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The Tidal Financial Group (Tidal) expanded rapidly over the last decade and encompassed multiple ETF related brands including Toroso Investments, Tidal ETF Services, and the ETF Think Tank. Going forward all activity will be unified under the Tidal brand as we become one company, dream, family, and platform focused on holistic ETF customer solutions.

Throwback Thursday: ETFs Evil Twin

Structure Matters

I remain grateful to Kathleen Moriarty (aka “spdrwoman”) for sharing her knowledge about the differences between ETFs and ETNs in this 2014 interview. I think it is a MUST read for everyone who owns ETNs.

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How timely this interview is to read given how so many holders of ETNS have to contend with the Delisting process. When a fund like VelocityShares (TVIX) is delisted it will trade with a wider spread and possibly even a premium to a “stated estimated Net Asset Value (INAV). A key benefit to ETPs is liquidity, but when the symbol of an ETN has an F at the end (TVIXF) it means that it no longer trades on a major market and, therefore; will not offer the same liquidity characteristics expected of most ETPs – especially ETFs .  Strange as it sounds – YOU WERE WARNED!

Per Dave Nadig’s mission to figure out what is happening with TVIX I would point out that many banks; including UBS, Credit Suisse and Barclays ETNs seem to be getting out of the ETN business. Bottom line – for ETN buyers/owners – note that these banks have borrowed money from ETN investors in the form of a subordinated debenture in exchange for agreeing to provide a return similar to an index. Read the prospectus! When you loan money to someone shouldn’t you know the terms? Moreover, if the terms are unclear – assume that means that the bank that borrowed your money wrote the document that favors THEIR interest.


ETFs, Show Me the Money

ETFs, Show Me the Money

ETFs are an amazing tool for investors due to the many client alignment factors

ETF Industry KPIs – 7/21/2020

ETF Industry KPIs – 7/21/2020

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