Roundhill listed an ETF that reaches OpenAI and Anthropic only through swaps

The Roundhill Magnificent Seven Plus ETF MAGP began trading Thursday, Nov. 12, on Cboe BZX. It reaches OpenAI and Anthropic through swaps, not shares.

Nasdaq said on Nov. 11 that Anthropic is expected to begin trading next Thursday, Nov. 19, under the ticker ANT on the Nasdaq Global Select Market. If that happens, the fund's structure changes.

The Nov. 10 prospectus says that when one of those companies lists, the fund pivots from the swap on a private-company index to the shares, or to swaps on the shares, once it is eligible. It then weights every company in the portfolio equally.

OpenAI and Anthropic do not yet have shares trading on a stock exchange. The prospectus says the swaps instead reference indexes that price each company from perpetual futures, contracts with no expiration date that reference the companies and trade on several platforms. Those contracts are designed to give ongoing exposure through a funding rate, a payment between the long and short sides.

Combined exposure to the two is capped at 15% of net assets, split roughly equally. The rest is roughly an equal weight in Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, Tesla, SpaceX and Broadcom. The prospectus says the fund will invest in SpaceX and Broadcom.

Total annual operating expenses are 0.35%. The cost of the swaps is not in that figure, and the prospectus says that cost reduces returns.

A prospectus filed Nov. 12 for the Tradr 2X Long Anthropic Daily ETF ANTT and the Tradr 2X Short Anthropic Daily ETF ANTZ puts each fund's total annual operating expenses at 1.49% and says neither had commenced operations.

What started trading

These 19 exchange-traded funds (ETFs) started trading from Monday, Nov. 9, through Thursday, Nov. 12.

Mutual fund conversions

Lyrical Asset Management converted two value mutual funds into the Lyrical U.S. Value Equity ETF LYR and the Lyrical International Value Equity ETF LYRI. They began trading Monday on NYSE Arca with more than $1 billion in combined assets, and a Sept. 1 prospectus puts each fund's total annual operating expenses at 0.75%. The firm titled the announcement "New Structure, Same Strategy."

Lazard's Nov. 9 release listed three fixed-income ETFs on NYSE Arca. The Lazard US High Yield ETF HYB is a conversion of a mutual fund launched in 1995, and Lazard expects it to adopt that fund's performance history. The Sept. 14 prospectus puts the ETF's total annual operating expenses at 0.39%, against a 0.55% net expense ratio for the mutual fund it replaced.

Nomura Asset Management converted two mutual funds that began trading Monday, the Nomura Small and Mid Cap ETF SMDC and the Nomura Strategic Income ETF MFIX, and on Thursday listed a new fund, the Nomura Japan Equity ETF NJPN. A Nov. 4 prospectus puts its total annual operating expenses at 0.49%. The Franklin FTSE Japan ETF FLJP, an index fund in that market, charges 0.09%.

In supplements filed this week, T. Rowe Price said the T. Rowe Price Institutional Long Duration Credit Fund will become the T. Rowe Price Long Duration Credit ETF on or about April 30, 2027, and the T. Rowe Price Short Duration Income Fund will become the T. Rowe Price Short Duration Income ETF on or about June 25, 2027. Shareholders will not be asked to vote.

What else listed

Invesco listed four equity funds on Wednesday. Each runs the same value, momentum and quality process in a different market. Invesco said each one spreads its positions broadly and limits how far it strays from its benchmark.

Vanguard listed the Vanguard Emerging Markets Bond Active ETF VEMB on Thursday. The expense ratio is 0.35%. Vanguard said the ETF is separate and distinct from the Vanguard Emerging Markets Bond Fund, the mutual fund Daniel Shaykevich and Mauro Favini also run. The release put that mutual fund at $5.7 billion, among figures it dates to Sept. 30 unless noted otherwise.

First Trust listed the FT Vest Equity Target Income Plus 0-3 Month Treasury ETF IBLY this week. The Nov. 10 prospectus sets the fee at 0.65% and a distribution target 0.85 percentage points above the yield on one-month U.S. Treasurys, after fees and expenses, not counting brokerage, trading fees, taxes and extraordinary expenses. The prospectus says the fund seeks the Treasury exposure with call options on a short-term Treasury ETF, and seeks the extra yield with a put spread on the S&P 500, selling one put and buying another. First Trust says there is no guarantee the target will be met.

Guinness Atkinson Asset Management listed the Guinness Atkinson K-Beauty ETF KBTY on Thursday. It tracks a South Korea beauty index and charges 0.55%. The Corgi Beauty, Skincare & Aesthetics ETF GLAM, a beauty fund already trading, charges 0.35%.

Funds set to liquidate

Amplify's board voted Tuesday to liquidate the Amplify Weight Loss Drug & Treatment ETF THNR. The Defiance Retail Kings ETF RKNG is set to liquidate on or about Nov. 23.

Hartford Funds said Thursday that it expects Dec. 11 to be the last full trading day for the Hartford US Quality Growth ETF HQGO and the Hartford US Value ETF VMAX, with liquidation on or about Dec. 18.