Odds & Ends: Wild Market Week Sees 9 ETF Launches
The week was quiet for the ETF industry given the market’s performance.
The week ending Nov. 11 was fairly quiet in terms of launches and closures, despite the inflation data and midterm elections. Just nine new ETFs rolled out on U.S. markets.
Among them was the AXS Brendan Wood TopGun Index ETF (TGN), which debuted on Thursday and covers the large- and midcap segment of the U.S. equity market. The fund’s underlying index selects its holdings from the “Shareholder Conviction Universe” based on interviews with as many as 2,000 institutional investors aimed at evaluating a company’s quality.
The interviews touch on everything from business strategy to performance to ESG practices. They also look at the views these investors have regarding different sectors. An algorithm selects the 25 companies included in the index, according to the prospectus.
TGN lists on the NYSE Arca and has an expense ratio of 0.98%.
Changes to Existing ETFs
Two funds underwent major changes during the week. On Monday, the Vesper U.S. Large Cap Short-Term Reversal Strategy ETF (UTRN) changed its index from the Vesper U.S. Large Cap Short-Term Reversal Index to the Solactive GBS United States 500 Index.
On Friday, the KFA Mount Lucas Index Strategy ETF (KMLM) changed its name to the KFA Mount Lucas Managed Futures Index Strategy ETF.
Contact Heather Bell at [email protected]
