With just nine new ETFs launching on U.S. exchanges, the week ending May 17, 2024, was fairly unremarkable in that regard. However, there was plenty of other activity in the space including closures and name changes.
The week saw funds debut from the likes of Direxion, JPMorgan, and Virtus as well as newcomers Macquarie and Peerless Wealth.
Additional New ETFs
Among the launches during the week was another pair of buffer ETFs from PGIM. Both the PGIM US Large-Cap Buffer 20 ETF – September (PBSE) and the PGIM US Large-Cap Buffer 12 ETF – September (SEPP) look to deliver the price return of the S&P 500 Index up to a cap over a one-year period. PBSE protects against the first 20% of losses, and SEPP protects against the first 12% of losses. The funds will reset as of August 31, 2024, but then will not reset again for a full year.
PBSE comes with an upside cap before expenses of 3.66%, while SEPP’s cap is 4.17%. With buffer ETFs in general, the greater the downside protection, the lower the performance cap. Both funds have expense ratios of 0.50% and list on the Cboe BZX Exchange.
Just a few days later, PGIM rolled out the PGIM US Large-Cap Buffer 20 ETF – October (PBOC) and the PGIM US Large-Cap Buffer 12 ETF – October (OCTP). They have starting upside caps of 4.71% and 5.45%, respectively, and will reset for the first time on September 30, 2024. They too list on the Cboe BZX Exchange and have expense ratios of 0.50%.
Also during the week, Collaborative Fund Advisors launched a fund subadvised by Retireful. The Anydrus Advantage ETF (NDOW) is an actively managed multi-asset fund that invests in a mix of equity and fixed income securities as well as other ETFs with the intention of offering its shareholders capital appreciation and income. The fund uses quantitative approaches and in-house analysis to select its holdings. It has an expense ratio of 2.10% and lists on the Cboe BZX Exchange.
Other Developments
Closure activity continued during the week, with the Global X MSCI Next Emerging & Frontier ETF (EMFM) and the U.S. Value ETF (USVT) ceasing to trade. Meanwhile, the JPMorgan Alerian MLP Index ETN (AMJ) will mature on May 24.
Even more funds have undergone or will undergo material changes. AXS Investments is in the process of changing the names of its single-security leveraged and inverse ETFs to adopt the Tradr brand name. Once the transition completes as of July 15, the funds will be named as follows:
Meanwhile, during the last few weeks, the DriveWealth NYSE 100 Index ETF (CETF) changed its underlying index from the DriveWealth NYSE 100 Index to the NYSE Drivewealth 100 Index. And the Janus Henderson Sustainable Corporate Bond ETF (SCRD) changed its name and ticker to the Janus Henderson Corporate Bond ETF (ILQD).
Finally, the Amplify International Enhanced Dividend Income ETF (IDVO) changed its name to the Amplify CWP International Enhanced Dividend Income ETF.
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