A NOTE FROM BOB
Join us on Monday on ETF Edge where we talk sports betting ETFs after the Superbowl, and bitcoin. Our guests are Will Hershey, CEO of Roundhill Sports Betting ETF, and Jeff Kilburg from KKM Financial, a partner in Valkyrie Funds that is the Sponsor of (yet another) Bitcoin ETF. Is 2021 finally the year for bitcoin? Dave Nadig from ETF Trends also joins us at ETFedge.cnbc.com.
GameStop effect: with GameStop down 80% this week, the ETFs holding them had a rough week. The Wedbush ETFMG Video Game Tech ETF (GAMR) dropped 16%; the SPDR S&P Retail ETF (XRT) down 11%.
More GameStop effects: Wild round trips on the Silver ETF (SLV) inflows and outflows. Looks like the Reddit crowd really chose the wrong target.
An awful lot of new money went into ETFs in January. Overall net long ETF inflows were $57.8 billion in January, an increase of 34% over December. Investors keep throwing money at Cathie Woods. Inflows into the Ark Innovation Fund (ARKK) just keep going up, from 142 m. shares outstanding January 1 to 170 m. February 5th. That's a gain of more than 20%.
The Fidelity Magellan ETF (FMAG) launched last Thursday. It was flagship for Fidelity for many years, managed at one point by Peter Lynch (1997-1990). It's still actively managed. Magellan Fund at one point 20 years ago was the largest fund in the world with $100 billion in assets, according to etf.com. Now the mutual fund, which will remain, is down to $22 billion. Not surprisingly, the ETF version is less expensive than the mutual fund: 0.59% expense ratio vs. 0.77% for the mutual fund. For more analysis and actionable insights, catch me live on Mondays at 1 PM ET on ETF Edge. KEY STORIES
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