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Friday, July 15, 2022|
A Gotham Startup Debuts an ETF Octet With a Focused Twist
A New York City startup's team lays claim to a fund industry first this week: leveraged and inverse ETFs that focus on a single stock each.
TSLQ offers investors a way to bet against Tesla, PFES and PFEL offer ways to bet against and on Pfizer, NKEQ and NKEL offer ways to bet against and on Nike, PYPS and PYPT offer ways to bet against and on PayPal, and NVDS offers a way to bet against Nvidia. Each of the funds offers magnified daily performance, or inverse daily performance, or magnified inverse daily performance, of its target stock.
The funds each come with the same expense ratio of 115 basis points, including a fee waiver promised through July 31, 2023. AXS serves as the investment advisor, and Matthew Tuttle (whose fund family AXS adopted earlier this year) and Parker Binion serve as the funds' PMs.
"We are thrilled to be the first firm to bring single-stock leveraged and inverse ETFs to U.S. investors," Bassuk states. He puts the launches in the context of the AXS team's continuing efforts to build out their family of "highly differentiated ETFs designed to provide investors with unique, first-of-their-kind investments to achieve their varying objectives."
"We're very excited about today's news, and all that we still have in our product pipeline for 2022 and beyond," Bassuk adds.
The new ETFs' other service providers include: Brown Brothers Harriman & Co (BBH) as custodian, fund accounting agent, and transfer agent; IMST Distributors, LLC as distributor; Morgan, Lewis & Bockius LLP as counsel; Mutual Fund Administration, LLC (MFAC) as co-administrator; Tait, Weller & Baker LLP as independent accounting firm; and UMB Fund Services, Inc. (UMBFS) as co-administrator.
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