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CBO-Monthly Budget Review: March 2024
April 8, 2024--Summary
The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, the Congressional Budget Office estimates-$37 billion less than the deficit recorded during the same period last fiscal year.
Summary
The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, the Congressional Budget Office estimates-$37 billion less than the deficit recorded during the same period last fiscal year. Revenues this year were $140 billion (or 7 percent) higher and outlays were $103 billion (or 3 percent) higher from October through March than during the same period in fiscal year 2023.
Shifts in the timing of certain payments affect that comparison. Outlays in the first six months of each fiscal year were reduced by shifts of some payments that otherwise would have been due on October 1, which fell on a weekend.
Revenues this year were $140 billion (or 7 percent) higher and outlays were $103 billion (or 3 percent) higher from October through March than during the same period in fiscal year 2023.
Shifts in the timing of certain payments affect that comparison. Outlays in the first six months of each fiscal year were reduced by shifts of some payments that otherwise would have been due on October 1, which fell on a weekend.
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Source: bruegel.org
Buffered ETFs on the Rise: Enhancing Retirement Portfolios
April 5, 2024---Rising Trend: Buffered ETFs boost retirement portfolios, optimize returns, reduce risk
The investment environment is continuously changing, with a recent development being the increasing popularity of buffered Exchange-Traded Funds (ETFs).
These modern financial tools aim to offer investors, especially those concentrating on retirement investments, a degree of safeguarding against market declines while also enabling growth opportunities.
Over the past two years, investors with a focus on retirement portfolios have invested over US$20 billion into US exchange-traded funds that limit gains and losses, posing a competitive threat to traditional offerings from insurance providers. Buffered ETFs, also known as defined outcome ETFs, employ derivatives to moderate the effects of market fluctuations, whether bullish or bearish. Gaining traction since their introduction in 2018, these financial instruments have become particularly attractive to investors who have navigated crypto market volatility caused by the pandemic in 2020 and a challenging year for both stocks and bonds in 2022.
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Source: analyticsinsight.net
Regulator fines broker-dealer for recommending leveraged ETPs
April 4, 2024--Finra orders two Stifel divisions to pay $2.3mn after losses incurred by 381 customers who held the products too long
The US Financial Industry Regulatory Authority hit two Stifel broker-dealer divisions with $2.3mn in fines and restitution over unsuitable recommendations on leveraged exchange traded products.
The Stifel broker-dealers failed to implement policies that would limit recommendations of leveraged and inverse ETPs and ETFs to only be held briefly, according to a settlement published last week.
Instead, such products were held too long, costing 381 customers $1.3mn in total. The entities were also fined an additional $1mn in total.
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Source: FT.com
Solactive and CEPRES Partner to Launch Solactive CEPRES US Private Equity Replicator Index
April 4, 2024--Solactive, a global leading index provider, and CEPRES, a leading Private Equity data provider, have established a partnership for the first time to introduce the Solactive CEPRES US Private Equity Replicator Index. This novel index offers exposure to North American-focused buyout funds by mirroring their performances with publicly listed securities from the Solactive GBS United States 500 universe
It is aligned with the industry distribution of Net Asset Values (NAV) of Private Equity (PE) investments at a deal/portfolio company level in the respective market.
Timo Pfeiffer, Chief Markets Officer at Solactive, stated: "We are thrilled to collaborate with CEPRES on this first of many ventures, capitalizing on their expertise in private equity data networks alongside our proficiency in index creation to introduce this pioneering product."
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Source: Solactive AG
Strategas Lists SAMM, a Tactical ETF with an Active Approach to Macro & Momentum Investing
April 4, 2024---Strategas Macro Momentum ETF (SAMM) is the latest offering in a suite of active ETFs that leverage the Firm's top-ranked macro and technical research
Actively managed, investing in 20 to 50 U.S. listed securities exhibiting strong technical, momentum, and relative strength characteristics
Constituents sourced from up and down the capitalization scale and across sectors, but always with emphasis on embracing the market's leadership corners
When market conditions demand a more defensive posture, positions in Treasury ETFs or Gold ETPs can be held to mitigate portfolio and macro risk.
Strategas Asset Management, LLC (Strategas), the investment advisory arm of one of the world's leading institutional macro research providers, Strategas Securities, LLC (STS), today launched Strategas Macro Momentum ETF (NYSE Arca: SAMM), its third in a suite of thematic, actively managed ETFs. Strategas' full suite of ETFs turns thematic ideas into investable solutions.
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Source: Strategas Securities, LLC
S&P 500 trackers hit a record 27% of 2023 equity ETF flows
April 2, 2024--Rise of Magnificent Seven helped to push flows to ETFs tracking the blue-chip index to an all-time high of $137bn
Wall Street's blue-chip S&P 500 index captured its highest share of global equity exchange traded fund flows for at least a decade last year, as the rise of the so-called Magnificent Seven reshaped benchmarks worldwide.
ETFs tracking the S&P 500 vacuumed up a record $137bn in net terms last year, according to data from Vanguard, surpassing the previous peak of $119bn in 2021.
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Source: ft.com
Leading healthcare fund manager RA Capital launches biotech ETFs
April 1, 2024--As part of a systematic growth strategy aimed at attracting capital to the biotechnology sector, RA Capital Management, LP, is announcing the launch of a set of Exchange Traded Funds (ETFs) to be marketed to discerning retail and institutional investors.
The first ETF that RA Capital will begin trading today is RABB (RA Best Biotech ETF). This fund is composed of what RA Capital has termed "core" development-stage biotech companies held by at least one biotech specialist peer fund.
In 2023, Core biotech stocks dramatically outperformed those not owned by specialists (known as "peripheral" stocks) and represented 100% of the holdings of healthcare specialists. Partially explaining that outperformance is the fact that over 98% of M&A dollars flowed to Core biotechs.
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Source: RA Capital Management, LP
FusionIQ Launches FIQ Market One, Disrupting Traditional Investment Marketplaces
March 27, 2024--Digital market to provide access to a diverse array of investment opportunities through unified, white-labeled client and advisor portals
FusionIQ, a leader in the delivery of cloud-based wealth management solutions with their all-in-one digital platform for financial advisors and institutions, today announced the launch of its groundbreaking FIQ Market One on the FusionIQ One platform.
The innovative product marks a significant shift in the wealth management industry, offering a comprehensive investment solution for investors and advisors.
FIQ Market One transforms the landscape of wealth management, providing access to a diverse array of investment opportunities, including digital assets, special purpose vehicles (SPVs), alternative funds, private investments, and exchange-traded funds (ETFs) in a single market. Through white-labeled, unified advisor and client portals, investors can seamlessly navigate and invest in these assets, revolutionizing the traditional investment model.
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Source: FusionIQ
ETF Architect Announces Change to the Strive U.S. Energy ETF (NYSE: DRLL)
March 26, 2024--Effective on or about Thursday, April 11, 2024, the Strive U.S. Energy ETF (the "Fund") will undergo a change to its benchmark.
Current Benchmark: Solactive United States Energy Regulated Capped Index
New Benchmark: Bloomberg US Energy Select Index
The benchmark of the Fund will be moving to the Bloomberg US Energy Select Index (the "Index"), which measures the performance of U.S. oil and gas producers.
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Source: ETF Architect
Inspire Launches 9 Basis Point Faith-based ETF
March 26, 2024-- Inspire Investing, the world's largest provider of faith-based ETFs, has just launched a 0.09% expense ratio U.S. large cap fund, the Inspire 500 ETF [ticker: PTL], ushering in a new era of low cost investing for faith-based investors.
PTL is currently the lowest cost faith-based ETF available in the U.S. and is Inspire's ninth fund.
PTL tracks the Inspire 500 Index comprised of the largest 500 companies in the United States by market capitalization with positive biblical values alignment as determined by Inspire Impact Scores greater than or equal to zero.
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Source: Inspire Investing
