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Exchange-Traded Funds (ETFs)

New Delhi, <keyword id="471847" type="General" weightage="20" keywordseo="gold-exchange-traded-funds" source="Orion">Gold exchange-traded funds</keyword> (ETFs) attracted Rs 1,028 crore in August, making it the highest inflow in 16 months, amid continued hikes in interest rates in the US, which led to a slowing down in growth rate there. With this, the year-to-date inflow in the category has reached more than Rs 1,400 crore, data with the Association of Mutual Funds in India (Amfi) showed. Apart from inflow, the asset base of <keyword id="57156" type="General" weightage="80" keywordseo="gold-etfs" source="Orion">Gold ETFs</keyword> and investors' account or folio numbers increased in the period under review. According to data, gold-linked ETFs have seen an inflow of Rs 1,028 crore in August. This came following an inflow of Rs 456 crore in the segment in July. Before that, Gold ETF saw inflow to the tune of Rs 298 crore during the April-June period after three quarters of consecutive outflow. The category saw a withdrawal of Rs 1,243 crore in the March quarter, Rs 320 crore in the December quarter, and Rs 165 crore in the September quarter. The month of August witnessed the highest monthly inflow into Gold ETFs since April 2022 when the category attracted Rs 1,100 crore on the back of the Russia-Ukraine war. Flows into Gold ETFs have been subdued since then as the US Federal Reserve embarked on its tightening cycle. "As the end to the Fed's tightening cycle is now coming close, prospects for gold are looking good. The metal has held its ground despite US yields and the US dollar being on an upward trajectory lately. A potential US recession, central bank gold buying, geopolitical tensions, rising US debt levels are all supporting interest in the precious metal," Ghazal Jain, Fund Manager - Alternative Investments at Quantum Mutual Fund, said. Moreover, gold prices in recent times have come off from its all-time high levels, thereby providing some buying opportunity, particularly after a sharp rally it witnessed since March this year, Melvyn Santarita, Analyst - Manager Research at Morningstar India, said. "With the continued hike in interest rates in the US, inflation still higher than expectations, and growth rate slowing down, the appeal of gold as a safe haven and hedge against inflation is expected to continue," Santarita added. Gold, with its superlative performance over the last few years, has attracted significant investor interest and the consistent surge in its folio numbers is a testimony of the same. Investor accounts in Gold ETFs climbed by 20,500 folios to 47.95 lakh in August from 47.75 lakh in the preceding month. This shows that investors have become more inclined toward gold-related funds. Further, the assets under management of Gold ETFs surged by over 4 per cent to Rs 24,318 crore in August from Rs 23,330 crore in the preceding month. Gold ETFs, which track the domestic physical gold price, are passive investment instruments that are based on gold prices and invest in gold bullion. In short, Gold ETFs are units representing physical gold which may be in paper or dematerialised form. One Gold ETF unit is equal to 1 gram of gold and is backed by physical gold of very high purity. They combine the flexibility of stock investments and the simplicity of gold investments.

Festive shine: Gold ETF inflows hit 16-month high at ₹1,028 crore in August

Global <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> demand declined by 13 per cent year-on-year to 1,080.8 tonnes during the January-March quarter of this year, mainly due to outflows from European-listed <keyword id="982068" type="General" weightage="20" keywordseo="exchange-traded-fund" source="Orion">exchange-traded fund</keyword> (<keyword id="6357062" type="General" weightage="20" keywordseo="etf" source="Orion">ETF</keyword>) products, according to the World Gold Council (<keyword id="142987" type="General" weightage="20" keywordseo="wgc" source="Orion">WGC</keyword>). The total gold demand stood at 1,238.5 tonnes during the first quarter of 2022, WGC's Gold Demand Trends Q1 2023 stated. Holdings of global gold ETFs fell during Q1, with 29 tonnes of outflows in January and February equivalent to a USD 1.5 billion in outflow, the report said, adding that the majority of outflows came from the European-listed products. However, North American-listed ETFs, as well as those listed in other regions, witnessed a recovery in inflows during the first quarter of 2023, it added. "The mixed picture for quarter one highlights how gold's diverse sources of demand underpin its role and performance as a global asset," WGC Senior Markets Analyst Louise Street said. "Growth in some regions offset weakness in others as different economic forces and demand drivers played out in the global gold market. One commonality was that different types of investors looked to gold as a store of value in uncertain times," Street added. She, however, noted that against the backdrop of turmoil in the banking sector, ongoing geopolitical tensions and a challenging economic environment, gold's role as a safe haven asset has come to the fore. Moreover, it is likely that investment demand will grow this year, especially with waning headwinds from the strong US dollar and interest rate hikes, she said. She further noted that positive demand for gold ETFs has continued in the second quarter so far, and the looming threat of developed market recession may be the trigger for inflows to accelerate later in the year. "Central bank buying is likely to remain strong and will be a cornerstone of demand throughout 2023, even if at lower levels than the record highs seen last year," she added. Central banks have helped boost demand adding 228 tonnes to global reserves, a quarter-one record high in this data series, compared to 83 tonnes in the same period last year, said the report. "<keyword id="17331412" type="General" weightage="20" keywordseo="central-banks-of-singapore" source="Orion">Central banks of Singapore</keyword>, China and Turkey were the top buyers, while the Reserve Bank of India also added 7 tonnes to its reserves during the January-March quarter," WGC Regional CEO, India, Somasundaram PR told PTI. On the supply side, there was a slight increase in the first quarter to 1,174 tonnes, with marginal 2 per cent growth in mine production and a 5 per cent uptick in recycling driven by the higher gold price. The report further noted that bar and coin investment strengthened 5 per cent year-on-year to 302.4 tonnes compared to 287.7 tonnes in the same period of 2022, although there were notable shifts in key markets. The US bar and coin demand hit 32 tonnes in the first quarter, the highest quarterly level since 2010, and was driven primarily by recession fears and a flight to safety amid the banking turmoil, it said. This increase helped offset weakness in Europe and particularly Germany where there was a 73 per cent drop in demand, they stated. Meanwhile, jewellery performance was relatively flat in the first quarter at 477.9 tonnes compared to 475.3 tonnes in the corresponding period of 2022, the WGC report said. The report stated that Chinese demand regained ground, reaching 198 tonnes in its first quarter of unfettered consumer activity since lockdown restrictions were lifted. "Demand in China went up by 16 per cent due to the lifting of restrictions from the lockdown imposed to control the spread of Covid-19 and Chinese New Year," Somasundaram said. Meanwhile, demand in India declined as consumption fell by 17 per cent year-on-year to 78 tonnes during January-March 2023, mainly on account of a sharp increase in domestic gold prices to over Rs 60,000 per 10 grams and continued volatility in price. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-paytm-tvs-hero-motocorp-britannia-among-stocks-to-watch/articleshow/100001235.cms">Sensex, Nifty50 slip amid weak global cues: HDFC twins tumble over 5%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-hdfc-market-capitalisation-falls-after-msci-tweak/articleshow/100006092.cms">HDFC Bank, HDFC market capitalisation falls nearly ₹88,000 crore after MSCI tweak</a>

Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

The government has raised over Rs 4.04 lakh crore through disinvestment and strategic sale of public sector enterprises since the Modi government came into power in 2014, the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> said on Tuesday. Of this, the largest amount totalling over ₹1.07 lakh crore through offer for sale in 59 cases. This was followed by a stake sale through <keyword id="181067" type="General" weightage="80" keywordseo="exchange-traded-fund" source="Orion">Exchange Traded Fund</keyword> (ETF) in 10 tranches, aggregating to ₹98,949 crore. Strategic sales in 10 companies, including <keyword id="2573" type="General" weightage="80" keywordseo="air-india" source="Orion">Air India</keyword>, yielded Rs 69,412 crore to the exchequer in the last 8 years. Share buyback in 45 cases fetched ₹45,104 crore. 17 CPSEs were listed since 2014-15, which yielded Rs 50,386 crore. Of this, the initial pub<keyword id="6367143" type="General" weightage="80" keywordseo="lic" source="Orion">lic</keyword> offering (IPO) of LIC alone fetched the government Rs 20,516 crore. The additional market capitalisation of ₹7.31 lakh crore was achieved through new listings, the ministry said. Besides, the government has sold its residual stake in <keyword id="411504" type="General" weightage="80" keywordseo="paradeep-phosphate-ltd" source="Orion">Paradeep Phosphate Ltd</keyword>, IPCL, and Tata Communication for ₹472 crore, ₹219 crore and ₹8,847 crore, respectively. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fintech-player-zaggle-files-ipo-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96367455.cms">Fintech player Zaggle files IPO papers with Sebi to mobilise funds via IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-to-pause-rate-hikes-in-2023-peak-rate-at-6-25-to-6-5-percent-says-kotak-institutional-equities/articleshow/96371881.cms">RBI to pause rate hikes for most of 2023, hold peak policy rate at 6.25-6.5%: Kotak Institutional Equities</a>

Govt raises over ₹4 lakh crores via disinvestment since 2014

<ul><li style="list-style-type: none;"><ul class="summary-list"><li><keyword id="11930688" type="UNKNOWN" weightage="60" keywordseo="ftx" source="Orion">FTX</keyword> is launching stock trading to a batch of US customers before a full rollout in the coming months.</li><li>The service won't use payment for order flow, and FTX won't turn a profit from it.</li></ul></li></ul><keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">Cryptocurrency</keyword> <keyword id="12092828" type="UNKNOWN" weightage="60" keywordseo="exchange" source="Orion">exchange</keyword> FTX plans to give its customers access to traditional <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> with a new stock trading <keyword id="13978846" type="UNKNOWN" weightage="60" keywordseo="platform" source="Orion">platform</keyword>, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcrypto-exchange-ftx-expands-into-stock-trading-11652954400">the Wall Street Journal first reported.</a>FTX will unveil the new service to a small batch of US customers Thursday before the company fully rolls out the platform later in 2022."What we eventually want to offer is an everything app for financial services," Brett Harrison, FTX.US's president, told the WSJ in an interview.The fee-free service mirrors the likes of popular apps like <keyword id="11896285" type="UNKNOWN" weightage="60" keywordseo="robinhood" source="Orion">Robinhood</keyword>, but FTX said it won't use <a href="https://www.vox.com/ad/22960319/pfof-payment-for-order-flow-trading-commission-public">the controversial process known as payment for order flow</a> to complete customers' trades.But that means FTX will miss out on a key revenue stream and won't turn a profit on its stock arm. Payment for order flow accounts for as much as 80% of revenue on some platforms like Robinhood. FTX is the second largest cryptocurrency exchange behind Binance. FTX co-founder and CEO <keyword id="11930691" type="UNKNOWN" weightage="60" keywordseo="sam-bankman-fried" source="Orion">Sam Bankman-Fried</keyword> <a href="https://www.cnbc.com/2022/05/13/robinhood-shares-jump-after-crypto-ceo-sam-bankman-fried-acquires-stake.html">disclosed on May 13 a 7.6% stake in Robinhood</a> through Emergent Fidelity Technologies.

Crypto exchange FTX launches free stock trading without payment for order flow with eye toward becoming an 'everything app'

<ul class="summary-list"><li>The <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> has asked Valkyrie to withdraw its leveraged <keyword id="11964437" type="UNKNOWN" weightage="60" keywordseo="bitcoin-etf" source="Orion">bitcoin ETF</keyword> application, WSJ reported.</li><li>It wants to limit <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> investor exposure to unleveraged funds like the ProShares ETF that launched last week.</li><li>Chair <keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword> has said complex, leveraged ETFs can pose risks even to sophisticated investors.</li></ul>The Securities and Exchange Commission doesn't want to approve leveraged <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> exchange-traded funds, the <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fsec-wont-approve-leveraged-bitcoin-fund-source-says-11635370934%3Fmod%3Dmarkets_lead_pos10">Wall Street Journal</a> reported Wednesday, citing a person familiar with the matter.Going by an SEC request to at least one asset manager, it looks like the agency wants to restrict crypto investors to products providing unleveraged exposure, such as the ProShares Bitcoin Strategy ETF, according to the report.ProShares is the first-ever US bitcoin-linked ETF that <a href="https://markets.businessinsider.com/news/currencies/proshares-bitcoin-etf-bito-first-futures-fund-nyse-sec-approval-2021-10">began trading last week</a>. It doesn't directly invest in or hold bitcoin, but invests in bitcoin futures contracts.After launching its own <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-valkyrie-futures-crypto-nasdaq-trading-proshares-vaneck-2021-10">futures-based bitcoin ETF</a> last Friday, Valkyrie Investments is waiting for an answer on its leveraged funds product. The asset manager on Tuesday <a href="https://www.sec.gov/Archives/edgar/data/0001877493/000183988221015489/valkbtfx-485apos_102621.htm">filed</a> for a leveraged bitcoin futures ETF offering 1.25x exposure to the bitcoin reference rate. This means the fund seeks to boost daily returns of a portfolio of bitcoin derivatives for US investors by using 1.25 times leverage, or borrowed money. But Valkyrie was asked to withdraw its application, the Journal reported, citing a source. As of Thursday, the filing still remained effective.This move highlights yet another regulatory opposition to innovative products that asset managers in the nascent crypto asset management industry face. Since the Winklevoss twins first filed an application to launch a bitcoin-related ETF <a href="https://www.ft.com/content/7938cc88-911e-11e8-b639-7680cedcc421">in 2013</a>, it's taken nearly a decade for the SEC to greenlight a product like this.The Wall Street watchdog has been hesitant to allow offerings that it believes might be vulnerable to fraud, manipulation, and other such risks, the Journal said.Chairman Gary Gensler <a href="https://www.sec.gov/news/public-statement/gensler-statement-complex-exchange-traded-products-100421">said earlier this month</a> that complex, leveraged ETFs "can pose risks even to sophisticated investors, and can potentially create system-wide risks by operating in unanticipated ways when <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> experience volatility or stress conditions."Separately on Tuesday, ETF issuer Direxion said in a <a href="https://www.sec.gov/Archives/edgar/data/1424958/000119312521308123/d248159d485apos.htm">filing</a> that it wants to short the price of a bitcoin futures contract. The Direxion Bitcoin Strategy Bear ETF would effectively allow investors to bet against the bitcoin futures contract used by the ProShares ETF.Under rules that govern ETF proposals, the agency has 75 days to respond to offering papers before they would automatically come into effect.As a courtesy, the SEC can request fund managers pull their filings in some cases. But issuers have the choice of whether they want to or not, in case they want to force the regulator to reach a decision.The SEC declined to comment on the WSJ report.Read More: <a href="https://www.businessinsider.com/where-to-invest-areas-market-best-positioned-win-blackrock-ishares-2021-10">The head of 'megatrends' at $3 trillion iShares shares the 4 areas of the market he thinks are best positioned to rake in big returns in the years ahead as the worst of COVID recedes</a>

The SEC told Valkyrie to withdraw its leveraged bitcoin ETF application - a sign it won't tolerate that much risk for crypto investors

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> futures ETFs burst onto the scene this week, marking a new milestone for the crypto market. </li><li>Insider talked to market experts about how the new ETFs compare to owning actual bitcoin. </li></ul>A new type of exchange-traded fund sprang into the public <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> this week with the arrival of ETFs tied to<a href="https://markets.businessinsider.com/currencies/btc-usd"> bitcoin</a> futures.Bitcoin futures ETFs invest in contracts used to speculate on future prices for bitcoin. They can be purchased and sold like a stock and don't require buyers to hold an account at a cryptocurrency exchange or to have a crypto wallet.The<a href="https://markets.businessinsider.com/news/currencies/proshares-bitcoin-etf-bito-first-futures-fund-nyse-sec-approval-2021-10"> ProShares Bitcoin Strategy ETF</a>, which tracks<a href="https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.quotes.html"> CME bitcoin futures</a>, launched on Tuesday and quickly pulled in $1 billion in assets under management. <a href="https://valkyrie-funds.com/">Valkyrie's Bitcoin Strategy ETF</a> began trading Friday and asset management firm VanEck's Bitcoin Strategy ETF <a href="https://markets.businessinsider.com/news/currencies/vaneck-launch-bitcoin-futures-etf-october-cryptocurrencies-xbtf-sec-markets-2021-10">looks set to debut next week</a>. "When you look at the market and its entirety, bitcoin is … one of the best-performing assets in history," Christopher Perkins, president of<a href="https://www.coinfund.io/"> blockchain-focused investment firm CoinFund</a>, told Insider this week. "Now, as I look at this asset class, you have to ask yourself, if you're an investment manager, 'What's the reputational risk of not being able to have exposure to the best-performing asset in eight of the last 10 years?'" he said. As companies bring their products to market, Insider talked to three experts about the advantages and disadvantages of buying bitcoin-futures ETFs, the digital coin itself, or stocks in companies with exposure to bitcoin.<h3>Bitcoin-futures ETFs </h3>While the debut of the futures ETF was a momentous occasion for the crypto market, there are some important differences and complexities investors should be aware of.According to Naeem Aslam, chief market analyst at <a href="https://www.avatrade.com/forex">AvaTrade</a>, for mom-and-pop investors, "this is not the ETF for them.""A futures market trades on margin because you don't have the actual product, you are trading on a synthetic price movement," he said, and investors should anticipate that the price of bitcoin futures can differ from spot bitcoin prices.While bitcoin futures ETFs give investors some bitcoin exposure they have "deficiencies" and can be complex products for many retail investors, said William Cai, a partner at <a href="https://www.wilshirephoenix.com/">investment firm Wilshire Phoenix</a>, which has an application for a registered spot-bitcoin product under review at the SEC. The key characteristic of futures markets is that contracts have expiration dates, said Cai, who previously traded commodities futures and other assets during his more than 10 years at JPMorgan. A fund has to roll contracts, meaning selling out the closest future before it expires, and then buy the next one. "This process runs into trading costs and the potential for front-running issues where other market participants know you are going to do this and they can … position it to take advantage of your actions," said Cai. Bitcoin-futures ETFs "were so easy out of the gate to get some of that synthetic exposure," to bitcoin, said Perkins, who before recently joining CoinFund was Citigroup's global co-head of futures, clearing, and foreign exchange prime brokerage. "It's not perfect cash exposure and costs do come with this … but by cash settling the future you don't have to worry about custody because you're not holding the assets," he said.<a href="https://www.businessinsider.com/retail-investors-bito-proshares-bitcoin-futures-etf-debut-cryptocurrencies-trading-2021-10?amp">Retail investors largely sat on the sidelines</a> of the ProShares' product launch, according to Vanda Research, which tracks retail investing activity. Retail investors may be aware of the 'contango trap,' Vanda said, referring to <a href="https://www.cmegroup.com/education/courses/introduction-to-ferrous-metals/what-is-contango-and-backwardation.html">a market condition</a> where prices for futures contracts are higher than the spot price.In addition to the complexities of the underlying contracts, futures ETFs have some quirks. Strong demand for the ProShares Bitcoin Strategy ETF has already pushed the fund toward the limit of how many contracts it can hold,<a href="https://www.bloomberg.com/news/articles/2021-10-21/bitcoin-etf-is-already-in-danger-of-breaching-a-limit-on-futures?sref=GUP2BhaG"> according to a Bloomberg report</a>. The fund could spread out holdings into longer-dated contracts but that risks pulling the fund further away from bitcoin's spot performance. <h3>Bitcoin and crypto-linked stocks </h3>Aslam, a London-based former hedge fund trader, said he may use bitcoin-futures ETFs in the options market for puts when the time is right to venture into more complex strategies. Puts give an investor the right to sell an underlying asset. But Aslam suggested average retail investors who want bitcoin exposure purchase the digital currency itself. "The way that we have been buying bitcoin - through regulated exchanges, or exchanges that exist within those regulatory boundaries - is the best way to really go to buy bitcoin," he said.Many investors have gone the stock route to get exposure to bitcoin, including picking up shares of bitcoin miners <a href="https://markets.businessinsider.com/stock/MARA?utm_source=markets&amp;utm_medium=ingestgest">Marathon Digital Holdings</a> and <a href="https://markets.businessinsider.com/stock/RIOT?utm_source=markets&amp;utm_medium=ingestgest">Riot Blockchain</a> as well as <a href="https://markets.businessinsider.com/stocks/mstr-stock">MicroStrategy</a>, a data analytics company run by CEO and bitcoin bull Michael Saylor. The company held roughly 114,042 bitcoins as of last month. "I think going into stocks is a second-hand exposure," said Aslam. [Investors] are not going to get to enjoy the actual flavor of bitcoin, the actual momentum, or the volatility that we have in terms of bitcoin," he said. Buying crypto-linked stocks can add risks faced by individual companies along with systematic market risks, said Cai."If you go through … companies that invest a lot of their money in bitcoin, I would say that is a proxy. But sometimes proxies can be useful if don't have access to other ways to do things you want to do." "But I would caution you really do have to know the risk that you're taking on," from buying crypto-linked stocks. "That is, it is only a proxy and not a direct reflection of bitcoin's price. They can diverge wildly," said Cai.

Should you buy a bitcoin-futures ETF versus actual bitcoin or crypto stocks? Experts weigh in on the advantages of each.

<ul class="summary-list"><li>The SEC on Friday pushed back deadlines on decisions on whether to approve bitcoin-ETF applications. </li><li>The agency put on hold decisions on four applications, including the <keyword id="12224763" type="UNKNOWN" weightage="60" keywordseo="global-x-bitcoin-trust" source="Orion">Global X Bitcoin Trust</keyword>. </li><li>The agency has applications pending for at least 20 companies. </li></ul>The Securities and Exchange Commission on Friday again delayed decisions on whether or not it will approve <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> exchange-traded funds by pushing back deadlines on four applications competing to become the first such asset to launch in the US. Applications to launch the Global X <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> Trust, <keyword id="12224766" type="UNKNOWN" weightage="60" keywordseo="kryptoin-bitcoin-etf" source="Orion">Kryptoin Bitcoin ETF</keyword>, <keyword id="12224764" type="UNKNOWN" weightage="60" keywordseo="valkyrie-xbto-bitcoin-futures-fund" source="Orion">Valkyrie XBTO Bitcoin Futures Fund</keyword>, and <keyword id="12224765" type="UNKNOWN" weightage="60" keywordseo="wisdomtree-bitcoin-trust" source="Orion">WisdomTree Bitcoin Trust</keyword> were set back by 45 days, putting off until November the first decision on a proposed rule change that would allow the listing and trading of such investment vehicles. "The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments," the SEC said in filings accompanying date changes.A decision on the <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-93174.pdf">Global X Bitcoin Trust</a> is due November 21 and word on the <a href="https://www.sec.gov/rules/sro/nasdaq/2021/34-93172.pdf">Valkyrie XBTO Bitcoin Futures Fund</a> is now set for December 8. <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-93173.pdf">WisdomTree Bitcoin Trust</a>'s decision is scheduled for December 11 and <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-93175.pdf">Kryptoin Bitcoin ETF</a>'s decision is scheduled for December 24. The SEC in early September <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-92894.pdf">extended its pending decision</a> to approve the <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-92894.pdf">VanEck Bitcoin Trust</a> by 60 days to November 14. VanEck's filing launched the sprint by companies toward filing for bitcoin ETF approvals. The agency is considering <a href="https://markets.businessinsider.com/news/currencies/fidelity-bitcoin-etf-sec-private-meeting-delayed-decision-matured-market-2021-9">applications from more than 20 companies</a>. SEC Chairman Gary Gensler has been clamping down on cryptocurrencies and most recently compared stablecoins to "<a href="https://markets.businessinsider.com/news/currencies/sec-crypto-stablecoins-poker-chips-wild-west-sec-gary-gensler-2021-9?utm_source=markets&amp;utm_medium=ingestgest">poker chips</a>". But Gensler has indicated he's more open to cryptocurrency ETFs, suggesting those that comply with strict rules for mutual funds could provide investor protection. He has also appeared to favor approving a <a href="https://www.bloomberg.com/news/articles/2021-08-05/gensler-gets-wish-as-bitcoin-futures-etf-filings-start-to-land">futures-based ETF</a>.

The SEC has delayed its decision on a bitcoin ETF again, pushing deadline back 45 days as it mulls approval for first ever US crypto fund

<ul class="summary-list"><li>Invesco is partnering with Galaxy Digital to launch a <keyword id="12152578" type="UNKNOWN" weightage="60" keywordseo="crypto-etf" source="Orion">crypto ETF</keyword> to be ready if the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> OKs digital-asset funds.</li><li>The companies are aiming for the <keyword id="11996288" type="UNKNOWN" weightage="60" keywordseo="etf" source="Orion">ETF</keyword> to track the performance of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> while trading like a stock.</li><li>"We ultimately think we can define this new market," John Hoffman of Invesco said. </li></ul><a href="https://markets.businessinsider.com/stocks/ivz-stock">Invesco</a> confirmed in a <a href="https://www.sec.gov/Archives/edgar/data/0001855781/000119312521278390/d233987ds1a.htm">regulatory filing</a> on Tuesday it is partnering with <a href="https://markets.businessinsider.com/stocks/brphf-stock">Galaxy Digital Holdings</a> to launch <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange-traded funds, joining a long list of over two dozen companies pining to be the first in the country to launch a fund backed by digital assets.Invesco, one of the biggest operators of ETFs in the US, and Mike Novogratz's Galaxy Digital is aiming for their ETF to track the performance of cryptocurrencies while trading like a stock.First in the pipeline is a bitcoin-holding ETF that Galaxy proposed last year, which Invesco joined as a sponsor after the market closed on Tuesday, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Finvesco-teams-up-in-push-to-create-crypto-etfs-11632304801">The Wall Street Journal</a> first reported."This is about expanding the horizon," John Hoffman, head of Americas at Invesco, told <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Finvesco-teams-up-in-push-to-create-crypto-etfs-11632304801">The Journal</a>. "We ultimately think we can define this new market."Invesco and Galaxy are preparing their ETF to be ready if the SEC ever approves crypto funds.For now, Hoffman said Invesco partnered with Galaxy, which cryptocurrency enthusiast and former hedge fund manager Novogratz founded in 2018, due to the firm's expertise in the space.In June, Invesco also filed two cryptocurrency-focused ETFs - Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF- that will invest in stocks focused on digital assets and technology. "There's a multitude of ways you can package these exposures. It's no different than other asset classes," Hoffman told <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Finvesco-teams-up-in-push-to-create-crypto-etfs-11632304801">The Journal</a>. "We started with equities, investing in companies involved in the exploration and production of energy. We then went into futures and continued to add more ways to obtain these various exposures."Yet despite enthusiasm from various companies - with Cathie Wood's Ark Invest the latest fund provider <a href="https://markets.businessinsider.com/currencies/news/cathie-wood-ark-21shares-bitcoin-etf-arkb-files-sp-index-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">to submit its own application</a> - the SEC does not seem to share the same fervor.Currently, the regulator, under the leadership of <keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword>, has yet to approve any <keyword id="12152579" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-etf" source="Orion">cryptocurrency ETF</keyword>, including those proposed by <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-could-finally-become-a-reality-in-2021-after-vaneck-filing-2020-12-1029926923?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">VanEck</a>, <a href="https://markets.businessinsider.com/news/currencies/sec-bitcoin-etf-postpones-decision-valkyrie-digital-assets-vaneck-crypto-2021-6?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Valkyrie Investments</a>, and <a href="https://markets.businessinsider.com/news/currencies/sec-review-bitcoin-etf-applications-fidelity-skybridge-scaramucci-cryptocurrency-vaneck-2021-5?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">FirstTrust/SkyBridge</a>. It has <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-92894.pdf" target="_blank" rel="noopener">extended the decision</a> to approve VanEck's ETF by 60 days to November 14. Gensler previously taught classes on blockchain and cryptocurrencies at the MIT Sloan School of Management, leading some to assume he would be more receptive towards digital assets. But while leading the SEC, he has been clamping down on cryptocurrencies. Most recently, he compared stablecoins to <a href="https://markets.businessinsider.com/news/currencies/sec-crypto-stablecoins-poker-chips-wild-west-sec-gary-gensler-2021-9">poker chips</a>. He has, however, indicated that he is <a href="https://markets.businessinsider.com/news/currencies/fidelity-bitcoin-etf-sec-private-meeting-delayed-decision-matured-market-2021-9">more open to cryptocurrency ETFs</a>, suggesting those that comply with the strictest rules for mutual funds could provide investor protection. He has also seemed to lean towards approving a <a href="https://www.bloomberg.com/news/articles/2021-08-05/gensler-gets-wish-as-bitcoin-futures-etf-filings-start-to-land" target="_blank" rel="noopener">futures-based ETF</a>.The US <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-sec-approval-us-launch-volatility-market-gensler-2021-4">lags behind other countries</a> in approving bitcoin ETFs, with <a href="https://markets.businessinsider.com/currencies/news/canada-approves-first-bitcoin-etf-btc-hopes-sec-us-cryptocurrency-2021-2-1030078644?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Canada this year approving</a> the first publicly traded bitcoin ETF in North America, the Purpose Bitcoin ETF, as well as ethereum ETFs.

Invesco is partnering with Mike Novogratz's Galaxy Digital to launch crypto ETFs

<ul class="summary-list"><li>As meme stocks continue to make headlines, one firm is prepping an <keyword id="11996288" type="UNKNOWN" weightage="60" keywordseo="etf" source="Orion">ETF</keyword> to track short squeeze targets</li><li>The High Short Interest ETF, trading under the ticker DUMP, aims to invest in stocks that "demonstrate high short interest."</li><li>"What we're trying to find, first and foremost, are companies that have a fanbase," the portfolio manager told Insider.</li></ul>As meme stocks have made a comeback this summer, an investment firm wants to launch an exchange-traded fund that tracks heavily shorted stocks ripe for a squeeze.The High Short Interest ETF, which will trade under the ticker DUMP, aims to invest in stocks that "demonstrate high short interest" and a "potential catalyst for upside."The ETF will primarily invest in companies that retail investors are interested in to capture the market zeitgeist, according to Matthew Tuttle, CEO and CIO of Tuttle Capital Management. "What we're trying to find, first and foremost, are companies that have a fanbase," Tuttle told Insider. "So we're looking at what retail investors are buying ... what retail investors are talking about on social media." Meme stocks are often defined by their sudden rally on unusually high trading volume and social media chatter. The names are also often heavily shorted by Wall Street institutions."The meme stock phenomenon is here to stay," he told Insider. "It'll pause from time to time. The stocks will switch from time to time. It won't always be <a href="https://markets.businessinsider.com/stocks/amc-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">AMC Entertainment</a> and <a href="https://markets.businessinsider.com/stocks/gme-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Gamestop</a>."This is why, Tuttle said, he sought to change the strategy of one of the 10 ETFs his firm manages to track stocks with high short interest, <a href="https://www.sec.gov/Archives/edgar/data/1719812/000138713121007040/collab-485apos_063021.htm">filing</a> for the fund with the US Securities and Exchange Commission on July 1, 2021. Tuttle did not give an estimate of when the fund would begin trading. Currently, the suite of meme stocks - from favorites such as <a href="https://markets.businessinsider.com/stocks/bb-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Blackberry</a>, <a href="https://markets.businessinsider.com/stocks/clov-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Clover Health</a>, and <a href="https://markets.businessinsider.com/stocks/sava-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Cassava Sciences</a> - has expanded to newcomers like <a href="https://markets.businessinsider.com/stock/SPRT?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Support.com</a> and <a href="https://markets.businessinsider.com/stock/BBIG?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Vinco Ventures</a>."I think there is a demand for something entirely short-squeezed [focused]," Tuttle told Insider. The firm also manages an ETF called <a href="https://www.businessinsider.com/fomo-etf-invest-in-market-trends-from-spacs-to-volatility-2021-3">FOMO</a>, which aims to invest in wider market trends."It's really driven by retail investors now having power that they've never had before," he added. "And what history teaches you about people with power is they don't give it up voluntarily."Apart from stocks ripe for a squeeze, the ETF will also look at what hedge funds are buying, as well as companies that have a spike in options trading, he told Insider. The fund may also invest in ETFs linked to volatility, according to the filing. Tuttle, like many traders, is looking to replicate the success of the <a href="https://markets.businessinsider.com/stocks/gme-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GameStop</a> phenomenon in January when individual investors piled into shares of the video game retailer.The frenzy dominated market headlines for weeks at the beginning of the year, as the stock skyrocketed from around $40 to intraday highs of over $450. <a href="https://markets.businessinsider.com/stocks/amc-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">AMC Entertainment</a> rallied as well, albeit to a fraction of the price GameStop achieved at its peak.While Tuttle admitted the idea for a short-interest ETF has been done before - pointing to <a href="https://www.businessinsider.com/theres-a-short-squeeze-etf-coming-2014-6">SQZZ</a>, an ETF that launched in 2014 lets investors bet that heavily shorted stocks will turn around- he maintained his strategy is unique.DUMP, according to the filing, will utilize a "proprietary quantitative process" that can use a number of different inputs, including price momentum to identify investment opportunities and companies that are potentially oversold.

The CEO of an ETF provider breaks down why his firm filed for a fund designed to track heavily shorted stocks ripe for a squeeze

<ul class="summary-list"><li><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> plans to create a <keyword id="4164994" type="PERSON" weightage="60" keywordseo="defi">DeFi</keyword> and <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> ETF, an SEC filing on Monday shows.</li><li>It is unclear what is in Solactive's <keyword id="11094379" type="UNKNOWN" weightage="60" keywordseo="decentralized-finance">Decentralized Finance</keyword> and Blockchain Index, which underpins the new fund.</li><li>The US bank's filing comes soon after it reported that 60% of super-rich family offices own <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>.</li></ul>Goldman Sachs is aiming to create an <keyword id="982068" type="COMPANY" weightage="60" keywordseo="Exchange-traded-fund">exchange-traded fund</keyword> focused on companies developing decentralized finance and blockchain technology, a regulatory filing shows.In an <a href="https://www.sec.gov/Archives/edgar/data/1479026/000119312521224388/d176692d485apos.htm">application filed Monday</a> with the Securities and Exchange Commission, the US bank said it plans to use Solactive's Decentralized Finance and Blockchain Index as a benchmark for its Goldman Sachs Innovate DeFi and Blockchain Equity ETF.The new fund would invest at least 80% of its assets in <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword>, securities and depositary receipts included on the underlying index, Goldman Sachs said. <keyword id="46594" type="PERSON" weightage="60" keywordseo="ETFs">ETFs</keyword> are products that track the performance of another index or asset, and whose shares trade just like those in a company."The index is designed to deliver exposure to companies that are aligned with two key themes, the implementation of blockchain technology and the digitalization of finance," it said in its filing.To be included, a stock must have an average daily trading volume of at least $1 million and a total market cap of at least $500 million, the bank added.By their decentralized nature, DeFi systems and products use blockchain technology to cut the middleman out of financial services. Proponents suggest they may eventually replace centralized and regulated financial institutions even for quite complex situations.It is not clear which stocks are listed in the Solactive Decentralized Finance and Blockchain Index, as no index by that name is offered at the moment on the Frankfurt, Germany-based provider's website. Cryptonews <a href="https://cryptonews.com/news/goldman-sachs-defi-etf-prompts-confusion-on-what-it-really-i-11211.htm">reported</a> that Solactive told it that Goldman Sachs was actually referring to its Blockchain Technology Performance Index, which lists companies such as Accenture and Nokia. The bank said in its SEC filing that the proposed ETF would not be "not sponsored, promoted, sold or supported in any other manner by Solactive AG."Goldman Sachs and Solactive declined to comment when contacted by Insider.Last week, Goldman Sachs released a report last week that demonstrated how demand for crypto assets is growing among some of its wealthy clients. The <a href="https://markets.businessinsider.com/news/stocks/family-offices-bitcoin-cryptocurrencies-crypto-inflation-hedge-goldman-sachs-2021-7">report </a>showed 60% of super-rich family offices owned, or invested in, crypto. "Our conversations with family offices indicate they are interested in getting exposure not only to cryptocurrencies but also to innovation in the digital assets ecosystem," the bank said.

Goldman Sachs files to create an ETF dedicated to DeFi and blockchain stocks

<ul class="summary-list"><li>The Canada-based <keyword id="11219428" type="UNKNOWN" weightage="60" keywordseo="3iq-coinshares-bitcoin-etf">3iQ CoinShares Bitcoin ETF</keyword> has attracted $832 million in assets under management in just three weeks. </li><li>That's the fastest any <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword> has achieved an AUM that high.</li><li>The fund's success comes as bitcoin's market capitalization soars above $1 trillion. </li></ul>A Canadian <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> exchange-traded fund that has only been trading publicly for three weeks has amassed $832 million ($1 billion Canadian dollars) in assets under management.The 3iQ <keyword id="10044203" type="COMPANY" weightage="60" keywordseo="coinshares">CoinShares</keyword> bitcoin ETF launched on April 19 and is the fastest bitcoin ETF in Canada to reach 1 billion Canadian dollars in AUM, according to a press release. The fund trades on the Toronto Stock Exchange under the ticket "BTCQ."The rapidly growing ETF demonstrates that investor demand for bitcoin isn't slowing down, despite other cryptocurrencies like ether and Dogecoin gaining recent attention. Despite pulling back from it's all-time-high above $64,000, Bitcoin is still up 97% year-to-date, hovering at $58,000 as of Friday afternoon."Reaching $1 billion[CAD] in only three weeks speaks to the enormous market demand for bitcoin," said Fred Pye, Chairman &amp; CEO of 3iQ. "The pace of its growth is yet another milestone in 3iQ's goal to provide investors with more ways to gain exposure to the largest digital asset in the world."The 3iQ CoinShares fund isn't the only bitcoin ETF that's seen a stellar first few weeks of trading. <a href="https://markets.businessinsider.com/currencies/news/purpose-bitcoin-etf-first-of-kind-crosses-1-billion-aum-2021-3-1030228687">The Purpose Bitcoin ETF hit $1 billion in assets under management </a>one month after it started trading earlier this year.The success of Canadian funds and the swelling <a href="https://markets.businessinsider.com/currencies/news/bitcoin-trillion-market-cap-milestone-faster-amazon-apple-microsoft-google-2021-4-1030302376?utm_source=markets&amp;utm_medium=ingestgest">market capitalization of bitcoin above $1 trillion </a>has investors wondering if the US SEC will finally approve a fund in the states. The US regulator is currently reviewing applications for <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-approval-mike-novogratz-galaxy-digital-sec-crypto-regulation-2021-4-1030298912?utm_source=markets&amp;utm_medium=ingestgest">at least nine bitcoin ETFs</a>, though a decision to green light a launch <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-sec-approval-us-launch-volatility-market-gensler-2021-4-1030374430">may have to wait until at least mid-June. </a>The 3iQ CoinShares Bitcoin ETF gained 3.7% Friday. Read more: <a href="https://www.businessinsider.com/why-bitcoin-price-has-more-room-to-run-delphi-explains-2021-5" target="_blank" rel="noopener">The head of global macro strategy at Delphi Digital breaks down why Bitcoin's price has more room to run over the next 9 to 12 months in 4 charts - and shares what the next 10 years could look like for the emerging crypto economy</a>

You Searched For "exchange traded fund" and got 12 results

Exchange-Traded Funds (ETFs)

Festive shine: Gold ETF inflows hit 16-month high at ₹1,028 crore in August

PTI

Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

PTI

Govt raises over ₹4 lakh crores via disinvestment since 2014

PTI

Crypto exchange FTX launches free stock trading without payment for order flow with eye toward becoming an 'everything app'

Brian Evans

The SEC told Valkyrie to withdraw its leveraged bitcoin ETF application - a sign it won't tolerate that much risk for crypto investors

Shalini Nagarajan

Should you buy a bitcoin-futures ETF versus actual bitcoin or crypto stocks? Experts weigh in on the advantages of each.

Carla Mozée

The SEC has delayed its decision on a bitcoin ETF again, pushing deadline back 45 days as it mulls approval for first ever US crypto fund

Carla Mozée

Invesco is partnering with Mike Novogratz's Galaxy Digital to launch crypto ETFs

Isabelle Lee

The CEO of an ETF provider breaks down why his firm filed for a fund designed to track heavily shorted stocks ripe for a squeeze

Isabelle Lee

Goldman Sachs files to create an ETF dedicated to DeFi and blockchain stocks

Camomile Shumba

A Canadian bitcoin ETF has attracted $823 million in just 3 weeks since launching as crypto demand remains strong

Emily Graffeo

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