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We show that exchange traded funds (ETFs) are used in a new form of insider trading known as “shadow trading.” Our evidence suggests that some traders in possession of material non-public information about upcoming M&A announcements trade in ETFs that contain the target stock, rather than trading the underlying company shares, thereby concealing their insider […]
Cryptocurrency exchange-traded funds (ETFs) account for five for the worst seven debuts in ETF history, according to Morningstar Direct data, the Financial Times reported on Friday. The five funds were all linked to the performance of crypto or blockchain. The worst performer was France-based Melanion BTC Equities Universe fund, which invests in companies such as […]
Coinbase filed an amicus brief supporting a Grayscale Investments lawsuit against the Securities and Exchange Commission (SEC) for rejecting the firm’s proposal for a spot bitcoin (BTC) exchange-traded fund, adding to one filed Tuesday by three trade groups representing a wide swath of the crypto industry supporting the lawsuit. In the brief submitted Tuesday to […]
Need a hedge against Jim Cramer? Going by the SEC filing that landed on Wednesday evening, it might soon be possible. Tuttle Capital Management has filed to launch two exchange traded funds that trade on the stock tips of the CNBC personality and Alphaville reader, one that goes long and one that goes short. The […]
A pair of exchange-traded funds that would mirror the personal portfolios of members of Congress may be coming soon. The Unusual Whales Subversive Democratic Trading ETF (ticker NANC) and the Unusual Whales Subversive Republican Trading ETF (KRUZ) would analyze the financial disclosure of lawmakers from both parties and their spouses and dependent children to construct […]
The question of whether the Securities and Exchange Commission (SEC) should be forced to permit spot-based bitcoin exchange-traded-funds (ETFs) is now inching through the courts, but industry lobbyists are making another public push to declare the regulator is wrong in opposing the product. The Digital Chamber of Commerce, a Washington, D.C.-based advocacy group, commissioned a […]
Congress has inched toward new rules for crypto, often with support from the industry. Sens. Kirsten Gillibrand and Cynthia Lummis have indicated their bipartisan crypto bill is unlikely to pass this year, but could have sections approved through committee. Sens. Debbie Stabenow and John Boozman introduced a separate bipartisan bill on Wednesday that would give […]
Issuers of exchange-traded funds plan to roll out a wave of single-stock ETFs. These funds, a handful of which are already available, will bet against individual stocks or amplify their daily moves or both. Needless to say, single-stock ETFs have not been greeted with enthusiasm. Regulators are sounding alarms about their risks. Financial advisers are warning […]
The SEC has told spot ETP sponsors they must demonstrate that a significant amount of bitcoin trading occurs on a regulated market or that the underlying market “inherently possesses a unique resistance to manipulation beyond the protections that are utilized by traditional commodity or securities markets” (our emphasis). Mr. Gensler knows the first criterion can’t […]
The Securities and Exchange Commission (SEC) has denied Grayscale’s proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF). The securities regulator issued a rejection order for the conversion of Grayscale’s Bitcoin Trust (GBTC) today after repeated extensions on the application. The SEC has yet to allow a spot-bitcoin ETF to list, though […]