Odds & Ends: More iPath ETNs Resume Creations

September 30, 2022

The week kicked off with the last six suspended iPath exchange-traded notes resuming issuance and sales on Monday. Barclays had issued too many shares of the products for the period of roughly one year and suspended its entire lineup while sorting out the issue.  

The bank had resumed issuance and sales on most of its ETN lineup at the end of July, but had a rescission offer out for the remaining six ETNs affected by the overissuance that started Aug. 1 and expired mid-September.  

During that time, shareholders in those ETNs could redeem their shares for the price they paid for the shares plus interest. During the period, $7.7 billion in valid claims were submitted by shareholders out of $17.7 billion in the securities that were eligible for the offer.  

The affected ETNs are as follows: 

On Thursday, the SEC announced that Barclays had agreed to pay a settlement of $361 million to resolve the charges the SEC had made against the firm regarding its over-issuance of securities.

Launches 

The week saw 10 new ETFs roll out. Among them was the actively managed John Hancock U.S. High Dividend ETF (JHDV), which debuted on Wednesday and invests in dividend paying large and midcap U.S. stocks. The fund comes with an expense ratio of 0.34% and lists on the NYSE Arca. 

Thursday saw the launch of the Noble Absolute Return ETF (NOPE), which is an actively managed long/short fund. It considers a range of criteria to take long positions in stocks it believes will see price increases and short those it expects to see price decreases. The fund comes with an expense ratio of 1.82% and lists on the NYSE Arca.  

On Friday, two funds launched. The globally focused Altrius Global Dividend ETF (DIVD) is actively managed and will hold 45-100 dividend-paying stocks with attractive valuations among other criteria that are expected to increase their dividend payments. It comes with an expense ratio of 0.49% and lists on the Nasdaq stock market.  

The Simplify Bitcoin Strategy PLUS Income ETF (MAXI) invests in bitcoin futures contracts while generating income by investing in high quality short-term debt instruments and implementing an options overlay. The fund has an expense ratio of 0.97% and lists on the Nasdaq stock market.  

Closure 

On Aug. 22, the wShares Enhanced Gold ETF (WGLD) saw its last day of trading. The fund launched in February 2021. Its closure brings to total number of scheduled and completed ETF closures for the year to 116. 

Ticker, Name, Expense Ratio Changes 

AllianzIM will change the tickers on its eight defined outcome ETFs as of Oct. 31. The affected funds and new tickers are as follows: 

On Tuesday, the Roundhill BITKRAFT Esports & Digital Entertainment ETF (NERD) changed its name to the Roundhill Video Games ETF and its index from the Roundhill BITKRAFT Esports Index to the Nasdaq CTA Global Video Games Software Index. 

And on Wednesday, the VanEck Morningstar Durable Dividend ETF (DURA) changed its name to the VanEck Durable High Dividend ETF. 

Three funds underwent expense ratio changes on Friday. The expense ratio for the Alexis Practical Tactical ETF (LEXI) decreased from 1.03% to 1.02%. The ClearShares OCIO ETF (OCIO) saw its expense ratio increase from 0.61% to 0.62%, while the ClearShares Piton Intermediate Fixed Income ETF (PIFI) saw its expense ratio increase from 0.45% to 0.46%.  

 

Contact Heather Bell at [email protected] 

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