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Tuesday, June 6, 2023

A Houston Startup Teams Up For an ETF

Reported by Neil Anderson, Managing Editor

The team at a commodity-based investment shop in Texas is partnering up to launch an index fund.

Last month, Timothy Kramer, CEO of CNIC Funds, LLC, and Varun Pawar, head of ICE Data Indices LLC, unveiled the launch of the CNIC ICE U.S. Carbon Neutral Power Futures Index ETF (AMPD on the NYSE Arca, Inc.). The new fund is a series of Tidal Trust II.

AMPD's inception date was May 18, and the new fund comes with an expense ratio of 95 basis points. As of yesterday, the fund had $2.29 million in AUM.

Carbon Neutral Investment Company, LLC (CNIC) is the sponsor of AMPD, while ICE is the index provider, Toroso Investments, LLC is the investment advisor, and Toroso affiliate Tidal ETF Services LLC is administrator. The new fund is PMed by Qiao Dunn and Charles Ragauss, portfolio managers at Toroso, And the fund is designed to track the ICE U.S. Carbon Neutral Power Index (ICECNPIT), which launched back in January.

Kramer puts the launch of AMPD in the context of the high correlation between electricity prices and CPI.

"CNIC is proud to partner with Tidal Financial Services in bringing AMPD to the market as the only commodity-based carbon neutral product that seeks to provide inflation mitigation and portfolio diversification," Kramer states.

"Leveraging ICE's deep understanding of commodities and innovative approach to index construction, and a methodology licensed from CNIC, highlights the power of ICE Data Indices' platform and our ability to offer investors soltuions to meet their needs," Pawar states.

According to Donald Sinclair, chairman of CNIC, "AMPD will broadly represent total U.S. electricity consumption and the associated U.S. power prices."

"We believe there is significant investor demand for a carbon neutral commodity-based financial product and we are excited to be able to team up with ICE and Tidal Financial Services to bring these products to market," Sinclair states.

AMPD's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Foreside Fund Services, LLC as distributor; Sullivan & Worcester LLP as counsel; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant, subadministrator, and transfer agent; and U.S. Bank National Association as custodian. 

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