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Florida to pull $2bn from BlackRock in spreading ESG backlash
December 1, 2022--Republican chief financial officer says US state will take 'business elsewhere' in move that surprises asset manager
Florida will replace BlackRock as the manager of $2bn in state Treasury funds, part of a spreading Republican backlash against sustainable investing.
The move comes after Florida governor Ron DeSantis, a potential Republican US presidential candidate in 2024, led a resolution to stop the state's pension funds from considering environmental, social and governance principles to guide investment.
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Source: ft.com
CBO's Current View of the Economy in 2023 and 2024 and the Budgetary Implications
November 30, 2022--According to CBO's current assessment, economic growth will probably be slower in 2023 than the agency projected in May 2022, reflecting recent developments (including higher interest rates), and faster in 2024, as the economy recovers.
Rates of unemployment, inflation, and interest will probably be higher over the next two years than CBO projected in May 2022. Slower economic growth and higher rates of unemployment, inflation, and interest increase federal deficits and debt.
CBO will publish its budget and economic projections early next year in the agency's annual Budget and Economic Outlook.
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Source: CBO (Congressional Budget Office)
Crypto lender BlockFi files for bankruptcy, cites FTX exposure
November 29, 2022--Filing follows weeks after FTX collapse
FTX listed as BlockFi's No.2 creditor
Bitcoin down over 70% from 2021 peak
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month.
The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin , the most popular digital currency by far, is down more than 70% from a 2021 peak.
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Source: reuters.com
Fidelity announces mutual fund to ETF conversions
November 28, 2022--Fidelity Investments Inc. recently unveiled plans to convert six mutual funds into exchange-traded funds, according to a press release.
The conversions, which are expected to be completed in June 2023, mark the first time Fidelity will turn mutual funds into ETFs, mirroring recent moves made by other firms, various news outlets have reported.
"A growing number of investors are seeking the tax efficiency, trading flexibility and potential cost efficiency benefits of ETF vehicles," Greg Friedman, Fidelity’s head of ETF management and strategy, said in a statement. "A growing number of investors are seeking the tax efficiency, trading flexibility and potential cost efficiency benefits of ETF vehicles.
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Source: pbn.com
Fidelity to Join Mutual Fund-to-ETF Club With $430 Million Flip
November 23, 2022--Firm plans to convert six mutual funds into active ETFs
Mutual fund conversion has been a trend but first for Fidelity
Fidelity Investments, one of the country's largest asset managers, is making its first foray into converting some of its mutual funds into ETFs.
The Boston-based firm on Wednesday revealed plans to convert six of its thematic mutual funds into actively-managed exchange-traded funds. Fidelity expects to complete the conversion in June 2023.
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Source: bloomberg.com
Global X Expands its Income Product Lineup with Launch of Sector Covered Call ETFs
November 22, 2022--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of three new covered call ETFs covering the financials, health care, and information technology sectors of the S&P 500.
The funds, are Global X's latest additions to its Income family, which offers investors ETF strategies that look beyond traditional fixed income to help increase or diversify a portfolio's yield potential.
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Source: Global X Management Company LLC
Pimco ETF makes history with move to open outcry pit
November 21, 2022--The $3bn Active Bond ETF uses a combination of electronic trading and the 'human touch'
Pimco's $3bn Active Bond ETF (BOND) has become the first active ETF to be traded in an open outcry pit, in a move aimed at enhancing liquidity and reducing trading costs.
It is almost certainly the first ETF of any kind to be traded in an open outcry pit since 2007.
Open outcry, where floor traders shout and use hand movements to execute orders, has died out on most stock exchanges due to the rise in electronic trading- touted as faster, cheaper, more efficient and less prone to manipulation by market-makers. But the New York Stock Exchange still operates a hybrid model because it believes floor traders can sometimes provide advantages such as reduced volatility and better liquidity.
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Source: ft.com
BlackRock iShares Unit Launches Environmentally Aware Real Estate ETF
November 18, 2022--BlackRock's iShares ETF platform has launched a new fund that provides exposure to real estate holdings held by REITs and listed real estate companies that are leaders in energy efficiency and green certification.
The iShares Environmentally Aware Real Estate ETF (ERET), which trades on Nasdaq, seeks to track the investment results of the FTSE EPRA Nareit Developed Green Target Index.
As of Nov. 17, Prologis, Inc. (NYSE: PLD) had the highest weighting in the index at 6.27%. In second place was Equinix, Inc. (Nasdaq: EQIX) with a 5.6% weighting, and VICI Properties Inc. (NYSE: VICI) had the third highest weighting at 2.43%.
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Source: reit.com
T. Rowe Price Launches Floating Rate Exchange-Traded Fund
November 17, 2022--The new fixed income ETF began trading today on NYSE Arca1, Inc., and expands the firm's ETF line-up to ten active ETFs
T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm and a leader in retirement services, announced today the addition of a fifth actively managed fixed income exchange-traded fund (ETF), T. Rowe Price Floating Rate ETF (Ticker: TFLR), which is available to the public beginning today on NYSE Arca, Inc.
The new ETF follows last month's launch of T. Rowe Price U.S. High Yield ETF (Ticker: THYF) and brings the firm's total roster of active ETFs to ten.
The Floating Rate strategy is constructed similarly to the mutual fund, T. Rowe Price Floating Rate Fund (Ticker: PRFRX), investing primarily in floating-rate loans and other floating rate debt securities.
The strategy uses a disciplined approach to credit selection, featuring rigorous proprietary research and strict risk control. It is managed by Paul Massaro, head of the Global High Yield team and portfolio manager of the Floating Rate strategy since its 2008 inception. He has 22 years of investment industry experience, including 19 years at T. Rowe Price.
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Source: T. Rowe Price
Innovator Lists the Gradient Tactical Rotation Strategy ETF (IGTR), a Global Equity Strategy Seeking Systematic Alpha
November 17, 2022--Innovator Capital Management, LLC (Innovator) today announced the listing of the Innovator Gradient Tactical Rotation Strategy ETF (IGTR) on NYSE Arca. IGTR is an actively managed global equity strategy that seeks to provide long-term capital appreciation and achieve excess returns over the S&P Global Broad Market Index.
The ETF will be subadvised by Gradient Investments LLC, an independent, privately owned, fee-based, SEC-registered investment advisor, and is patterned on a proprietary rules-based methodology from the Arden Hills, Minnesota-based RIA.
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Source: Innovator Capital Management
