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Solactive MicroSectorsTM U.S. Big Bank Index launches, underlying new MicroSectors ETNs
April 3, 2019--Solactive is pleased to announce the Solactive MicroSectorsTM U.S. Big Bank Index. The Index premiers as Solactive's first joint collaboration with US company REX Shares, functions as the underlying for a series of long & short ETNs for sophisticated investors, and is linked only to the biggest U.S. banks.
With respect to conventional sector classification, the equal-weighted index captures the ten largest securities according to free-float market capitalization from the U.S. banking sector, giving investors direct exposure to system-relevant financial companies.
U.S. banks are one of the highly traded businesses. Their aggregated performance bears the potential to express views on earnings, stress tests, the Fed, the yield curve, and more. They present data, which monetary professionals utilize to derive health indicators of the U.S. financial system.
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Source: Solactive AG
CBO-The 2019 Budget and Economic Outlook
April 2, 2019--In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years.
CBO's projection of the deficit for 2019 is now $75 billion less-and its projection of the cumulative deficit over the 2019-2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes-most notably, a decrease in emergency spending.
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Source: Congressional Budget Office (CBO)
BlackRock Launches Sweeping Overhaul in Bid to Boost Growth
April 2, 2019--Wall Street giant installs new leaders at key division, reorganizes sales staff and shifts roles for directors
BlackRock Inc. is undertaking its most sweeping organizational overhaul in a decade as the Wall Street behemoth wrestles with how to keep its empire growing.
The world's largest money manager is installing new leaders at a key investment division, reorganizing sales staff, shifting some two dozen directors into different roles and handing expanded responsibilities to two contenders in the race to succeed Chief Executive Laurence Fink..
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Source: Wall Street Journal
The Forum at ETF Research Center-Sector SPDR Analyzer for April 2019 is Out
April 2, 2019--The ETF Analyzer, Sector SPDR Edition for April 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: AltaVista Research
House Panel Passes Retirement Bill to Raise RMD Age, Boost Annuities
April 2, 2019--Chairman Neal stated Tuesday that retirement legislation is one of his “top priorities.”
The House Ways and Means Committee on Tuesday passed H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which makes it easer to offer annuities in 401(k) and 403(b) plans, raises the age for taking required minimum distributions from 70 1/2 to 72, and expands 529 plan use to homeschooling.
During the bill's Tuesday morning markup, Committee Chairman Richard Neal, D-Mass., stated that one of his "top priorities" as chairman "is to help workers of all ages prepare for a financially secure retirement."
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Source: thinkadvisor.com
Innovator Lists April Series of S&P 500 Buffer ETFs Expanding Defined Outcome ETF(sm) Suite to Twelve
April 1, 2019--The only ETFs in the world to provide S&P 500 exposure, up to a cap, with known downside buffers of 9%, 15%, or 30%
Innovator Capital Management, LLC (Innovator) announced today the April Series of Innovator S&P 500 Buffer ETFs have begun trading on the Cboe.
The Innovator S&P 500 Buffer ETFsm suite seeks to provide investors with exposure to the S&P 500 Price Return Index (S&P 500) up to a Cap, with downside buffer levels of 9%, 15%, or 30% over an Outcome Period of approximately one year. The ETFs reset annually and can be held indefinitely. Innovator S&P 500 Buffer ETFs, with over $390 million in AUM as of March 29, 2019, are among the fastest growing new category of ETFs in the market today.
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Source: Innovator Capital Management, LLC
SEC Delays Decision on 2 Bitcoin ETF Filings
April 1, 2019--They are the Bitwise and VanEck SolidX Bitcoin ETFs.
If the Securities and Exchange Commission had approved a Bitwise Bitcoin ETF today-April's Fool Day-would anyone have believed it?
Today marked the end of the 45-day public comment period for the ETF and the SEC punted, extending the deadline to May 16.
"The commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change," according to a commission statement released on March 29. By May 16, it expects to "approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change," according to the statement.
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Source: thinkadvisor.com
CFTC.gov Commitments of Traders Reports Update
March 29, 2019--The current reports for the week of March 29, 2019 are now available.
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Source: CFTC.gov
Renaissance Capital-1Q19 US IPO Review: Quiet First Quarter Ends with a Lyft
March 29, 2019--During the quarter, only 18 IPOs priced, raising $4.7 billion, the slowest quarter by deal count in three years. The sharp December equity market decline and government shutdown contributed to a very slow January when only one IPO priced.
IPO activity picked up in late February and continued in March, culminating in the long-anticipated IPOs of Levi's and Lyft. While overall average quarterly performance was not particularly strong due to a handful of mostly small deals that priced in January and early February, momentum shifted in March, with issuers producing strong returns.
This was also reflected in the returns of the IPO index, up 31% for the quarter. IPO activity should be robust in the 2Q due to the large number of companies that have announced plans to go public. Since Lyft filed at the beginning of March, 17 additional companies have filed with the SEC with total potential deal proceeds of nearly $7 billion, exceeding that raised in this quarter and five of the preceding 12 quarters.
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Source: Renaissance Capital LLC
Lipper U.S. Weekly FundFlows Insight Report: Funds Experience Net Inflows as Investors Park Assets in Money Market Funds
March 29, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $24.6 billion for the fund-flows trading week ended Wednesday, March 27. Money market funds drove the overall net inflows as they took in $31.6 billion in net new money.
Taxable bond funds (+$2.5 billion) and municipal debt funds (+$1.5 billion) also contributed to the net positive flows, while equity funds suffered net outflows of $11.0 billion.
Market Overview
The major equity indices were all down for the fund-flows trading week. The NASDAQ Composite was the hardest hit (-1.11%), while the S&P 500 Index and Dow Jones Industrial Average were off 0.67% and 0.47%, respectively.
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Source: Refinitiv
