ProShares has changed indexing strategies for two ETFs linked to European stocks.
As of today, UPV now aims for 2x or 200% daily performance to the FTSE Developed Europe Index, while EPV aims for -2x or 200% daily opposite performance to the same index.
The board of directors for both funds approved the index changes.
The annual expense ratios for UPV and EPV are currently 0.95% and will remain unchanged.
At the end of March, ProShares managed $23.5 billion in 140 ETFs.
Other ETF News
The process for issuing actively managed ETFs looks like it's kicking into high gear.
The Securities and Exchange Commission (SEC) has granted exemptive relief to Exchange Traded Concepts, LLC (ETC) allowing it to bring actively managed ETF products to market with its "white label" method. The move may shorten the time line for new actively managed ETFs, which typically can take up to 18 months from registration to launch. (Watch: How Different ETP structures Impact your Investments)
The active relief will apply to all three of ETC's existing trusts created through partnerships with SEI, US Bancorp Fund Services and Citigroup/Foreside Fund Services.
"Our growth from one fund last March to five funds today with an additional 5 new funds slated for launch in the first half of the year is evidence of the strong demand for our platform," said J. Garrett Stevens, CEO of ETC. "As we continue to broaden the flexibility and mandates of our multiple series trust platform, the addition of active relief coincides with increased interest from hedge funds, mutual funds and separate account managers in bringing their strategies to market in ETF form."
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