Latest news with #MichaelVenuto
Yahoo
24-07-2025
- Business
- Yahoo
ETF Wave Hasn't Crested Yet, Tidal Co-Founder Says
Tidal Financial Group had quite a different name when it was founded in 2012. Back then, it was called Toroso, which means 'bull' and 'bear' in Spanish. Now, the New York City-based firm has found success as a third-party service provider that helps build and manage exchange traded funds, and its list of clients keeps growing. Co-founder and Chief Investment Officer Michael Venuto sat down with ETF Upside to talk about the company's roots and what excites him about the future of the business. READ ALSO: Gimme an S&P 500 ETF, Hold the Dividends and Why the SEC Delayed In-Kind Redemptions for Crypto ETFs ETF Upside: Tell us a bit about how Tidal got started and the changes it's been through. Michael Venuto: The idea was to sell SMAs of ETFs — that was very popular back then. I raised some money to start the firm, and I thought all these relationships that I've had for all these years are just going to be like, 'Yeah, Mike — great. Let's do this.' And they didn't. They all said, 'Come back when you have X amount of dollars and when you have a three-year track record.' So we pivoted a bit and said, 'We've got all this great research that's helping us build our portfolios. Could that help asset managers sell their products?' And that's the direction the firm went into the next three or four years. That became a business. It kept the lights on, and we went from not paying ourselves to paying ourselves a third of what we made before we started the firm. Direxion's then-Chief Operating Officer Eric Falkeis said, 'What if I came over there and helped you build the trust? And therefore we could help people grow their assets, but have a carry in the business by being a service provider to them.' Very quickly we got some traction. We got SoFi as a client early on. We got this group, RPAR, that has the Risk Parity ETF. We got this Sharia-compliant manager that nobody had ever heard of, but all of a sudden they're launching ETFs and growing like a weed. It was pretty exciting times. Then it just became about execution. That business model, from 2018 to today, has grown from $1 billion to $36 billion. Today we oversee 230 ETFs and have 76 relationships and 130 employees. It's been an overnight success after 13 years. There are now more active ETFs in the US market than passive ones, thanks in part to the many niche and single-stock products out there. What are your thoughts on that trend? It was a foregone conclusion 10 years ago that there were going to be more ETFs than actual stocks. The way things have come out is different. It's pretty frothy right now. We have this metric that we post each week, the open-to-close ratio, and it's close to five right now, meaning for every five ETFs that launch, only one is closing. Industry health is usually around two. But, we've moved upmarket. We're not really dealing with your day-to-day, call it 'ETF entrepreneur' so much anymore. I think they've learned the lesson that it's really hard. The clients that we're dealing with now tend to be people who already have assets and are just looking to move them towards a better structure. How many ETFs do you think the market can handle? You've still got three times the amount of mutual funds that you do with ETFs. A lot of people are using these ETFs as solutions for their existing business. It's not like there's new assets — it's just putting them into a more efficient vehicle. We're seeing a lot of requests for conversions. What would the advent of dual share classes, pending SEC approval, mean for Tidal? I just attended this founder summit, this was like 30 of the founders in the ETF industry. We probably spent an hour and a half on this subject. The conclusion is that it's going to be good for a few people, but the pipes aren't really there to make this easy for everybody to do. I think this is going to be a boon for DFA or anyone who hasn't fully converted things, anybody who's got both a broker-dealer and the captive assets — that's one of the big benefits Vanguard's always had with this. People have been able to easily switch from the mutual fund to the ETF without taking a tax gain. Any mutual fund shop that is going to have a share class in an ETF, they need to either hire a capital markets team that understands how to deal with all these things, or hire Tidal. This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-03-2025
- Business
- Yahoo
Tidal Financial Group Announces Ticker Change for Unusual Whales Subversive Republican Trading ETF
NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) -- Tidal Financial Group today announced that the ticker symbol for the Unusual Whales Subversive Republican Trading ETF (the 'Fund') will change from KRUZ to GOP. This change will take effect at market open on March 21, 2025. The Fund, which is listed on the Cboe BZX Exchange, Inc., provides investors with exposure to publicly traded companies that are most actively traded by Republican politicians. The new ticker, GOP—short for "Grand Old Party," the widely recognized nickname for the Republican Party—better reflects the Fund's investment strategy and strengthens brand recognition among investors. With a Republican president now in office, the party holds significant political power, making transparency into congressional trading more relevant than ever. 'This change reflects our commitment to providing investors with a transparent and politically themed investment vehicle,' said Michael Venuto, CIO at Tidal Financial Group and Portfolio Manager for the Fund. 'By transitioning to the GOP ticker, we are reinforcing the Fund's unique focus and making it even easier for investors to connect with its purpose.' No changes have been made to the Fund's investment objectives, strategy, or portfolio management as a result of this ticker change. For more information about the Unusual Whales Subversive Republican Trading ETF (GOP), please visit About Tidal Financial Group Tidal Financial Group is a leading ETF investment firm that specializes in developing innovative financial products designed to meet the evolving needs of investors. With a commitment to transparency, liquidity, and accessibility, Tidal Financial Group partners with fund issuers to bring unique and differentiated ETFs to market. About Subversive ETFs Subversive ETFs is dedicated to bringing innovative, thematic investment solutions to market. By identifying emerging trends and disruptive forces, Subversive ETFs seeks to provide investors with unique opportunities to capitalize on market inefficiencies. Important Risks There is no guarantee that the Adviser's use of investment techniques and risk analyses to make investment decisions will perform as expected. Investing involves risk including possible loss of principal. It is possible that legislation or regulation could be enacted that limits, restricts or prevents United States Congresspeople and/or their spouses from personal securities trading. Legal, tax and regulatory changes could occur that may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. Government regulation may change the manner in which the Fund is able to implement its principal investment strategy. Government regulation may change frequently and may have significant adverse consequences for the Fund or its investments. It is not possible to predict fully the effects of current or future regulation. A high portfolio turnover rate has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability. High portfolio turnover also necessarily results in greater transaction costs which may reduce Fund performance. Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained at Please read the prospectus and summary prospectus carefully before you invest. Distributor: Foreside Fund Services, LLC. CONTACT: For media inquiries, contact Gavin Fillmore at gfilmore@
