ProShares, First Trust Make Changes To ETFs
This week saw a few issuers making expense ratio changes to their ETFs or splitting shares. Among them was ProShares, which announced splits for a dozen of its funds, effective Jan. 21, 2021.
Those scheduled splits include 2-for-1 forward splits for the ProShares Ultra Health Care ETF (RXL) and the ProShares UltraPro QQQ ETF (TQQQ).
There are also 10 planned reverse splits, which include the following:
ProShares UltraShort QQQ ETF (QID), 1 for 4
Similarly, effective as of the close of markets today, Jan. 8, Direxion is enacting share splits on four of its funds. They are as follows:
The Direxion Daily Retail Bull 3X Shares (RTL) will undergo a 5-for-1 forward split.
The Direxion Daily Robotics, Artificial Intelligence, & Automation Index Bull 2X Shares (UBOT) will undergo a 5-for-1 forward split.
The Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) will undergo a 1-for-20 reverse split.
The Direxion Daily S&P 500 Bear 3X Shares (SPXS) will undergo a 1-for-10 reverse split.
Expense Ratio Changes
First Trust and ALPS both made some changes to ETF expense ratios. For ALPS, this meant a 10-basis-point reduction in the expense ratio of the ALPS Clean Energy ETF (ACES) from 0.65% to 0.55%, while First Trust changed the fees on eight of its funds, effective Jan. 4, 2021.
Those changes are as follows:
The expense ratio for the First Trust Active Factor Small Cap ETF (AFSM) increased from 0.75% to 0.77%.
The expense ratio for the EquityCompass Risk Manager ETF (ERM) increased from 0.65% to 0.68%.
The expense ratio for the First Trust CEF Income Opportunity ETF (FCEF) decreased from 3.21% to 2.91%.
The expense ratio for the First Trust TCW Opportunistic Fixed Income ETF (FIXD) increased from 0.55% to 0.56%.
The expense ratio for the First Trust Low Duration Strategic Focus ETF (LDSF) decreased from 0.82% to 0.77%.
The expense ratio for the First Trust Municipal CEF Income Opportunity ETF (MCEF) increased from 2.59% to 2.65%.
The expense ratio for the EquityCompass Tactical Risk Manager ETF (TERM) decreased from 0.73% to 0.67%
The expense ratio for the First Trust TCW Unconstrained Plus Bond ETF (UCON) increased from 0.75% to 0.76%.
Contact Heather Bell at hbell@etf.com
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