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Harbor Capital Advisors Launches Latest ETF: Health Care Strategy
November 17, 2022--Harbor Capital Advisors, Inc. ("Harbor”), a premier multi-manager investment firm offering access to innovative and specialized expertise across a range of investment strategies and vehicles, launched its latest exchange-traded fund (ETF), the Harbor Health Care ETF (MEDI).
This is the 11th ETF for the firm's growing lineup of ETFs that span several investment themes and asset classes. Along with ETFs, Harbor Capital offers a curated experience of mutual funds and collective investment trusts (CITs).
MEDI will be subadvised by Westfield Capital Management Company, L.P. ("Westfield”). Westfield is a long-term Harbor partner, having managed the Harbor Small Cap Growth Fund since 2000, a sleeve of the Harbor Disruptive Innovation Fund and Harbor Disruptive Innovation ETF since 2021, and the Harbor Dividend Growth Leaders ETF since 2022.
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Source: Harbor Capital Advisors
Federated Hermes, Inc. launches U.S. Strategic Dividend ETF
November 16, 2022--New dividend-focused product adds to growing ETF business
Federated Hermes, Inc. (NYSE: FHI), a global leader in active, responsible investing, today announced the launch of the Federated Hermes U.S. Strategic Dividend ETF (NYSE: FDV).
The new actively managed ETF benefits from Federated Hermes' time-tested approach to managing dividend equity strategies and adds the advantages of an ETF structure, including tax efficiency, lower costs and intraday trading.
The Federated Hermes U.S. Strategic Dividend ETF seeks income and long-term capital appreciation by investing in U.S. companies with dividend yields above the S&P 500 Index average. The ETF benefits from a Federated Hermes investment process that has been in place since 2001. The strategy invests in lower volatility, income-producing U.S. companies that are in strong financial condition and have demonstrated resilience through business and economic cycles.
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Source: Federated Hermes, Inc.
CBO-The Distribution of Household Income, 2019
November 15, 2022--Summary
The Congressional Budget Office regularly analyzes the distribution of income in the United States and how it has changed over time. This report presents the distributions of household income, means-tested transfers, and federal taxes between 1979 and 2019 (the most recent year for which tax data were available when this analysis was conducted).
Income. Households at the top of the income distribution received significantly more income than households at the bottom. Between 1979 and 2019, average income, both before and after means-tested transfers and federal taxes, grew for all quintiles (or fifths) of the income distribution, but it increased most among households in the highest quintile.
Means-Tested Transfers. Means-tested transfers are cash payments and in-kind benefits from federal, state, and local governments that are designed to assist individuals and families who have low income and few assets. Between 1979 and 2019, households in the lowest quintile received more than half of all means-tested transfers. As a percentage of income before transfers and taxes, means-tested transfers rose over the 41-year period, primarily driven by an increase in Medicaid spending.
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Source: CBO (Congressional Budget Office)
Credit Suisse to sell bulk of Securitized Products Group to Apollo
November 15, 2022--Credit Suisse (CSGN.S) said on Tuesday it has finalised the sale of most of its Securitized Products Group and related financing businesses to U.S. buyout fund Apollo Global Management (APO.N) -a key part of a sweeping revamp for the Swiss bank.
SPG assets held by Credit Suisse are set to slide to $20 billion from $75 billion due to this deal and the potential sale of other parts of the SPG portfolio to third-party investors, it said.
A sale price was not disclosed but Credit Suisse said Apollo would be paying a premium and the deal would result in an improvement in a key capital ratio.
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Source: reuters.com
Simplify Announces Launch of the Simplify Short Term Treasury Futures Strategy ETF (TUA)
November 15, 2022--ETF further augments firm's innovative fixed income suite, provides investors with capital-efficient duration exposure, yield curve opportunities from the short end of the curve
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), today announced the launch of the Simplify Short Term Treasury Futures Strategy ETF (TUA).
TUA is designed with the twin goals of capital and yield curve efficiency, seeking to target the duration* of the ICE 10-Year US Treasury Index by investing in Treasuries and Treasury futures at the short end of the curve.
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Source: Simplify Asset Management Inc.
US Benchmark Series Announces Launch of the US Treasury 12 Month Bill ETF
November 14, 2022--Today, The US Benchmark Series, a brand of F/m Investments ("F/m"), a $4 billion multi-boutique investment advisor based in Washington DC, is proud to announce the launch of the US Treasury 12 Month Bill ETF (Ticker "OBIL").
The US Benchmark Series is a suite of US Treasury ETFs ("the Funds") designed to simplify access to the US Treasury market, holding the most current ("on the run") US Treasury security that corresponds to its tenor.
With OBIL being the latest maturity ETF to launch, joining the initial three ETFs which have raised approximately $300 million in AUM since their mid-August inception-the US Treasury 10 Year Note ETF (Ticker: UTEN); the US Treasury 2 Year Note ETF (Ticker: UTWO); and the US Treasury 3 Month Bill ETF (Ticker: TBIL).
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Source: F/m Investments
SEC Charges S&P Global Ratings with Conflict of Interest Violations
November 14, 2022--The Securities and Exchange Commission today charged S&P Global Ratings, a nationally recognized statistical rating organization (NRSRO) registered with the Commission, with violating conflict of interest rules designed to prevent sales and marketing considerations from influencing credit ratings.
The SEC's order finds that an issuer engaged S&P to rate a jumbo residential mortgage backed security transaction in July 2017. Over a five-day period in August 2017, S&P commercial employees-employees responsible for managing the relationship with the issuer-on several occasions attempted to pressure the S&P analytical employees-employees responsible for evaluating and assigning the rating-to rate the transaction consistent with preliminary feedback the analytical employees had given the customer that turned out to include a calculation error. Despite sending the communications through the compliance department as required by S&P's policies and procedures at that time, some emails sent by the S&P commercial employees to the S&P analytical team contained statements reflecting sales and marketing considerations. The order finds that, as a result of the content, urgent nature, high volume, and compressed timing of the communications, the S&P commercial employees became participants in the rating process during a time when they were influenced by sales and marketing considerations.
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Source: SEC.gov
DWS Expands Xtrackers ESG Suite with Dividend, Growth and Value ETFs
November 9, 2022--DWS, one of the world's leading asset managers, announced today the listing of three new exchange-traded funds (ETFs) that provide exposure to U.S. equity investment styles with ESG (environmental, social and governance) screened U.S. dividend, growth and value-oriented equities.
The products, which listed on the CBOE, BZX Exchange today are:
Xtrackers S&P ESG Dividend Aristocrats ETF (CBOE: SNPD)
Xtrackers S&P 500 Growth ESG ETF (CBOE: SNPG)
Xtrackers S&P 500 Value ESG ETF (CBOE: SNPV)
The new listings strengthen DWS’s ESG Xtrackers suite that, together with their competitive net expense ratios, ranges across most major equity and fixed income markets and can be used as core portfolio building blocks.
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Source: dws.com
Innovator Launches the Equity Managed Floor ETFTM (SFLR), a Unique Core Portfolio Investment Strategy Designed to Address Tail Risk in Stocks
November 9, 2022--Innovator Equity Managed Floor ETF (SFLR) is a stock-based ETF that seeks to limit the potential for maximum losses, yet also offer upside participation and dividend income
Tail risk represents a unique concern amongst advisors
SFLR intended as a strategic, core equity solution that can serve as a long-term strategic allocation in a portfolio setting; Active ETF to be composed of stocks with an options overlay
nnovator Capital Management, LLC (Innovator), the Defined Outcome ETFs pioneer, today announced the listing of the Innovator Equity Managed Floor ETF (SFLR) on NYSE Arca. SFLR seeks to deliver investors U.S. equity upside and income potential, while limiting a shareholder's potential for maximum loss through a sophisticated options overlay.
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Source: Innovator Capital Management
CBO-Monthly Budget Review: Summary for Fiscal Year 2022
November 8, 2022--In fiscal year 2022, the federal deficit totaled nearly $1.4 trillion. That deficit was equal to 5.5 percent of GDP, down from 12.3 percent in 2021, but still larger than the 4.6 percent recorded in 2019-the most recent year not affected by the pandemic.
Summary
In fiscal year 2022, which ended on September 30, the federal budget deficit totaled nearly $1.4 trillion.
The marked decline in the deficit from the previous year reflected waning spending in response to the coronavirus pandemic and increased revenues driven by higher inflation and the continued recovery of economic activity.
In 2022, the deficit was equal to 5.5 percent of the nation's gross domestic product (GDP), down from 12.3 percent in 2021, but still larger than the 4.6 percent recorded in 2019-the most recent year not affected by the pandemic. The 2022 deficit was the third largest as a percentage of GDP over the past decade and greater than the 50-year average of 3.6 percent.
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Source: CBO (Congressional Budget Office)
