The week after the Memorial Day holiday was fairly quiet, with only two new ETFs entering the market. One of them was the Procure Disaster Recovery Strategy ETF (FEMA), which rolled out on June 1. It lists on the Nasdaq with an expense ratio of 0.75%.

Global in scope, FEMA tracks an equally weighted index that covers the stock of companies that operate in the home improvement space, provide generators and batteries, or that within the last five years have been involved in natural disaster relief via government contracts, according to its prospectus.

 

Index Changes

The week also saw a number of changes to the indexes underlying various ETFs. Most notably, BlackRock’s iShares arm on Wednesday switched the iShares MSCI Russia ETF (ERUS) to actively managed; the fund had previously tracked the MSCI Russia 25/50 Index.

ERUS has been closed to trading since early March, in the wake of Russia’s invasion of Ukraine. BlackRock is already planning to close its London-listed ETFs that invest in Russia later this month, so there was some question of what the issuer would do with its U.S.-listed ETF.

By switching to active management, iShares will be allowing the fund managers greater agility in a complicated market if ERUS begins trading again.

At the same time, the iShares MSCI USA Multifactor ETF (LRGF) changed its name to the iShares US Equity Factor ETF and its index from the MSCI USA Diversified Multiple-Factor Index to the STOXX US Equity Factor Index. The iShares MSCI Intl Multifactor ETF (INTF) changed its name to the iShares International Equity Factor ETF and its index from the MSCI World ex USA Diversified Multiple-Factor Index to the STOXX US Equity Factor Index.

On Thursday, four ETFs offered by Merlyn.AI changed their underlying indexes:

• The Merlyn.AI Best-of-Breed Core Momentum ETF (BOB) changed its index from the MAI Best-of-Breed Core Momentum Index to the Merlyn.AI BOB Best-of-Breed Core Momentum Index.

• The Merlyn.AI Bull-Rider Bear-Fighter ETF (WIZ) changed its index from the MAI Bull-Rider Bear-Fighter Index to the Merlyn.AI WIZ Bull-Rider Bear-Fighter Index.

• The Merlyn.AI SectorSurfer Momentum ETF (DUDE) changed its index from the MAI SectorSurfer Momentum Index to the Merlyn.AI DUDE SectorSurfer Momentum Index.

• The Merlyn.AI Tactical Growth and Income ETF (SNUG) changed its index from the MAI Tactical Growth & Income Index to the Merlyn.AI SNUG Tactical Growth and Income Index.

And as of Friday, three Direxion ETFs swapped out their indexes:

• The Direxion Daily Financial Bull 3x Shares (FAS) changed its index from the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index to the Financials Select Sector Index.

• The Direxion Daily Financial Bear 3X Shares (FAZ) changed its index from the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index to the Financials Select Sector Index.

• The Direxion Daily Transportation Bull 3X Shares (TPOR) changed its index from the Dow Jones Transportation Average to the S&P Transportation Select Industry FMC Capped Index