This week continues somewhat of a trend for 2023 as more ETFs closed its doors than opened with Invesco alone planning to cut 11% of its roster in the first quarter. New offerings in 2022 total 50 with closures overtaking at 55. Just last week eight funds were closed including the UBC Algorithmic Fundamentals ETF (UBCB) which initially launched in December 2021 as well as two ETNs from ELEMENTS, the ELEMENTS Linked to ICE BofAML Commodity Index eXtra Grains Total Return ETF (GRU) and the ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Biofuels Total Return ETN (FUE).
ETF Newz Says:
Though closures are outpacing the launches, new funds have still continued to flow out at a moderate pace.