The Thanksgiving holiday made for a somewhat slower week for the ETF industry. However, a dozen new funds still made their debut. Most notably, Fidelity converted six of its mutual funds implementing enhanced index strategies into ETFs. First Trust also converted one of its closed-end funds into an actively managed ETF.
There were additional launches from multiple ETF issuers. The partnership between First Trust and Cboe Vest rolled out three buffer ETFs as follows:
- FT Cboe Vest U.S. Equity Moderate Buffer ETF – November (GNOV)
- FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV)
- FT Cboe Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV)
GNOV looks to deliver the price return of the SPDR S&P 500 ETF Trust (SPY), but caps upside performance at 14.27% before expenses and protects against the first 15% of losses for a one-year period. XNOV does almost the exact same thing but with an upside cap of 11.30%.
Meanwhile, SNOV aims to deliver the price return of the iShares Russell 2000 ETF (IWM) with an upside cap of 17.92% while protecting the investor from the first 15% of losses.
The strategies for all three cover the outcome periods of November 20, 2023 through November 15, 2024. Each fund lists on Cboe Global Markets with an expense ratio of 0.85%.
Goose Hollow & Tema’s New ETFs
Goose Hollow debuted its third ETF, the Goose Hollow Enhanced Equity ETF (GHEE). The fund invests in other ETFs covering domestic or foreign equities, including preferred and convertible stocks, using a quantitative models. GHEE has an expense ratio of 1.28% and lists on Cboe Global markets.
Finally, Tema launched the Tema Cardiovascular and Metabolic ETF (HRTS). The actively managed fund typically invests in 15-100 companies that generate at least half of their revenues from the treatment of cardiovascular and metabolic diseases. HRTS can invest in both domestic and foreign equities based on top-down and bottom-up analysis. It has an expense ratio of 0.75% and lists on the Nasdaq.
Closures
Four closures were announced during the week. The Energy & Minerals Group EV, Solar & Battery Materials (Lithium, Nickel, Copper, Cobalt) Futures Strategy ETF (CHRG) will cease to trade after the close of business on December 14. The fund launched at the end of 2022 but has failed to gather significant assets.
Roundhill says it will close three of its funds around December 14. Those funds include the following:
- Roundhill BIG Bank ETF (BIGB)
- Roundhill IO Digital Infrastructure ETF (BYTE)
- Roundhill MEME ETF (MEME)
The Sprott ESG Gold ETF (SESG) closed as of November 9. And the ConvexityShares 1x SPIKES Futures ETF (SPKX) and the ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) both closed as of November 14.
Other Changes
Global X announced that it will change the index for its Global X MSCI Vietnam ETF (VNAM) as of December 1. The fund will drop the MSCI Vietnam IMI Select 25/50 Index in order to track the MSCI Vietnam Select 25/50 Index.
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