FYI: The manager of a struggling exchange-traded fund that invests in companies affected by government policy is hoping third time’s a charm with its latest rebrand.
Active Weighting Advisors, a New York-based financial adviser, is renaming a fund for a second time in less than two years, according to a press statement. The EventShares U.S. Policy Alpha ETF, ticker PLCY, is now the EventShares U.S. Legislative Opportunities ETF. The fund traded as the U.S. Tax Reform Fund until April 2018.
Despite that change, the ETF has failed to win over investors and hasn’t seen an inflow since May. It currently has about $18 million in assets, data compiled by Bloomberg show. While politics are increasingly moving markets, the connotations are still negative for many clients, according to Ben Phillips, chief investment officer of EventShares, who says the new moniker could give the fund a better shot.
Regards,
Ted
https://www.fa-mag.com/news/politics-prove-toxic-for-etf-trying-its-third-name-in-two-years-52210.html?print
