ETF Odds & Ends: 10 Launches, More Closures
It was a fairly busy week for launches as of April 8, with Neuberger Berman entering the market with three ETFs.
Among the ETFs that rolled out this week were two 2x inverse and leveraged launches from Direxion on Thursday. The Direxion Daily TIPS Bear 2X Shares ETF (TIPD) and the Direxion Daily TIPS Bull 2X Shares ETF (TIPL) both debuted on the NYSE Arca.
The two funds are tied to the Solactive TIPS ETF Index and charge an expense ratio of 1.07%.
Closures
An impending closure was announced during the week. Defiance will shut down its Defiance Next Gen Big Data ETF (BIGY) after its last day of trading on April 28. The closure will bring the total number of closures by early May to 33—a significant jump from 2021.
Seven closures were finalized during the week, including:
Other Changes
Also during the week, it was announced that the MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) would undergo a 1-for-50 reverse share split as of April 11.
And the Saba Closed-End Funds ETF (CEFS) saw its expense ratio reduced by 1.00% as of April 1; its fee was cut from 3.80% to 2.90%.
Contact Heather Bell at heather.bell@etf.com
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