During an especially busy week, the ETF industry saw the launch of multiple ETFs and the completion of a major round of closures, not to mention some very interesting filings. BlackRock’s iShares arm roll out a fund focused on companies that are leaders in the transition to a low-carbon economy. Finnish pension fund Ilmarinen has invested more than $2 billion in the fund. And Goldman Sachs launched a cap-weighted global ex-US ETF.
There were several other debuts during the week. Franklin Templeton rolled out a multi-asset income fund on Thursday, and that same day saw the launch of the (RUNN ). The actively managed fund holds a portfolio of 50-75 stocks selected for their quality and with the intent of managing downside risk. RUNN lists on the Nasdaq stock exchange and has an expense ratio of 0.58%.
The (RMIF ) rolled out on Friday. The fund is actively managed and invests primarily in other ETFs across a wide range of categories within the fixed income space. Grimes & Co. serves as the subadvisor, managing the fund with a proprietary model that takes into account price and volatility trends, according to its prospectus. RMIF has an expense ratio of 1.27% and lists on the NYSE Arca.
Closures resembled a firehose this week with Barclays delisting 21 of its iPath ETNs on June 7. The affected products include the following:
- (BAL )
- (BCM )
- (COW )
- (GAZ )
- (GSP )
- (JJA )
- (JJC )
- (JJE )
- (JJG )
- (JJM )
- (JJN )
- (JJP )
- (JJS )
- (JJT )
- (JJU )
- (JO )
- (LD )
- (NIB )
- (OIL )
- (PGM )
- (SGG )
Additional launches were announced by First Trust during the week. The (RNDM ) will see its last day of trading on June 20, while the (BICK ) and the (ERM ) will cease to trade after the market close on July 14.
Another pair of funds offered through Tidal Inc. will also close. The (ORFN ) will see its last day of trading on July 24, while the SRFN will no longer trade after June 30.
Other Changes in ETFs
There were other changes that completed or were announced during the week. On Wednesday, 11 equal-weighted sector ETFs in Invesco’s lineup changed their tickers as follows:
- (EWCO ), RSPC
- (EWRE ), RSPR
- (RCD ), RSPD
- (RGI ), RSPN
- (RHS ), RSPS
- (RTM ), RSPM
- (RYE ), RSPG
- (RYF ), RSPF
- (RYH ), RSPH
- (RYT ), RSPT
- (RYU ), RSPU
First Trust will change its (RNDV ) to the KNGZ on or around August 24. The fund will also switch its index from the Nasdaq Riskalyze US Large Cap Select Dividend Index to the S&P 500 Sector-Neutral Dividend Aristocrats Index at the same time.
And on July 24, the (DIVY ) will change its name to the Sound Equity Dividend Income ETF.
Notable filings during the week included plans for three ETFs from Toroso’s Tidal Trust that will be managed by MSA Power Funds. The document outlines plans for three actively managed funds that will invest in companies “without falling afoul of US sanctions or compromising American values or national interests.”
The three funds include the following:
- CoreValues Alpha China Tech ETF
- CoreValues Alpha India Growth ETF
- CoreValues Alpha China A-Shares Tech ETF
iMGP Funds filed for the (PCGG ), a global actively managed fund that selects its components largely based on earnings growth as well as ESG criteria. PCGG will hold a high-conviction portfolio of 25-40 stocks.
Harbor Capital is planning two new funds. The Harbor Long-Short Equity ETF will be managed by Disciplined Alpha and invest mainly in mid- and large-cap US. stocks via a long/short strategy. Meanwhile, the (QWST ) will be actively managed by a team multiple subadvisors and target the small-cap segment of the U.S. market.
Tema filed for the Tema Asian Middle Class ETF. The actively managed fund will invest in emerging markets companies that primarily provide their productrs and services to Asia’s middle class. It can hold from 15 to 100 individual companies in its portfolio.
REX Shares plans to roll out the actively managed FEPI. The fund will invest in eight key stocks associated with the “FAANG” concept: (AAPL), (AMZN), (META), (GOOGL), (MSFT), (NFLX), (NVDA) and (TSLA). It will also invest in seven technology stocks selected based on trading volume from several categories within the sector, according to the prospectus.
Finally, last month Calamos Investments filed to launch a convertible securities ETF. The firm is known for its expertise in the sector. The actively managed Calamos Convertible High Delta ETF will use a quantitative approach.
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