Odds & Ends: Alpha Architect Debuts Tail Risk ETF
Plus, more closures are on the horizon.
The week saw launches from major players in the ETF space such as Vanguard and Goldman Sachs, but there were also more closure announcements.
Alpha Architect rolled out the actively managed Alpha Architect Tail Risk ETF (CAOS) on Monday. The fund is subadvised by Arin Risk Advisors, which will use long and short put and call options on companies in a large cap index to achieve capital appreciation and current income. Its strategy is designed to provide exposure to the associated index while also limiting risk and generating cash flow, according to its prospectus.
CAOS comes with an expense ratio of 0.63% and lists on Cboe Global Markets. It is already set to undergo a 1-for-8 reverse split as of March 23.
And on Tuesday, Alger rolled out its third fund. The Alger Weatherbie Enduring Growth ETF (AWEG), a nontransparent actively managed ETF subadvised by Weatherbie Capital that targets midcap growth companies with strong ESG qualities.
The fund’s managers will use fundamental analysis to select a portfolio of 30 or fewer companies that exhibit innovation and growth potential, the prospectus says. AWEG has an expense ratio of 0.65% and lists on the NYSE Arca.
Closures
Another ETF is set to close. The Generation Z ETF (ZGEN), which launched in December 2021 but never gathered significant assets, will cease to accept creation orders after the market close on March 17 and liquidate on or around March 24. The actively managed fund has focused on companies that are used by the Generation Z cohort.
Other Changes
There were also some changes to existing ETFs during the week. On Monday, the iPath Series B S&P 500 VIX Short Term Futures ETN (VXX) underwent a 1-for-4 reverse split, and on Tuesday, the Mohr Sector Navigator ETF (ENAV) changed its name to the Mohr Sector Nav ETF.
There were a significant number of expense ratio changes recorded during the week that, among other ETFs, affected 40 funds offered by Direxion and 18 by Global X.
As of Feb. 28, the following funds adjusted their expense ratios:
- Direxion Daily AAPL Bear 1X Shares (AAPD), from 0.97% to 1.07%
- Direxion Daily AAPL Bull 1.5X Shares (AAPU), 0.97% to 1.06%
- Direxion Daily AMZN Bear 1X Shares (AMZD), from 0.97% to 1.07%
- Direxion Daily AMZN Bull 1.5X Shares ETF (AMZU), from 0.97% to 1.06%
- Direxion Daily MSCI Brazil Bull 2X Shares (BRZU), from 1.26% to 1.24%
- Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP), from 1.00% to 1.09%
- Direxion Daily Industrials Bull 3X Shares (DUSL), from 0.97% to 1.00%
- Direxion Daily Gold Miners Index Bear 2x Shares (DUST), from 0.92% to 1.07%
- Direxion Daily FTSE Europe Bull 3X Shares (EURL), from 1.01% to 1.07%
- Direxion Daily Financial Bear 3X Shares (FAZ), from 1.01% to 1.09%
- Direxion Daily GOOGL Bull 1.5X Shares (GGLL), from 0.97% to 1.06%
- Direxion Daily GOOGL Bear 1X Shares (GGLS), from 0.97% to 1.06%
- Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (GUSH), from 1.01% to 0.99%
- Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS), from 1.01% to 1.07%
- Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST), from 0.90% to 1.02%
- Direxion Daily Junior Gold Miners Index Bull 2X Shares (JNUG), from 1.06% to 1.15%
- Direxion Daily Global Clean Energy Bull 2X Shares (KNLE), from 1.29% to 1.31%
- Direxion Daily S&P Biotech Bear 3X Shares (LABD), from 0.96% to 1.09%
- Direxion Daily S&P Biotech Bull 3X Shares (LABU), from 0.96% to 1.01%
- Direxion Daily Mid Cap Bull 3x Shares (MIDU), from 1.00% to 1.03%
- Direxion Daily Metal Miners Bull 2X Shares (MNM), from 1.07% to 0.99%
- Direxion Daily Gold Miners Index Bull 2X Shares (NUGT), from 1.14% to 1.19%
- Direxion Daily Semiconductor Bear 3X Shares (SOXS), from 1.01% to 1.02%
- Direxion Daily S&P 500 Bull 3X Shares (SPXL), from 0.97% to 1.00%
- Direxion Daily Software Bull 2X Shares (SWAR), from 1.07% to 0.98%
- Direxion Daily Technology Bear 3X Shares (TECS), from 1.01% to 1.08%
- Direxion Daily TIPS Bear 2X Shares (TIPD), from 1.07% to 1.06%
- Direxion Daily TIPS Bull 2X Shares ETF (TIPL), from 1.07% to 1.12%
- Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF), from 1.00% to 1.06%
- Direxion Daily 20+ Year Treasury Bear 3x Shares (TMV),from 0.93% to 1.01%
- Direxion Daily Small Cap Bull 3x Shares (TNA), from 1.05% to 1.09%
- Direxion Daily Transportation Bull 3X Shares (TPOR), from 0.98% to 1.03%
- Direxion Daily TSLA Bull 1.5X Shares (TSLL), from 0.97% to 1.08%
- Direxion Daily TSLA Bear 1X Shares (TSLS), from 0.97% to 1.07%
- Direxion Daily 7-10 Year Treasury Bull 3x Shares (TYD), from 1.07% to 1.10%
- Direxion Daily 7-10 Year Treasury Bear 3x Shares (TYO), from 1.00% to 1.07%
- Direxion Daily Small Cap Bear 3X Shares (TZA), from 1.00% to 1.03%
- Direxion Daily Utilities Bull 3X Shares (UTSL), from 0.97% to 1.00%
- Direxion Daily FTSE China Bear 3X Shares (YANG), from 1.00% to 1.08%
- Direxion Daily FTSE China Bull 3X Shares (YINN), from 1.42% to 1.46%
- Direxion Daily CSI 300 China A Share Bull 2X Shares (CHAU), from 1.05% to 1.17%
- Direxion Daily Cloud Computing Bull 2X Shares (CLDL), from 0.96% to 0.99%
- Direxion Daily CSI China Internet Index Bull 2X Shares (CWEB), from 1.32% to 1.33%
- Direxion Daily Energy Bull 2x Shares (ERX), from 0.95% to 0.94%
- Direxion Daily Energy Bear 2X Shares (ERY), from 0.99% to 1.08%
- Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (EVAV), from 1.07% to 1.00%
- Direxion Daily Consumer Discretionary Bull 3x Shares (WANT), from 0.97% to 1.00%
- Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL), from 0.97% to 1.01%
- Direxion Daily Dow Jones Internet Bear 3X Shares (WEBS), from 1.01% to 1.08%
- Main Sector Rotation ETF (SECT), from 0.78% to 0.75%
- Main Thematic Innovation ETF (TMAT), from 1.54% to 1.64%
As of March 1, the following funds adjusted their expense ratios:
- Global X MSCI China Energy ETF (CHIE), from 0.67% to 0.66%
- Global X MSCI China Financials ETF (CHIX), from 0.65% to 0.66%
- Global X MSCI China Industirals ETF (CHII), from 0.66% to 0.65%
- Global X MSCI China Materials ETF (CHIM), from 0.66% to 0.65%
- Global X DAX Germany ETF (DAX), from 0.20% to 0.21%
- Global X MSCI SuperDivided EAFE ETF (EFAS), from 0.55% to 0.57%
- Global X MSCI Next Emerging & Frontier ETF (EMFM), from 0.63% to 0.55%
- Global X MSCI Greece ETF (GREK), from 0.58% to 0.57%
- Global X Guru Index ETF (GURU), from 0.75% to 0.65%
- Global X MSCI Columbia ETF (GXG), from 0.61% to 0.62%
- Global X MSCI Nigeria ETF (NGE), from 0.91% to 0.83%
- Global X MSCI Pakistan ETF (PAK), from 0.77% to 0.80%
- Global X MSCI Portugal ETF (PGAL), from 0.58% to 0.61%
- Global X Renewable Energy Producers ETF (RNRG), from 0.65% to 0.66%
- Global X SuperDivided ETF (SDIV), from 0.59% to 0.58%
- Global X SuperDivided REIT ETF (SRET), from 0.58% to 0.59%
- Global X NASDAQ 100 Tail Risk ETF (QTR), from 0.60% to 0.61%
- Global X S&P500 Tail Risk ETF (XTR), from 0.60% to 0.61%
Contact Heather Bell at [email protected]