Last Week in ETFs: 5 New Target-Maturity Bond ETFs Launch

Invesco unveiled two more BulletShares ETFs. The Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW B-), which tracks an index of corporate junk bonds maturing in 2032. The fund will close around Dec.15 of that year, as a result. The fund has an expense ratio of 0.42%.

Similarly, the Invesco BulletShares 2034 Corporate Bond ETF (BSCY B) tracks an index of investment-grade corporate debt maturing in 2034, with the fund set to close around December 15 of that year. BSCY has an expense ratio of 0.10%.

Both funds list on the Nasdaq stock exchange. Invesco’s lineup of corporate bond BulletShares ETFs now includes ETFs maturing each year from 2024 to 2034, while the lineup for high-yield corporate bonds covers each year from 2024 through 2032.

iShares also added to its own target-maturity bond ETF offering with the addition of three new Treasury funds. Each ETF comes with expense ratios of 0.07% and an index covering bonds that mature in the reference year. The new funds include the following:

• iShares iBonds Dec 2044 Term Treasury ETF (IBGA B-)
• iShares iBonds Dec 2054 Term Treasury ETF (IBGK C+)
• iShares iBonds Dec 2034 Term Treasury ETF (IBTP B-)

IBGA and IBGK are unusual because they invest in bonds maturing 20 and 30 years out. All three funds list on the Nasdaq stock exchange.

PGIM launched a pair of buffered ETFs of ETFs that invest in all the funds in PGIM’s Buffer 12 and Buffer 20 ETFs, which protect against the first 12% and 20% of downside price performance of the SPDR S&P 500 ETF Trust (SPY A-), respectively. PGIM just completed those lineups such that they both now include a fund that resets during each month of the year.

The PGIM Laddered Fund of Buffer 12 ETF (BUFP B-) invests in the Buffer 12 ETFs, holding all 12 funds in an equally weighted portfolio and rebalancing annually, while the PGIM Laddered Fund of Buffer 20 ETF (PBFR C+) does the same with the Buffer 20 ETFs. Like the funds they hold, BUFP and PBFR each have an expense ratio of 0.50%.

BUFP and PBFR both list on the Cboe BZX Exchange.

Summit Global Investments launched an actively managed ETF that uses futures and options to provide exposure to the performance of the Nasdaq-100 Index, which it seeks to match. The SGI Enhanced Nasdaq-100 ETF (QXQ B+) holds stocks in the index but also uses futures and options on the Nasdaq-100 and other indexes to enhance  the fund’s performance and income. QXQ has an expense ratio of 0.98% and lists on the Nasdaq stock exchange.

Several ETFs also announced or completed closures during the week. Most remarkably, BlackRock will shutter its iShares Frontier and Select EM ETF (FM A-), which has $384 million in assets under management. The fund launched in 2012. The fund’s last day of trading won’t be until the end of March 2025, however.

But that’s not the only fund from BlackRock that’s closing. Another eight funds will cease to trade after the market close on August 12. Those funds include the following:

• BlackRock Future Climate and Sustainable Economy ETF (BECO C+)
• BlackRock Future Tech ETF (BTEK C)
• iShares Currency Hedged MSCI Germany ETF (HEWG B-)
• iShares Gold Strategy ETF (IAUF )
• iShares MSCI Intl Size Factor ETF (ISZE B)
• iShares Virtual Work and Life Multisector ETF (IWFH B-)
• iShares USD Systematic Bond ETF (USBF )
• iShares International Developed Property ETF (WPS B)

Goldman Sachs announced that it would be closing its Goldman Sachs Defensive Equity ETF (GDEF ). The fund has less than $10 million in assets and launched more than a year ago. It will see its last day of trading on July 12.

And Natixis will shutter its Natixis Vaughan Nelson Mid Cap ETF (VNMC ) after the close of trading on July 25.

A significant number of ETFs have made material changes. The most striking example is IndexIQ’s announcement that it will rebrand its lineup, replacing the IndexIQ in its fund names and index names with NYLI at the end of August. IndexIQ is a subsidiary of New York Life Indexes.

BlackRock will also change the name and ticker for its iShares Robotics and Artificial Intelligence Multisector ETF (IRBO B) to the iShares Future AI & Tech ETF (ARTY) as of August 12. It will also switch the index underlying the fund from the NYSE FactSet Global Robotics and Artificial Intelligence Index to the Morningstar Global Artificial Intelligence Select Index.

Finally, UBS AG merged with Credit Suisse AG at the end of May. As a result, the three Credit Suisse X-Links have been rebranded under the ETRACS brand name that UBS uses for its ETNs. The ETNs are now renamed as follows:

• ETRACS Gold Shares Covered Call ETN (GLDI )
• ETRACS Silver Shares Covered Call ETN (SLVO )
• ETRACS Crude Oil Shares Covered Call ETN (USOI C+)

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