|Bid||0.0000 x 4000|
|Ask||0.0000 x 900|
|Day's Range||3.3600 - 3.5100|
|52 Week Range||1.8700 - 6.5500|
|Beta (5Y Monthly)||2.02|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.12 (3.53%)|
|Ex-Dividend Date||May 12, 2020|
|1y Target Est||N/A|
(Bloomberg) -- WisdomTree Investments Inc. is looking to start a Bitcoin exchange-traded fund, but it faces an uphill battle for approval.The New York-based asset manager plans to launch a fund that could invest as much as 5% of its net assets in Bitcoin futures traded on the Chicago Mercantile Exchange, according to a Securities and Exchange Commission filing.Cryptocurrency supporters have long argued that a Bitcoin ETF would give the nascent industry cachet, but the SEC has quashed many prior proposals. The industry has been plagued by an array of troubles -- including scandals of hacking and theft -- and the regulator has urged issuers to address those alongside problems with liquidity and custody.“The SEC has highlighted numerous concerns about Bitcoin ETFs directly, and is unlikely to approve something that explicitly tracks Bitcoin,” said Todd Rosenbluth, CFRA Research’s head of ETF and mutual fund research.In February, the SEC nixed a proposal that aimed to mix Bitcoin and short-term Treasuries as a way to cushion against crypto volatility. Since then, Bitcoin’s been on a roller-coaster ride, losing 25% during its March crash when it sold off along with many other riskier assets amid the coronavirus pandemic. But it’s gained about 45% since then and is up 30% for the year.The proposed ETF, called the WisdomTree Enhanced Commodity Strategy Fund, would additionally provide broad-based exposure to the four commodity sectors through futures contracts: Energy, agriculture, industrial metals and precious metals, according to the filing.Another potential issue with WisdomTree’s proposal is its use of futures, a practice that has come under increased scrutiny after a plunge in oil contracts roiled the United States Oil Fund in April.WisdomTree declined to comment beyond the filing.“My experience has told me that in a world in which we have physically-based products versus futures-based products, what most investors want and expect is spot price, they want access to the physical,” said Steven Dunn, head of ETFs at Aberdeen Standard Investments. “I always just get concerned -- do investors understand what they’re getting?”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Franklin's (BEN) fiscal Q1 results are likely to reflect the favorable impact of solid market performance, partly muted by overall net outflows.
WisdomTree Investments, Inc. (WETF) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock.
WisdomTree's (WETF) divestiture of its Canadian subsidiary to CI Financial reflects the bank's streamlining activities in the Canadian market.
(Bloomberg) -- Shares of the biggest online brokerages plummeted Tuesday after market leader Charles Schwab Corp. announced plans to eliminate commissions for U.S. stocks, exchange traded funds and options.TD Ameritrade Holding Corp. took the biggest hit, tumbling 26%, the most since 1999. E*Trade Financial Corp. dropped 16%, the most in more than a decade. Shares of Interactive Brokers Group Inc. and Schwab both slid more than 9%.The move escalates a long-simmering price war as investors gravitate toward the cheapest products, with Interactive Brokers announcing just last week that it would provide free trades. Since the middle of last year, firms including Fidelity Investments, Vanguard Group and JPMorgan Chase & Co. have eliminated fees and commissions on a range of offerings.See also: JPMorgan offers free trades in escalating fight for retail“They’ll have to follow suit,” Kyle Sanders, an analyst at Edward Jones, said of Schwab’s competitors. “It’s a commoditized business. When there’s an announcement by one firm, others play catch-up or take a more aggressive strategy.”Schwab’s online clients will qualify for zero commissions, down from $4.95 per trade, starting Oct. 7, the firm said in a statement. It will continue to charge a fee of 65 cents per contract for options trades.Double-WhammyAmeritrade is more exposed than its closest rivals because the company gets more than a third of its revenue from commissions in fees, said David Ritter, a senior analyst with Bloomberg Intelligence.“It’s a double-whammy for them,” he said. “For the biggest of the big like Schwab, they’re best able to absorb and monetize in other ways.”While the San Francisco-based company, with about $3.75 trillion of client assets, gets a majority of its revenue from net interest income, its decision to eliminate commissions comes at a perilous time because of historically low interest rates. Last month, the brokerage said it was cutting 600 jobs, or about 3% of its workforce, citing “an increasingly challenging economic environment.”Read more: Schwab to cut 600 jobs as falling rates crimp interest incomeSchwab’s move also may prompt Ameritrade and E*Trade to reconsider a merger, Ritter said.Schwab previously doubled its suite of no-commission ETFs in March, bringing its total to more than 500 at the time. BlackRock Inc. iShares products were added to its platform, Schwab ETF OneSource, with 90 funds. Several fund issuers including State Street Global Advisors, Invesco Ltd., WisdomTree Investments Inc., J.P. Morgan Asset Management and Pacific Investment Management Co. also planned to add to their commission-free offerings already on the platform.The cut to zero commissions is an inevitable industry trend that Schwab is trying to get ahead of, its Chief Financial Officer Peter Crawford said in a separate statement Tuesday.“We are seeing new firms trying to enter our market -- using zero or low equity commissions as a lever,” Crawford said. “It has seemed inevitable that commissions would head towards zero, so why wait.”Robo-AdviceThe company last cut its retail trading commissions to $4.95 from $6.95 in February 2017, matching cuts by Fidelity. Since then, assets at the firm have grown by about $800 billion from a combination of market gains and net new inflows.The brokerage can make up for lost revenue by offering advice to clients approaching retirement, said Alois Pirker, Aite Group’s research director for wealth management.“They’re looking at their client base and saying, ‘what do our clients need right now?’ They need advice and they need portfolios,” Pirker said.Schwab has a range of advice offerings, from a free basic robo-advice platform to dedicated financial advisers, whose fees can start at 0.8% of assets per year.For Schwab, offering free trades is the ultimate extension of its roots in the 1970s as a discount broker.“Eliminating commissions ensures my ultimate vision is realized -- making investing accessible to all,” Schwab’s billionaire founder and Chairman Charles Schwab said in the statement.(Updates share prices in second paragraph.)\--With assistance from Emma Vickers, Ben Steverman and Peter Eichenbaum.To contact the reporters on this story: John Gittelsohn in Los Angeles at firstname.lastname@example.org;Annie Massa in New York at email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, ;Pierre Paulden at email@example.com, Vincent Bielski, Melissa KarshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WisdomTree (WETF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.