Brittany Christensen, senior vice president of head of business development at Tidal Financial Group, speaks to Bloomberg's Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ". They discuss ETF launches, mutual fund conversions and increased staffing levels at Tidal. ...

【文/观察者网 熊超然】一直以来，都有一群投资者密切关注美国前众议院议长南希·佩洛西（Nancy Pelosi）披露的股票交易，紧跟她的一举一动，并经常从中获利。可如今，"天塌了"！ 当地时间11月6日，美国有线电视新闻网（CNN）在一篇报道中略带嘲讽意味地指出，佩洛西当天宣 布，她将国会任职四十年后退休，不会参加明年的中期选举，而一旦她离开国会，将不再被要求公开披 露其家庭的股票持有情况。 作为来自加利福尼亚州的民主党籍联邦众议员，佩洛西是国会中最富有的成员之一，也是国会山最知名 的投资者之一，甚至戏谑般地被冠以"股神"的名号。据追踪美国两党议员股票交易的Capitol Trades平台 数据显示，过去三年，她披露的交易额约为5900万美元。 佩洛西 资料图 据报道，目前并没有法律明文禁止国会议员持有或买卖股票，但联邦法律要求议员在45天内披露他们本 人、配偶或子女的交易，或代表他们进行的任何股票活动。披露的交易以区间形式报告，而非精确金 额。 联邦文件显示，大多数与佩洛西有关的交易由其丈夫保罗·佩洛西（Paul Pelosi）完成。佩洛西办公室的 一名发言人曾在2022年宣称，佩洛西本人并不参与丈夫的投资 ...

Core Insights - The ETF industry is experiencing a significant transformation with new entrants and innovative products, such as the LionShares US Equity Total Return ETF, which aims to provide tax advantages through dividend management [1][2][3] - The dominance of major players like BlackRock, Vanguard, and State Street is declining, capturing only 57% of investor flows in 2023, the lowest share on record [2] - The number of new ETF issuers has surged, with 60 new entrants in the past two years, marking the highest rate of new fund launches since the inception of ETFs in 1993 [3][4] Industry Trends - The ETF market has attracted over $2 trillion in investor cash recently, indicating strong demand for these investment vehicles [3] - The barriers to entry for launching ETFs have significantly decreased, allowing independent traders and smaller firms to enter the market more easily [8] - The ETF footprint is expanding, with ETFs now representing 36% of all US fund assets, a doubling of their market share over the past decade [6] Competitive Landscape - The competition in the ETF space is intensifying, with a tripling of launches since 2021, but closures are also rising, with one ETF shutting down for every five that launch [9] - The operational costs for launching an ETF have decreased, with estimates suggesting around $65,000 to set up a fund and $225,000 in annual operating expenses, down approximately 20% from a decade ago [8] - The challenge for new entrants is not just launching but also achieving commercial viability in a crowded market [10]

Market Imbalance - Tech sector constitutes 35% of the S&P 500, marking a 50-year high [3] - Defensive sectors (staples, healthcare, utilities, and energy) represent only 19% of the S&P 500, a 35-year low [3] - Investors' exposure to tech stocks is at an all-time high [4] Alternative Investments - Investors are exploring alternatives like gold, Bitcoin, and cash to address the imbalance [4] - Cash offers a 4% return with no volatility [4] - Gold is exhibiting the best trend in the investable universe [4] - Crypto assets are attracting investors seeking exposure and potential uncorrelation with the tech sector [5] ETF Trends - Investors are increasingly allocating funds into alternative asset ETFs [5] - Leveraged ETFs and alternative investments are gaining attention [6]

Core Viewpoint - Tidal Financial Group has announced the closure and liquidation of the Azoria TSLA Convexity ETF (TSLV) and the Azoria 500 Meritocracy ETF (SPXM), determining it to be in the best interest of the funds and their shareholders [1]. Fund Closure Details - The TSLV and SPXM will cease trading on the Cboe BZX Exchange at the close of regular trading on December 8, 2025, and will no longer accept creation orders from that date [2]. - Shareholders can sell their holdings prior to the Closing Date through standard brokerage transactions, which may incur customary brokerage fees [3]. Liquidation Process - Between December 8, 2025, and December 15, 2025, the funds will begin liquidating their holdings and increasing cash positions in preparation for final distribution, which will lead to a departure from their stated investment strategies [4]. - On or around December 15, 2025, the funds will distribute remaining net assets to shareholders of record who have not sold their shares prior to liquidation, with this final distribution treated as a taxable event [5]. - After the distribution of net assets is complete, the funds will be officially terminated [6]. Company Background - Tidal Financial Group, formed by ETF industry pioneers, aims to revolutionize the development, launch, marketing, and sale of ETFs, focusing on growing assets under management (AUM) and providing a comprehensive suite of services and tools for ETF innovation [7].

Core Insights - Investors are rapidly channeling funds into U.S. ETFs, with inflows surpassing $1 trillion this year, indicating a significant shift from traditional mutual funds to lower-cost, more liquid ETFs [1] - This trend is expected to continue, potentially reaching an annual record of $1.4 trillion by the end of 2025, driven by a broad range of ETF categories benefiting from this influx [1] - The U.S. ETF industry has seen a consistent net inflow for 41 consecutive months, with assets reaching $12.7 trillion as of the end of September [1] Fund Flows and Market Dynamics - The momentum of ETF inflows has accelerated this year, with a nearly 23% increase in asset inflows year-to-date [1] - The outflow of funds from mutual funds, totaling $481 billion in the first nine months of 2025, is expected to continue driving higher ETF inflows [1] - The historical milestone of $1 trillion in ETF inflows was first achieved on December 11 of the previous year, marking a significant moment in the industry [1] Industry Perspectives - Industry experts emphasize the need for accelerated innovation, expanded market access, and enhanced investor education in light of the growing ETF market [1] - Discussions among asset managers about launching new ETFs or converting existing mutual funds into ETFs are becoming increasingly common, reflecting the industry's adaptive strategies amid market uncertainties [2]

Core Points - Tidal Financial Group announced the closure and liquidation of the FIRE Funds™ Income Target ETF (FIRI) and the FIRE Funds™ Wealth Builder ETF (FIRS) as determined by the Board of Trustees of Tidal Trust III [1][2] Fund Closure Details - The FIRI and FIRS funds will cease trading on the NYSE Arca at the close of regular trading on October 24, 2025, and will not accept creation orders after this date [2] - Shareholders can sell their holdings prior to the Closing Date through standard brokerage transactions, but after October 24, 2025, they will receive cash distributions as part of the liquidation process [3] Liquidation Process - Between October 24, 2025, and October 30, 2025, the funds will begin liquidating their holdings and increasing cash positions, which will lead to a departure from their stated investment strategy [4] - On or around October 30, 2025, the funds will distribute remaining net assets to shareholders of record who have not sold their shares prior to liquidation, with distributions treated as a taxable event [5][6] Company Background - Tidal Financial Group, formed by ETF industry pioneers, aims to revolutionize ETF development, marketing, and sales, focusing on growing assets under management (AUM) and providing innovative tools and methodologies [7]

Core Viewpoint - Tidal Investments LLC has decided to close and liquidate the ATAC US Rotation ETF after receiving approval from the Fund's Board of Trustees [1] Fund Closure Details - The Fund will stop trading on the NYSE Arca, Inc. at market close on October 20, 2025, and shareholders are advised to sell their shares before this date [2] - After trading ceases, remaining shareholders will have their shares automatically redeemed for cash based on the Fund's net asset value (NAV) as of the liquidation date, October 24, 2025 [3] - The Fund may hold higher levels of cash and deviate from its stated investment objective during the wind-down period to prepare for liquidation [3] Termination Process - Following the distribution of proceeds, the Fund will officially terminate [4] Company Background - Tidal Financial Group is focused on revolutionizing ETF development, marketing, and sales, providing a comprehensive suite of services and proprietary tools to enhance growth potential in the ETF space [5]

NEW YORK, Oct. 03, 2025 (GLOBE NEWSWIRE) -- Tidal Investments LLC, a Tidal Financial Group company (“Tidal”), investment adviser to the ATAC US Rotation ETF (NYSE: RORO) (the “Fund”), has determined, after approval by the Fund’s Board of Trustees, to close and liquidate the Fund. The Fund will cease trading on the NYSE Arca, Inc. at market close on October 20, 2025. Shareholders who wish to sell their shares on the exchange should do so on or before that date. Following the close of trading, shares will no ...

Group 1 - GSR has filed for an exchange-traded fund (ETF) focused on cryptocurrency treasuries, along with proposals for four additional funds targeting Ethereum and staking [1][7] - The GSR Digital Asset Treasury Companies ETF will allocate at least 80% of its assets to companies that hold cryptocurrencies in their corporate treasuries, initially targeting 10-15 positions [2][4] - The filing includes examples of treasury companies such as MicroStrategy, which holds approximately 640,000 Bitcoin valued at nearly $73 billion, and other firms like Bitmine Immersion and SharpLink [5][6] Group 2 - GSR's recent initiatives reflect a growing trend in cryptocurrency treasuries, expanding beyond Bitcoin to include assets like Ethereum, Solana, XRP, and TON [4] - The company has recently established a U.S. asset management division and led a $100 million funding round for Upexi to develop a Solana treasury [6] - The SEC is currently reviewing over 90 applications for various crypto ETFs, indicating a more favorable regulatory environment for such products [7][8]