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Direxion Launches 3X Leveraged and Inverse ETFs on New GICS(R) Communication Services Sector
January 14, 2019--New ETFs Provide 300% Exposure to Newly Transformed Index
Direxion has added two ETFs to complete its synchronization with the Global Industry Classification Standard (GICS(R)) sector changes implemented by S&P Dow Jones in September 2018.
These new ETFs offer exposure to the newly expanded and renamed Communication Services Select Sector Index.
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Source: Direxion
ProShares Launching +/-2x and +/-3x Communication Services ETFs
January 11, 2019--ProShares will launch four new ETFs benchmarked to the S&P Communication Services Select Sector Index next week.
The new ETFs (XCOM, UCOM, YCOM and SCOM) will seek daily investment results that correspond to +/-2x and +/-3x the daily performance of the index, before fees and expenses. The suite of ETFs will be listed on NYSE Arca.
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Source: ProShares
BMO Investments Inc. Launches ETF Series for BMO Tactical Dividend ETF Fund
January 11, 2019--BMO Investments Inc. today announced the launch of ETF Series units for the actively-managed BMO Tactical Dividend ETF Fund.
BMO Tactical Dividend ETF Fund-ETF Series (Ticker: ZZZD) provides investors access to a portfolio that protects investments and identifies tactical growth opportunities. The fund invests primarily in dividend-paying ETFs and also capitalizes on short-term investment strategies.
The offering of ETF Series units of the fund has closed and it will begin trading on the Toronto Stock Exchange today.
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Source: BMO Exchange Traded Funds (ETFs)
NYSE Files with the SEC- Bitwise Bitcoin ETF Trust
January 10, 2019--NYSE Arca, Inc hs filed a Form 19b-4 Proposal to list and trade shares of the Bitwise Bitcoin ETF Trust with the SEC.
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Source: NYSE
BlackRock to Cut 500 Jobs, 3% of Staff, Amid Market Turmoil
January 10, 2019--President Rob Kapito cites market uncertainty for move
Firm joins several asset managers who have trimmed jobs
BlackRock Inc. is cutting 3 percent of its global workforce, the largest reduction in its headcount since 2016.
The world's largest asset manager will dismiss about 500 employees in the weeks ahead, according to an internal memo viewed by Bloomberg News. The memo didn't specify which businesses will be most affected.
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Source: Bloomberg
First Trust SSI Strategic Convertible Securities ETF Notified of Upcoming Acquisition of its Investment Sub-Advisor
January 10, 2019--First Trust SSI Strategic Convertible Securities ETF (the Fund) (Nasdaq: FCVT), a series of First Trust Exchange-Traded Fund IV (the Trust), announced today that it has been informed that Resolute Investment Managers, Inc. has announced an agreement to acquire a majority interest in SSI Investment Management Inc. (SSI), the Funds investment sub-advisor responsible for portfolio management of the Fund (the Transaction).
Based upon information provided to the Fund, the Fund believes that the consummation of the Transaction may be considered an assignment (as defined in the Investment Company Act of 1940, as amended) of the investment sub-advisory agreement among the Fund, SSI and First Trust Advisors L.P. (First Trust), the Funds investment advisor, which would result in its automatic termination. First Trust and the Funds Board of Trustees will evaluate the impact of the Transaction on the Fund.
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Source: globalbankingandfinance.com
U.S. Weekly FundFlows Insight Report: Mutual Fund and ETF Investors Cheer Improving Trade Talks for the Week
January 10, 2019--For the second week in three, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $35.8 billion for Lipper's fund-flows week ended January 9, 2019. Fund investors were net purchasers of money market funds (+$17.1 billion), equity funds (+$8.7 billion), taxable fixed income funds (+$8.4 billion), and municipal bond funds (+$1.6 billion).
Market Wrap-Up
Investors turned upbeat during the fund flows week, cheering news that the U.S. and China have narrowed their disagreements on trade, the release of a stellar December nonfarm payrolls report, and that the Fed was becoming a little more dovish in its comments. The Russell 2000 Price Only Index (+6.11%) posted the strongest returns of the broad-based indices for the flows week, followed by the NASDAQ Composite Price Only Index's 4.37%, and the S&P 500 Price Only Index's 2.99% plus-side returns.
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Source: Refinitiv
VanEck Lowers Expense Ratio for Vaneck Vectors ChinaAMC CSI 300 ETF (PEK) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT)
January 10, 2019--VanEck announced today that it is lowering the expense ratio for its VanEck Vectors(R) ChinaAMC CSI 300 ETF (NYSE Arca: PEK(R)) and its VanEck Vectors(R) ChinaAMC SMEChiNext
ETF (NYSE Arca: CNXT(R)).
Effective January 10, 2019, the expense cap for PEK will be reduced
from 0.72% to 0.60%,1 and the expense cap for CNXT will be reduced from 0.78% to 0.65%.2 PEK seeks
to track the CSI 300 Index, which is comprised of the largest and most liquid stocks in the Chinese A-share market. CNXT seeks to track the SME-ChiNext 100 Index, which is comprised of the 100 largest and most liquid onshore China A-share stocks listed on the Small and Medium Enterprise (SME) Board and the
ChiNext Board of the Shenzhen Stock Exchange.
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Source: VanEck
Minutes of the Federal Open Market Committee, December 18-19, 2018
January 9, 2019--Long-Run Monetary Policy Implementation Frameworks
Committee participants resumed their discussion from the November 2018 FOMC meeting of potential long-run frameworks for monetary policy implementation.
At the December meeting, the staff provided a set of briefings that considered various issues related to the transition to a long-run operating regime with lower levels of excess reserves than at present and to a long-run composition of the balance sheet.
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Source: federalreserve.gov
BlackRock reshuffle sees new heir-apparent emerge
January 9, 2019--Larry Fink promotes head of index investing to new international role.
Larry Fink is reshuffling BlackRock's senior management, promoting Mark Wiedman into a new international role that positions the executive who was head of its index investing empire as a likely heir-apparent to run the world's biggest asset manager.
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Source: FT.com
