Defiance ETFs launches the first SPAC ETF : SPAK

• Launched Oct. 1 

=ETF Fees Are Falling To Zero As SoFi Plans First No-Cost Funds

• more info:  https://www.pymnts.com/loans/2019/online-lender-sofi-free-etf-investments/

Social Finance, the online lender known as SoFi, is helping start two new ETFs that won't charge a management fee, according to regulatory filings. The exchange traded funds, which plan to waive charges for at least the first year, will focus on U.S. stocks.

With more than 97% of cash flowing to ETFs going to those that charge $2 or less for every $1,000 invested, issuers are under pressure to keep costs to a minimum. SoFi is a new contender in the fee war, after Fidelity Investments made waves when it started the first free mutual funds last year and saw assets in those products quickly grow to $1 billion. Free funds are loss leaders for issuers, which are betting customers attracted by the low-cost offerings will eventually buy more expensive funds or services.

Investors currently pay 30 cents for every $1,000 invested in the cheapest ETFs from BlackRock (BLK), State Street (STT) and Charles Schwab (SCHW). Together these three issuers control 60% of the $3.7 trillion market in U.S. ETFs. Vanguard Group, which runs funds that charge 40 cents, manages 26%.

Free ETFs Come With A Twist
While the cheapest funds all track broad indexes of U.S. stocks weighted by market capitalization, SoFi's offerings come with a twist. The SoFi 500 ETF, ticker SFY, and the SoFi Next 500 ETF, ticker SFYX, will be weighted using a proprietary mix of market cap and fundamental factors. SoFi provided "support in developing the methodology used by the index to determine the securities included," the filing said.

The funds are free until at least March 27, 2020, according to the filing, which lists the waived management fee as 0.19%.

Although the funds are branded by SoFi, the ETFs are being issued through a trust. Toroso Investments is the investment advisor responsible for the two funds, and has hired Exponential ETFs to run them day to day. Solactive created the benchmarks.

Legg Mason to close three exchange-traded funds

Legg Mason announced Wednesday that it would liquidate and close three small exchange-traded funds.
The closings come after the Baltimore-based investment management firm reported a big loss for its fiscal third quarter and the launch of a cost-cutting plan that would consolidate and automate operational functions among its affiliates.

Legg said it was closing the funds “based on an ongoing review of its product lineup and to ensure it meets the evolving needs of its clients.”

The funds Legg plans to close include:

• Developed ex-US Diversified Core ETF, 
• Emerging Markets Diversified Core ETF and 
• US Diversified Core ETF. 

Exchange-traded funds are investment funds like mutual funds but shares can be traded on a stock exchange — the Nasdaq market in the case of these three Legg funds.

The Developed ex-US Diversified Core fund had just $10.7 million in assets under management. The Emerging Markets Diversified Core fund had $14.6 million in assets., while the US Diversified Core fund had less than $3.1 million in assets.

All three funds will stop accepting new orders on March 6 and are expected to stop trading on March 15. Proceeds from the liquidation are expected to be sent to shareholders on March 22.

Legg Mason remains heavily vested in exchange traded funds with more than $800 million in such funds as of Jan. 31. The company had $727.2 billion in assets under management as of December 31.

==Stock split reminder: Shares of 20 ProShares ETFs will begin trading ex-split

• Forward splits at a 3:1 ratio -- MVV, UYG, DDM, EFO, UPRO, EZJ, USD, TQQQ
• Reverse splits at 1:5 ratio -- BZQ, EEV
• Reverse splits at 1:4 -- DXD, SPXU, MYY, QID, DOG, FXP
• Reverse splits at 1:2 -- SSG, ZBIO, SEF, SMN

==WisdomTree (WETF) plans to close and liquidate nine of its ETFs

WisdomTree plans to close and liquidate nine of its ETFs - the Funds will no longer accept creation orders after Friday, March 16, 2018 

• Includes: WisdomTree Japan Hedged Capital Goods (DXJC), WisdomTree Japan Hedged Health Care (DXJH), WisdomTree Japan Hedged Real Estate (DXJR), WisdomTree United Kingdom Hedged Equity (DXPS), WisdomTree ex-U.S. Hedged Dividend (DXUS), WisdomTree Strong Dollar Emerging Markets Equity (EMSD), WisdomTree Global ex-U.S. Hedged Real Estate (HDRW), WisdomTree U.S. Export and Multinational (WEXP), WisdomTree U.S. Domestic Economy (WUSA).