[12/26/23] A ‘Spotcoin’ With a Sustainable Spin

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WEEKLY ROUNDUP OF ETF FILINGS, LAUNCHES & CLOSURES

Looking over the applications from thirteen major firms vying to be the first to launch the much anticipated spot bitcoin ETF, you may wonder—where’s the variety?

A smaller, Miami-based issuer offered a unique approach for investors concerned about bitcoin’s environmental impact: a spot bitcoin ETF with a sustainable twist. 7RCC Global Inc. filed to launch a spot bitcoin fund that invests 20% of its portfolio in carbon credits to offset bitcoin’s energy usage.

With the Securities and Exchange Commission's next deadline approaching early next month, whether new entrants in the spotcoin race will be approved along with the bigger players like Fidelity and BlackRock remains to be seen

“The Fund offers a unique opportunity for investors to diversify their portfolios, balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures,” the company’s blog post reads.

In non-bitcoin news, ProShares, the issuer with $60.2 billion in assets under management in 141 exchange-traded funds, launched the novel S&P 500 High Income ETF (ISPY) last week. The fund tracks the S&P 500 Daily Covered Call Index, which mimics a daily covered-call strategy that “sells call options with one day to expiration each day,” the company said in a press release.

By Lucy Brewster

Below is a roundup of the key developments in the ETF industry during the week ending Dec. 22, 2023:??

A Spot Bitcoin ETF With ESG Twist May Be Coming Upstart 7RCC Global promises to dedicate 20% of the fund’s portfolio to carbon credits.

ProShares Unveils Novel Daily Covered-Call ETF The fund tracks the S&P 500 Daily Covered Call Index.

SEC’s Peirce: Spot Bitcoin ETF is Past Due The agency “needs to change its attitude” on all things crypto, SEC Commissioner Hester Peirce said Thursday.

ETF Fees Rising as Active Management Grows At least 400 ETFs have raised their fees this year, Morningstar survey finds.

Crypto Stock ETFs Outperform Bitcoin in 2023 BITQ performance beats bitcoin and is far ahead of BITO in 2023.

Featured Fund

ProShares Bitcoin Strategy ETF (BITO)

BITO actively manages a portfolio of front-month CME bitcoin futures.

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PODCAST

The RiverNorth Patriot ETF (FLDZ) is one of the most interesting exchange-traded funds on the market—it donates all its profits to Folds of Honor, a 501(c)(3) non-profit organization that provides educational scholarships to the families of military members and first responders who have fallen or been disabled while on active duty.

In this episode of Exchange Traded Fridays, Patrick Galley, chief executive officer and chief investment officer at RiverNorth, discusses the origins of FLDZ and its benevolent mission.?Listen Now

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VIDEO

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