Americas ETP News
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Expiry of Vanguard ETF patent could spark run of copycats
March 6, 2023--There is already one filing to use ETF-as-a-share-class structure when exclusive rights expire in May
When Vanguard's patented exchange traded fund structure expires in May it could open the floodgates for other asset managers to copy it, if the first filing to do so is approved.
The world's second-largest asset manager currently has the exclusive right to use the "ETF-as-a-share-class" structure it patented in 2001. The unique design allows Vanguard to operate a mutual fund and a sister ETF as essentially the same vehicle, generating superior tax efficiency and economies of scale.
But the fate of the filing may go some way to determining whether other rival fund groups will be permitted to copy it.
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Source: ft.com
Growth stock vs. value stock? It’s all in the eye of the beholder
March 6, 2023--Value versus growth? Sometimes, it's hard to tell the difference. And sometimes, it may depend on what index you are using.
Is Microsoft a growth or value stock? Most investors would say it's a growth stock, because it has the traditional characteristics of a growth stock: earnings are growing.
But Microsoft is now being classified as partly a growth stock by Standard & Poors, and partly a value stock.
What about Meta? It too was considered a classic growth stock. Not anymore. S&P now says it is 100% a value stock.
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Source: cnbc.com
State Street to merge $1.8bn ETF into larger fund
March 3, 2023--Asset manager will also close three smaller ETFs that track Bloomberg sustainable accounting SASB indices
State Street Global Advisors plans to merge away a $1.8bn small-cap equity ETF into a larger vehicle, and shutter three tiny ETFs, filings show.
The SPDR 600 Small Cap ETF (SLY) will be absorbed by the $5.2bn SPDR Portfolio S&P 600 Small Cap ETF (SPSM), effective June 9.
Both funds hold many of the same investment strategies and track the S&P Small Cap 600 Index, regulatory disclosures show.
"The merger of SLY and SPSM aligns the product suite by having one ETF track the S&P SmallCap 600 Index," the company said.
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Source: ft.com
First Trust Launches First Trust Bloomberg Emerging Market Democracies ETF
March 3, 2023--An ETF that focuses on companies in emerging market countries where political rights and civil liberties are highly regarded
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund
("ETF") provider and asset manager, announced today that it has launched a new
ETF, the First Trust Bloomberg Emerging Market Democracies ETF (NYSE Arca:
EMDM) (the "fund").
The fund seeks investment results that correspond
generally to the price and yield (before the fund’s fees and expenses) of an
equity index called the Bloomberg Emerging Market Democracies Index (the
"index").
The majority of global economic growth is expected to occur outside of the U.S. in the next few years, particularly in emerging markets, according to data from the International Monetary Fund ("IMF"). Traditional emerging market benchmarks may have significant weight in countries whose governmental policies and living conditions may not reflect democratic views toward individual and collective freedoms.
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Source: First Trust Advisors L.P
Inverse Cramer Tracker and Long Cramer Tracker ETFs Launch on CBOE (SJIM & LJIM)
March 2, 2023--Funds Offer Inverse Exposure (SJIM) and long exposure (LJIM) to the public recommendations of media personality Jim Cramer
The Inverse Cramer Tracker ETF (CBOE:SJIM) and The Long Cramer Tracker ETF (CBOE:LJIM) will start trading on the CBOE today.
These distinctive exposures allow investors to profit a decline or a rise in the public recommendations of Jim Cramer (on CNBC or on Twitter).
SJIM and LJIM offer investors of all sizes and types convenient "one-ticker" access to take sides on Jim Cramer's recommendations that may otherwise be difficult to execute on their own. SJIM is an actively managed exchange traded fund that attempts to achieve the inverse of Jim Cramer's recommendations by going short anything he recommends buying and going long anything he doesn't like. LJIM is an actively managed exchange traded fund that goes long anything that Jim Cramer recommends buying
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Source: Tuttle Capital Management
AllianzIM Expands Buffered ETF Suite Amid Ongoing Economic Uncertainty
March 1, 2023--Buffered ETFs can help investors weather market volatility as inflation outlook remains unclear
Allianz Investment Management LLC (AllianzIM), a wholly owned subsidiary of Allianz Life Insurance Company of North America, announced the launch of two new Buffered ETFs with a 12-month Outcome Period: The AllianzIM U.S. Large Cap Buffer10 Mar ETF (NYSE Arca: MART) and the AllianzIM U.S. Large Cap Buffer20 Mar ETF (NYSE Arca: MARW).
As the latest addition to AllianzIM's suite of U.S. Large Cap Buffered ETFs, MART and MARW provide investors access to versatile risk mitigation strategies amid shifting market and economic conditions. The ETFs seek to offer a downside Buffer of 10% or 20% against market drops while allowing investors the opportunity to participate in the upside potential of the SPDR S&P 500 ETF Trust up to a stated Cap.
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Source: .allianzlife.com
BondBloxx ETF Trust files with the SEC
March 1, 2023-BondBloxx ETF Trust has filed a Post-Effective Amendment, Registration Statement with the SEC.
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Source: SEC.gov
SEC-Fee Rate Advisory #3 for Fiscal Year 2023
March 1, 2023--Pursuant to Section 31(j)(2) of the Securities Exchange Act of 1934, the Commission has determined that a mid-year adjustment to the Section 31 fee rate for fiscal year 2023 is not required.
These adjustments do not directly affect the amount of funding available to the SEC.
The Section 31 fee rate for fiscal 2023 will remain at the current rate of $8.00 per million, as previously announced on January 23, 2023. This rate will remain in place until September 30, 2023, or 60 days after the enactment of a regular FY 2024 appropriation, whichever is later. The Section 31 assessment on round turn transactions in security futures also will remain at $0.0042 per transaction.
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Source: SEC.gov
10-year Treasury yield briefly hits highest level since November
February 28, 2023--U.S. Treasury yields were little changed on Tuesday to cap off a month of sharp gains, as traders weighed the prospects of tighter for longer monetary policy.
The yield on the benchmark 10-year Treasury note was last lower by 1 basis point at 3.912%. Earlier, it touched a high of 3.983%, its highest level since Nov. 10.
Meanwhile, the yield on the 30-year Treasury bond rose less than 1 basis point to 3.922%.
The 2-year yield climbed slightly to 4.801% after reaching its highest level since November on Monday. Yields move inversely to prices.
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Source: cnbc.com
iShares co-creator Morgan Stanley finally enters ETF race
February 23, 2023--Increasing popularity of actively managed vehicles has lured a number of heavyweight managers to the market
In a parallel universe Morgan Stanley might be Europe's pre-eminent exchange traded fund provider.
In this one it is the wet-behind-the-ears newbie, beaten to the punch by the more than 400 issuers globally that have already entered the ETF fray.
Despite its tardiness Morgan Stanley, the 18th-largest manager in the world with assets of $1.3tn, and the biggest without ETFs, has ambitious plans.
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Source: ft.com
