Invesco Grows Target Maturity ETF Family

September 25, 2019

Today Invesco rolled out nine additions to its BulletShares family of target-maturity fixed income ETFs. The funds add a new dimension to the family, covering the municipal bond space, and are as follows:

 

The funds all list on the Nasdaq and come with an expense ratio of 0.18%.

Methodology

All of the ETFs invest in investment-grade municipal debt that has a maturity date or effective maturity date in the designated year. The debt must also have at least $15 million in value outstanding and be exempt from federal income tax, according to the prospectus.

The indexes are rebalanced monthly, with bonds that meet the requirements added, and those that do not are removed, up until the final year of maturity, when the constituent list becomes static and the index is no longer rebalanced, the document says.

Competitors

BlackRock’s iShares unit is Invesco’s only competitor in the target-maturity bond ETF space. The firm’s iBonds family includes 29 funds, with a total of $8.4 billion in assets under management (AUM). That family includes nine ETFs targeting the years 2020 through 2028, all of which charge an expense ratio of 0.18%.

The BulletShares municipal family joins 24 other BulletShares ETFs which cover the high-yield and investment-grade corporate bond spaces. The total assets invested in the family amount to $11.7 billion.

Closure Announced

AdvisorShares is set to close its actively managed FAANG-focused fund, the AdvisorShares New Tech and Media ETF (FNG), on Oct. 4. The fund has $11 million in AUM after launching in July 2017. It holds a concentrated portfolio of stocks tied to the technology, media and social media industries, seeking companies engaged in disruptive innovation.

The total number of completed closures for the year so far is 88.

 

Additional Recent ETF Changes

Effective Date Affected Fund Change
9/23/2019 SPDR ACWI IMI ETF (ACIM) ACIM changed its name to the SPDR Portfolio MSCI Global Stock Market ETF and its ticker to SPGM. The expense ratio was lowered from 0.25% to 0.09%.
9/23/2019 SPDR Bloomberg Barclays Corporate Bond ETF (CBND)  CBND changed its name to the SPDR Portfolio Corporate Bond ETF and its ticker to SPBO.
9/23/2019 SPDR ICE BofAML Broad High Yield Bond ETF (CJNK) CJNK changed its name to the SPDR Portfolio High Yield Bond ETF and its ticker to SPHY.
9/23/2019 SPDR STOXX Europe 50 ETF (FEU) FEU has changed its index from the STOXX Europe 50 Index to the STOX Europe Total Market Index. It also changed its name to the SPDR Portfolio Europe ETF and its ticker to SPEU. The expense ratio was cut from 0.29% to 0.09%.
9/23/2019 SPDR Bloomberg Barclays TIPS ETF (IPE)  IPE changed its name to the SPDR Fportfolio TIPS ETF and its ticker to SPIP. The expense ratio was cut from 0.15% to 0.12%.
9/23/2019 SPDR Bloomberg Barclays Intermediate Term Treasury ETF (ITE)  ITE changed its name to the SPDR Portfolio Intermediate Term Treasury ETF and its ticker to SPTI.
9/23/2019 SPDR Portfolio Mortgage Backed Bond ETF (MBG) MBG changed its name to the SPDR Portfolio Mortgage Backed Bond ETF and its ticker to SPMB.
9/23/2019 iShares Global Consumer Discretionary ETF (RXI) The index for RXI changed from the S&P Global 1200 Consumer Discretionary Index to the S&P Global 1200 Consumer Discretionary (Sector) Capped Index. 
9/23/2019 United States 3x Short Oil Fund (USOD) USOD underwent a reverse 1-for-2 reverse split.

Contact Heather Bell at [email protected]

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