It was a busy week for ETF launches and closures. A total of 15 ETFs launched during the week shortened by the Juneteenth holiday, defying the typically slow launch count for weeks surrounding three-day weekends. At the same time, closures continued their steady march to an annual record for 2023.
Not only did Fidelity complete the conversions of its family of six thematic ETFs, but there were also additional launches from issuers like iShares, Global X, PIMCO, and Direxion, as well as a handful of newcomers.
On Tuesday, alongside the rollout of the Fidelity Disruptors ETF (FDIF), First Trust and Cboe Vest debuted yet another buffer ETF. The FT Cboe Vest U.S. Equity Moderate Buffer ETF – June (GJUN) is the 45th fund to be included in the family. The fund uses flexible exchange (FLEX) options contracts to provide investors with up to 14.65% in upside before expenses while protecting against the first 15% of losses. GJUN resets annually. It has an expense ratio of 0.85% and lists on Cboe Global Markets.
Then on Wednesday, Global X launched the Global X 1-3 Month T-Bill ETF (CLIP) while newcomer The Future Fund rolled out the The Future Fund Long/Short ETF (FFLS). BMO also debuted a pair of leveraged and inverse ETNs tracking major airlines.
A Busy End to the Week
Thursday saw five new funds enter the market, including two from PIMCO. The PIMCO Ultra Short Government Active ETF (BILZ) and the PIMCO Multisector Bond Active ETF (PYLD) are both actively managed bond funds.
Direxion also launched the Direxion HCM Tactical Enhanced US ETF (HCMT), an actively managed tactical U.S. equity ETF, and VictoryShares unveiled the VictoryShares Free Cash Flow ETF (VFLO), an actively managed U.S. equity ETF that targets companies with high levels of free cash flow.
Finally, Thursday also saw the debut of the Clouty Tune ETF (TUNE), which targets companies operating in the music, media, and entertainment industries.
Four new ETFs from iShares launched on Friday, closing out the week. The mix included two target maturity bond ETFs: the iShares iBonds Dec 2033 Term Corporate ETF (IBDY), which covers corporate bonds maturing in 2033, and the iShares iBonds 2030 Term High Yield and Income ETF (IBHJ), which invests primarily in high yield debt maturing in 2030. IBDY launched on the NYSE Arca with an expense ratio of 0.10%, while IBHJ rolled out on Cboe Global Markets with an expense ratio of 0.35%.
Meanwhile, the iShares Copper and Metals Mining ETF (ICOP) and the iShares Lithium Miners and Producers ETF (ILIT) both rolled out on the Nasdaq stock market. The two funds track indexes from STOXX covering miners and producers of the metals each fund targets, respectively. Both funds have expense ratios of 0.47%.
Multiple funds also shuttered last week. The Developed International Equity Select ETF (RNDM) had its last day of trading on Monday, as did the UVA Dividend Value ETF (UVDV). The VanEck Muni Allocation ETF (MAAX) also ceased to trade after the market close on Thursday.
Friday was the last day of trading for the following 10 ETFs:
- AdvisorShares Managed Bitcoin Strategy ETF (CRYP)
- AdvisorShares Drone Technology ETF (UAV)
- Invesco PureBeta FTSE Developed ex-North America ETF (PBDM)
- Invesco PureBeta FTSE Emerging Markets ETF (PBEE)
- Invesco PureBeta US Aggregate Bond ETF (PBND)
- Invesco PureBeta MSCI USA Small Cap ETF (PBSM)
- Invesco Balanced Multi-Asset Allocation ETF (PSMB)
- Invesco Conservative Multi-Asset Allocation ETF (PSMC)
- Invesco Growth Multi-Asset Allocation ETF (PSMG)
- Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
Global X also decided to close the Global X MSCI Nigeria ETF (NGE), the only ETF specifically targeting Nigeria’s market. Despite sporting a decade-long track record and unique coverage of a key frontier market, NGE never gathered meaningful assets. The fund will cease to trade after the market close on July 28.
During the week, the Loncar Cancer Immunotherapy ETF (CNCR) changed its name to the Range Cancer Therapeutics ETF and its index from the Loncar Cancer Immunotherapy Index to the Range Cancer Therapeutics Index.
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