Americas ETP News
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CBO-The Long-Term Budget Outlook: 2024 to 2054
March 20, 2024--The Federal Budget
The deficit increases significantly in relation to gross domestic product (GDP) over the next 30 years, reaching 8.5 percent of GDP in 2054. That growth results from rising interest costs and large and sustained primary deficits, which exclude net outlays for interest.
Primary deficits are especially large given the forecast of low unemployment rates; those deficits average 0.6 percentage points of GDP more over the next 30 years than they did over the past 50 years.
Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter. That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.
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Source: cbo.gov
Global X ETFs launches First Fixed Income ETF in Colombia
March 20, 2024--March 20, 2024-- Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced that the firm has launched Colombia's first ever fixed income ETF-the Colombian Public Debt Stock ETF (GXTESCOL).
GXTESCOL provides investors with greater accessibility to the Colombian sovereign bond market in local currency.
The launch follows an evaluation process in which Global X ETFs was selected as the fund manager by the Colombian Ministry of Finance.
GXTESCOL seeks to offer greater accessibility to the Colombian sovereign bond market in local currency to investors while tracking the total return of the JPM GBI-EM Colombia Government Local Currency Bond Index. The fund will function as an Issue-Driven Exchange Traded Fund (ID ETF), a global initiative of the World Bank to support the development of domestic capital markets in emerging economies by collaborating with local partners and allowing local currency debt to be packaged into an ETF format. This fund will be denominated in Colombian pesos. In addition to selecting Global X ETFs as manager of the fund, the Colombian Ministry of Finance announced Fiducaria Bogota as administrator of the fund and J.P. Morgan as the provider of the fund's reference index.
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Source: Global X Management Company LLC
Grayscale amends Ethereum ETF filing, says investors 'want and deserve' the fund
March 16, 2024--Grayscale amended a regulatory filing through which it intends to convert its Ethereum Trust to a spot exchange-traded fund (ETF).
The company's March 15 amendment strengthens its earlier filing in multiple ways. The update supports the argument that surveillance sharing within the CME ETH market is sufficient to protect against fraud and manipulation in the spot ETH market.
Grayscale's latest amendment includes a correlation analysis conducted by Coinbase as evidence of sufficient market correlation. Coinbase found that the CME ETH futures market has been "consistently and highly correlated" with the spot Ethereum market for roughly the past three years.
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Source: cryptoslate.com
Subversive Capital Advisor Fund Closure Announcement
March 15, 2024--Subversive Capital Advisor LLC (the "Advisor" or the "Company"), a Registered Investment Advisor primarily focused on different mission-driven emerging sectors, announced today that it has recommended, and the Board of Trustees of Series Portfolios Trust (the "Trust") has approved, the termination and liquidation of the Subversive Decarbonization ETF ("DKRB"), Subversive Food Security ETF ("KCAL"), and Subversive Mental Health ETF ("SANE"), collectively (the "Funds") effective immediately after the close of business on March 28, 2024.
"While these strategies are gaining traction outside the US, they remain a small portion of the market domestically. Despite our efforts to capture investor interest with unique offerings, it's clear that the appetite for these strategies hasn't matched that of index ETFs or well-established institutional options." said Subversive's Portfolio Manager, Christian H. Cooper.
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Source: Subversive Capital Advisor LLC
Cetera Introduces Bitcoin ETF Policy and Guidance for Financial Professionals
March 14, 2024--Cetera among the first wealth management firms to deliver comprehensive education, training and resources addressing rapidly growing investment products
Policy represents a
"prudent embrace" of bitcoin ETFs and the latest Cetera offering to help financial professionals best serve their clients and strategically grow their business
Cetera Financial Group (Cetera), the premier financial advisor Wealth Hub, announced today that it has introduced a new policy regarding the usage of bitcoin ETFs in brokerage accounts. The policy includes education and resources designed to help affiliated financial professionals guide their clients in incorporating bitcoin ETFs into their investment portfolios. Cetera is among the first wealth management firms to roll out a formal policy on bitcoin ETFs as exponentially more investors are exploring the products and investing in bitcoin.
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Source: Cetera Financial Group
BondBloxx and IR+M Launch New Fixed Income ETF (TAXX) that Aims to Maximize After-Tax Income
March 14, 2024--Partnership between two leaders in fixed income investing brings IR+M's institutional investment heritage and tax-aware strategy to the broader marketplace for the first time
Designed for investors seeking core bond exposures, TAXX aims to maximize after-tax income by optimizing across a wider opportunity set of short duration municipal and taxable bonds
BondBloxx, a specialized provider of bond ETFs, and Income Research + Management (IR+M), an institutional fixed income investment manager, today announced the launch of the BondBloxx IR+M Tax-Aware Short Duration ETF (TAXX).
TAXX is an innovative fixed income exchange traded fund with an investment strategy designed to maximize after-tax income. The fund represents a landmark collaboration between BondBloxx and IR+M, offering investors greater access to a tax-optimized strategy for their fixed income allocations. TAXX considers investment opportunities through a tax-aware lens while challenging the conventional wisdom that avoiding taxes within fixed income is always advantageous.
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Source: BondBloxx Investment Management Corporation
Zacks Launched the Israel 150 Platform
March 12, 2024--Providing the investment community with a platform focused on Israeli companies listed on the US exchanges.
Zacks Investment Research, a leading provider of investment-related data, research, and commentary, proudly announces the launch of Zacks Israel 150- https://israel150.zacks.com.
This new platform focuses on Israeli companies listed on US exchanges, providing global investors with easy access to valuable information.
Zacks Israel 150 allows investors to rank Israeli equities based on criteria such as annual sales, market cap, assets, exchange, industry, and sectors. This feature helps investors focus on companies of interest and access initial and expanded information for their investment portfolios.
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Source: Zacks Investment Research
CBO-Monthly Budget Review: February 2024
March 8, 2024--Summary
The federal budget deficit totaled $830 billion in the first five months of fiscal year 2024, the Congressional Budget Office estimates. That amount is $108 billion more than the deficit recorded during the same period last fiscal year: Although revenues this year were $121 billion (or 7 percent) higher, outlays rose more-by $228 billion (or 9 percent).
Outlays in the first five months of each year were reduced by shifts of certain payments that otherwise would have been due on October 1, which fell on a weekend. (Those payments were made in September 2022 and September 2023, respectively). If not for those shifts, the deficit thus far would have been $903 billion, $117 billion more than the shortfall for the same period in fiscal year 2023.
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Source: CBO (Congressional Budget Office)
MarketVector Indexes Licenses REIT Index to Tidal to Capture REIT Opportunity
March 6, 2024--Crypto ETN providers head for UK but urge rethink on retail ban
The FCA has said it will allow listing requests but only give access to 'professional investors'
MarketVector IndexesTM ("MarketVector") announces the licensing of the iREIT-MarketVectorTM Quality REIT Index (ticker: IRET) to Tidal Investments, LLC ("Tidal"), highlighting MarketVector's ability to provide customizable indexes in varying sectors for clients across the globe.
In partnership with Tidal, leading real estate analyst Brad Thomas, CEO of Wide Moat Research, launched the IRET ETF (ticker: IRET) built on an index Brad designed with MarketVector. This unique product invests in REITs across all property sectors, utilizing fundamental analysis to provide investors with exposure to diversification, potentially higher yields, and a focus on quality and value investing.
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Source: MarketVector Indexes
Global Financial Stability Notes-The US Banking Sector since the March 2023 Turmoil: Navigating the Aftermath
March 5, 2024-Summary:
In March 2023, the US banking sector turmoil sent a shockwave through the global financial system. Silicon Valley Bank (SVB), the 16th largest bank in the country, collapsed in a matter of days, followed by Signature Bank (SBNY) and First Republic Bank (FRB), marking the largest bank failures after Washington Mutual Bank in 2008.
Triggered by sizable deposit outflows, this event raised concerns about the soundness of the rest of the US banking sector, in particular, other banks of similar or smaller size with large amounts of uninsured deposits, unrealized losses, and commercial real estate exposures.
The March turmoil is a powerful reminder of the challenges posed by the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities-challenges amplified by ineffective interest, liquidity, and credit risk management practices at some banks. This note offers an analysis of the main attributes of the affected banks to assess the extent to which vulnerabilities persist in a weak tail of banks . Furthermore, the note provides a prospective assessment by evaluating the medium-term risks to financial stability posed by this weak tail.
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Source: imf.org
