ETF Weekly W45: PIMCO seeks a different disclosure model

This edition covers the trading sessions of 2–6 November 2026.

1. Lead: PIMCO proposes risk-factor disclosure

PIMCO has asked the SEC for exemptive relief to run actively managed ETFs without publishing their full portfolios every day. Its application, filed on 5 November, proposes daily disclosures intended to let market participants value and hedge the funds while protecting the identity of holdings and recent trades. The relief would cover standalone ETFs and ETF share classes of funds that also offer mutual fund classes.

The proposal is aimed at active fixed-income strategies. Instead of daily portfolio transparency, it would rely on a risk-factor methodology and daily disclosed outputs. PIMCO argues these would support arbitrage between market price and net asset value, including market makers’ hedging; that is the applicant’s case, not a regulatory finding. Creations and redemptions would use custom in-kind baskets, cash or both. It is an application, not an SEC order or a launch.

2. Trading data: estimated flows and AUM

Covered issuers only. Flows: Estimated from shares outstanding × NAV. Not investment advice.

Estimated net flows across three covered US issuers totalled +$18.90bn between the 30 October and 6 November closes: iShares US +$18.45bn, Schwab US +$1.55bn and SPDR US −$1.10bn. In Europe, only iShares UCITS has a flow estimate, at +€4.52bn. Each estimate values the share change to 2 November at that day’s NAV, and the change from 2 to 6 November at the 6 November NAV (endpoint method); 3, 4 and 5 November were not observed separately. Of the US figure, +$4.8bn came from the change to 2 November and +$14.1bn from 2 to 6 November; for iShares UCITS the two parts were +€0.36bn and +€4.16bn. Vanguard, SPDR UCITS, VanEck and Amundi have one valuation in the week, so they show assets only.

Amundi UCITS is shown separately because its share classes carry different valuation dates: €391.6bn across 556 share classes valued on 5 November, and €22.9bn across 65 valued on 6 November. The two figures are not added together or included in the European total. Amundi does not date its assets figures, so we use the NAV date.

Rankings include only issuers with a flow estimate. US figures are in dollars and European figures in euros; no combined figure is given. European share classes are converted at ECB euro reference rates: 6 November (US$1.1165 per euro) for flows and 6 November assets, and 5 November (US$1.1224) for Amundi classes valued that day. For VanEck and Amundi, shares outstanding are derived from published assets divided by NAV. Six iShares US funds split their shares with effect from 5 November: EFG, ITA and SOXX 3-for-1, EFV 2-for-1, and MTUM and QUAL 4-for-1, as set out in iShares Trust’s SEC filings (5 October, 21 August). Their earlier share counts are multiplied by those ratios, so the splits create no flow. The 6 November data were collected on 9 November. Missing sessions are not filled, and a missing session is not zero activity.

Sources: fund data published by iShares (BlackRock), State Street Investment Management (SPDR), Schwab Asset Management, Vanguard, VanEck and Amundi; ECB euro reference rates. Estimates and calculations: The MidPoint News.

3. Listings and cross-listings: Europe

Deutsche Börse announced two Man Xetra listings on 4 November and three L&G and Goldman Sachs listings on 6 November. All five trade in euros.

Man’s funds are a multi-asset strategy combining global equities with a trend-following futures overlay, and an active infrastructure equity fund; the L&G fund selects emerging-market equities for dividend and quality characteristics. The exchange describes the two Goldman Sachs high-yield funds as identical apart from investment currency, which does not by itself establish hedging. Costs are the exchange’s product-cost figures, not verified management fees, and the notices establish Xetra listings, not first launches. Our report.

4. Launches: US funds and listing steps

AllianceBernstein announced the launch of the actively managed AB Equity Premium Income ETF (INK) on Nasdaq on 4 November, with Jane Street as lead market maker. It combines broad S&P 500 exposure with a written covered-call overlay; the issuer warns that writing calls limits upside and that premiums may not fully protect against declines. Our report.

BondBloxx announced the launch of BondBloxx Core Plus ETF (BBLX) on 5 November. It seeks to track the J.P. Morgan GABI USD Liquid Plus Index of investment-grade and high-yield US dollar debt, including Treasuries, corporate bonds, mortgage-backed securities, emerging-market debt and collateralised loan obligations. The release does not give a listing venue or expense ratio. Our report.

Exchange certifications filed this week establish listing approval, not first trades: FMI Global Equity ETF on NYSE Arca (3 November), American Century Emerging Markets Insights ETF on Nasdaq (4 November) and BNY Mellon Power Ecosystem ETF on Cboe BZX (6 November).

5. Share classes and conversions

The shareholder vote on converting Putnam Mortgage Opportunities Fund into Franklin Multisector Bond ETF has been put back. A 4 November filing says the special meeting was adjourned to 3 December, and a 5 November supplement says the fund remains open to new investors until further notice. Neither filing reports shareholder approval or completion of the conversion.

6. Closures and final trading dates

• GammaRoad Market Navigation ETF (GMMA): a 3 November supplement sets the close of regular trading on 18 November as the trading cut-off, with liquidation and distribution on or about 20 November.
• Defiance Daily Target 2X Short ASTS ETF (ASTN), Short TSM ETF (STSM) and Short RKLB ETF (RKLZ): 4 November supplements set 16 November as the final regular trading day, with liquidation on or about 20 November.
• F/m Compoundr High Yield Bond ETF (CPHY): its 5 November notice stops new creation orders after 23 November. Shares may trade through 3 December, with liquidation expected on or about 4 December.
• AB International Growth ETF (IGGY): its 5 November notice sets the trading and creation/redemption cut-off after regular trading on 8 January 2027, with liquidation expected around 13 January and proceeds around 14 January.

These are selected notices, not a full count.

7. Fee changes

A Kurv supplement dated 2 November and filed on 3 November reports management-fee reductions from 1.15% to 0.99% for six single-stock yield-premium strategy ETFs, effective 1 November, following a board decision on 23 October. The filing also ends the expense-limitation agreements once the management fees reach the existing cap, so it is not evidence of a matching cut in net expenses.

First Trust Tactical High Yield ETF’s 3 November supplement restates total annual operating expenses at 0.78%: a 0.69% management fee and 0.09% other expenses. Without a checked comparison, this is a restatement, not a fee cut.

8. Filings to watch

Regan Fixed Rate MBS ETF’s 2 November supplement scheduled a transfer of its primary listing from NYSE Arca to the Texas Stock Exchange for 16 November.

Nasdaq’s certification for the Canary Staked INJ ETF was filed on 5 November; the letter is dated 4 November. It confirms listing approval, not a first trade.

9. Diary

Dates as scheduled in the filings above; we have not confirmed that they took place. 16 November: Defiance ASTN, STSM and RKLZ final trading day; Regan Fixed Rate MBS ETF’s transfer to the Texas Stock Exchange. 18 November: GMMA trading cut-off. 23 November: CPHY stops new creations. 3 December: Putnam’s adjourned shareholder meeting; CPHY last trading day.

The Midpoint has no commercial relationship with any ETF issuer.

Not investment advice. Figures are estimates from issuers’ published data and cover named issuers only. Data methodology.