May ETF Filings, Index Changes and Closings

May Exchange Traded Fund and Note Filings and Delistings

etf closings

Heading into the summer we were still pretty active as far as ETFs and ETNs. We did lose 4 ETFs that were delisted, but we also saw 19 funds filed with the SEC. And we saw quite a few underlying benchmark changes, too. So let's get you all caught up.

First, in a separate piece I listed the 23 new ETFs that have recently gone live on exchanges...

List of Funds That Started Trading in May 2016

    Next we have the closings and redemptions...

    List of ETFs and ETNs That Closed or Redeemed in May 2016 

    • CVOL - C-Tracks - Citi Volatility Index Total Return ETN
    • HEGE - Direxion Daily MSCI Europe Currency Hedged Bull 2X Shares ETF
    • HEGJ - Direxion Daily MSCI Japan Currency Hedged Bull 2X Shares ETF
    • TYFE - ProShares CDS North American HY Credit ETF

    As you can see, 2 of the funds were from Direxion, and we had a funds from Proshares as well. And the most common reason for the closings of the majority of these funds was lack of assets and investor interest. Which unfortunately is part of the game. 

    And if you have never been through a liquidation process or an exchange traded product closing, then you may want to read this piece and learn how it all works...

    And while the next group of funds did not technically close, they did get delsited from NYSE and are now trading on the BATS exchange...

    • EMIH - Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF
    • IGIH - Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF
    • HYIH - Deutsche X-trackers High Yield Corporate Bond - Interest Rate Hedged ETF 

    Moving on from closings to filings, we had 19 new concepts registered with the Securities Exchange Commission.

    Five of which already have symbols... 

    List of Funds That Were Filed in May 2016

    • GOAU - Go Gold Kitco U.S. Global Precious Minerals Equity ETF
    • KASH - Quantum Shares Ultra-Short Treasury / Government ETF
    • KEEP - Quantum Shares Limited-Duration U.S. Government / Corporate ETF
    • LVHI - Legg Mason International Low Volatility High Dividend ETF
    • PBIQ -  Point Break IPO Index Fund 
    • Amplify Dow Theory Forecasts Buy List ETFProShares Crude Oil Strategy ETF
    • Direxion Daily European Financials Bear 1X Shares ETF
    • Direxion Daily European Financials Bull 2X Shares ETF
    • Direxion Daily European Financials Bear 2X Shares ETF
    • Direxion Daily Gold Miners Index Bear 1X Shares ETF
    • Fidelity Core Dividend ETF
    • Fidelity Dividend ETF for Rising Rates
    • Fidelity Low Volatility Factor ETF
    • Fidelity Momentum Factor ETF
    • Fidelity Quality Factor ETF
    • Fidelity Value Factor ETF
    • The Principal Healthcare Innovators Index ETF
    • The Principal Millennials Index ETF
    • The Principal Spectrum Preferred Securities Active ETF

    Two of the funds that already have tickers are from Quantum Shares. We also saw 4 new funds in the works from Direxion (inverse and leveraged), a trio from Principal and a full set in the pipeline from Fidelity. Plus a few single filings as well.

     

    Now let's get you caught up on some funds that changed their underlying benchmarks...

    List of Funds That Changed Their Benchmarks (Underlying Indexes) in March and April 2016

    These funds have changed their benchmark from the NYSE 7-10 Year Treasury Bond Index to the ICE U.S. Treasury 7-10 Year Bond Index.

    • TYD - Direxion Daily 7-10 Year Treasury Bull 3x Shares ETF
    • TYNS - Direxion Daily 7-10 Year Treasury Bear Shares ETF
    • TYO - Direxion Daily 7-10 Year Treasury Bear 3x Shares ETF

    These funds have changed their benchmark from the NYSE 20 Year Plus Treasury Bond Index to the ICE U.S. Treasury 20+ Year Bond Index​.

    • TMF - Direxion Daily 20+ Year Treasury Bull 3X Shares ETF
    • TMV - Direxion Daily 20+ Year Treasury Bear 3x Shares ETF
    • TYBS - Direxion Daily 20+ Year Treasury Bear 1X Shares ETF

    This fund has changed its benchmark from the Barclays U.S. Treasury Bond Index to the ICE U.S Treasury Core Bond Index.

    • GOVTiShares Core U.S. Treasury Bond ETF

    This fund has changed its benchmark from the Barclays U.S. Short Treasury Bond Index to the ICE U.S Treasury Short Bond Index.

    • SHV iShares Short Treasury Bond ETF

    This fund has changed its benchmark from the Barclays U.S. 10-20 Year Treasury Bond Index to the ICE U.S Treasury 10-20 Year Bond Index.

    • TLH - iShares 10-20 Year Treasury Bond ETF

    This fund has changed its benchmark (and name) from the Beacon Global Timber Index to the MSCI ACWI IMI Timber Select Capped Index.

    • CUT - Guggenheim MSCI Global Timber ETF. Was the Guggenheim Timber ETF 

    This fund has changed its benchmark (and name) from the Beacon Spin-off Index to the S&P U.S. Spin¬Off Index.

    • CSD - Guggenheim S&P Spin Off ETF. Was the Guggenheim Spin-Off ETF

    And please be aware that the funds and notes on these lists, or any fund or note, have their risks. As do all investments. So make sure you research each fund thoroughly before making any trades (short or long), to replace any of these products in your portfolio.

     

    And if you do have suitable replacement assets, be sure to watch how the replacement funds (or notes) react to different market conditions. Understand what is in each fund. And if you have any questions or concerns about any of the ETFs or ETNs you are considering, be sure to consult a financial professional such broker or your financial advisor. 

    However, once you have completed your due diligence, then good luck with all of your trades. And hopefully your portfolio was not too impacted by these closings and you are able to find replacemets or even improvements.

    Disclaimer: At the time of publication of this article, I do not have any open positions in any of the exchange traded products (notes or funds) on any of the lists provided above - Mark Kennedy