
The Beige Book
June 5, 2019--June 5, 2019--Overall Economic Activity
Economic activity expanded at a modest pace overall from April through mid-May, a slight improvement over the previous period. Almost all Districts reported some growth, and a few saw moderate gains in activity. Manufacturing reports were generally positive, but some Districts noted signs of slowing activity and a more uncertain outlook among contacts.
Residential construction and real estate both showed overall growth, but both sectors saw wide variation in sentiment across Districts. Reports on consumer spending were generally positive but tempered. Tourism activity was stronger, especially in the Southeast, but vehicle sales were lower, according to reporting Districts. Loan demand was mixed but indicated growth. Agricultural conditions remained weak overall, but a few Districts reported some improvements. The outlook for the coming months was solidly positive but modest, with little variation among reporting Districts.
CFTC.gov Swaps Report Update
June 5, 2019--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Roundhill Launches Esports ETF (NYSE:NERD) At 0.25% For Year 1
June 4, 2019--Roundhill Investments ("Roundhill"), a newly formed ETF sponsor focused on developing innovative financial products that appeal to the next generation of investors, today announced the launch of the firm's first fund, the Roundhill BITKRAFT Esports & Digital Entertainment ETF (NYSE ARCA: NERD).
The Roundhill BITKRAFT Esports & Digital Entertainment ETF ("NERD ETF") is designed to offer retail and institutional investors exposure to Esports and Digital Entertainment by tracking, before fees and expenses, the Roundhill BITKRAFT Esports Index ("NERD Index"). The NERD ETF and NERD Index are managed by Roundhill Investments.
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Source: Roundhill Investments
ETF Research Center June 2019 Sector SPDR Analyzer
June 4, 2019--The ETF Analyzer, Sector SPDR Edition for June 2019 is ready for download. This monthly publication has succinct one-page reports on each of the 11 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
It helps investors:
Evaluate the funds based on investment merit using fundamental data and analysis
Compare the Sector SPDRs with ease on a variety of forward-looking valuation metrics
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Source: The Forum at ETF Research Center
FTSE Russell indexes selected by Franklin Templeton for four new equity ETFs
June 4, 2019-Indexes track mid-to-large capitalisation stocks in four high-growth markets
Four new ETFs will be available for trading on several European exchanges including London Stock Exchange and Borsa Italiana
FTSE Russell, the global index, data and analytics provider, announces that four of its FTSE Russell UCITS Capped Indexes covering Brazil, China, India and South Korea have been licenced to Franklin Templeton.
The indexes will be used as the underlying benchmark for four new exchange traded funds (ETFs)
The licensing of the FTSE China 30/18 Capped Index, FTSE Brazil 30/18 Capped Index, FTSE India 30/18 Capped Index and FTSE Korea 30/18 Capped Index, follows the recent launch of ETFs linked to FTSE Russell benchmarks using similar capped methodologies by Franklin Templeton in the US and Canada.
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Source: FTSE Russell
Fidelity Adds 11 Issuers To Commission-Free ETF Lineup
June 4, 2019--As part of its previously announced expansion, Fidelity's commission-free exchange traded funds platform includes ETFs from 11 issuers new to the lineup.
What Happened
In February, Boston-based Fidelity announced plans to boost the size of its commission-free ETF offering to over 500 funds. Previously, the firm's no commission ETF stable featured only Fidelity funds and iShares products.
Fidelity is adding to that stable in significant fashion with the addition of 150 ETFs from 11 other sponsors.
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Source: finance.yahoo.com
