Invesco is planning to launch a pair of cryptocurrency-focused exchange-traded funds, even as regulators have repeatedly delayed the approval of a U.S. Bitcoin ETF.
About 85% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities, according to a filing with the Securities and Exchange Commission. The rest of the portfolio will be in other trusts and funds that hold cryptocurrencies.
The SEC has delayed making a decision on the pileup of Bitcoin ETF applications, though odds of approval this year have faded after skeptical comments last month from new Chairman Gary Gensler.
At least 12 issuers, including Fidelity Investments, Grayscale Investments and WisdomTree Investments, are currently pursuing a Bitcoin ETF, and the SEC has acknowledged at least six applications, according to Bloomberg Intelligence. That means it has a limited amount of time to either approve or reject the proposals.
Invesco is the latest issuer to get creative as the SEC hits pause. An application for the Volt Bitcoin Revolution ETF was filed this week, which would target companies exposed to Bitcoin. Meanwhile, the Bitwise Crypto Industry Innovators ETF (BITQ), which tracks companies such as crypto miners and payment firms, launched in May.
Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.
A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.
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Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
