The single stock ETF craze continues. Last week Direxion added six more: one time inverse and 1.5x leveraged exposure to the stocks of Amazon.com Inc., Alphabet and Microsoft Corp.
Join us Monday on ETF Edge at 12:35 PM ET, when we will be broadcasting live from the Future Proof conference in Huntington Beach California. Our guest will be Dave Mazza, Head of Product at Direxion, who will update us on plans for even more single-stock ETFs.
At 1 PM ET, also from the Future Proof conference, we will be speaking with Ric Edelman, Edelman Financial Services Founder, and Matt Hougan, CIO Bitwise Asset Management. Edelman has been barnstorming the country promoting his book, The Truth About Crypto, and he's getting some traction with his Digital Asset Council of Professionals, especially now that Blackrock is starting to embrace crypto. The RIA community is befuddled about what to do with crypto and Edelman has a huge "in" with them. Matt Hougan is one of the smartest all-round people in crypto. He runs the largest crypto index fund (BITW), was the CEO of ETF.com, and co-founded the largest ETF conference (Inside ETFs). ETFEdge.cnbc.com!
Vanguard is closing in on industry leader BlackRock in US exchange traded funds. This from the Financial Times: "US ETF assets under Vanguard's management totaled $1.84tn at the end of August, compared with the $2.21tn run by BlackRock's iShares ETF unit, according to newly released data. Vanguard led the pack in attracting money into US ETFs in 2021 and is ahead again this year, in August receiving four times as much as BlackRock."
Bloomberg has some interesting data on mutual fund to ETF conversions. In the coming decade, more than $1 trillion worth of mutual fund assets could be converted into ETFs, according to an analysis by Bloomberg Intelligence: "Roughly $598 billion has exited mutual funds in 2022 so far, data from the Investment Company Institute show. Meanwhile, ETFs have raked in over $369 billion this year, though the pace has slowed from 2021's record influx, according to Bloomberg compiled data."
EmoticonEmoticon