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Eric Balchunas Profile picture
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28 Jun, 6 tweets, 3 min read
BOOM: ARK files for a bitcoin ETF (in collab with 21Shares). This would be bitcoin ETF filing #12. Image
While semi-shock, kinda makes sense as Cathie is on the board of 21Shares, which is a progressive bitcoin ETP issuer in Europe. They get US penetration and ARK can use own fund in their active ETFs. This pod/thread has good background on 21Shares ICYI:
While this def adds to excitement, I have recently become less bullish on bitcoin ETF approval the more I come to think SEC has hands tied by bigger forces in US gov. Thus, I think ETF may be in holding pattern until there's some kind of reg framework or crackdown on crypto. Image
Looks like this will track S&P's bitcoin index which uses the below exchanges: Image
Also interesting pretty sure this is this is first bitcoin ETF filing with a fee in the initital filing and it is 95bps, so gives idea of what the others may come in at. (ht @maybebullish ) Image
Also has a ticker already: $ARKB Image

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More from @EricBalchunas

Eric Balchunas Profile picture
1 Jul
Out with a note today predicting that $VTI (not $IVV or $VOO) will knock off $SPY in assets within 5yrs and then remain King of ETFs for decades to come. Not exactly going out on limb as it is curr 3rd biggest but it is still a whopping $130b behind $SPY. Image
$VTI has taken a net $100b more than $SPY in past 3yrs.. check out this uptick in flow-age. Plus, its ability to take in cash in down markets (which have to come at some point, right?) will help it gain a lot of that ground when bull mkt subsidy is non-factor. Image
It will also benefit from a) ppl migrating from the $1T MF since it is cheaper share class now and b) lack of competition. $IVV & $VOO will slowly drain $SPY but then those two have to split the booty. $VTI is 8-10x bigger than any other total mkt ETF, gets lion's share of flows. Image
Read 4 tweets
Eric Balchunas Profile picture
18 May
Ironically, the $MAGA ETF is crushing since Biden won, up 45%, double SPX and Dow, easily beating RSP, SUSA. It just holds all the right the stuff rn (industrials, energy, financials, value & no tech/comm) thx to strategy of screening for cos that donate the most to GOP..
Here's the relative sector differences with the S&P 500, which was poison under Trump but gold under Biden. What a world.
Meanwhile, clean energy has lagged since Biden won despite the perfect narrative..
Read 5 tweets
Eric Balchunas Profile picture
9 Mar
There's outright feeding frenzy going on for value ETFs rn, which have taken in about $5b in past week (that's a good month) and $20b YTD (nearly an ann record 10wks in). All in all 80 value ETFs have taken in cash. Here's a look at where the money is going $EFV $VTV $VLUE $IWN
Interesting (and yet kinda predictable) most of the cash is going to the watered down value ETFs even tho the pure stuff is popping WAY MORE. Here's a look at the Top 4 Value ETFs in our "intensity rank" vs $IWD & $VTV which rank near bottom.
Gotta say our BI factor intensity rank f-ing nailed it. The YTD returns (prev tweet) exactly match the ranking (which was done ahead of time using combo of volatility, # of holdings and loading). Nice work @tpsarofagis
Read 4 tweets
Eric Balchunas Profile picture
30 Jan
$SLV took in almost a BILLION dollars Friday, nearly double the old record for this 15-yr old ETF, after being targeted by WSB as way to go after the banks..
Here's the rationale:
And here's the song "Silver" by The Pixies, a haunting tune from Doolittle, my 2nd fav album of all time.
Read 4 tweets
Eric Balchunas Profile picture
28 Dec 20
There were a record 299 ETFs launched this year in the US (1,042 globally) up from 219 last year. Here's a look at the Top 20 by assets, an interesting list w/ only two from Big Three issuers. Also, this is JPM's 3rd straight year on top. Image
Also notable this year was the lack $100m+ ETFs in the group. Only about 36. Last two years there were over 60 (despite less launches).
Also gotta give Global X credit for owning the theme space despite so many new competitors - some big guys too - as $EDOC was biggest theme launch on heels of $CLOU last year. They do this w out really budging on fees either.
Read 5 tweets
Eric Balchunas Profile picture
23 Dec 20
Most of the ARK ETFs saw record flows last night. All told the ARK Fam took in about $1b based on Monday's $2b in volume, which means 50% of its volume was creates, wow. So lookout for another $1b+ in flows tonight based off Tue's $2.3b in volume (ARK reports shares T+1).
The 50% volume to flow ratio is even higher than I predicted but I will still take some credit for getting VERY close to nailing the flow amount.
$ARKK and $ARKG are 5th and 6th in overall in creations in past week with about $1b each. Big boy flows.
Read 5 tweets

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