TPEP are most likely borrowing the shares from the ETF to facilitate their short . The ETF charges very low fees for investors, and like most ETF providers they supplement their income by lending out the underlying . This is all in the REMX prospectus and is normal market practice.
https://www.vaneck.com/etf/equity/remx/securities-lending/
Remx are not investing here, they are simply tracking an index and trying to keep the costs down for the investors.
Jagdash,
This is an open ended fund so it's exactly the same principle as woodfords equity fund.
There are three variables in the day to day movements of the ETF. Firstly there is the NAV (Net Asset Value). This reflects the economic value of the number of all shares in the ETF, which can increase and decrease as investors buy or sell the ETF. The ETF provider, through its authorized participant, creates or destroys ETF units based on buys and sales of the ETF over the day. This, in turn, results in buys or sales of the underlying. Note the Nav is also impacted by price.
Weightings also impact the ETF, and it looks like the index itself is only rebalanced monthly. A rebalancing will impact the number of shares held for each constituent, resulting in sales or purchases of the constituents.
And lastly price.. as the price of the underlyings move on a daily basis so too does the NAV .
So a movement on the number of shares held in bushy outside of a rebalancing period is simply reflecting the buys and sells of the ETF
@Strider4. Personally I think the 'delay' in releasing the Q1 numbers was to give the improved March numbers as much additional run-time as possible before giving 2019 guidance. This to me makes perfect sense and is what any prudent board would do, and we are now at the half way point in our Q2 numbers, so clearly they have a higher degree of confidence in their YE expectations. Whilst the overall number may disappoint some, for me it's the improved March numbers coupled with what the company must know with respect 1/2 Q2 that gives me reasons to be very positive.
I think it's somewhat disingenuous to say you were "mis-informed" as to the cause of the "delay" as in reality you know any opinion given on this board, however well thought out, is merely speculation.
https://www.miningreview.com/energy/battery-storage-africas-energy-metals-market-and-supply-chain/
This is the transcript of the ACTUAL radio conversation of a British Naval Ship and the Irish, off the coast of Kerry, Oct 95. Radio conversation released by the Chief of Naval Operations 10-03-02:
Irish: Please divert your course 15 degrees to the South, to avoid a collision.
British: Recommend you divert your course 15 degrees to the North, to avoid a collision.
Irish: Negative. You will have to divert your course 15 degrees to the South to avoid a collision.
British: This is the captain of a British navy ship. I say again, divert your course.
Irish: Negative. I say again, You will have to divert your course.
British: This is the aircraft carrier HMS Invincible. The second largest ship in the British atlantic fleet. We are accompanied by three destroyers, two missile cruisers, and numerous support vessels. I demand that you change your course, 15 degrees north, I say again, that is 15 degrees north, or counter-measures will be undertaken to ensure that safety of this ship.
Irish: We are a lighthouse. Your call.
You have to laught at that comment by JM.. at its most basics level you have two primary inputs into the model - amount sold and price sold at it .. his model got both inputs wrong but , by pure fluke, got close to the actual numbers ... a stopped clock is right twice a day