Global X, the New York-based ETF sponsor known for its niche strategies focused largely on commodities and the emerging markets, is changing the name, index and ticker symbol on a Canada-focused commodities fund that has gathered less than $2 million in assets since its launch about 18 months ago.
Beginning tomorrow, Sept. 6, 2012, the Global X Global X S'P/TSX Venture 30 Canada ETF (TSXV) will begin trading as the Global X Junior Miners ETF under the symbol “JUNR,” according to an e-mail communique circulated by Arca, the New York Stock Exchange’s electronic trading platform.
The move appears to be a ploy to create greater name recognition for a fund whose name hasn’t made clear that it’s largely—though not entirely—composed of mining names. Moreover, the new name clearly recalls the segment leader in exchange-traded funds focused on small miners, the $2.64 billion Market Vectors Junior Gold Miners ETF (GDXJ).
The revamped Global X ETF “JUNR” will have a lower annual expense ratio--0.69 percent--compared to the 0.75 percent that TSVX had. Market Vectors’ GDXJ meanwhile has an annual expense ratio of 0.54 percent.
JUNR, as noted, will also have a new index, the Solactive Junior Miners Index from Frankfurt-based Structured Solutions AG. Global X launched the ETF in March 2011 with the S'P/TSX Venture 30 Index, which has 29 holdings, some of them energy companies.
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