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Grayscale Faces 'Instantaneous' Fee War in US Bitcoin ETF Race
August 31, 2023--Firm vying with BlackRock, others known to undercut on fees
GBTC 2% fee compares with ETF-industry average of 0.54%
Fresh off a pivotal win in court this week, Grayscale Investments LLC may soon find itself in another fight: the $7.5 trillion US exchange-traded industry's never-ending contest over fees.
A ruling Tuesday overturned the Securities and Exchange Commission's decision to block Grayscale's bid to convert its $17 billion Bitcoin trust into a physically backed ETF.
While the action potentially paves the way for the firm to attract a fresh wave of investors, there's just one thing: The product carries a 2% fee in its current form. That compares to an average of 0.54% across US-listed ETFs, and 1.48% for crypto exchange-traded products globally, Bloomberg Intelligence data show.
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Source: bloomberg.com
US SEC delays decision on Invesco, WisdomTree, Valkyrie bitcoin ETFs
August 31, 2023--The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve applications for spot bitcoin exchange-traded funds (ETF) from Invesco (IVZ.N), WisdomTree (WT.N) and Valkyrie, a filing by the regulator showed on Thursday.
The SEC has pushed back the decision dates for the three proposals by several weeks to mid-October, but could potentially delay further. It was previously due to make a decision by next week.
The delay comes just two days after a federal appeals court ruled on Tuesday that the SEC was wrong to reject an application from Grayscale Investments to create a spot bitcoin ETF. A three-judge panel of the District of Columbia Court of Appeals in Washington said the regulator failed to fully explain its reasoning when denying Grayscale's product.
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Source: reuters.com
American Beacon Advisors Partners With Man AHL to Launch Firm's First ETF
August 31, 2023--Building on a 10-Year Partnership, the Firms Have Also Debuted Their Latest Mutual Fund-the American Beacon AHL Multi-Alternatives Fund-Further Expanding Their Alternatives Offerings
American Beacon Advisors, Inc. ("American Beacon"), an experienced provider of investment advisory services to institutional and retail markets, announced today the launch of its first exchange-traded fund- the American Beacon AHL Trend ETF ("the ETF") (Ticker: AHLT) - in addition to its latest mutual fund offering, the American Beacon AHL Multi-Alternatives Fund ("the Fund") (R6 Class: AHMRX; Y Class: AHMYX; A Class: AHMAX; C Class: AHMCX).
London-based AHL Partners LLP ("Man AHL"), a part of the global active investment manager, Man Group plc, will serve as sub-advisor for both funds. Shares of the ETF and mutual fund became available on August 31 and August 17, respectively.
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Source: American Beacon Advisors
Strive Asset Management Announces Launch of the Strive FAANG 2.0 ETF (NYSE: FTWO)
August 31, 2023--Offering Investors Exposure to Vital Sectors Amidst Changing Global Dynamics
Strive Asset Management ("Strive"), whose mission is to maximize shareholder value by leading companies to focus on excellence, launches its latest exchange-traded fund.
The Strive FAANG 2.0 ETF (NYSE: FTWO) offers investors exposure to capture the projected growth within sectors essential for global stability, offering investors the option to tap into industries that sustain and secure the modern way of life.
FTWO seeks to track an index comprised of businesses operating within vital sectors that analysts project will play a pivotal role in the coming decade.1 These sectors - Fuel (F), Aerospace (A), Agriculture (A), Nuclear (N), and Gold (G)- hold strategic importance amidst rising global challenges.
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Source: Strive Asset Management
Report: Retail Investors Aren't Slowing Down in 2023, Embracing Diversified Investing Strategies
August 30, 2023--A new report from Public finds that retail investors in 2023 are increasingly diversifying their portfolios, adopting new research strategies, and prioritizing investments in AI and ETFs
Public, an investing platform that lets members Invest in stocks, Treasuries, ETFs, crypto, and alternative assets with deep fundamental data and custom analysis powered by AI, surveyed 2,000+ retail investors and reviewed investing flows throughout the year to compile its 1H 2023 report.
Key findings from the report highlight investors are remaining active in the markets this year but are shifting their strategies. In 2023, more investors are focusing on due diligence and research, using artificial intelligence to inform investment decisions, and diversifying into fixed income products.
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Source: Public
Little evidence that a spot bitcoin ETF would expand the market
August 30, 2023--BlackRock's application and Grayscale's court victory stirred the crypto world, but such investment vehicles look very vanilla
You don't have to want to invest in bitcoin to be in favour of US regulators giving their approval to a bitcoin exchange traded fund. You can disapprove of other people putting their money into the cryptocurrency but defend the idea that the Securities and Exchange Commission should let them.
Perhaps not to the death- we don’t need to go all Voltaire about this-but you get the idea.
Applications for a spot bitcoin ETF-a fund that would actually hold bitcoin directly as opposed to investing in derivatives tied to the bitcoin price -have been consistently rejected by the SEC over the past decade.
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Source: ft.com
Clough Capital Assumes Management of Changebridge Capital's Active ETFs
August 30, 2023--Vince Lorusso becomes President & CEO, Portfolio Manager of Clough Capital
Clough Capital Partners L.P. ("Clough Capital") has entered the Active ETF arena by assuming management of two Actively Managed ETFs: The Changebridge Select Equity ETF (Ticker: CBSE) and the Changebridge Long/Short Equity ETF (Ticker: CBLS). The Funds will be formally renamed as Clough ETFs on September 13th.
Through this initiative, Clough is excited to announce Vince Lorusso has rejoined the Firm as its new President & CEO. Mr. Lorusso will remain the Portfolio Manager for the strategies, a role he has held since their listing on the New York Stock Exchange (NYSE) in 2020.
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Source: Clough Capital
Hashdex aims for first US spot bitcoin approval with novel filing
August 30, 2023--Little-known Brazilian asset manager believes it can assuage SEC concerns around risk of manipulation
A little-known-Brazilian asset manager has come up with a novel solution that might see it elbow in front of much larger rivals such as BlackRock and Ark to gain approval for the first US spot bitcoin exchange traded fund.
Hashdex's move attempts to assuage the Securities and Exchange Commission's concerns around the risk of manipulation in the spot bitcoin market.
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Source: ft.com
Madison Investments Expands Actively-Managed ETF Suite with First of Two Fixed-Income Funds
August 29, 2023--MAGG Meets Growing Demand for Active, Fixed Income Solutions
Madison Investments, an independently-owned investment firm managing $22.9 billion in assets, today announces the launch of the Madison Aggregate Bond ETF (NYSE: MAGG), the latest addition to its suite of actively-managed, income-driven exchange-traded funds (ETFs).
This expansion follows the launch of the suite's two equity funds: The Madison Covered Call ETF (NYSE: CVRD) and the Madison Dividend Value ETF (NYSE: DIVL). The ETF suite combines Madison's decades-long track record of risk-conscious investing with an active management approach designed to pursue stable income with lower-than-benchmark risk. The firm will round out its ETF suite in the coming weeks with the addition of a second fixed income product, the Madison Short Term Strategic Income ETF (NYSE: MSTI).
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Source: Madison Investments
Bitcoin ETF Deadlines Loom Again for SEC Ahead of Labor Day Weekend
August 28, 2023--'We can expect to see more delays,' projects VettaFi's Islam
Bitwise's application is set for consideration on Sept. 1
The journey to a potential Bitcoin ETF has so far been long and arduous. But some key decisions in the race are likely coming this week as crypto faithful await to see how things play out this time.
The US Securities and Exchange Commission is expected to respond to filings from Bitwise, BlackRock, VanEck, WisdomTree and Invesco right before the Labor-Day weekend, according to Bloomberg Intelligence. Regulators can reject, approve or delay. Bitwise's application is set for consideration by Friday, with the others due the following day, making it likely the SEC will weigh in before the weekend.
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Source: bloomberg.com
