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ESG Fund Liquidations Rip Through America's ETF Market
May 15, 2024-At least 27 funds have shut so far this year: BI research
And just two new ETFs were launched in the same period
The US market for ESG-focused exchange-traded funds is floundering.
At least 27 ETFs categorized as being aligned with environmental, social and governance principles have been liquidated so far this year, said Shaheen Contractor, senior ESG analyst at Bloomberg Intelligence.
That compares with 36 during all of last year.
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Source: bloomberg.com
Direxion Launches Two ETFs Tracking the Solactive US AI & Big Data Index
May 15, 2024--The artificial intelligence market is poised for continued growth, with the global AI market projected to reach US$106.50 billion in 2024 and increase to US$237.10 billion by 2030.
The United States is expected to represent the largest market size at US$106.50 billion in 2024.1 Amid this booming AI landscape Solactive and Direxion have partnered to launch two new ETFs.
The Direxion Daily AI and Big Data Bull 2X Shares (AIBU) and Direxion Daily AI and Big Data Bear 2X Shares (AIBD) will follow the performance of the Solactive US AI & Big Data Index. The index is designed to provide targeted exposure to companies at the forefront of driving innovation within the artificial intelligence and big data industries.
The Solactive US AI & Big Data Index tracks the performance of 30 US-listed companies with significant business operations in AI applications and big data technologies. By leveraging Solactive’s proprietary natural language processing system ARTIS to screen public information such as company reports and financial news, key companies are identified according to their exposure to AI applications, big data analytics, natural language processing as well as AI-driven services.
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Source: Solactive AG
Defiance Launches USOY, The First Oil Enhanced Options Income ETF
May 10, 2024--Defiance ETFs is proud to announce the launch of USOY, the Defiance Oil Enhanced Options Income ETF. USOY marks a significant milestone as the first-ever Oil Income Options Overlay ETF, offering investors a unique opportunity to seek income in the oil sector through options trading.
We are thrilled to introduce USOY, the first-of-its-kind Oil Income Options Overlay ETF," said Sylvia Jablonski, CEO of Defiance ETFs. "With USOY, investors can access enhanced income potential in the oil market while maintaining exposure to USO's share price movements. Considering the ongoing instability in the Middle East, Defiance believes there's significant potential for oil prices to rally in 2024.
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Source: Defiance ETFs
CBO-Monthly Budget Review: April 2024
May 8, 2024--Summary
The federal budget deficit was $857 billion in the first seven months of fiscal year 2024, the Congressional Budget Office estimates-$68 billion less than the deficit recorded during the same period last fiscal year. Revenues were $278 billion (or 10 percent) higher and outlays were $210 billion (or 6 percent) higher from October through April than during the same period in fiscal year 2023.
Shifts in the timing of certain payments affect that comparison. Outlays in the first seven months of each fiscal year were reduced by shifts of some payments to September that otherwise would have been due on October 1, which fell on a weekend in both years. If not for that, the deficit so far in fiscal year 2024 would have been $929 billion-$59 billion less than the shortfall for the same period in fiscal year 2023.
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Source: CBO (Congressional Budget Office)
Global X Expands Its Income Product Lineup with Launch of New Covered Call ETFs
May 8, 2024--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today launched the Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) and the Global X S&P 500 Quality Dividend Covered Call ETF (QDCC). The funds are Global X's latest additions to its covered call suite, which offers investors ETF strategies that look beyond traditional fixed income to potentially increase or diversify a portfolio's yield.
Covered call strategies can play an important role in a portfolio, offering a diversified source of income while helping to potentially mitigate downside risk. While covered call strategies once required investors to trade options themselves, the availability of covered call ETFs can help investors more easily and efficiently integrate these strategies.
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Source: Global X Management Company LLC
US SEC expected to deny spot ether ETFs next month, industry sources say
May 7, 2024--The withdrawal comes a little over two weeks before the United States securities regulator will be forced to make a decision on at least one spot Ether ETF application.
Grayscale has made a surprising move to withdraw its 19b-4 application for its Ether (ETH) futures exchange-traded fund, just three weeks before the securities regulator would be forced to make a decision on it.
The cryptocurrency asset manager filed a notice of withdraw the Grayscale Ethereum Futures Trust with the United States Securities and Exchange Commission on May 7.
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Source: cointelegraph.com
WisdomTree faces new battle with largest shareholder
May 7, 2024--ETFS Capital's Graham Tuckwell urges investors to cast proxy ballots against reappointment of CEO Jonathan Steinberg
WisdomTree's largest shareholder has launched a new attempt to oust its chief executive, pressing for a potential sale of the $107bn asset manager and criticising its recent push into decentralised finance.
Graham Tuckwell, chair of ETFS Capital, which owns about 18 per cent of WisdomTree, is urging investors to cast proxy ballots against the reappointment of founder and CEO Jonathan "Jono" Steinberg and two other board members at the company's upcoming annual meeting. WisdomTree, in response, insisted "there is no case for change" and has asked stockholders to "not let Mr Tuckwell derail our progress and hinder our success".
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Source: ft.com
US SEC expected to deny spot ether ETFs next month, industry sources say
May 6, 2024--The United States Securities and Exchange Commission has delayed its decision on Galaxy Invesco's application for a spot Ether
exchange-traded fund (ETF).
In a May 6 filing, the SEC gave itself another 60 days to make a call on the Galaxy's ETF, with the next deadline set to July 5.
"The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the SEC wrote.
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Source: cointelegraph.com
Worsening Weather Is Igniting a $25 Billion Market
May 4, 2024--Marty Malinow's mom never could get her head around what her son did for a living. To friends, she said he was "a stockbroker that does something with the weather." Malinow couldn’t really object- he knew most people had no clue about financial contracts based on things like sunshine, rainfall and wind.
That's beginning to change. Against a backdrop of rising climate volatility and social shifts, demand for weather derivatives is surging. Average trading volumes for listed products jumped more than 260% in 2023, according to the CME Group, with the number of outstanding contracts currently 48% higher than a year ago.
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Source: bloomberg.com
Retail investors snap up triple-leveraged US equity ETFs
May 4, 2024--Volatile April markets draw money into riskier trades
Yield-hungry retail investors piled into highly leveraged US exchange traded funds in April, drawn to volatile markets stoked by uncertainty over the outlook for interest rates.
Investors have pushed around $5.2bn into the top 22 leveraged ETFs, which can magnify potential gains and losses, in the year to the end of April, according to VandaTrack, a data company which monitors retail trading flows.
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Source: ft.com
