[10/10/23] Ether ETFs and Morgan Stanley Conversions

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WEEKLY ROUNDUP OF ETF FILINGS, LAUNCHES & CLOSURES

After many weeks of delayed decisions about spot bitcoin funds, investors eager for cryptocurrency exchange-traded funds finally got some definitive news with the simultaneous approval of nine ethereum futures ETFs.

Valkyrie Investments, VanEck Funds, Proshares and Bitwise Asset Management all launched funds Oct. 2, while Volatility Shares and Kelly Strategic Management have yet to open theirs.

The attention crypto ETFs have garnered is yet to translate into flows. VanEck’s fund ended last week with $8.3 million in assets while Bitwise’s had less than $1 million. The ProShares Bitcoin Strategy ETF (BITO), by contrast, gathered around $200 million in assets under management in its first 15 minutes when it debuted two years ago, according to Bloomberg’s Eric Balchunas.

Morgan Stanley, which helped create some of the first ETFs in the 1990s before selling off its ETF business, has been back in the fray. It announced its first ETF-to-mutual-fund conversions last week, after launching six exchange-traded funds earlier this year.

The S&P 500, while still up 12% in 2023, has been declining recently, having fallen 3.5% in the past month. The one sector to have remained flat during that time has been communications services, as measured by the Communication Services Select Sector SPDR Fund (XLC).

By Gabe Alpert

Below is a roundup of the key developments in the ETF industry during the week ending Oct. 6, 2023:??

SEC Approves 9 Ether Futures ETFs The ETFs, from firms like Valkyrie and ProShares, may be an encouraging sign for crypto investors. ??

Cathie Wood’s Flagship ARK Innovation ETF to Launch in Europe Next Year Wood didn't rule out a move into crypto ETPs in Europe, as well.

Morgan Stanley Files for Its First Mutual Fund Conversions The firm plans to convert two bond funds with over $700 million in assets.

Featured Fund

Communication Services Select Sector SPDR Fund (XLC)

XLC tracks a market-cap-weighted index of US telecommunication and media & entertainment components of the S&P 500 index.

WHAT TO WATCH

Bill Gross Blames Retail ETF Investors for Bond Market Selloff The Pimco co-founder says "vigilantes" are driving the 10-year Treasury toward 5%.

Best Performing ETFs of September 2023 Marijuana funds went higher while hydrogen funds sank.

First Active ETFs Launch From Goldman Sachs Accelerator Brandes Investments Partners launched the three active funds.

Last Chance to Register:?Diversifying Your Fixed Income Strategy. October 10 at 2:00 PM ET. 1 CE credit eligible. Register today!

PODCAST

Is the Fed done hiking rates? Why are so many people putting money into the iShares 20+ Year Treasury Bond ETF (TLT)? Those are some of the questions that Karen Veraa, Head of iShares US Fixed Income Strategy, answers in this episode of Exchange Traded Fridays. Veraa sits down with etf.com Senior Analyst Sumit Roy to discuss everything you need to know about the current fixed income investing environment. Listen Now

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VIDEO

Just a few weeks ago, the SEC adopted amendments to a rule regarding registered fund names. The SEC said the amendments were intended to “modernize and enhance investor protections … given the important information that fund names can convey to investors.” What does this mean for ETF fund names going forward? etf.com Senior Analyst Sumit Roy sits down with Ryan Charles, Principal at Kelley Hunt & Charles, LLC, an Asset Management Law Firm, on the latest episode of Talk ETFs to discuss. Watch Now | YouTube

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