Odds & Ends: Grayscale’s Courtroom Victory

Plus, Ramaswamy’s Strive launches a new ‘FAANG’ stock ETF.

This week Grayscale Investments won its lawsuit against the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. 

The ruling means that the regulator must review Grayscale’s application again. It also likely increases the pressure on the regulator to approve the plethora of filings from big exchange-traded fund industry players like BlackRock Inc. and WidsomTree Inc. to open spot bitcoin ETFs of their own. 

However, those firms will have to wait a bit longer as the SEC delayed approving the raft of filings this week. One reason for this is that SEC may be waiting to approve all the filings at once so that none of them gets first-mover advantage, a factor that could greatly influence the success of the funds. 

Vivek Ramaswamy made a splash in the Republican primary debates earlier this month. This week, the firm he founded, anti-ESG ETF shop Strive Investments, launched a new ETF.  

The Strive FAANG 2.0 ETF (FTWO) piggybacks on the name recognition of the acronym used to describe a group of majorly outperforming tech stocks: Facebook, Amazon, Apple, Netflix and Google. This fund instead focuses on five themes Strive argues will outperform in the coming decades: fuel, agriculture, aerospace and defense, nuclear energy and gold. 

Launches 

Tuesday:  

• Madison Aggregate Bond ETF (MAGG) 

Wednesday:  

• Polen Capital Global Growth ETF (PCGG) 
• Segall Bryant & Hamill Select Equity ETF (USSE) 

Thursday: 

• American Beacon AHL Trend ETF (AHLT) 
• Strive FAANG 2.0 ETF (FTWO) 
• YieldMax XOM Option Income Strategy ETF (XOMO) 

Friday:  

• Innovator International Developed Power Buffer ETF – September (ISEP)  
• AllianzIM U.S. Large Cap Buffer10 Sep ETF (SEPT)  
• AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW)  

Closures  

Monday:  

• Asian Growth Cubs ETF (CUBS) 

Wednesday: 

• Strategy Shares Nasdaq 5HANDL Index ETF (FIVR) 

Thursday: 

• NightShares 500 1x/1.5x ETF (NSPL) 

ETF Changes 

Monday: 

The following funds had share splits: 

• Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (GUSH): 4 for 1  
• Direxion Daily MSCI Mexico Bull 3X Shares (MEXX): 5 for 1  
• Direxion Daily 20+ Year Treasury Bear 3X Shares (TMV): 4 for 1  
• Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS): 1 for 10  

The Ionic Inflation Protection ETF (CPII) changed its expense ratio from 0.70% to 0.74% 

The ASYMmetric Smart S&P 500 ETF (APSY) changed its index from the ASYMshares ASYMmetric S&P 500 ETF to ASYMmetric Smart 500 Index. 

The Invesco Defensive Equity ETF (DEF) changed its name to the Invesco Bloomberg Pricing Power ETF (POWA). Its index also changed from the Invesco Defensive Equity Index to the Bloomberg Pricing Power Index. 

The Invesco S&P MidCap 400 Equal Weight ETF (EWMC) changed its name to the Invesco S&P MidCap 400 GARP ETF (GPRM) and changed its index from S&P MidCap 400 Equal Weight Index to S&P MidCap 400 GARP Index. 

The Invesco Dynamic Media ETF (PBS) changed its name to the Invesco Next Gen Media and Gaming ETF (GGME) and changed its index from the Dynamic Media Intellidex Index to the STOXX World AC NexGen Media Index. 

The Invesco Global Short Term High Yield Bond ETF (PGHY) changed its name to the Invesco Global ex-US High Yield Corporate Bond ETF and its index from the DB Global Short Maturity High Yield Bond Index to the ICE USD Global High Yield Excluding US Issuers Constrained Index. 

The Invesco 1-30 Laddered Treasury ETF (PLW) changed its name to the Invesco AI and Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and its index from the Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index to the ICE 1-30 Year Laddered Maturity US Treasury Index. 

The Invesco Dynamic Software ETF (PSJ) changed its name to the Invesco AI and Next Gen Software ETF (IGPT) and its index from the Dynamic Software Intellidex Index to the STOXX World AC NexGen Software Development Index. 

The Invesco Dynamic Market ETF (PWC) changed its name to the Invesco Bloomberg MVP Multi-Factor ETF (BMVP) and its index from the Dynamic Market Intellidex Index to the Bloomberg MVP Index 

The Invesco Dynamic Networking ETF (PXQ) changed its name to the Invesco Next Gen Connectivity ETF (KNCT) and its index from the Dynamic Networking Intellidex Index to the STOXX World AC NexGen Connectivity Index 

The following ETFs changed their names and/or tickers: 

• Invesco Treasury Collateral ETF (CLTL) to the Invesco Short Term Treasury ETF (TBLL) 
• Invesco DWA SmallCap Momentum ETF (DWAS) to the Invesco Dorsey Wright SmallCap Momentum ETF 
• Invesco Dynamic Biotechnology & Genome ETF (PBE) Fund to the Invesco Biotechnology & Genome ETF 
• Invesco Dynamic Food & Beverage ETF (PBJ) to the Invesco Food & Beverage ETF 
• Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) to the Invesco 0-5 Yr US TIPS ETF. 
• Invesco Pure Beta MSCI USA ETF (PBUS) to the Invesco MSCI USA ETF 
• Invesco DWA Momentum ETF (PDP) to the Invesco Dorsey Wright Momentum ETF 
• Invesco Dynamic Leisure and Entertainment ETF (PEJ) to the Invesco Leisure and Entertainment ETF 
• Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) to the Invesco Dorsey Wright Consumer Cyclicals Momentum ETF 
• Invesco DWA Financial Momentum ETF (PFI) to the Invesco Dorsey Wright Financial Momentum ETF 
• Invesco DWA Emerging Markets Momentum ETF (PIE) to the Invesco Dorsey Wright Emerging Markets Momentum ETF 
• Invesco DWA Developed Markets Momentum ETF (PIZ) to the Invesco Dorsey Wright Developed Markets Momentum ETF 
• Invesco Dynamic Pharmaceuticals ETF (PJP) to the Invesco Pharmaceuticals ETF 
• Invesco Dynamic Building & Construction ETF (PKB) to the Invesco Building & Construction ETF 
• Invesco DWA Industrials Momentum ETF (PRN) to the Invesco Dorsey Wright Industrials Momentum ETF 
• Invesco Dynamic Semiconductors ETF (PSI) to the Invesco Semiconductors ETF 
• Invesco DWA Consumer Staples Momentum ETF (PSL) to the Invesco Dorsey Wright Consumer Staples Momentum ETF 
• Invesco DWA Technology Momentum ETF (PTF) to the Invesco Dorsey Wright Technology Momentum ETF 
• Invesco DWA Healthcare Momentum ETF (PTH) to the Invesco Dorsey Wright Healthcare Momentum ETF 
• Invesco DWA Utilities Momentum ETF (PUI) to the Invesco Dorsey Wright Utilities Momentum ETF 
• Invesco VRDO Tax-Free ETF (PVI) to the Invesco Floating Rate Municipal Income ETF 
• Invesco Dynamic Large Cap Growth ETF (PWB) to the Invesco Large Cap Growth ETF 
• Invesco Dynamic Large Cap Value ETF (PWV) to the Invesco Large Cap Value ETF 
• Invesco Dynamic Energy Exploration & Production ETF (PXE) to the Invesco Building & Construction ETF 
• Invesco DWA Energy Momentum ETF (PXI) to the Invesco Dorsey Wright Energy Momentum ETF 
• Invesco Dynamic Oil & Gas Services ETF (PXJ) to the Invesco Oil & Gas Services ETF 
• Invesco DWA Basic Materials Momentum ETF (PYZ) to the Invesco Dorsey Wright Basic Materials Momentum ETF 

Tuesday: 

• Mairs & Power Minnesota Municipal Bond ETF (MINN) changed its expense ratio from 0.39% to 0.25%   
• Mairs & Power Minnesota Municipal Bond ETF cfrom 0.39% to 0.25% (MINN)  
• Wednesday: The following ETFs changed their expense ratios.  
• Putnam BDC Income ETF from 10.61% to 6.79% (PBDC) 
• Putnam PanAgora ESG Emerging Markets Equity ETF from 0.60% to 0.61% (PPEM) 

Thursday: 

The following ETFs changed their expense ratios. 

• Anfield Diversified Alternatives ETF from 2.22% to 2.92% (DALT) 
• Aptus Defined Risk ETF from 0.79% to 0.78% (DRSK) 
• Aptus International Enhanced Yield ETF from 0.43% to 0.45% (IDUB) 
• Aptus Enhanced Yield ETF from 0.59% to 0.60% (JUCY) 
• IQ MacKay Municipal Insured ETF from 0.30% to 0.31% (MMIN) 

Friday: 

The following ETFs changed their expense ratios.  

• Cabana Target Leading Sector Aggressive ETF (CLSA) from 0.69% to 0.79%  
• Cabana Target Leading Sector Conservative ETF (CLSC) from 0.69% to 0.85%  
• Cabana Target Leading Sector Moderate ETF (CLSM) from 0.69% to 0.79%  
• iShares Cohen & Steers REIT ETF (ICF) from 0.32% to 0.33%  
• iShares International Select Dividend ETF (IDV) from 0.49% to 0.51%  
• iShares U.S. Utilities ETF (IDU) from 0.39% to 0.40%  
• iShares U.S. Consumer Discretionary ETF (IYC) from 0.39% to 0.40%  
• iShares U.S. Energy ETF (IYE) from 0.39% to 0.40%  
• iShares U.S. Financials ETF (IYF) from 0.39% to 0.40%  
• iShares U.S. Financial Services ETF (IYG) from 0.39% to 0.40%  
• iShares U.S. Industrials ETF (IYJ) from 0.39% to 0.40%  
• iShares U.S. Consumer Staples ETF (IYK) from 0.39% to 0.40%  
• iShares U.S. Basic Materials ETF (IYM) from 0.39% to 0.40%  
• iShares U.S. Transportation ETF (IYT) from 0.39% to 0.40%  
• iShares U.S. Technology ETF (IYW) from 0.39% to 0.40%  
• John Hancock Mortgage-Backed Securities ETF (JHMB) from 0.40% to 0.39%  
• Cabana Target Drawdown 5 ETF (TDSA) from 0.69% to 0.83%  
• Cabana Target Drawdown 7 ETF (TDSB) from 0.69% to 0.83%  
• Cabana Target Drawdown 10 ETF (TDSC) from 0.69% to 0.83%  
• Cabana Target Drawdown 13 ETF (TDSD) from 0.69% to 0.82%  
• Cabana Target Drawdown 16 ETF (TDSE) from 0.69% to 0.82%