It was a fairly quiet week for the U.S. ETF industry, largely because of the Fourth of July holiday that fell in the middle of the week. Launches and closures were muted, as were filings for new funds.
However, July 3, the first trading day of the month, saw the launch of four “Premium Income Barrier” ETFs from Innovator. The four funds offer exposure to the performance of the S&P 500 price index and the performance of U.S. Treasuries and also protect against losses of 10%, 20%, 30% and 40%, respectively. Innovator launched a similar family of funds resetting in April earlier this year, while these funds reset annually at the start of July.
The new products are as follows:
- Innovator Premium Income 10 Barrier ETF – July (JULD)
- Innovator Premium Income 20 Barrier ETF – July (JULH)
- Innovator Premium Income 30 Barrier ETF – July (JULI)
- Innovator Premium Income 40 Barrier ETF – July (JULQ)
Each has an expense ratio of 0.79% and lists on Cboe Global Markets.
The only other ETF to launch during the week was the MUSQ Global Music Industry ETF (MUSQ) which rolled out on Friday. MUSQ invests in companies involved with the recording, performance and distribution of music as well as companies that provide technology and equipment to the music industry.
Closures
The strong trend of closures also continued during the week, with the completed closures of the Emerge EMPWR family of ETFs on Friday and the Amplify Digital & Online Trading ETF (BIDS) on Thursday.
The Emerge EMPWR ETFs include the following:
- Emerge EMPWR Sustainable Dividend Equity ETF (EMCA)
- Emerge EMPWR Sustainable Emerging Markets Equity ETF (EMCH)
- Emerge EMPWR Sustainable Select Growth Equity ETF (EMGC)
- Emerge EMPWR Unified Sustainable Equity ETF (EMPW)
- Emerge EMPWR Sustainable Global Core Equity ETF (EMZA)
The week also included the announcement of two more closures. The Revere Sector Opportunity ETF (RSPY) will cease to trade on or around July 21, while the ETFMG Breakwave Sea Decarbonization Tech ETF (BSEA) will see its last day of trading on July 20.
Filing Highlights
There were a number of interesting filings during the week, though the ones from Cambria ETFs and VanEck Global stood out.
Cambria is planning to launch a list of thematic funds targeting different strategies and segments of the market. The eight proposed funds are as follows:
- Cambria Managed Futures Strategy ETF (MFUT)
- Cambria Superinvestors ETF (SUPR)
- Cambria Trend Following ETF (IVY)
- Cambria Domestic Tax Optimized ETF (DTAX)
- Cambria Foreign Tax Optimized ETF (FTAX)
- Cambria Long Short ETF (CALS)
- Cambria Buyout ETF (LBO)
- Cambria Venture ETF (VCAP)
And Van Eck has filed for the VanEck Office and Commercial REIT ETF, which will track an index targeting REITs that generate at least half of their revenue from business activities related to office industrial, or retail real estate, according to the prospectus.
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