US Bitcoin ETF application frenzy reminds us of Jaws
If this were a Jaws movie, now would be the moment where we would say “we need a bigger boat” such has been the frenzy that has taken place ever since BlackRock submitted their application for a Bitcoin ETF.
Seemingly, BlackRock received some pushback from the SEC, but crucially the SEC issued guidance around what they have a problem with which has not led to a bunch of managers revising their filing and resubmitting.
It’s like a soap opera.
Fund Launches and Updates
BNP Paribas Asset Management has announced that it has received regulatory approval from the Central Bank of Ireland for BNP Paribas Easy ICAV and has launched its first sub-fund, BNP Paribas Easy S&P 500 ESG UCITS ETF.
The fund, BNPP AM’s first Irish ETF, is classified as SFDR Article 8 and has been listed on Euronext Dublin, Euronext Paris and Deutsche Börse Xetra and will also be listed on Borsa Italiana, SIX Swiss Exchange and the London Stock Exchange at a later stage.
Deutsche Digital Assets Lists DDA Crypto Select 10 ETP (SLCT) on Deutsche Börse Xetra. The ETP a cost-effective way for investors to gain exposure to the top 10 largest crypto assets by market capitalization on Xetra with a total expense ratio of 1.69%. globalnewswire
Valour launches carbon-neutral Bitcoin ETP. Valour has partnered with climate technology platform Patch to offset the carbon emissions created by the bitcoin mining process yahoo
HANetf is set to launch its Future of Defence UCITS ETF, offering investors access to firms generating revenues from NATO and NATO ally military and cyber spending. The ETF, which will launch on 4 July, will track the EQM Future of Defence index. investmentweek
BlackRock is bringing two ‘first generation’ Russell 1000 growth and value ETFs to Europe. The iShares Russell 1000 Growth UCITS ETF (R1GR) and the iShares Russell 1000 Value UCITS ETF (R1VL) are set to list on Euronext Amsterdam in the near future. etfstream
UBS Asset Management has unveiled a new suite of income-focused ETFs targeting companies that offer sustainable dividends and meet strict ESG criteria.
The ‘Dividend Aristocrats ESG Elite’ ETF suite has debuted with two funds delivering exposure to global developed and US equity markets.
The UBS ETF (IE) S&P Dividend Aristocrats ESG Elite UCITS ETF (GLDVD) has been created by repurposing one of UBS’s traditional global dividend ETFs – the UBS ETF (IE) DJ Global Select Dividend UCITS ETF – which housed approximately $200 million in assets at the time of conversion.
It comes with an expense ratio of 0.30%. The UBS S&P USA Dividend Aristocrats ESG Elite UCITS ETF (USDVD), meanwhile, is a brand new fund that has an expense ratio of 0.40%. etfstrategy
Fidelity plans to convert $13 billion of its mutual funds into ETFs.
Fidelity Investments is planning to convert six more of its mutual funds into exchange-traded funds, adding to a trend that’s marked nearly $100 billion in assets. The Boston-based asset manager will turn the six actively managed mutual funds into ETFs in November, according to a filing Wednesday. bloomberg
Cboe refiles Fidelity bitcoin ETF application, plans Coinbase policing partnership. The refreshed filing aims to address concerns raised by the U.S. Securities and Exchange Commission (SEC), which told Cboe that its recent filing to list and trade a spot bitcoin ETF from Fidelity was unclear and incomplete. reuters
BlackRock has fired the opening salvo in a widely anticipated price war among providers of US buffered exchange traded funds with its launch on June 30 of two ETFs that provide insurance against market falls.
US buffered ETFs, which normally charge annual fees of 75-85 basis points, attracted inflows of $11.1bn in last year’s turbulent markets, up from what had been a record of $4.3bn in 2021, according to FactSet.
The data provider said flows show no sign of abating despite this year’s calmer trading, with US buffered ETFs attracting $4.6bn year to date.
Now BlackRock has entered the defined outcome ETF market for the first time with two funds: the iShares Large Cap Moderate Buffer ETF (IVVM) and the iShares Large Cap Deep Buffer ETF (IVVB), undercutting rivals with annual fees of just 50bp each. FT.com
Simplify Asset Management announced the launch of the Simplify Opportunistic Income ETF (NYSE Arca: CRDT). The actively managed opportunistic credit ETF focuses on security selection within the high yield, investment-grade, and distressed debt universes. etftrends
PIMCO has launched two new actively managed funds targeting credit markets and short-term US government securities.
The PIMCO Multisector Bond Active ETF (PYLD US) and PIMCO Ultra Short Government Active ETF (BILZ US) have been listed on NYSE Arca with expense ratios of 0.55% and 0.14%, respectively. etfstrategy
Mirae Asset Global Investments (Hong Kong) has rolled out its latest ETF in the territory that targets investors seeking to boost returns amid high interest rates.
The Global X USD Money Market ETF is the firm’s first actively managed fixed-income ETF and makes up a stable of 26 ETFs listed in Hong Kong, including three fixed-income products. Ignitesasia
China-headquartered CSOP Asset Management has launched a new ETF in Singapore providing exposure to technology-related companies from South East Asia and India.
The CSOP iEdge Southeast Asia+ TECH Index ETF has been listed on Singapore Exchange in Singapore dollars (SQQ SP) and US dollars (SQU SP). etfstrategy
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Digital Asset investments skyrocket: Bitcoin dominates with $188M inflows.
Digital asset investment products have experienced their largest single-week inflows since July 2022, amounting to $199 million, according to a report.
This surge has nearly offset the outflows observed in the previous nine consecutive weeks, Coinshares stated in a blog post. uk.investing
The strategic-Beta ETF market has matured, but that does not mean the party is over. So says Morningstar in a new report. Morningstar
JP Morgan released the 19th edition of their annual Global ETF Handbook.
“One thing that hasn’t changed is that fees keep coming down, and money mainly keeps gushing into the cheapest ETFs — trends that are two sides of the same coin”. JP Morgan
Movers and Shakers
Olivier Richard has been promoted to Head of ETF Platform Engineering at Amundi.
HANetf has appointed Michael Srour as head of sales for French-speaking regions from First Trust.
From behind the Desk
Summer season has hit and desks are beginning to thin out as ETF industry folk turn their attention to working on their tan rather than the next product launch.
Most conversations we have now are “yeah, let’s look at that in September” which is a clear indication that people are beginning to tune out for some much-needed rest.
As for those who already live by the beach, they confirm the water is nice and warm now, so grab your bucket and spade.