Ken Nuttall

@alphaarchitect @choffstein @HML_Compounder corey would actually return stack it so it would actually be 16 pounds

@KenNuttallFP @choffstein @HML_Compounder an 8lb gorilla suit would be an interesting costume...

DFA entering the Section 351 game... sec.gov/Archives/edgar… A smart move after their attempt at an exchange fund.

@choffstein @alphaarchitect @HML_Compounder you are wearing a gorilla suit? need to see pics at teh next conference

@alphaarchitect @HML_Compounder They say to dress for the job you want. That's why I, as an 8lb gorilla, talk trash about innovators as well 😤

@AstoriaAdvisors @Nasdaq Very cool

Astoria on @Nasdaq Tower! We're honored to have our milestone of surpassing $500M in ETF assets celebrated on the Nasdaq Tower in Times Square! #AstoriaAdvisors #ETFs #Nasdaq

@JSeyff @HHorsley @coinbase @galaxyhq @Bitwise Cool A tax harvest is coming up

@KenNuttallFP @HHorsley @coinbase @galaxyhq @Bitwise It is. And the only real answer is: If you don’t want to deal with staking in general or the subsequent liquidity concerns. Or you don’t want to receive distributions for some reason?

NEW: BlackRock is launching their Ethereum Staking ETF today -- $ETHB. It will have the same fee as $ETHA at 0.25% bps but has a fee waiver down to 0.12% for the first year or first $2.5 billion in assets.

@JSeyff @HHorsley @coinbase @galaxyhq @Bitwise Is this effectively a dividend and why wouldn’t I buy this over etha?

As we already knew. $ETHB will have @coinbase as its custodian and staking provider. The list of approved validators is short though -- just Figment, @galaxyhq, and Attestant. Notably, Attestant was acquired by @Bitwise and is rebranding to 'Bitwise Onchain solutions'

@AstoriaAdvisors At this point who is not redeeming. Sort of self fulfilling in a way

This is becoming a weekly occurrence at this point.

@EconomPic @BillAckman Good question. Was thinking about this the other day and all the bad press on private credit

Wonder how the pitch is going for this @BillAckman backed startup that was going to put retirement accounts into 4-5x levered private credit

@PaulRieckhoff @colbertlateshow @StephenAtHome Very cool

Some shots from tonight on @colbertlateshow with @StephenAtHome. (📸 via Scott Kowalchyk) I was first on Stephen’s old show when my book came out in 2006. And here we are again. Talking about another deadly and unpopular American war in the Middle East. It's like déjà vu all over again. But like back then, I’m so grateful for Stephen’s support for our vets, our troops, and our democracy. America needs him now more than ever.🫡

@kgreifeld congrats!

jfyi twitter!!

@JeremyDSchwartz @TMTLongShort @abcampbell Do you show the portfolio return by years by any chance

@TMTLongShort @abcampbell I think it would surprise people what the neutral passive allocation to gold would be 🫡 The allocation to commodities within total assets of ETF market (close to $14 trillion total AUM) in the US is <2%.

You probably don’t own enough gold, anon 🫡

@hcrubin2009 @EricBalchunas Most of this was in banks at the time in either syndicated or club deal Form. There weee a few direct lending and there was bdcs who did this

@KenNuttallFP @EricBalchunas Was “Private Credit” called in the 2000s: Direct lending? Or still is? Club deals?

Genuine Q for private credit invs out there: what are you getting for your portfolio with PC that you can't get with an IG or HY ETF that is so worthwhile that you'd risk having your money frozen up or some of the holdings being marked to zero (which also recently happened)?

@hcrubin2009 @EricBalchunas I have always understood it to be the underlying clients. Private credit works well for smaller credits as it is easier and cheaper and could be more customizable. Issuing a bond is more cumbersome

@EricBalchunas @KenNuttallFP QUESTION: is a major difference between a PC Fund and JNK or HYG the use of leverage?

@EricBalchunas Agreed. I think the coolness factor is a big reason for these. You can go to a cocktail party and say you own a private credit fund

@KenNuttallFP Yeah altho you can go further out on junk curve now with ETFs all the way to XCCC

@syouth1 Is this a 351 exchange? I like the idea

Filing to register a *listed* closed-end fund that will hold stakes in late-stage unicorns (SpaceX, Anthropic, etc.) via SPVs. Call this one 'Escape from SPV', as LPs in those SPVs will exchange their interests for CEF shares which they can then sell. spr.ly/6016h7Ozo

@AdviserCounsel Most providers try to stay around 25. ETF provider told me It is psychologically a good number and allows people to fit in to accounts. We use spym because it’s price allows us to fit it into portfolios thenvoo (spym is also cheaper)

Do ETF sponsors, and more specifically Vanguard, spend any time thinking about their ETF's price and whether to split ? My understanding is that VOO (Vanguard S&P 500 ETF) has never split and it is currently trading at $630 per share.

@syouth1 Pretty interesting.

Investors in the XOVR debacle probably have questions. Among them--what happens next and what should I do? I try to address them in this article, which just went up. Huge thanks to my colleagues without whom I wouldn't have been able to publish this. morningstar.com/funds/an-etf-f…

@synthenergy @OptimizedPort So in same spot as the other short duration products

@KenNuttallFP @OptimizedPort Oh the worst case scenario is they make you pay back taxes on what "should have been" ordinary interest income?

$BOXX has more than made up for its higher fee so far, and before taxes.

@synthenergy @OptimizedPort Then you are in the same boat as other short duration bond funds with paying taxes on interest

@OptimizedPort There is unfortunately the regulatory risk though from "tax evasion", right?

@NateGeraci @EricBalchunas Probably other funds. This is kind of what simplify did a few months ago with centralizing its cash management

@EricBalchunas Would assume ProShares cut deal w/ one of major U.S.-based stablecoin issuers... Looking at assets, believe that would only leave Circle.

Launching today... ProShares GENIUS Money Market ETF (IQMM) It's designed to only hold securities that qualify as eligible reserves for stablecoins under the GENIUS Act. Offers an easy button solution for stablecoin issuers to park cash. Smart move IMO. via @isabelletanlee