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Rating:A $65B-AUM AM's Team Winds Down a 6-Year-Old ETF Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, April 4, 2024

A $65B-AUM AM's Team Winds Down a 6-Year-Old ETF

Reported by Neil Anderson, Managing Editor

The team at a $65-billion-AUM ETF shop is preparing to wind down a bond fund shortly after the fund's sixth birthday next month.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
On Monday, the ProShares [profile] folks revealed that they plan to liquidate the ProShares S&P 500 Bond ETF (SPXB on the NYSE Arca, Inc.) on May 6. The fund is scheduled to be delisted from the exchange on April 22, after which creation units will also be no longer accepted.

SPXB's inception date was May 1, 2018, and it has an expense ratio of 15 basis points. The passively managed ETF is a series of ProShares Trust and now has a little more than $9 million in AUM, according to ETF.com and Morningstar.

Bethesda, Maryland-based ProShare Advisors serves as SPXB's investment advisor, and S&P Dow Jones Indices LLC serves as index provider. The fund's PM team includes senior portfolio manager Alexander Ilyasov (who has PMed the fund since April 2019) and PM James Linneman (who has PMed the fund since March 2022).

SPXB is designed to track the S&P 500/Market Axess Investment Grade Corporate Bond Index. That index, in turn, tracks investment grade bonds issued by companies in the S&P 500 stock index.

The liquidating ETF's other service providers include: Citi Fund Services Ohio, Inc. as regulatory administration services provider; JPMorgan Chase Bank, N.A. as administrator, custodian, and index receipt agent; and SEI Investments Distribution Co. as distributor. 

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