ETF Odds & Ends: Bitcoin ETFs Put Off Again
The two weeks ended June 11 were marked by continued waffling by the SEC on approving a U.S.-listed bitcoin ETF and included a flurry of launches beyond those already covered by ETF.com as well as a diverse array of splits, name changes and index changes.
FX Empire reported that the SEC has extended its review of the filing for the WisdomTree Bitcoin Trust (BTCW) by another 45 days. The review had originally been scheduled to be completed May 30. The SEC did something similar with VanEck’s application for a similar fund, with the review period extended to mid-June.
The approval of a U.S.-listed bitcoin ETF has run into repeated roadblocks, with regulators expressing concern about the volatile and speculative nature of cryptocurrencies.
Launches
WisdomTree rolled out an ETF on June 3 that is part of its “Megatrends” ETF family. The WisdomTree BioRevolution Fund (WDNA) tracks an index of companies likely to benefit from advances in genetics and biotechnology, but the scope of the fund goes beyond just health care to encompass agriculture, materials, chemicals, energy and even data storage, according to a press release. The fund comes with an expense ratio of 0.45% and lists on Cboe Global Markets.
June 9 saw the launch of two ETFs, including the KraneShares Hang Seng TECH Index ETF (KTEC), which covers the 30 largest technology companies on the Hong Kong Stock exchanges that have significant business operations in the areas of the internet, fintech, cloud computing, e-commerce and digital technology, the prospectus says. KTEC comes with an expense ratio of 0.69% and lists on the NYSE Arca.
On the same day, T. Rowe Price added to its lineup of nontransparent actively managed ETFs with the launch of the T. Rowe Price U.S. Equity Research ETF (TSPA), which its prospectus describes as an “enhanced index fund” that looks to reflect the characteristics of the S&P 500 Index while still outperforming it. The fund comes with an expense ratio of 0.34% and lists on the NYSE Arca. It relies on T. Rowe Price’s in-house model for nontransparent active ETFs.
June 10 was a particularly active day for launches, featuring a total of four. These included two “Bull” ETFs from Direxion, the Direxion Daily Travel & Vacation Bull 2X Shares (OOTO) and the Direxion Daily 5G Communications Bull 2X Shares (TENG). Both of the funds are tied to indexes offered by BlueStar and provide 200% of the respective benchmarks’ returns. Both funds come with expense ratios of 1.07% and list on the NYSE Arca.
Emles also added to its rapidly growing lineup with the launch of the Emles Alpha Opportunities ETF (EOPS), an actively managed multi-asset fund that can invest in equities, fixed income, commodities, real estate investment trusts, options and currencies. The fund comes with an expense ratio of 1.95% and lists on Cboe Global Markets.
BlackRock rolled out the iShares Cloud 5G and Tech ETF (IDAT), which tracks the Morningstar Global Digital Infrastructure & Connectivity Index. The fund focuses on companies operating in the cloud computing and 5G spaces. It comes with an expense ratio of 0.47% and lists on the NYSE Arca.
The ETF industry also had a rare (for 2021) closure announced. The Amplify CrowdBureau Online Lending and Digital Banking ETF (LEND), which launched roughly two years ago, will see its last day of trading on June 25. The fund has a little more than $1 million in assets under management. There have only been 20 completed closures so far this year.
Splits
There were also a number of forward share splits, including two from WisdomTree that became effective June 10. The WisdomTree Global ex-US Quality Dividend Growth Fund (DNL) and the WisdomTree U.S. Quality Shareholder Yield Fund (QSY) both underwent 2-for-1 splits.
Meanwhile, 5 iPath ETNs underwent forward splits effective June 4. They included the following:
iPath Shiller CAPE ETN (CAPE), 10 for 1
iPath Series B Carbon ETN (GRN), 5 for 1
iPath Series B Bloomberg Agriculture Subindex Total Return ETN (JJA), 3 for 1
iPath Series B Bloomberg Copper Subindex Total Return ETN (JJC), 3 for 1
iPath Series B Bloomberg Nickel Subindex Total Return ETN (JJN), 3 for 1
Other Changes
There were several other changes to different ETFs’ names, indexes and tickers.
Effective June 1, the FlexShares STOXX U.S. ESG Impact Index Fund (ESG) became the FlexShares STOXX US ESG Select Index Fund and switched its index from the STOXX USA ESG Impact Index to the STOXX USA ESG Select KPIs Index.
Meanwhile, the FlexShares STOXX Global ESG Impact Index Fund (ESGG) became the FlexShares STOXX Global ESG Select Index Fund and switched its index from the STOXX Global ESG Impact Index to the STOXX Global ESG Select KPIs Index.
At the same time, the VanEck Vectors Preferred Securities ex Financials ETF (PFXF) changed its index from the Wells Fargo Hybrid and Preferred Securities ex Financials Index to the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index.
As of June 4, the KraneShares E Fund China Commercial Paper ETF (KCNY) changed its name to the KraneShares Bloomberg Barclays China Bond Inclusion Index ETF and it ticker to KBND. Its index also changed from the CSI Diversified High Grade Commercial Paper Index to the Bloomberg Barclays China Inclusion Focused Bond Index.
KraneShares also says that, as of Aug. 1, the KraneShares CCBS China Corporate High Yield Bond USD Index ETF (KCCB) will change its name to the KraneShares Asia Pacific High Yield Bond ETF.
Finally, effective June 11, the Trend Aggregation Dividend Stock ETF (TADS) changed its name to The Active Dividend Stock ETF.
Contact Heather Bell at hbell@etf.com
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