The week ending Friday, July 21, has been busy for the ETF industry, though launches were muted. A total of seven funds rolled out, which suggests the market could be entering some kind of summer slump. The prior week saw 11 ETFs launch, while the week ended June 30 featured 13 ETF launches. There’s been an incremental slowdown as the summer has continued, which is not unusual.
This week saw two municipal bond ETF launches from J.P. Morgan, while Innovator rolled out an ETF that aims to provide investors with only upside gains in the price return of the SPDR S&P 500 ETF Trust (SPY) and shield them from any losses. Avantis debuted an international small-cap ETF, and Matthews Asia introduced an actively managed Korea fund.
Panagram unveiled its own version of a CLO ETF, and Touchstone launched an ETF targeting the securitized fixed income.
Closures
Although launches were muted during the week, closures continued to storm along, with eight fund shutdowns either announced or completed during the week. The Natixis U.S. Equity Opportunities ETF (EQOP) saw its last day of trading on Tuesday, while the ETFMG Breakwave Sea Decarbonization ETF (BSEA) ceased to trade after the market close on Thursday. And Friday is the last day of trading for the Hartford Schroders ESG US Equity ETF (HEET).
The Revere Sector Opportunity ETF (RSPY) will close on July 28, and the TrueShares ESG Active Opportunities ETF (ECOZ) will close to most purchases the same day, ceasing to trade entirely at a later date. The market’s sole fund to cover Nigeria, the Global X MSCI Nigeria ETF (NGE), will also close on Aug. 18.
Two of the three NightShares ETFs, which were launched last year will see their last day of trading on July 31. The NightShares 2000 ETF (NIWM) and the NightShares 500 ETF (NSPY) launched a little more than a year ago.
Name Changes
A large number of funds are changing their names. Amplify ETFs is acquiring the funds of ETF Managers Group, and the dozen funds issued by the firm will adopt the Amplify brand name. The affected funds and their new names include the following:
- AI Powered Equity ETF (AIEQ) changing to Amplify AI Powered Equity ETF
- ETFMG Travel Tech ETF (AWAY) changing to Amplify Travel Tech ETF
- Etho Climate Leadership U.S. ETF (ETHO) changing to Amplify Etho Climate Leadership U.S. ETF
- Wedbush ETFMG Video Game Tech ETF (GAMR) changing to Amplify Video Game Tech ETF
- ETFMG Treatments, Testing and Advancements ETF (GERM) changing to Amplify Treatments, Testing and Advancements ETF
- ETFMG Prime Cyber Security ETF (HACK) changing to Amplify Cybersecurity ETF
- ETFMG Prime Mobile Payments ETF (IPAY) changing to Amplify Mobile Payments ETF
- BlueStar Israel Technology ETF (ITEQ) changing to Amplify BlueStar Israel Technology ETF
- Wedbush ETFMG Global Cloud Technology ETF (IVES) changing to Amplify Global Cloud Technology ETF
- ETFMG Alternative Harvest ETF (MJ) changing to Amplify Alternative Harvest ETF
- ETFMG U.S. Alternative Harvest ETF (MJUS) changing to Amplify U.S. Alternative Harvest ETF
- ETFMG Prime Junior Silver Miners ETF (SILJ) changing to Amplify Junior Silver Miners ETF
The changes will likely finalize in the fourth quarter of 2023. The funds’ expense ratios and investment objectives will not change.
Other changes include the Asian Growth CUBS ETF (CUBS) changing its name to the Tema Asian Growth Cubs ETF sometime in this quarter after it is reorganized under the Tema ETF Trust. And on August 16, the Clockwise Capital Innovation ETF (TIME) will change its name to the Clockwise Core Equity & Innovation ETF.
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