Odds & Ends: Piling Into Ultra-Short Bond ETFs

The news that several other firms have followed BlackRock Inc. in filing to launch spot bitcoin ETFs has been dominating the headlines recently. 

The Securities and Exchange Commission has repeatedly vetoed previous attempts to roll out spot bitcoin exchange-traded funds, which directly hold the cryptocurrency rather than derivatives based on its price.  

Also in the ETF world, both bond fund behemoth Pimco and thematic stock ETF firm Global X waded into the ultra-short bond ETF business. With the interest rate curve more inverted this year than it has been in over a decade, ultra-short Treasuries are offering attractive yields, as opposed to the effectively zero yield they offered previously. 

This may prove to be a useful alternative to money market mutual funds, which have received enormous inflows this year in the wake of the regional banking crisis, for investors looking for low-risk places to park their money. 

Launches 

Tuesday:  

• Fidelity Disruptors ETF (FDIF) 
• FT Cboe Vest U.S. Equity Moderate Buffer ETF – June (GJUN) 

Wednesday:  

• Global X 1-3 Month T-Bill ETF (CLIP) 
• The Future Fund Long/Short ETF (FFLS) 
• MAX Airlines -3X Inverse Leveraged ETNs (JETD) 
• MAX Airlines 3X Leveraged ETNs (JETU) 

Thursday: 

• PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) 
• Direxion HCM Tactical Enhanced US ETF (HCMT) 
• PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) 
• Clouty Tune ETF (TUNE) 
• VictoryShares Free Cash Flow ETF (VFLO) 

Friday:  

• iShares iBonds Dec 2033 Term Corporate ETF (IBDY) 
• iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) 
• iShares Copper and Metals Mining ETF (ICOP) 
• iShares Lithium Miners and Producers ETF (ILIT) 

Closures 

Tuesday:  

• Developed International Equity Select ETF (RNDM) 
• UVA Dividend Value ETF (UVDV) 

Thursday: 

• VanEck Muni Allocation ETF (MAAX) 

Friday : 

• AdvisorShares Managed Bitcoin Strategy ETF (CRYP) 
• Invesco PureBeta FTSE Developed ex-North America ETF (PBDM) 
• Invesco PureBeta FTSE Emerging Markets ETF (PBEE) 
• Invesco PureBeta US Aggregate Bond ETF (PBND) 
• Invesco PureBeta MSCI USA Small Cap ETF (PBSM) 
• Invesco Balanced Multi-Asset Allocation ETF (PSMB) 
• Invesco Conservative Multi-Asset Allocation ETF (PSMC) 
• Invesco Growth Multi-Asset Allocation ETF (PSMG) 
• Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM) 
• AdvisorShares Drone Technology ETF (UAV) 

Fund Changes 

Tuesday:  

The Loncar Cancer Immunotherapy ETF changed its name to the Range Cancer Therapeutics ETF (CNCR). 

The following ETFs changed their expense ratios: 

• VanEck Digital India ETF (DGIN) from  0.76% to 0.71% 
• VanEck High YIeld Muni ETF (HYD) from 0.35% to 0.32% 
• VanEck Short Muni ETF (SMB) from 0.20% to 0.07% 

Contact Gabe Alpert at [email protected]