J.P. Morgan launches two actively managed equity ETFs — what you need to know – CNBC

Active management is back in action.

J.P. Morgan Asset Management recently launched two new actively managed stock-based exchange-traded funds, a sign that issuers are looking to profit from more out-of-the-box strategies as the market grapples with unprecedented volatility.

Launched on May 21, the JPMorgan Equity Premium Income ETF (JEPI) and JPMorgan International Growth ETF (JIG) represent ways of “delivering the best of J.P. Morgan through the technology, the benefit-rich vehicle, of the ETF,” Bryon Lake, head of Americas ETF distribution at J.P. Morgan Asset Management, told CNBC’s “ETF Edge” on Monday.

JEPI is up about 2% since its launch date, while JIG has soared nearly 12.5%. Both ETFs are actively managed and transparent, which means they disclose their holdings daily.

JEPI “is an option overlay strategy, hopefully buffering investors’ income in these markets while also managing their downside volatility,” Lake said.

The strategy hinges on selling options and buying U.S. large-cap stocks, “seeking to deliver a monthly income stream from associated option premiums and stock dividends,” JEPI’s website says. JEPI has an expense ratio of 0.35%.

JIG is more focused on growth in developed and emerging international markets, Lake said. The ETF holds 58 stocks and has an expense ratio of 0.55%. Its top five holdings in order of weight are Alibaba, Tencent, Nestle, Taiwan Semiconductor and Roche.

“This goes back to putting the investor at the center of the equation and what investors are trying to achieve in their portfolios,” Lake said. “We have seen persistent flows towards passive over the last decade or so, backed up by strong markets, but we have seen extremely strong flows into active, active fixed-income in particular. At J.P. Morgan, we have an ultra-short strategy, JPST, that has also benefited from that, delivering a great outcome for investors. And now, we’re starting to deliver equity strategies through the ETF wrapper.”

Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA, said investors seem to be embracing the idea that active managers could outperform passive funds.

“We certainly think there’s demand for active management in the ETF wrapper,” he said, noting that Ark Invest, which offers five transparent, actively managed ETFs, has had the tenth-highest amount of inflows so far in 2020, “ahead of some of the much larger, more established asset managers.”

Add in the issuers launching actively managed semi-transparent ETFs, which allow managers to disclose their holdings quarterly rather than daily, and it’s becoming clear that “there’s demand” for these products, Rosenbluth said.

“There are people who want to outperform the broader market, want the benefits of tax efficiency and the low-cost structure with ETFs,” he said. “This isn’t going to appeal to somebody who is excited that they got a three-basis-point product from iShares and Vanguard tracking the S&P 500. But for folks that want to try and outperform, … some of the proven strategies now exist in an ETF wrapper.”

Disclaimer

Before you hit the highway, here are the ins and outs of road trip insurance – CNBC

The seemingly endless nationwide pandemic lockdown has resulted in a lot of pent-up travel demand.

As the second major long holiday weekend of summer gets underway, people looking to celebrate Independence Day are getting in their cars and campers for road trips — deemed by many a safer bet than air or cruise travel. 

“After weeks of being home, many Americans want a change of scenery,” said Giorgos Zacharia, chief technology officer of travel site Kayak.com. “But, with international travel restrictions still in place and safety top of mind, road trips are most enticing to U.S. travelers right now.” Kayak found that car rental searches for the July 4 weekend were up 20% compared to last year.

Brittney Castro, in-house certified financial planner for personal financial management site Mint.com, said most people have not spent much money on travel so far this year.

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“Most do have some sort of monthly travel budget and I think now they are reassessing their travel goals and savings and saying let’s now use this money for a road trip,” she said.

While AAA did not release projections for July 4 travel, it did say Americans will take a collective 700 million trips this summer, and 97% of them will be driving. (Just 15 million people will fly, meanwhile, vs. 58 million a year ago.) The American Hotel & Lodging Association, for its part, found that 72% of people planning a trip will take an overnight vacation via car over the next five months. Of those, 75% expect to drive two or more hours.

All those hours on the road can mean a lot of wear and tear — on vehicles, timetables and traveler tempers — and insurance firms are taking note, rolling out new travel plans aimed specifically at road trippers or reminding RV and auto owners of the practicalities and perils of vehicle insurance policies. Here’s a look at what’s on offer.

Peace of mind on the road

Domestic trips now comprise the majority of all insured travel at online trip insurance marketplace Squaremouth.com, up from just 12.3% in 2019, according to spokesperson Kasara Barto. “As more people start traveling domestically, road trips may become a more popular trip type,” she said. “We’re definitely seeing a spike.”

Customers visiting the site, which offers policies from 31 travel insurance providers, have increasingly inquired about road trip coverage. Historically, motor holidays — unlike air-based trips or cruises — were not insured, said Barto.

Competing site InsureMyTrip.com also predicts more travel insurance providers will be offering some type of road trip coverage, “as the industry adjusts to travel restrictions and health considerations due to the pandemic,” according to spokesperson Julie Loffredi.

Two travel insurers recently debuted plans tailored to road trippers. Indianapolis-based Seven Corners rolled out ARMOR, good for road trips of up to 30 days more than 100 miles from a policyholder’s home within the U.S., Canada and Mexico.

The plan provides for emergency medical evacuation from remote destinations such as national parks. Its other major benefit is the return home of passengers, pets and/or vehicles in the event of driver injury. An online quote search for an August trip within the U.S. by a single driver aged 45 revealed a $50 premium.

Berkshire Hathaway Travel Protection, meanwhile, introduced its first domestic-only coverage plan, ExactCare Lite, designed for road trips of at least 100 miles from policyholders’ homes and available in 40 states.

We always encourage travelers to understand what exactly the policy does cover — and what it doesn’t — before making a purchase.

Meghan Walch

product manager at InsureMyTrip.com

“We anticipate domestic-only coverage plans to trend this summer and fall as travelers start exploring the open road again,” said Dean Sivley, president of Stevens Point, Wisconsin-based BHTP. “While travelers remain cautious, BHTP’s new road trip product, ExactCare Lite, provides peace of mind for non-refundable deposits such as hotels and tickets to attractions, as well as emergency medical expenses and more.”

By the numbers

An online quote search for an August trip within the U.S. by a single driver aged 45 returned a $19 premium. ExactCare Lite coverage includes:

  • Trip cancellation, including for job-related reasons, up to $500 per person;
  • Trip interruption, including for a traffic accident, up to $750 per person;
  • Up to $100,000 in medical evacuation coverage;
  • Up to $10,000 in both emergency travel medical expense coverage and accidental death & dismemberment;
  • 24/7 phone or email travel assistance worldwide for travel and medical emergencies; and
  • Coverage for one child age 17 or less per insured adult.

Road trippers should carefully weigh the pros and cons before buying, cautioned Meghan Walch, product manager at InsureMyTrip.com. “While an inexpensive travel insurance plan geared specifically for a domestic road trip is an attractive option, we always encourage travelers to understand what exactly the policy does cover — and what it doesn’t — before making a purchase,” she said. 

If a trip is very expensive, entails harsh cancellation penalties or travelers have fears about Covid-19 or weather events, they might want to consider a traditional “cancel for any reason” plan instead, Walch added.

Insure that RV

Barto at Squaremouth.com also cautions that people piling into an RV or luxury car — rented or owned —  for their road trip should double-check the fine print on their new road trip policy, too. 

“A lot of times liability coverage is not included in a travel insurance policy and most travel insurance policies exclude RVs or exotic cars like Lamborghinis,” she said.

Camper and RV sales are skyrocketing, according Paul Bender, CEO of American Adventure Insurance in Thousand Oaks, California. “It’s hard to keep inventory on the lot,” he said. “I think people are thinking ‘I can social distance in my RV, or my motorcycle or my boat, as long as I’m careful.’ It’s a big deal.”

Mint.com’s Castro, who’s based in Los Angeles, said she’s noted an uptick in RV rentals among clients and acquaintances. “I’ve not encountered anyone who wants to buy an RV yet,” she said. “But I know people who are actually renting an RV and doing the Pacific Coastal Highway trip.”

Bender stresses that it’s important RV owners buy the right type of insurance. Simply tacking an RV rider onto a regular auto policy, while perhaps cheap, is inadvisable. A good RV-specific policy from a provider such as Progressive Corp. or Foremost Insurance Group will include total loss replacement, unlimited towing and so-called full timer’s coverage, which “is actually homeowner’s coverage that travels with you,” he said, and covers liability for guest and passenger injuries.

In this time of penny-pinching, when you want to be more conservative with your spending, it’s just not worth it to get a ticket.

Nicole Beck

licensed insurance agent at TheZebra.com

Policies purchased through American Adventure Insurance also offer many of the same benefits as the new road trip plans from travel insurers. These include emergency expense coverage, pet injury coverage and campsite liability. 

“I’m not an expert in these other [road trip] policies, but if they’re charging a premium for specialized coverage on a 12- or 30-day trip and your RV or trailer is only insured under your [auto] policy, go ahead and pay that premium,” said Bender. “But you can move your RV policy over to a Progressive or Foremost and pay a lot less all year long and just have that same coverage all the time, whenever you head out.”

Watch your driving 

Whatever coverage you buy, keep your eyes on the road and watch that speedometer while vacationing, said Nicole Beck, a licensed insurance agent and director of communications at insurance comparison website TheZebra.com.

One in 12 U.S. drivers commits a traffic violation each year and half of them get tickets. Violators can then see their car insurance rates rise from 4.4% to 78.3% (or $68 to $1,212) annually on average — usually for up to three years but sometimes for as long as a decade. You could return home from vacation to face higher auto premiums.

“In this time of penny-pinching, when you want to be more conservative with your spending, it’s just not worth it to get a ticket,” Beck said. “The first solution is to just drive safely, obviously.”

A common misstep by road trippers is the cellphone violation. “That’s probably a big one, if you don’t know where you’re going,” she noted. “You’re fiddling with your smartphone GPS.” That could cause a 23% bump in your insurance premium, The Zebra found.

If a cop notices your seatbelt was unbuckled, too? “If you don’t wear your seatbelt, you’re going to pay around $138 a year more,” Beck said.

American Airlines Sees Solid Improvement In June Traffic – Simple Flying

American Airlines continues to show promising growth in passenger and load factors. In June, the airline flew 4.2 million passengers compared to under one million passengers in April. Load factors were running at just 15% in April but have since bounced back to 63% in June.

American-airlines-june-traffic
Photo: Tom Boon / Simple Flying

In a message to American Airlines’ employees yesterday, CEO Doug Parker painted a mixed picture. While he said passenger numbers were trending in the right direction, the overall situation at American Airlines remains bleak.

“But to be clear, even with traffic trending upward, the absolute numbers behind these improvements are quite somber,” he said.

It caps a busy week at American Airlines. The airline has ‘reset’ its international flying for the next 12 months and has stirred up some controversy by booking flights to 100% capacity from Wednesday. Mr Parker is styling these changes as part of a “new way we travel.”

Stay informed: Sign up for our daily aviation news digest.

Airport traffic suggests worst is over for American Airlines

Despite the mixed messages from Doug Parker, hard numbers from airports around the United States suggest the worst is over for American Airlines.

At American’s busy Dallas Fort Worth hub, the airline expects some 44,000 passengers today. From a low of just 200 flights a day in and out of DFW, American Airlines will be operating 667 flights on its busiest days from July 9.

American-airlines-june-traffic
Passenger numbers at most US airports are increasing. Photo: pxfuel.com

At Miami International, passenger numbers have increased tenfold off their March lows. In Las Vegas, there were approximately 200 flights a day across June. In May, there was an average of 145 flights a day.

At Denver, 600,000 passengers passed through airport security checkpoints on June 29, its busiest day since mid-March.

Competitor airlines also beef up services

That trend is backed up by American’s competitors who are beefing up services over July and August.

Key competitor United Airlines is adding nearly 25,000 domestic and international flights in August. Delta Air Lines expects to fly some 600,000 passengers over the July 4 weekend. It is a significant drop on the 3.2 million passengers Delta flew on the last July 4, but also a big improvement compared to recent lows.

Back at American Airlines, their ongoing traffic numbers will be bolstered by a decision to fill planes to 100% capacity from this week. It’s a brave step forward and runs counter to what some airlines are doing.

American-airlines-june-traffic
The decision to fill AA planes to 100 capacity will continue to boost passenger numbers. Photo: Miami-Dade Aviation Dept

While Delta Air Lines, Frontier, JetBlue, Hawaiian Airlines, Alaskan Airlines, and Southwest Airlines are either continuing to block their middle seats or run flights at around two-thirds capacity, United Airlines and American Airlines will now be running their flights at 100% capacity.

It’s a canny way to increase both passenger traffic and revenue while curbing the expense of laying on extra flights running with slender loads. But many public health officials and passengers have criticized the move. It’s not so much a new way to travel as a return to the old way.

20,000 plus American Airlines employees could lose their jobs this fall

Meanwhile, in the same message to the AA team, Doug Parker warned of impending retrenchments.

“We currently anticipate having 20 to 30% — or more than 20,000 — more team members on payroll than we need to operate our schedule this fall.” Mr Parker said.

However, while committed to rightsizing American Airlines, Mr Parker didn’t say those 20,000 employees would automatically be furloughed this fall. He’s looking for a “creative solution” to the problem that will involve bringing the unions on board.

Pubs cant open until 6am as lockdown eases – BBC News

A bar being cleanedImage copyright
PA Media

Pubs in England will not be allowed to open until 06:00 BST on Saturday, No 10 has confirmed.

Most of the latest lockdown easing measures will come into force at 00:01 across the country.

But Downing Street said the later opening time for pubs was a “sensible precaution” to avoid midnight parties.

Boris Johnson will urge the public to act “safely and sensibly” at a press conference at 17:00 on Friday.

Many businesses – including restaurants, pubs, hairdressers and cinemas – will be allowed to open their doors for the first time since March.

The pub industry said the reopening was “fantastic” but urged customers to respect staff and changes in practices.

Pub-goers are being encouraged to book tables in advance, while live gigs and standing at the bar will not be allowed.

Downing Street said normal licensing rules would still apply, so pubs can only serve alcohol at the usual time they are allowed, but some establishments open early to serve breakfasts and coffee.

In Northern Ireland, pubs, bars, hotels and cafes are reopening on Friday while, in Scotland, hospitality venues with outdoor space will open their doors on Monday. No date has yet been set in Wales.

The 35,000 or so pubs and small bars trading in England have been closed since 20 March.

The majority of them will be opening up again on Saturday, after the prime minister announced a significant relaxation of lockdown measures last week, along with an easing of social distancing rules from 2m to “one metre plus”.

Speaking on LBC Radio, Mr Johnson rejected suggestions that opening pubs on a Saturday was a recipe for trouble, suggesting it would have made little difference to wait until Monday.

“I hope people will do this safely and sensibly…My message is let’s not blow it now folks”.

Dubbed “Super Saturday” in some quarters, there may be nerves in Number 10 as they look to see how people respond to a further easing of lockdown.

Hence, later on Friday, Boris Johnson will urge people to be “responsible”.

Messaging and tone are important in a public health crisis; and Labour’s accused the prime minister of getting his messaging and tone wrong before crowds flocked to Bournemouth beach in June.

Of course, in all directions, there are risks. Yes, there’s the risk of seeing the virus spread but there are also the risks that come with keeping the economy in the deep freeze.

But another reason ministers will want to avoid any scenes of disorder or disarray; no government wants to look like it’s losing control.

At the No 10 briefing later, Mr Johnson will be joined by chief medical officer Chris Whitty and chief scientific adviser Sir Patrick Vallance.

The PM is expected to say the move to ease lockdown is about “supporting the livelihoods of business owners and their employees up and down the country”.

“Just as when we first locked down, we will only succeed in reopening if everyone works together. Because we are not out of the woods yet. The virus is still with us and the spike in Leicester has shown that.”

The PM will also reiterate that the government “will not hesitate in putting on the brakes and re-imposing restrictions” if there is a spike in the virus as a result of the changes.

The rule change comes days after a local lockdown was put in place in Leicester because of a spike in cases.

Businesses and schools in the city will have to remain closed, with residents advised not to travel.

Media playback is unsupported on your device

Media captionSome pubs are experimenting with an app-ordering system

Emergency service chiefs have also appealed to pub goers to behave responsibly this weekend.

In a joint statement, representatives of the police, fire and ambulance services urged people to drink in moderation, to observe social distancing and reassess their plans if conditions are not safe.

The BBC’s Danny Savage said the emergency services were preparing in the same way they would do for the Friday night before Christmas.

The British Beer and Pubs Association has urged people to respect the hygiene measures in place and to be supportive of landlords and pub staff.

“If we all work together we can ensure that the reopening of pubs and hospitality is a success and an enjoyable experience for everyone,” it said.

However, there are signs that some people will be reluctant to return. Pollsters Ipsos-Mori said 60% of the 1,000 people they spoke to said they would be uncomfortable going to a bar or restaurant.

What about the rest of the UK?

Each UK nation’s lockdown measures differ, including varying rules on the reopening of food and drink outlets.

In Northern Ireland, pubs and restaurants are reopening on Friday.

In Scotland, beer gardens and outdoor restaurants will be allowed to reopen from 6 July, and indoor areas can be used from 15 July.

The Welsh government has promised talks with the hospitality sector about a “potential phased” reopening, but no dates have yet been given.

Tesla stock topped $1,200. Heres how it could hit $2,000 – CNN

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Air travel in six months: What it will look like – CNBC

Summer vacations used to mean wine tasting in Tuscany, backpacking in Southeast Asia or trips to the Grand Canyon.

But fears that airplanes could be a breeding ground for Covid-19 infections have wreaked havoc on the air travel industry.

“This could take several years before we’re into our new normal of traveling,” said Delta Air Lines CEO Ed Bastian.

Last Sunday, fewer than 640,000 passengers flew out of U.S. airports compared with more than 2.6 million travelers a year earlier.

With passenger demand in sharp decline, Delta, United and American parked hundreds of planes and posted their first quarterly losses in more than five years. 

American Airlines said it expects its second quarter 2020 revenue to be down about 90% versus the second quarter of 2019. 

The U.S. airline industry is in turmoil.

This is the biggest crisis of all, bigger even than 9/11, than SARS and the Great Recession and all of that. Every crisis changes the airline industry, so it’s only reasonable to think that the biggest crisis of all will cause some of the biggest changes of all,” said Seth Kaplan, aviation analyst and principal with Kaplan Research. 

To lure panicked travelers back, U.S. carriers have implemented new rules, deep-cleaned planes and waived some fees. Some airlines are also limiting the number of seats they sell.

But analysts argue that even with all the changes, it’s impossible to maintain social distancing rules on airplanes.

U.S. airlines are facing their biggest crisis in a generation and the stakes have never been higher. So will all these changes keep passengers safe? And what can travelers expect in six months? Watch this video to learn more.

Watch more:

Why US hospitals are closing
What airlines are doing to clean their planes

For more on tech, transformation and the future of work, join the most influential voices disrupting the next decade of work at the next CNBC @Work Summit this October.

Arizona vintage shop praised for spot-on sign mandating masks: Love your sense of humor – Fox News

A vintage store in Arizona is going viral for its ominous sign warning guests about wearing masks while inside.

The Phoenix, Ariz., shop, Antique Sugar, has posted a sign outside its building advising customers they must wear a mask while inside. However, it’s the sarcastic ultimatum at the end that has people talking.

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“If you choose not to wear a mask, we respectfully ask that you postpone your visit,” the sign reads. “We will be happy to debate the efficacy of masks with you when this is all over and you come in to sell your dead grandmother’s clothes.”

Sarah Bingham, co-owner of the store, said the response has been overwhelmingly positive since her sign began growing on social media.

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“People from across the country are calling to thank us,” said Bingham to KNXV.

“Somebody from Abu Dhabi even reached out to us yesterday and made a purchase from us,” she added, also noting the many voice mails the shop has received from those praising her for doubling down on requiring masks.

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“Your door message has made my day! Kudos to you and absolutely love your sense of humor in responding to the naysayers. Brilliant!!!!” one person wrote on Instagram about the sign.

“Brilliant, from someone who is struggling daily to keep a grandmother alive. Abso[lutely] spot on! Love from afar,” another commented, along with a series of mask emoji.

Despite the applause she has received virtually, Bingham told the outlet she had received pushback from those visiting the store about the policy.

The Phoenix, Ariz., shop, Antique Sugar, has posted a sign outside its building advising customers they must wear a mask while inside. However, it’s the sarcastic ultimatum at the end that has people talking.

The Phoenix, Ariz., shop, Antique Sugar, has posted a sign outside its building advising customers they must wear a mask while inside. However, it’s the sarcastic ultimatum at the end that has people talking.
(Google Maps)

“They’re like, ‘You know the masks don’t work, right’? Or something about carbon dioxide retention, thinking that it’s bad for you to wear the mask or that you look stupid wearing a mask,” said Bingham.

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Though she admits “nobody likes wearing a mask” especially in Arizona, where it’s hot, she stated “it’s literally the smallest gesture we can make” as far as combatting the deadly COVID-19 outbreak, which has continued to have spikes in several states throughout the country.

“Some people are trying to make this some kind of a political statement but people are not dying along party lines,” said Bingham to KNXV.

Oil Prices Fall As Demand Outlook Worsens In U.S. – OilPrice.com

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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Oil prices fell early on Friday amid surging new coronavirus infections in the United States, which had market participants worried about the U.S. oil demand recovery trend.

As of 9:20 a.m. EDT on Friday, WTI Crude was down 1.28 percent at $40.13, and Brent Crude traded down 1.23 percent at $42.61. Prices recovered somewhat later in the afternoon but were still trading about 1% off.

Oil prices were still headed for a weekly gain this week as low supply from OPEC, encouraging economic data from the U.S. and China, and a drop in U.S. commercial inventories had supported prices earlier this week.

However, the U.S. reported on Thursday its highest level of new daily coronavirus cases so far—at more than 55,000, raising fears that a surge in infections will dent the gradual oil demand recovery in America, which consumers 20 percent of the world’s daily oil supply.

Nearly half of the U.S. states have either paused or rolled back the easing of the restrictions, Texas governor Greg Abbot mandated statewide face-covering in public spaces, while Florida reported more than 10,000 coronavirus cases in a new grim record. Related: U.S. Shale Needs To Rethink Its Strategy To Survive

Earlier this week, oil prices rallied after the EIA reported a draw of 7.2 million barrels in crude oil inventories in the United States in the week to June 26, down from an all-time high level of inventories reached the previous week.  

A Bloomberg survey of OPEC’s crude oil production in June showed that the cartel’s output fell to a three-decade low of 22.69 million barrels per day (bpd), as Saudi Arabia fulfilled its promise to cut an additional 1 million bpd on top of its quota in the OPEC+ pact.

Apart from tightening supply, oil prices were supported this week by optimistic economic news from the U.S. and China. In the United States, the economy regained 4.8 million jobs last month, data showed on Thursday, which sent equity and oil markets rallying. In China, the manufacturing sector conditions continued to improve in June, the Caixin China General Manufacturing PMI showed, while the Caixin China General Services survey showed on Friday that China’s services sector activity expanded at its fastest pace in a decade and business confidence improved to a three-year high.  

By Tsvetana Paraskova for Oilprice.com

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