ETF Odds & Ends: MicroSectors, iShares Split

Also, a host of changes to ETF names, indexes and tickers. 

Last week saw announced or completed share splits from key brands, including the Rex Shares MicroSectors, BlackRock’s iShares and Vanguard.

Effective at the open of trading on March 29, the MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETN (BNKD) and the MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) will undergo 1-for-10 reverse splits.

iShares just revamped its family of core exposure ETFs tracking Morningstar indexes. Splits are pending for all nine ETFs in the family. After the close of trading on April 16, the following funds will undergo forward splits:

• iShares Morningstar U.S. Equity ETF (ILCB), 4 for 1
• iShares Morningstar Growth ETF (ILCG), 5 for 1
• iShares Morningstar Value ETF (ILCV), 2 for 1
• iShares Morningstar Mid-Cap ETF (IMCB), 4 for 1
• iShares Morningstar Mid-Cap Growth ETF (IMCG), 6 for 1
• iShares Morningstar Mid-Cap Value ETF (IMCV), 3 for 1
• iShares Morningstar Small-Cap ETF (ISCB), 4 for 1
• iShares Morningstar Small-Cap Growth ETF (ISCG), 6 for 1
• iShares Morningstar Small-Cap Value ETF (ISCV), 3 for 1

Three Vanguard ETFs are set to undergo forward splits as of the start of trading on April 20:

• Vanguard Russell 1000 Value ETF (VONV), 2 for 1
• Vanguard Russell 1000 Growth ETF (VONG), 4 for 1
• Vanguard Russell 2000 ETF (VTWO), 2 for 1

Assorted Changes

One of the most notable developments in the ETF space is the reorganization of the two funds offered by Exponential ETFs. The Reverse Cap Weighted U.S. Large Cap ETF (RVRS) will be reorganized into Arrow Reverse Cap 500 ETF, having been acquired by Arrow Investments. Meanwhile, the American Customer Satisfaction ETF (ACSI) will retain its name but has been acquired by Tidal ETF Trust. Both reorganizations are expected to be completed in May 2021. 

As of March 19, the KFA Global Carbon ETF (KRBN) changed its name to the KraneShares Global Carbon ETF and the KraneShares MSCI China Environment Index ETF (KGRN) changed its name to the KraneShares MSCI China Clean Technology Index ETF.

Effective March 22, the Virtus Newfleet Dynamic Credit ETF (BLHY) changed its name to the Virtus Newfleet High Yield Bond ETF.

As of March 24, two ETFs offered by State Street Global Advisors saw their expense ratios decrease. The SPDR Portfolio High Yield Bond ETF (SPHY) decreased its expense ratio from 0.15% to 0.10%, while the  SPDR Portfolio Mortgage Backed Bond ETF (SPMB) lowered its expense ratio from 0.06% to 0.04%.

As of March 25, the Invesco VRDO Tax-Free Weekly ETF (PVI) will change to its name to the Invesco VRDO Tax-Free ETF and its index from the Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index to the ICE US Municipal AMT-Free VRDO Constrained Index. And the Invesco Cleantech ETF (PZD) will change its name to the Invesco MSCI Sustainable Future ETF, its ticker to ERTH and its index from the Cleantech Index to the MSCI Global Environment Select Index.

Finally, changes to a KraneShares fund were postponed by a week from their originally announced date due to China holidays. Effective April 8, the KraneShares E Fund China Commercial Paper ETF (KCNY) will change its name to the KraneShares Bloomberg Barclays China Bond Inclusion Index ETF, its ticker to KBND and its index from the CSI Diversified High Grade Commercial Paper Index to the Bloomberg Barclays China Inclusion Focused Bond Index.

Additional Launch

Beyond the launches already covered by ETF.com, USCF Advisers rolled out the USCF Midstream Energy Income Fund ETF (UMI), an actively managed fund that covers midstream energy infrastructure companies. It comes with an expense ratio of 0.85%.

Contact Heather Bell at [email protected]