Americas ETP News
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Vanguard share class monopoly faces challenge with unique filing
August 24, 2023--US investment boutique hopes first application for mutual fund share classes of ETFs will gain approval
A US investment boutique has filed with regulators to launch mutual fund share classes of its family of exchange traded funds in the latest attempt by the industry to break Vanguard's lucrative US-wide monopoly on the innovative structure.
Vanguard was granted a US patent for its "ETF-as-a-share-class" structure in 2000, allowing it to operate a mutual fund and a sister ETF as essentially the same vehicle, generating superior tax efficiency and economies of scale.
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Source: ft.com
JPMorgan Wins Ruling That Leveraged Loans Are Not Securities
August 24, 2023--JPMorgan Chase & Co. won a federal appeals court ruling that a $1.8 billion leveraged loan at issue in a court case was not a security, a victory for the banking and private equity industries.
The decision Thursday by the Second Circuit US Court of Appeals in Manhattan came in a securities fraud lawsuit brought by a trustee for note purchasers in a 2014 syndicated loan deal led by JPMorgan. Soon after the notes began trading, the borrower, drug-testing company Millennium Health, ran into legal troubles and filed for bankruptcy the next year.
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Source: bloomberg.com
SEC Enhances the Regulation of Private Fund Advisers
August 23, 2023--The Securities and Exchange Commission today adopted new rules and rule amendments to enhance the regulation of private fund advisers and update the existing compliance rule that applies to all investment advisers. The new rules and amendments are designed to protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.
"Private funds and their advisers play an important role in nearly every sector of the capital markets," said SEC Chair Gary Gensler. "By enhancing advisers' transparency and integrity, we will help promote greater competition and thereby efficiency. Consistent with our mission and Congressional mandate, we advance today's rules on behalf of all investors - big or small, institutional or retail, sophisticated or not."
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Source: SEC.gov
VanEck Launches Constant Maturity
Commodity Strategy ETF (CMCI)
Augusty 23, 2023-- VanEck today announced the launch of its newest ETF, the VanEck CMCI Commodity Strategy ETF (CMCI), a unique fund that brings a
"constant maturity" approach to the U.S. commodity ETF category for the first time.
CMCI is powered by the same underlying index-the UBS Constant Maturity Commodity Index ("the Index")-as the VanEck Constant Maturity Commodity Index Fund (A shares: CMCAX; I shares: COMIX), a mutual fund with a proven track record dating back to 2010 and close to $600 million in assets under management.
"Commodities have historically played a range of important roles in investor portfolios, acting as a hedge against inflation and source of uncorrelated returns.
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Source: VanEck
SS&C ALPS Advisors Adds Active Large-Cap ETF to the Lineup
August 23, 2023--The Fund can allocate to companies or sectors in response to changing economic or market conditions
SS&C ALPS Advisors, a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), has partnered with Level Four Capital Management to launch the Level Four Large Cap Growth Active ETF (Nasdaq: LGRO), an active, large-cap equity ETF.
"ALPS Advisors is recognized for its collaboration with world-class sub-advisors, and our Level Four Capital Management partnership continues this tradition," said Laton Spahr, President of SS&C ALPS Advisors. "The disciplined strategy focuses on investing with a business owner's mindset with an emphasis on quality growth and price paid relative to current value."
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Source: SS&C / ALPS Advisors
Roundhill Investments Launches Global Luxury ETF (NYSE Arca: LUXX)
August 23, 2023--August 23, 2023--LUXX tracks the S&P Global Luxury Index, providing access to 80 leading global luxury companies across Europe, Asia, and North America
Roundhill Investments, an ETF sponsor focused on innovative financial products, is pleased to announce the launch of the Roundhill S&P Global Luxury ETF (NYSE Arca: LUXX), which begins trading on the NYSE Arca today.
At an expense ratio of 0.45%, LUXX provides investors with access to the luxury goods sector in a cost-efficient and liquid ETF format.
"Luxury goods have shown resilience through challenging economic conditions, and we believe the sector has long-term growth potential.," said Dave Mazza, Chief Strategy Officer at Roundhill Investments. "We are excited to offer investors efficient, low cost access to gain access to the global luxury sector with the launch of LUXX."
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Source: Roundhill Investments
ETFGI reports that assets invested in ETFs industry in the United States reached a record of US$7.6 trillion at the end of July
August 23, 2023--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs ecosystem, reported today that assets invested in ETFs industry in the United States reached a record of US$7.6 trillion at the end of July. During July, the ETFs industry in the United States gathered net inflows of US$56.74 billion, bringing year-to-date net inflows to US$284.67 billion
Assets have increased 16.8% YTD in 2023, going from $6.51 trillion at end of 2022 to $7.6 trillion at the end of July, according to ETFGI's July 2023 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in the ETFs industry in the United States reached a record of $7.6 Tn at the end of July
Assets have increased 16.8% YTD in 2023, going from $6.51 Tn at end of 2022 to $7.6 Tn.
Net inflows of $56.74 Bn in July 2023.
YTD net inflows of $284.67 Bn are the third highest on record, while the highest recorded YTD net inflows are $523.89 Bn for 2021 and YTD net inflows of $343.03 Bn in 2022.
15th month of consecutive net inflows.
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Source: ETFGI
New Leveraged Single-Stock ETFs Launch On: Tesla, Nvidia & AMD
August 22, 2023--GraniteShares, the U.S. ETF issuer, has listed four new leveraged single-stock Exchange Traded Funds (ETFs) on the NASDAQ Stock Exchange.
Highlights of the launches are as follows:
Highest leverage Tesla Long ETF 1
Highest leverage Tesla Short ETF 1
First Short AMD ETF 1
Highest leverage Short NVIDIA ETF 1
GraniteShares' new suite of leveraged single stock ETFs, enables sophisticated investors to take high conviction positions on some of the most popular stocks: TESLA, NVIDIA & AMD.
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Source: GraniteShares
Advisors Increase Use of Active ETFs, Decrease Mutual Fund Allocation
August 22, 2023--A new Cogent Syndicated report from Escalent shows fee-conscious advisors are increasingly turning to Exchange-Traded Funds (ETFs) and decreasing their allocations to mutual funds. The proportion of advisors selling ETFs reaches an all-time high at 91%, nearly equivalent to the percentage of advisors tapping mutual funds (94%).
The study also finds a large percentage of ETF users plan to increase their use of active ETFs with 48% planning to grow their use in client portfolios over the next year. On the other hand, 43% of mutual fund producers plan to decrease their mutual fund use over the next two years.
"After several bank collapses, fear of an economic downturn and one of the worst years in the market, advisors and their clients continue to feel uneasy with many worrying economic conditions will worsen," said Meredith Lloyd Rice, vice president in Escalent's Cogent Syndicated division. "To make the dollar go further, advisors are increasingly turning to ETFs and decreasing allocations to mutual funds to reduce fees and potentially make higher earnings."
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Source: Escalent, Inc.
Madison Investments Expands Actively-Managed ETF Suite with Launch of Madison Covered Call ETF (CVRD)
August 22, 2023--CVRD Leverages a Proven Covered Call Strategy to Target Higher Yields and Growth Potential
Madison Investments, an independently-owned investment firm managing $22.9 billion in assets, today announces the expansion of its suite of actively-managed ETFs with the launch of the Madison Covered Call ETF (NYSE: CVRD).
Madison Investments' ETF suite is designed to help investors pursue income and capital appreciation by employing institutional-caliber, risk-controlled investment strategies.
Today's launch follows the debut of the firm's first ETF, the Madison Dividend Value ETF (NYSE: DIVL), which invests in dividend paying stocks that exhibit above-market yield and growth potential. Madison Investments plans to expand the offerings in its ETF suite in the coming weeks with the launch of two active fixed income products: the Madison Aggregate Bond ETF (NYSE: MAGG) and the Madison Short Term Strategic Income ETF (NYSE: MSTI).
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Source: Madison Investments
