A NOTE FROM BOB
This will likely be a record year for the IPO market, and the fall season will be chock full of big consumer names going public, including Warby Parker, Fresh Market, Allbirds, Instacart, Chobani, Sweetgreen and Impossible Foods. Join me Wednesday on ETF Edge at 1:15 PM ET with my guest Kathleen Smith from Renaissance Capital, an advisory firm to IPO investors who also runs the Renaissance Capital IPO ETF (IPO), a basket of the most recent 60 or so IPOs. She will be joined by Brian Schaeffer, Managing Director at InvestX Capital, which is enabling a marketplace for private securities transactions, allowing employees and shareholders to get liquidity while the company is still private. We will talk IPOs, SPACs, and direct listings! ETFedge.cnbc.com
Cathie Wood is launching a new ETF that has a few people scratching their heads. The brains behind ARK Investment Management plans to launch a Transparency ETF that looks like an attempt at an ESG fund. Fair enough, but she is tying it to a passive index that seems like it is mostly going to hold big tech names held in her other funds like Apple, Nvidia and Tesla. Odd for someone who is known as an aggressive stock picker. Also the index, while it excludes many of the usual suspects like alcohol, gambling and fossil fuels, also excludes banks. Hm.
August may be a transition month, but inflows into ETFs continue and have passed $600 billion this year, my friend Eric Balchunas from Bloomberg tells us. We will have $7 trillion in assets under management for ETFs this year.
The SEC is following through on its concerns that ESG funds are in a little too fuzzy around the edges. There's ongoing examination of firms that are using the ESG label. At the very least, a lot more disclosure is coming, but that won't settle the debate: can we really define what ESG is, and do we even want to?
Many investors have expressed bafflement about why some relatively high cost ETFs continue to have a large base of assets under management when lower cost equivalent funds are available. Case in point: why hold iShares MSCI Emerging Markets ETF (EEM) at an 0.7% expense when you can hold the equivalent iShares Core MSCI Emerging Markets ETF (IEMG) at 0.11%? Sumit Roy at ETF.com notes that for many there is a simple reason: they hold the funds in taxable accounts, have held the funds for a long time, and would have huge capital gains if they switched.
For more analysis and actionable insights, catch me live on Mondays at 1 PM ET on ETF Edge. KEY STORIES
IN CASE YOU MISSED IT
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Langganan:
Posting Komentar (Atom)
EmoticonEmoticon