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The Future Fund Launches Long/Short ETF-Investing in Key Megatrends That Are Changing the World
June 21, 2023--Led by renowned investor Gary Black, the Fund buys companies that it believes can best exploit the wave of disruptive innovation and shorts companies most likely to lose value as their businesses are disrupted.
The Future Fund LLC, an SEC-registered investment advisor led by Gary Black and David Kalis, announced today the launch of the Future Fund Long/ Short ETF (NYSE: FFLS) on the New York Stock Exchange effective June 21, 2023.
FFLS is a high-conviction, risk-managed long/short strategy that provides the potential to capitalize on key megatrends driving the economy. Portfolio managers Black and Kalis bring decades of investment experience to the Fund and use a deep fundamental research process to select concentrated investments that may profit from emerging technological or social trends and developments. One of only a handful of fundamental-driven long/short ETFs, FFLS fills a gap in the investment marketplace and provides a unique opportunity to invest in a hedged portfolio of leading secular growth companies ideal for today's choppier economic environment.
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Source: The Future Fund
$10bn surges into JPMorgan covered call ETF this year
June 21, 2023--The wall of money means the defensive fund has become the largest active ETF
A bull market is traditionally accompanied by a wave of euphoria, with ever more investors getting sucked in as stocks march higher.
The current Wall Street variety-with the S&P 500 index up by more than 20 per cent from its October nadir- has been met with a wall of money rolling into one of the more defensive equity strategies: covered calls.
Such is the enthusiasm for this risk-averse strategy that the largest US-listed covered call exchange traded fund, the $26.8bn JPMorgan Equity Premium Income ETF (JEPI) has not only attracted the largest inflows of any actively managed ETF this year, but also become the largest active vehicle to boot.
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Source: ft.com
Global X ETFs Launches the Global X 1-3 Month T-Bill ETF (CLIP)
June 21, 2023--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of the Global X 1-3 Month T-Bill ETF (CLIP), which provides investors with exposure to the short-term Treasury bill market. The fund is the latest addition to Global X's growing suite of Income products.
In recent months, the front end of the yield curve has risen significantly i creating a sharply inverted yield curve as the US Federal Reserve has aimed to tame inflation by raising rates. During such periods of elevated interest rates, short-term treasuries can offer investors a compelling alternative to cash positions. Treasury bills can provide investors with income potential while carrying relatively low interest rate risk due to their short-term nature. CLIP offers investors the benefit of these short-term treasuries in the form of a transparent and cost-effective ETF wrapper.
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Source: Global X Management Company LLC
Bitcoin Jumps on Speculation BlackRock 'May Know Something'
June 20, 2023--At least three issuers have filed plans since BlackRock filing
The SEC has resisted allowing spot Bitcoin ETFs, citing risks
BlackRock Inc.'s surprise filing for a US spot Bitcoin exchange-traded fund last week has led to a flurry of similar applications from rival issuers and speculation that the asset manager has key insights that will lead to approval of its application.
Bitcoin has jumped more than 20% since the filing to more than $30,000. On Tuesday, Invesco Ltd. renewed its application for the physically-backed Invesco Galaxy Bitcoin ETF within hours of WisdomTree's filing with the Securities and Exchange Commission for the WisdomTree Bitcoin Trust. Days earlier, Bitwise submitted plans for a similar vehicle.
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bloomberg.com
Anti-ESG funds fail to gain traction in the US
June 20, 2023--Morningstar data shows sales peaked in the third quarter of 2022
Funds designed as alternatives to environmental, social and governance funds are losing sales momentum rapidly, raising questions about the category's long-term viability.
A report from Morningstar focusing on the US market shows the funds' sales peaked in the third quarter of 2022, at $377mn but have since plunged, hitting $183mn in this year's first quarter. This comes despite overall assets rising more than seven-fold in the year to March, to $2.1bn.
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Source: ft.com
BlackRock delves deeper into crypto with push for bitcoin ETF
June 15, 2023--Asset manager's product would be first publicly traded spot bitcoin exchange traded fund in US if approved by SEC
BlackRock pushed further into cryptocurrencies on Thursday by filing an application with the US Securities and Exchange Commission to offer a spot bitcoin exchange traded fund.
If the SEC approves the application, the fund would trade on the Nasdaq stock market, making it the first publicly traded spot bitcoin ETF in the US.
The $9tn money manager already runs a private spot bitcoin trust that it launched last year. The ETF marks a further expansion of its partnership with embattled crypto exchange Coinbase, which would be the custodian of the fund's bitcoin.
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Source: ft.com
IMF Staff Country Report-United States: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United States
June 15, 2023--Summary:
The U.S. economy has proven resilient in the face of the significant tightening of both fiscal and monetary policy in 2022.
Consumer demand has held up particularly well, boosted initially by a drawdown of pent-up savings and, more recently, by solid growth in real disposable incomes. Policy restraint is expected to continue to slow the economy in 2023 with a modest pick-up in momentum later in 2024. Unemployment is expected to rise slowly to close to 4 ½ percent by end- 2024.
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Source: imf.org
Carving Up the Bond Market Swells Into $39 Billion ETF Business
June 15, 2023--Maturity-focused BlackRock and Invesco bond funds are booming
managers are flocking to extremely precise fixed-income exchange-traded funds as a hawkish central bank and economic uncertainty batter the bond market.
Assets in BlackRock Inc. and Invesco Ltd.'s maturity-focused bond ETFs, which hold debt maturing in a certain year, have soared to all-time highs this year, data from the issuers show. BlackRock's iBonds lineup now holds over $22 billion, while Invesco's BulletShares suite of funds isn't far behind with over $16 billion.
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Source: bloomberg.com
US Fed Pauses Rate Hikes But Signals More Tightening Ahead
June 14, 2023--The US Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating that another sharp increase could be needed before year-end.
After 10 straight increases since March 2022, the Fed's rate-setting committee voted to hold its benchmark lending rate between 5.0 percent and 5.25 percent, the central bank said in a statement.
Despite the Fed's aggressive campaign of monetary tightening, annual inflation remains stubbornly above its long-term target of two percent, while unemployment is close to record lows.
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Source: barrons.com
Simplify Announces the Launch of the Market Neutral Equity Long/Short ETF (EQLS)
June 14, 2023--Fund delivers a modern take on an equity long/short portfolio, utilizing a multi-factor machine learning-powered quantitative ranking system to drive equity exposure and a dynamic deleveraging strategy to help avoid severe drawdowns
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), is today announcing the launch of the Simplify Market Neutral Equity Long/Short ETF (NYSE Arca: EQLS).
The Fund is a first-of-its-kind ETF, utilizing a proprietary machine learning stock selection model to deliver a modern take on the equity long/short portfolio.
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Source: Simplify Asset Management Inc.
