The week between Christmas and New Year’s Eve is famously a transitional time with not a lot of activity for many businesses. The exchange traded funds industry didn’t deviate from the trend this year.
Only one ETF launched, while a handful of closures came to completion during this time. The week was in no way emblematic of the rest of 2023. The year saw a record number of more than 500 new exchange traded funds debut as well as strong inflows.
A New Exchange Traded Fund & 3 Closures
The Cyber Hornet S&P 500 & Bitcoin 75/25 Strategy ETF (ZZZ) launched on the Nasdaq on Thursday. The fund’s strategy combines exposure to the S&P 500 Index with exposure to bitcoin futures, weighting the two assets at 75% and 25% of the portfolio, respectively. ZZZ’s underlying index rebalances on a monthly basis, but can do so more frequently if needed when volatility is high. The fund has an expense ratio of 0.95%.
Regarding closures, three funds from three different issuers were shuttered during the week. They included the following:
- Merk Stagflation ETF (STGF)
- Armor US Equity Index ETF (ARMR)
- Corbett Road Tactical Opportunity ETF (OPPX)
Beyond closures and new ETFs, issuers unveiled changes to existing ETFs during the week. The Cboe Vest 10 Year Interest Rate Hedge ETF (RYSE) will drop “Cboe” from its name to be called the Vest 10 Year Interest Rate Hedge ETF as of January 2, 2024. It will retain its current ticker and strategy.
AXS Investments announced the acquisition of Knowledge Leaders Capital in October 2023. As a result, the Knowledge Leaders Developed World ETF (KLDW) will become part of the AXS Investments lineup in the first quarter of 2024. Its name will change to the AXS Knowledge Leaders ETF.
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