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CBO-Monthly Budget Review for December 2018
January 8, 2019--The federal budget deficit was $317 billion for the first quarter of fiscal year 2019, CBO estimates, $92 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were $93 billion (9 percent) higher than during the first quarter of 2018.
Because January 1 is a holiday, outlays this year and last year were boosted by the shift of certain payments from January to December. However, last year's outlays for the quarter were reduced, on net, because of additional payment shifts from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). (October 1, 2017, the first day of fiscal year 2018, fell on a weekend.)
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Source: Congressional Budget Office (CBO)
A New Bond ETF To Manage Duration Risk
January 7, 2019--The Federal Reserve raised interest rates four times last year, stoking billions of dollars of inflows to short and ultra-short duration bonds and the related exchange traded funds.
At least one new ETF is looking to tap into investors' affinity for low duration fixed income exposure.
What Happened
The First Trust Low Duration Strategic Focus ETF NASDAQLDSF debuted on Friday, marking the launch of 2019's first new ETF.
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Source: benzinga.com
Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq
January 7, 2019--Morgan Stanley, Fidelity and Citadel Securities among backers of new 'Members Exchange'
A group of financial heavyweights including Morgan Stanley, Fidelity Investments and Citadel Securities LLC plans to launch a new low-cost stock exchange to challenge the New York Stock Exchange and Nasdaq Inc., the companies said.
The creation of the new venue, called Members Exchange or MEMX, comes after years of frustration among Wall Street brokers and traders with the fees charged by U.S. stock exchanges.
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Source: FT.com
Innovation Shares NextGen Protocol ETF (KOIN) now available through E*TRADE's Commission-Free ETF Program
January 7, 2019--KOIN joins more than 250 ETFs as part of E*TRADE's exclusive program.
Innovation Shares, a provider of thematic exchange-traded funds (ETFs), is pleased to announce that its NextGen Protocol ETF (NYSE Arca: KOIN) is now available through E*TRADE's Commission--Free ETF Program1.
"Innovation Shares is thrilled to participate in this prestigious and selective program with one of the nation's leading financial services companies," said Matt Markiewicz, Managing Director at Innovation Shares."
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Source: Innovation Shares LLC
Exec shake-up at Cboe
January 7, 2019--The exchange's president and COO, Chris Concannon, is leaving later this month, obliterating expectations that he might have eventually become CEO.
Cboe Global Markets President and Chief Operating Officer Chris Concannon, who once seemed the heir apparent to CEO Ed Tilly, is making an abrupt exit from the Chicago exchange company.
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Source: chicagobusiness.com
Exchange Traded Concepts to Close and Liquidate the ProSports Sponsors ETF
January 4, 2019--After careful consideration, Exchange Traded Concepts, LLC, the Fund's investment adviser, in consultation with SportsETFs, LLC, the Fund's index provider, has recommended, and the Board of Trustees of Exchange Listed Funds Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation.
Accordingly, the Fund is expected to cease operations and liquidate on or about January 17, 2019 (the "Liquidation Date").
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Source: Exchange Traded Concepts, LLC
Lipper U.S. Weekly FundFlows Insight Report: Funds Suffer Net Outflows as Investors Flee Equity Funds and Taxable Bond Funds
January 4, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) experienced net outflows of $25.9 billion for the fund-flows trading week ended Wednesday, January 2. The lion's share of the net negative flows were attributable to equity funds (-$18.7 billion) and taxable bonds funds (-$12.7 billion), while municipal bond funds (-$599 million) also contributed to the total.
Money market funds (+$6.1 billion) were the only fund asset group to take in net new money for the week.
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Source: Refinitiv
CORRECTING and REPLACING The NYSE Welcomes 2019 as the Global Leader in Listings
January 3, 2019--Exchange extends leadership as premier venue for global capital raising and listings;
Each of the last 25 consecutive U.S. IPOs raising $1 billion or more listed on the NYSE;
Flawlessly executed the first NYSE Direct Floor Listing
The New York Stock Exchange (NYSE), a wholly owned subsidiary of Intercontinental Exchange (NYSE:ICE), extended its leadership as the premier venue for capital raising, finishing the year with $125 billion in proceeds raised from 356 transactions.
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Source: Intercontinental Exchange
ETF News from The FORUM-Jan. 2019 Sector SPDR Analyzer
January 3, 2019--The ETF Analyzer, Sector SPDR Edition for January 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
WisdomTree Funds Added to Pershing FundVest ETF Platform
Janaury 3, 2019--WisdomTree (NASDAQ: WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced that eight U.S.-listed WisdomTree ETFs have been added to BNY Mellon's Pershing FundVest(R) ETF, a no-transaction-fee ETF platform.
WisdomTree's addition brings the total number of fund providers on the FundVest ETF platform, which launched in June 2017, to nine.
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Source: WisdomTree
