In an ETF industry first, Guggenheim is merging one of its funds into another of its funds. The $9.6 billion Guggenheim S&P 500 Equal Weight ETF (RSP | A-80) will absorb the $70 million Guggenheim Russell 1000 Equal Weight ETF (EWRI | B-67) as of Jan. 26, 2016.
Both funds focus on the large-cap segment and use an equal-weighting strategy. EWRI launched in late 2010, and while it has a perfectly respectable asset level, it’s not a runaway success when compared with RSP.
In conjunction with this move, another filing indicates that the $129 million Guggenheim Russell Midcap Equal Weight ETF (EWRM | B-81) and the $43 million Guggenheim Russell 2000 Equal Weight ETF (EWRS | B-75) will adopt new tickers and indexes. From Jan. 26 on, they will track equal-weighted versions of the S&P MidCap 400 and the S&P SmallCap 600 indexes as the Guggenheim S&P MidCap 400 Equal Weight ETF (EWMC) and the Guggenheim S&P SmallCap 600 Equal Weight ETF (EWSC), respectively.
Guggenheim also outlined its plans for the $528 million Guggenheim Russell Top 50 Mega Cap ETF (XLG | A-94). The ETF will get a new index as of Jan. 26, dropping the Russell Top 50 Mega Cap Index in favor of the S&P 500 Top 50 Index. The current index tracks the largest 50 stocks in the Russell 1000 by market cap; the new one will represent the largest 50 stocks in the S&P 500.
The fund will be renamed the Guggenheim S&P 500 Top 50 ETF and will keep its current ticker.
Contact Heather Bell at [email protected].