Odds & Ends: Fidelity Disruption Funds Convert

This week saw five different “disruption”-themed funds from Fidelity convert to exchange-traded funds, showing the disruption the ETF structure has brought to the fund industry is affecting one of its biggest players. A sixth one is set to convert next week. 

According to a filing from November, the five Fidelity thematic ETFs themed around “disruption” will be converted into ETFs on June 9: 

• Fidelity Disruptive Automation Fund will convert into the Fidelity Disruptive Automation ETF 
• Fidelity Disruptive Communications Fund will convert into the Fidelity Disruptive Communications ETF 
• Fidelity Disruptive Finance Fund will convert into the Fidelity Disruptive Finance ETF 
• Fidelity Disruptive Medicine Fund will convert into the Fidelity Disruptive Medicine ETF 
• Fidelity Disruptive Technology Fund will convert into the Fidelity Disruptive Technology ETF 

And on June 16, the Fidelity Disruptors Fund will convert into the Fidelity Disruptors ETF. 

On Wednesday, the Goldman Sachs launched a new international stock ETF, the Goldman Sachs MarketBeta Total International Equity ETF (GXUS). 

On Thursday, Franklin Templeton Investments announced a multi-asset income fund, the Franklin Income Focus ETF (INCM). Also launched were the iShares Climate Conscious and Transition MSCI USA ETF (USCL), a U.S. stock ESG-oriented fund, and the growth stock fund, the Running Oak Efficient Growth ETF (RUNN). 

The actively managed fund-of-funds LHA Risk-Managed Income ETF (RMIF) launched on Friday.  

Name and Ticker Changes 

On Wednesday, Invesco changed the tickers of its equal-weighted sector ETFs: 

• Invesco S&P 500 Equal Weight Communication Services ETF (EWCO) changed to RSPC 
• Invesco S&P 500 Equal Weight Real Estate ETF (EWRE) changed to RSPR 
• Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RCD) changed to RSPD 
• Invesco S&P 500 Equal Weight Industrials ETF (RGI) changed to RSPN 
• Invesco S&P 500 Equal Weight Consumer Staples ETF (RHS) changed to RSPS 
• Invesco S&P 500 Equal Weight Materials ETF (RTM) changed to RSPM 
• Invesco S&P 500 Equal Weight Energy ETF (RYE) changed to RSPG 
• Invesco S&P 500 Equal Weight Financials ETF (RYF) changed to RSPF 
• Invesco S&P 500 Equal Weight Health Care ETF (RYH) changed to RSPH 
• Invesco S&P 500 Equal Weight Technology ETF (RYT) changed to RSPT 
• Invesco S&P 500 Equal Weight Utilities ETF (RYU) changed to RSPU 

On Friday, the smallcap stock index fund, the SPDR S&P 600 Small Cap ETF (SLY), changed its name and ticker to the SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 

Closures 

Wednesday was the last day of trading for 21 of iShares’ commodity ETNs, after which, they will be redeemed: 

• iPath Series B Bloomberg Cotton Subindex Total Return ETN (BAL) 
• iPath Pure Beta Broad Commodity ETN (BCM) 
• iPath Series B Bloomberg Livestock Subindex Total Return ETN (COW) 
• iPath Series B Bloomberg Natural Gas Subindex Total Return ETN (GAZ) 
• iPath S&P GSCI Total Return Index ETN (GSP) 
• iPath Series B Bloomberg Agriculture Subindex Total Return ETN (JJA) 
• iPath Series B Bloomberg Copper Subindex Total Return ETN (JJC) 
• iPath Series B Bloomberg Energy Subindex Total Return ETN (JJE) 
• iPath Series B Bloomberg Grains Subindex Total Return ETN (JJG) 
• iPath Series B Bloomberg Industrial Metals Subindex Total Return ETN (JJM) 
• iPath Series B Bloomberg Nickel Subindex Total Return ETN (JJN) 
• iPath Series B Bloomberg Precious Metals Subindex Total Return ETN (JJP) 
• iPath Series B Bloomberg Softs Subindex Total Return ETN (JJS) 
• iPath Series B Bloomberg Tin Subindex Total Return ETN (JJT) 
• iPath Series B Bloomberg Aluminum Subindex Total Return ETN (JJU) 
• iPath Series B Bloomberg Coffee Subindex Total Return ETN (JO) 
• iPath Bloomberg Lead Subindex Total Return ETN (LD) 
• iPath Bloomberg Cocoa Subindex Total Return ETN (NIB) 
• iPath Pure Beta Crude Oil ETN (OIL) 
• iPath Series B Bloomberg Platinum Subindex Total Return ETN (PGM) 
• iPath Series B Bloomberg Sugar Subindex Total Return ETN (SGG)  

Contact Gabe Alpert at [email protected]