ProShares ETF Targets Bitcoin Selloff

BITI, which seeks to obtain exposure through bitcoin futures contracts, will track the opposite performance of the S&P CME Bitcoin Futures Index each day. The launch comes as Bitcoin and other cryptocurrencies have struggled in sympathy with the broader stock market, which is contending with scorching-hot inflation.

The world’s largest cryptocurrency is currently trading around $20,000 per coin on Monday, well off its 52-week high of $68,990.90 hit last year, after briefly falling to a 52-week low of $17,601.58 per coin over the weekend. “As recent times have shown, bitcoin can drop in value,” ProShares CEO Michael Sapir said in a statement. “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings.”

ProShares will also launch BITIX on Tuesday, a mutual fund with the same investment objective as BITI. “With the additions of BITI and BITIX, ProShares and ProFunds will be the only fund families in the U.S. offering funds that allow investors to express their view on the direction of bitcoin — no matter whether they believe the price will go up or down,” Sapir added.

Ticker Security Last Change Change %
BITO PROSHARES TRUST BITCOIN STRATEGY ETF 12.95 +0.23 +1.81%

The launch of BITI and BITIX comes after ProShares launched BITO, the first U.S. bitcoin-linked ETF, in October 2021, which attracted more than $1 billion in assets from the public in just two days. The firm also launched the first bitcoin-linked mutual fund, BTCFX, in July 2021.  ProShares, which offers one of the largest lineups of ETFs, manages more than $50 billion in assets in partnership with its affiliates.

Eight months after establishing the first U.S. bitcoin futures ETF, ProShares plans to launch the first short bitcoin-linked ETF on Tuesday in the U.S., the provider of investment products announced Monday. The ProShares Short Bitcoin Strategy, which will trade on the New York Stock Exchange under the ticker BITI, is designed to give investors a way to profit from declines in the price of the cryptocurrency. It will have an expense ratio of 0.95%.

Bitcoin fell to new a new 2022 low over the weekend of $17,601.58, according to Coin Metrics, after six months of declines amid the broader sell-off in risk assets. “As recent times have shown, bitcoin can drop in value,” ProShares CEO Michael Sapir said in a news release Monday. “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings. BITI enables investors to conveniently obtain short exposure to bitcoin through buying an ETF in a traditional brokerage account.”

BITI will be the first ETF of its kind in the U.S. Horizons ETFs has a short bitcoin ETF listed on the Toronto Stock Exchange. ProShares said BITI is designed to deliver the opposite of the performance of the S&P CME Bitcoin Futures Index and that it seeks to obtain exposure through bitcoin futures contracts. How well-timed the launch is remains to be seen. Markets remain fraught with uncertainty as investors await next steps from the Federal Reserve and signs of peaking inflation, but many are still speculating about the crypto market being at or near a bottom.

On Monday, bitcoin sat about 70% from its all-time high, which it hit in early November just a couple weeks after ProShares launched the Bitcoin Strategy ETF (BITO). Bitcoin quickly reversed lower, and has been falling since then.

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07:28Roxe SPACs BlockchainCryptocurrencies

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Trading Commissions May Return If the SEC Makes Big Stock-Trading Changes

The Securities and Exchange Commission is aiming to shake up the mechanics of US stock trading in the wake of last year’s meme-stock frenzy, and some experts in the markets say changes could lead to a shift back to retail investors paying commissions to make trades.

SEC Chairman Gary Gensler in a speech this week outlined six areas of market structure where rules could be updated to foster greater efficiencies, particularly for retail investors. Gensler is proposing the agency consider sending retail stock orders to auctions under which trading firms would compete to execute the transactions to ensure investors receive the best prices.

Such a move could alter the payment for order flow system, or PFOF, under which brokerage firms including Robinhood, TDAmeritrade, and E-Trade are compensated for sending customers’ orders to market makers rather than sending them directly to an exchange. Among the biggest market makers are Citadel Securities and Virtu Financial. PFOF supports zero-commission trading at online brokers that serve amateur investors.

A significant PFOF change “may reset the entire playing field and cost individual investors more money because we’ll have to go back to some sort of commission model,” Sean Bonner, CEO of Guild Financial, a self-direct investment app that focuses on active and retired members of the military, told Insider. Guild, an early-stage business, doesn’t use the payment for order flow system.

“I can guarantee you that commission model will be much higher than the rebates paying the payment for order flow — much higher, by a factor of 10s to 100s,” said Bonner, who has more than 20 years of experience on Wall Street from floor trading to working as a mutual fund manager. “Retail investors are saving billions of dollars a year on the current payment for order flow model.”

Major wholesalers such as Citadel, Virtu, G1X and Two Sigma provided $6.1 billion in price improvements in 2020 and 2021 combined, said BrokerChooser, based on its analysis. Zero-commission trading in recent years has fueled a boom in activity among individual investors who no longer had to pay their brokers as much as $6.95 for each trade.

Proposed changes to shake up rules in the US stock market was met with criticism from Robinhood’s chief legal officer Dan Gallagher this week. “It is a really good climate for retail, so to go in and muck with it right now, to me, is a little worrisome,” Gallagher said at a conference in New York, according to The Wall Street Journal. Retail traders are benefitting from zero-commission transactions and fast execution of trades, he said.

Following last year’s meme-stock frenzy, Gensler last year asked the SEC to review rules related to equity-market structure, including payment for order flow. PFOF is banned in some countries. Gensler isn’t proposing a ban but such a move would make it “almost inevitable” that retail investors return to a commission-based system, Kerim Derhalli, founder and CEO of investment app Invstr, told Insider.

“I don’t think anyone is going to be willing to provide brokerage services on their own without having some form of revenue associated with it,” he said. The Invstr app has 3 million users worldwide and the company doesn’t use the PFOF system. “If we return to a commission structure then you could argue that might discourage people from trading as frequently as they have been trading. You could, on the other hand, argue that if people start trading less, and investing more, they’ll be better off,” over the long term, he said.

“What would seem to be a simple solution would be [for Gensler] to say, ‘We’re going to make PFOF illegal and … retail trading needs to go through the exchange where it’s transparent and the prices are transparent and people can have confidence in the system,” said Derhalli. Bonner at Guild said overall he sees a ban on PFOF hurting retailer traders. “To be honest, a lot of brokers would hope that they get rid of this payment for order flow model and get back to charging for commissions because there’s a lot more revenue for the brokers in that.”

Gary Gensler is trying to level the playing field for small investors. He’s expected to outline a proposal for new rules to help them – possibly in a speech later today. The idea is to make sure those investors get the best deal when buying or selling stocks. When you make a trade, you may go through a broker. Some are paid to send their orders to wholesalers – who may not give you the best price.

Dennis Kelleher of the investor advocacy group Better Markets said the SEC is thinking about creating auctions. “Which should drive down the cost for retail investors and therefore give them the best price available,” he said. But the plumbing of trading is complicated. And if you divert the flow of buy and sell orders, some small investors could get hurt. Jaret Seiberg with the investment bank Cowen said those deals between brokers and wholesalers paved the way for free trading.

“If you start dismantling the system it’s not clear that you’re going to be able to still provide free access to trading,” he said. Investors advocates said at least with a commission you know what you’re paying upfront. There’s plenty of time for this debate. Any new rules would have to go through a long, public process.

Source: Trading Commissions May Return If the SEC Makes Big Stock-Trading Changes

More contents:

Invest For Progress: Which Type Of Sustainable Investor Are You?

In 2020, inflows into sustainable funds increased to $360 billion, up from just $30 billion in 20161—and this trend is showing no signs of slowing. “We’re starting to see an evolution in how investors think about sustainability,” says Sarah Kjellberg, head of U.S. sustainable ETFs at BlackRock. “It’s gone from niche to necessary, and we’re seeing growing interest from investors around the world.

[According to] our 2020 Global Sustainable Investing Survey, 50% of respondents—across 425 clients with $25 trillion in assets—plan to double their sustainable assets under management in the next five years.”

Sustainable investing combines traditional investment approaches with environmental, social and governance (ESG) insights. And one of the simplest ways to create a more sustainable portfolio is through exchange-traded funds, or ETFs, which are more accessible than ever.

“Sustainable investing used to cater to larger investors and was often considered to have high fees with high minimums, and be only values-focused and indifferent to performance,” says Kjellberg. “But ETFs are helping to upend these perceptions by delivering choice, value and access to all investors—and at a fraction of the cost of traditional mutual funds.”

Why invest sustainably? Consider performance—three in four sustainable equity funds beat their Morningstar category average in 2020.2 And the ability to meet sustainable objectives. Just consider that $1 million invested in iShares ESG Aware MSCI USA ETF implies an annual reduction of carbon emissions equivalent to 43,441 miles driven by an average passenger car.3

SOURCES:

1. BlackRock Sustainable Investing, with data from Broadridge and Simfund. January 1, 2016–September 30, 2020.

2. Morningstar, “Sustainable Equity Funds Outperform Traditional Peers in 2020.” Based on an analysis of 200 U.S. mutual funds and exchange-traded funds. Morningstar, as of December 31, 2020. Comparison of sustainable equity ETFs and mutual funds versus their respective Morningstar categories using rankings based on total return.

Morningstar defines sustainable funds as those that emphasize the use of environmental, social and governance criteria to generate financial return and broader societal impact. Past performance does not guarantee future results.

3. iShares ESG Aware MSCI USA ETF (ESGU) Impact Report. Source for carbon emissions: MSCI ESG Fund Ratings provided by MSCI ESG Research LLC as of July 19, 2021, based on holdings as of May 31, 2021. The carbon emissions reduction for ESGU (98.71% carbon coverage by MSCI ESG Fund Ratings) is calculated relative to the carbon emissions of its parent index, the MSCI USA Index (99.84% carbon coverage by MSCI ESG Research). ESGU’s total carbon emissions are 33.61 tons CO2 per million dollars invested; MSCI USA’s total carbon emissions are 51.11 tons CO2 per million dollars invested.

Total emissions reduction is 17.51 tons CO2 per million dollars invested. Source for equivalents: MSCI ESG Fund Ratings with data from U.S. EPA’s Greenhouse Gas Equivalencies Calculator for CO2 and energy measures. Carbon coverage is the percentage of a portfolio’s market value with Carbon Intensity data. Please refer to the MSCI ESG Fund Ratings Methodology for more information. There may be material differences between the fund’s index and the parent index including without limitation holdings, index provider, methodology and performance.

4. The business involvement screens are based on revenue or percentage of revenue thresholds for certain categories and categorical exclusions for others. Please read the definition for each screen here.

5. Screens are based on revenue or percentage of revenue thresholds for certain categories (e.g., $500 million or 50%) and categorical exclusions for others (e.g., nuclear weapons). MSCI, the fund’s index provider, screens companies with involvement in fossil fuels by excluding any company in the energy sector as per GICS methodology and all companies with an industry tie to fossil fuels such as thermal coal, oil and gas—in particular, reserve ownership, related revenues and power generation.

Companies that meet the fossil fuel involvement screen but that derive more than 50% of revenues from alternative energy and do not have an industry tie to thermal coal or oil sands or have fossil fuel reserves used most likely for energy applications, as determined by MSCI, will be added back.

IMPORTANT INFORMATION: 

Carefully consider the Funds’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds’ prospectuses or, if available, the summary prospectuses, which may be obtained by visiting http://www.iShares.com or http://www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

A fund’s environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund’s ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.

International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. The iShares Global Green Bond fund’s green bond investment strategy limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have a green bond focus.

The Fund’s green bond investment strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds with a green bond focus. In addition, projects funded by green bonds may not result in direct environmental benefits. 

When comparing stocks or bonds and ETFs, it should be remembered that management fees associated with fund investments are not borne by investors in individual stocks or bonds. Buying and selling shares of ETFs may result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective. The information presented does not take into consideration commissions, tax implications, or other transaction costs, which may significantly affect the economic consequences of a given strategy or investment decision.

This material contains general information only and does not take into account an individual’s financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

Prepared by BlackRock Investments, LLC, member FINRA.

Certain information ©2021 MSCI ESG Research LLC. Reproduced by permission; no further distribution. Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or disseminated in whole or in part without prior written permission.

The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures.

MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

By : Suchi Rudra

Source: Invest For Progress: Which Type Of Sustainable Investor Are You?

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More Contents:

Eco Investor Guide” (PDF). Eco Investor Guide, Inc. Archived from the original (PDF) on 25 May 2010. Retrieved 11 June 2010.

“What is green finance and why is it important?”. World Economic Forum. Retrieved 2020-12-28.

The Green Advisor: SRI & Green Investing Grow Up”. Investment Advisor. Archived from the original on 22 July 2012. Retrieved 11 June 2010.

“New Global Climate Prosperity Scoreboard Finds Over $1 Trillion Invested in Green Since 2007”. Green Money Journal. 2010. Archived from the original on 28 May 2010. Retrieved 11 June 2010.

“Firms brace for climate change”. European Investment Bank. Retrieved 2021-10-12.

EIB Investment Report 2020/2021: Building a smart and green Europe in the COVID-19 era. European Investment Bank. ISBN 978-92-861-4811-8.

“Socially Responsible Investing”. Investor Glossary. Archived from the original on 13 July 2011. Retrieved 11 June 2010.

“ESG 101: What is Environmental, Social and Governance?”.

“How to navigate the world of sustainable investing ratings”. CNBC. Retrieved 28 January 2021.

Sustainable Funds Continue to Rake in Assets During the Second Quarter”. Morningstar.com. Retrieved 18 August 2020.

A Broken Record: Flows for U.S. Sustainable Funds Again Reach New Heights”. Morningstar.com. Retrieved 29 January 2021.

Sustainable fund assets hit record $1.7 trln in 2020: Morningstar”. Reuters. Retrieved 28 January 2021.

Coller Capital Global PE Barometer – Winter 2016–17 | Coller Capital”. Collercapital.com. Retrieved 30 October 2017.

“Finding Your ESG Mindset with Invest Europe | Navatar”. Navatar. Retrieved 30 October 2017.

G7 Pensions Roundtable : Les ODD (‘SDGs’) Désormais Incontournables”. Cahiers du Centre des Professions Financières. CPF. SSRN 3545217. Retrieved 17 March 2020.

Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporations”. Washington Post. WP. Retrieved 17 March 2020.

Green Technology & Alternative Fuels”. Demand Media, Inc. Retrieved 11 June 2010.

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