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Prikvačeni tweet
New blog post. First in a while, and a special one for me and the team at Exponential. Beyond the Troughhttps://exponentialetfs.com/beyond-the-trough/ …
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New website launch! https://exponentialetfs.com/ Kudos to
@jmblech and@studiopenceHvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi -
Ann Arbor Fintech Meetup - I'll be speaking on Wednesday, February 19 at
@AnnArborSPARK about building for the asset management industry of the future. Sign up here:https://www.meetup.com/Ann-Arbor-FinTech-Meetup/events/lcnntlybcdbzb/ …Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi -
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Phil Bak proslijedio/la je Tweet
Link to interview I did at the ETF conference with Phil Bak, covering lots of interesting issues like impact of popularity of ESG and low volatility strategies on returns, as well as the issue of has value been killed by popularity and cash flows http://hwcdn.libsyn.com/p/8/2/3/8231b9891a86dbe0/EP.70_-_Larry_Swedroe_FINAL.mp3?c_id=63791084&cs_id=63791084&expiration=1580739316&hwt=6d76cdd90e6c2a0f5dd6aa295554d630 …
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This week on The ETF Experience: The Great Larry Swedroe
@larryswedroe *Unusual factors beyond Fama French *Popularity vs crowding effects *Rubber Band Theory *Lottery Effect *Low Vol, Value, ESG, Size *”sin a little” on value *Lots morehttp://traffic.libsyn.com/exponentialetfsexceptionalpodcast/EP.70_-_Larry_Swedroe_FINAL.mp3 …Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi -
Phil Bak proslijedio/la je Tweet
On the plus side, the China stock sell-off is going to be an interesting chance to stress-test some U.S.-listed ETFs.https://twitter.com/philbak1/status/1224084686437339138 …
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They don't have to post anything if they decide to just do cash creates/redeems, and that is pretty much the best case here. Anyway, use limit orders, don't panic sell, and all that stuff... Happy trading.
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Here is the NYSE closed creations page. Note that there are already several on here and these trade mostly fine. https://www.nyse.com/products/etp-closed-creation … I expect several additions to this list tomorrow. No market maker is going to want more Chinese stocks on their books if they can't sell them.
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Better yet, call the capital markets desk of the issuer of the fund. Expect less liquidity, wider spreads, and some crazy swings... but the ETF will trade. Price discovery of the Chinese equity markets is going to move to the US markets, to the ETFs.
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If they halt creations, or if they are able to halt redemptions (which I doubt), they will have to put out a press release and an announcement on the primary listing exchange. BEFORE YOU TRADE ANY ETF WITH CHINA EXPOSURE, CHECK FOR A PRESS RELEASE.
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Now, ETFs that have some exposure to China - let's say a 25% allocation to an emerging market ETF - well now it is getting tricky. The issuer has some discretion and will be making the call in conjunction with their APs and market makers.
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Either way, the ETF will be dislocated from the market price, at least to some degree. This is not as scary as it sounds - essentially the ETF acts like a closed end fund...
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If a market maker feels unsure about the NAV calculation they are going to blow out their spreads, unless they are trying to just unload inventory on the market...
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But they still filled redemptions. People need to be able to get out of the trade. This creates all sorts of pricing headaches - those redemptions occur at NAV, calculated by the fund admin.
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It is relatively painless for issuers to halt creations (the process is simply issue a press release and make an exchange notification), but halting redemptions is MUCH harder. We have seen a halt in creations before (TVIX). When the Egyptian market closed the ETF still traded...
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The first thing is that baskets are going to change from "in kind" to cash. That will not have an impact on anyone except for the APs. You don't have to worry about that, and it will not impact pricing on the secondary market.
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Here is what to expect from your China ETF tomorrow (thread): Background is that China first announced a ban on short selling, and now a ban on “major shareholders” from selling stock for six months. This is what I expect to happen tomorrow:
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What's a "phantom short"? How can you hedge currency exposure embedded in an ADR? How do ActiveShares ETFs mask their holdings? These Qs and more are answered here:https://twitter.com/philbak1/status/1222130954757496832 …
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Phil Bak proslijedio/la je Tweet
Church dress code question: Should I wear this
@ExponentialETFs polo shirt to Mass today, or should I chose a different ETF provider?pic.twitter.com/vrE6oA3vDt
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Zerohedge was insufficiently bullish.
#WrongthinkHvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi
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