Odds & Ends: Last Burst of ETF Activity for 2022

In the final trading days of 2022, only three ETFs debuted on the market, alongside a slew of changes announced or completed for existing products.  

Among the launches was Friday’s debut of the Pinnacle Focused Opportunities ETF (FCUS) on the NYSE Arca. The actively managed fund invests according to a proprietary model that considers market signals when allocating its portfolio among equities, bonds, cash and Treasury securities. It rebalances the portfolio according to the model’s underlying algorithms on a monthly basis, the prospectus says. 

FCUS comes with an expense ratio of 0.81%. 

The Alpha Architect 1-3 Month Box ETF (BOXX) rolled out on Wednesday with an expense ratio of 0.195%. The fund looks to provide investors with a cash management tool that offers returns that match or exceed the performance of 1-to-3 month Treasury bills using a box spread options strategy. It looks to maintain a risk profile that reflects that of Treasury bills while giving investors greater tax efficiency, according to the Alpha Architect website. 

Closures  

There was closure activity during the week, with the ETFMG 2x Daily Alternative Harvest ETF (MJXL) closing on Wednesday.   

Also on Wednesday, six iPath ETNs were called and are as follows: 

• Pacer iPath Gold ETN (GBUG) 

• iPath S&P MLP ETN (IMLP) 

• Pacer iPath Gold Trendpilot ETN (PBUG) 

• iPath Return on Disability ETN (RODI) 

• iPath Silver ETN (SBUG) 

• iPath Women in Leadership ETN (WIL) 

Another launch was announced for next year. The Qraft AI-Enhanced U.S. High Dividend ETF (HDIV) is expected to see its last day of trading on or around Jan. 20, with liquidation expected to follow shortly after.  

Other Changes 

Several funds made changes to their expense ratios during the week. 

As of Dec. 28, the following expense ratio changes became effective: 

• ATAC Credit Rotation ETF (JOJO), from 1.17% to 1.22% 

• ATAC US Rotation ETF (RORO), from 1.13% to 1.15% 

• Leatherback Long/Short Alternative Yield ETF (LBAY), from 1.43% to 1.32% 

As of Dec. 29, the following expense ratio changes became effective: 

• OneAscent Core Plus Bond ETF (OACP) from 0.79% to 0.76% 

• OneAscent Large Cap Core ETF (OALC), from 0.76% to 0.82% 

• LifeGoal Home Down Payment Investment ETF (HOM), from 0.60% to 0.59% 

• LifeGoal Conservative Wealth Builder ETF (SAVN), from 0.55% to 0.53% 

• LifeGoal Wealth Builder ETF (WLTH),  from 0.59% to 0.68% 

• Clockwise Capital Innovation ETF (TIME), from 0.95% to 0.96% 

• iShares MSCI Russia (ERUS) ETF from 0.57% to 0.08% 

Although ERUS is effectively closed, the fund has not yet been liquidated, so investors still in the fund are still paying to hold it but cannot exit ERUS as it is no longer trading. 

There are additional changes to iShares funds that have either been completed or are pending. On Thursday, the iShares MSCI Global Agriculture Producers ETF (VEGI) changed its name to the iShares MSCI Agriculture Producers ETF. 

And next year, as of March 1, the following changes will become effective: 

The iShares MSCI Global Multifactor ETF (ACWF) will change its name and ticker to the iShares Global Equity Factor ETF (GLOF) and its index from the MSCI ACWI Diversified MultipleFactor Index to the STOXX Global Equity Factor Index. 

The iShares MSCI Emerging Markets Multifactor ETF (EMGF) will change its name to the iShares Emerging Markets Equity Factor ETF and its index from the MSCI ACWI Diversified Multiple Factor Index to the STOXX Global Equity Factor Index. 

The iShares MSCI Intl Small Cap Multifactor ETF (ISCF) will change its name to the iShares International Small Cap Equity Factor ETF and its index from the MSCI World ex USA Small Cap Diversified Multiple-Factor Index to the STOXX International Small Cap Equity Factor Index. 

The iShares MSCI USA Small Cap Multifactor ETF (SMLF) will change its name to the iShares U.S. Small Cap Equity Factor ETF and its index from the MSCI USA Small Cap Diversified Multiple-Factor Index to the STOXX U.S. Small Cap Equity Factor Index. 

Contact Heather Bell at [email protected]