Yesterday saw the NYSE Pickens Oil Response ETF (BOON) adopt a new name, ticker and underlying index. The fund, which launched in early 2018, has roughly $3 million in assets under management, and issuer TriLine Index Solutions no doubt decided there needed to be some changes to a product to draw investors.
The fund now trades as the Pickens Morningstar Renewable Energy Response ETF (RENW) and tracks the Morningstar North America Renewable Energy Index rather than the NYSE Pickens Oil Response Index. It also saw its expense ratio reduced from 0.85% to 0.65%.
While the underlying index for the fund when it traded as BOON covered stocks that had high correlations to the price of Brent crude oil no matter the sector they fell under, the new index concentrates three-quarters of its weight in companies that derive significant revenue from renewable energy activities or business activities driven by renewable energy. The remaining quarter of the index covers companies that are major users of renewable energy.
TriLine is owned by energy investment RIA Boone Pickens Capital Fund Advisors, founded in 1997 by hedge fund manager Boone Pickens.
Contact Heather Bell at [email protected]