MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, May 10, 2024 Defiance Adds to a $538MM-AUM Suite, And ... The folks at Florida fund firm are teaming up with a familiar pair of allies to more than double the lineup in an eight-month-old suite of ETFs.
USOY's inception date was May 9, 2024 (i.e. yesterday). It is a series of the Tidal Trust II, and TLTY, SLVY, and GLDY will be, too. The funds are all actively managed and come with the same expense ratio: 99 basis points. All four ETFs will be on the Nasdaq. Tidal Investments LLC serves as USOY's investment advisor, Defiance Group Holdings LLC and Zega Financial LLC serve as USOY's sponsors, and Zega serves as USOY's subadvisor. The fund's PM team includes: Mick Brokaw, portfolio manager at Zega; Qiao Duan, PM at Tidal; Jay Pestrichelli, PM at Zega; and Charles Ragauss, PM at Tidal. (The planned GLDY, SLVY, and TLTY ETFs will also the same PM team, subadvisor, sponsors, and investment advisor as USOY does.) USOY is designed to use optons to generate income while providing indirect exposure to the United States Oil Fund (USO), an ETP. GLDY, SLVY, and TLTY are designed to do the same, but instead with respect to SPDR Gold Shares (GLD), the iShares Silver Trust (SLV), and the iShaes 20+ Year Treasury Bond ETF (TLT), respectively. Jablonski calls USOY "the first-of-its-kind Oil Income Options Overlay ETF." She argues that the new fund "is strategically positioned to capitalize" on a potential oil price rally this year while still generating income. "With USOY, investorrs can access enhanced income potential in the oil market while maintaining exposure to USO's share price movements," Jablonski states. The debut of USOY comes less than eight months after the Defiance, Tidal, and Zega folks teamed up for their first "enhanced option income ETF" launch last September (which was followed by two more launches). As of yesterday, the Defiance enhanced option income ETF trio had grown to about $538 million in AUM, up by $167 million (45 percent) in the last five months. USOY and the planned ETFs' other sevice providers include: Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; Sullivan & Worcester LLP as counsel; Tidal ETF Sevices LLC as administrator; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant, sub-administrator, and transfer agent; and U.S. Bank National Association as custodian. Printed from: MFWire.com/story.asp?s=67409 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |
