Notable ETF Filings Recap: March 2024

Global X Infrastructure Development ex-U.S. ETF

Global X ETFs, known for its innovative fund offerings, has been providing investors with the Global X U.S. Infrastructure Development ETF (

) since March 2017.

Recognizing the potential for growth beyond the U.S., an international version of this infrastructure ETF seemed like a natural progression. This new ETF tracks a proprietary benchmark, the Global X Infrastructure Development ex-U.S. Index, which is based on FactSet industries.

The ETF plans to include stocks, American Depositary Receipts (ADRs), and Global Depositary Receipts (GDRs) to achieve broad exposure across various aspects of infrastructure development in both developed and emerging markets.

It specifically targets niches including construction and engineering, production of infrastructure raw materials, composites and products, producers and distributors of heavy construction equipment, industrial transportation, and manufacturers or distributors of smart grid components.

While the exact expense ratio for this new foreign infrastructure ETF is yet to be determined, it's expected to be in the ballpark of PAVE's 0.47%, albeit likely a bit higher to account for the added costs associated with investing in foreign equities.

Grayscale Bitcoin Mini Trust (BTC)

Even after experiencing some outflows, Grayscale's transition from its former close-ended trust to the now ETF-formatted Grayscale Bitcoin Trust (

) has retained its status as the largest spot Bitcoin ETF, boasting an impressive $23.7 billion in assets under management (AUM).

However, its 1.5% expense ratio might be a sticking point for cost-conscious investors. In response to this concern, Grayscale has filed to launch the Grayscale Bitcoin Mini Trust (BTC), a low-fee alternative designed to attract a broader investor base.

This strategic move by Grayscale is not unprecedented in the ETF industry. Similar strategies have been employed by other ETF providers like iShares and SPDR, who have previously introduced "mini" versions of their gold-backed ETFs.

These versions offer lower prices per share and reduced expense ratios, making them more accessible to investors who are sensitive to costs or prefer to invest smaller amounts.

Various Weight-Loss ETFs

The buzz around weight-loss drugs like Ozempic and Wegovy has captured public interest, and ETF issuers are responding to this trend. We're witnessing the emergence of a new healthcare ETF theme focused on obesity and weight-loss, particularly targeting companies developing pharmaceutical products to address obesity.

Two notable filings in this space are the Roundhill GLP-1 & Weight Loss ETF (OZEM) and the Amplify Weight Loss Drug & Treatment ETF.

Both ETFs aim to invest in companies involved in the development and sale of GLP-1 receptor agonists. These drugs work by mimicking a hormone that targets areas of the brain involved in appetite regulation, leading to reduced hunger and potentially significant weight loss.

The criteria for inclusion in these ETFs differ between the two. Roundhill's ETF focuses on companies that derive a significant portion of their profits or revenue from weight-loss pharmaceuticals, own considerable assets in this field, or are recognized leaders in the production and sale of these drugs.

Amplify's criteria, on the other hand, categorize companies into "Drug Manufacturers" and "Enablers." "Drug Manufacturers" include companies with GLP-1 agonist drugs already on the market or in FDA clinical trials, while "Enablers" are companies involved in the outsourced development, manufacturing, and support services. The Drug Manufacturer segment makes up 70% of their index, with Enablers covering the remaining 30%.

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.