"ETFs" Posts
The cash-ETF arbitrage

The cash-ETF arbitrage

The cash vs. ETF arbitrageThe creation & redemption process allows a trader (an authorized participant) to obtain or get rid of ETFs easily and at virtually no cost. From the composition, they can calculate the value of the ETF at any time with great accuracy. The...

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The cash-ETF arbitrage

Creation & redemption

The ETF creation-redemption processYou can’t talk about ETFs without mentioning the creation-redemption process, which is quite unique in the fund management space. A practical exampleHere is a practical example of the creation redemption process. Let’s say that you...

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The cash-ETF arbitrage

What is an ETF? Introduction and history

Definition and history of ETFsIntroduction - What is an ETF An ETF is an “exchange-traded fund”, in other words, a 1933 act fund (like those you find in your Vanguard or Fidelity retirement accounts), but whose units happen to be listed on a stock exchange like a...

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Are the Robinhood traders going after the VIX?

Are the Robinhood traders going after the VIX?

‘When you combine ignorance and leverage, you get some pretty interesting results.” Warren Buffett

Three good notes from the derivatives research teams of Morgan Stanley, Société Générale, and Nomura point to a potential squeeze in the VIX, as a result of the increasing retail activism. This technical post explains the contents of the research papers. Spoiler alert, yes, the VIX is prone to a squeeze.

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Four-barrel gun

Archegos: the questions nobody asks

What happened at Archegos? A lot has been published already, but many critical questions have still not been asked. After a factual summary / press review, this article asks the missing critical questions.

Rogue, the new numps

“I’m going rogue”, claims the principal

Guy Gentile is a principal with a checkered past: pump-and-dump, lack of registration, soliciting US customers from the Bahamas… He’s not hiding that he went rogue.
He just got sued by the SEC for evading US stock trading regulations. Again.

Cannabis and Wall Street

Cannabis: Wild West meets Wall Street

The cannabis industry is growing up, getting sophisticated. Perceptions are changing, but regulations are inconsistent. The smart money has arrived.
Here are the regulatory, financial, and investment challenges, as well as the opportunities, driving this rapidly evolving market.

Fishing Fly

The Tesla and Bitcoin lures

Two articles coincide into a disappointing conclusion. The casino markets will lure a chunk of the stimulus money into bad investments.

Payday loans

Buy Now Pay Later, the new payday loans

Buy Now Pay Later (BNPL) is the new form of credit used by 1 in 3 US consumers, and growing at 40% per year. It’s the new payday loan business.

This report explains what BNPL is, who uses it, how much it grows, and what this business really is about. The review asks questions to ponder about this new funding business.

Unicorn meat v2

SPAC, off-the-shelf dream?

The blank check companies are raising billions in IPOs… but for how long? Here is the SPAC 101 manual: nature, popularity, ego crisis… and even options!

Compass

The SEC’s new priorities: climate, seniors, cryptos & fintechs

The SEC has released its new sets of priorities for 2021. Here they are. Climate & ESG risks, disclosures and policies will be the focus #1. Retail investors, seniors, retirement savors: Reg BI and Fiduciary Duty compliance Information Security & Operational...
Hammock over the emptiness

4.25% repo on 10Y and other volatility warnings

This week saw some really unusual moves, 10Y repo, intraday volatility, stock rotations, A harbinger of more volatility to come?

Old calendar

T+1 ?

Should US stocks settle T+1? The current T+2 settlement date is considered antiquated, and the Robinhood affair (gee, them again???) has relaunched the debate. Here is a review of the DTCC’s proposal, as well as an idea for derivatives traders.

classe dissipee

Adult supervision needed in the crypto trading rooms

The SEC and the NY AG are suing CoinSeed for lack of registrations and multiple other counts. That’s a cold shower for the crypto industry. Spoiler alert: adult supervision is needed.

Psychic crystal ball

Geode hedge fund, loses big on volatility bets during COVID

Geode handles $700 bn of Fidelity’s index tracking assets. Geode Diversified, the much smaller hedge fund business, took a 36% loss on COVID’s volatility rally. It is now getting the axe.

Navesink International March 2021 Newsletter

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