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US ETF Launches from 22nd to 29th June, 2023

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Eleven new ETF and two new ETN offerings were launched for the week, each with a distinct value proposition for investors. Detailed below are the respective launches from each asset manager.

Victory Capital Management Inc launched the Victory Shares Free Cash Flow ETF. This rules-based solution will track the performance of the Victory US Large Cap Free Cash Flow Index, which invests in profitable US large-cap companies with high free cash flow yields and favourable growth prospects.

The Index screens an initial universe of companies for historical and projected free cash flows. It then goes a step further by eliminating companies with the worst growth characteristics to seek better outcomes in a variety of market environments.

PIMCO launched two active fixed income ETFs. The PIMCO Multisector Bond Active ETF and PIMCO Ultra Short Government Active ETF both aim to harvest attractive yields by seeking historic opportunities in credit markets and short-term US government securities, respectively.

The PIMCO Multisector Bond Active ETF selectively targets multi-sector global fixed income assets across various sectors, whereas the PIMCO Ultra Short Government Active ETF primarily invests in short-term US government-related debt.

Direxion launched an actively managed tactical ETF. The Direxion HCM Tactical Enhanced US ETF is an actively managed strategy that uses a quantitative investment model developed by its subadvisor, Howard Capital Management, with the aim of minimising losses and maximising gains across all market conditions. The ETF’s tactical strategy provides enhanced equity exposure during periods of market uptrends, offering the potential for higher risk/reward.

Clouty launched the Clouty Tune ETF. This mandate will track the Solactive Clouty Tune Index, which provides global exposure to global companies in the music, media, and entertainment industries; particularly those engaged in music production, broadcasting, streaming platforms, event management, and content creation.

BlackRock launched two target maturity bond ETFs, the iShares iBonds Dec 2033 Term Corporate ETF, which covers corporate bonds maturing in 2033, and the iShares iBonds 2030 Term High Yield and Income ETF, which invests primarily in high yield debt maturing in 2030.

Schwab Asset Management announced the launch of the Schwab High Yield Bond ETF, a low-cost US dollar denominated high yield corporate bond solution that will track the total return of the ICE BofA US Cash Pay High Yield Constrained Index. The ETF will become publicly available on 11 July, 2023.

Simplify Asset Management launched the Simplify Opportunistic Income ETF, an actively managed opportunistic credit solution that focuses on security selection within the high yield, investment-grade, and distressed debt universes. The fund’s management team will deploy a multi-step investment process combining macroeconomic, quantitative, and fundamental research to seek current income.

Volatility Shares launched the 2x Bitcoin Strategy ETF, the first US-based ETF to offer leveraged long exposure to the cryptocurrency futures market. The ETF’s investment results will track the 2x the S&P CME Bitcoin Futures Daily Roll Index’s performance for a single day.

Dimensional Fund Advisors launched the Dimensional California Municipal Bond ETF. This actively managed ETF will invest primarily in a universe of investment-grade municipal securities; the interest on these securities is exempt from regular federal income tax and the state personal income tax of California.

BMO launched two new MAX Exchange Traded Notes, linked to the performance of the Prime Auto Industry Index. The MAX Auto Industry 3x Leveraged ETN and the MAX Auto Industry -3x Inverse Leveraged ETN.

To view this week’s Global launches please click here.

To view our monthly Canadian launches please click here.

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