The SEC has given regulatory approval for an exchange-traded fund that will initially pay investors for holding it. Shares of the fund, which is called SolidX and was launched in November, are expected to trade on Nasdaq under ticker symbol SGLT. Tru Beta US Market ETF while contributing an amount equal to 0.05% of the fund's assets, meaning investors will receive $5 for every $10,000 invested. In a filing with the SEC, the New York-based firm said it will waive the fee on the first $100m of assets in the fund until at least April 2020. Read more: City 'must change everything' to improve diversity, says Helena Morrissey Salt Financial’s founder and chief investment officer Tony Barchetto said: “In the quest for outperformance, we aim to supply sophisticated investors with the advanced tools to measure, enhance and build their optimal portfolios.” The fund is the first "negative fee" ETF product to win SEC approval.
The SEC has given regulatory approval for an exchange-traded fund that will initially pay investors for holding it. Shares of the fund, which is called SolidX and was launched in November, are expected to trade on Nasdaq under ticker symbol SGLT. Tru Beta US Market ETF while contributing an amount equal to 0.05% of the fund's assets, meaning investors will receive $5 for every $10,000 invested. In a filing with the SEC, the New York-based firm said it will waive the fee on the first $100m of assets in the fund until at least April 2020. The fund is the first "negative fee" ETF product to win SEC approval.