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Rating:2 Years Post-Adoption, a $105MM-AUM ETF Shifts Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 3, 2024

2 Years Post-Adoption, a $105MM-AUM ETF Shifts

Reported by Neil Anderson, Managing Editor

Two years after entering the ETF space, the folks at a 35-year-old, publicly traded mutual fund firm are bringing their first ETF to a familiar place.

Neil Joseph Hennessy
Hennessy Advisors, Inc. / Hennessy Funds
Chairman, CEO / Chairman, President, Chief Market Strategist, Portfolio Manager
On November 25, Neil Hennessy, chairman and CEO of Hennessy Advisors, Inc. [profile], revealed that his team plans to switch their Hennessy Stance ESG ETF (STNC) to a different stock exchange. Effective December 18, STNC will transfer its primary listing from the NYSE Arca, Inc. to the Nasdaq Stock Market LLC. (Shares in Hennessy Advisors [HNNA] itself already trade on the Nasdaq, too.)

STNC is a series of Hennessy Funds Trust, and the trust's board confirmed the ETF's listing shift on September 25, Hennessy reveals. He offers an explanation for the move.

"The transfer to Nasdaq is designed to facilitate the continued listing of the Stance ETF's shares on a national securities exchange at a lower annual expense," Hennessy states.

The planned exchange switch will come about two years after Hennessy Advisors adopted STNC. As of yesterday (Monday, December 2), STNC had $105 million in AUM. The actively managed, translucent (aka semi-transparent) ETF comes with an expense ratio of 85 basis points (which bakes in a 10bps fee waiver promised through February 28, 2025). Its inception date was March 15, 2021.

Hennessy Advisors continues to serve as STNC's investment advisor, Stance Capital, LLC remains subadvisor, and Vident Advisory, LLC [profile] is still trading subadvisor. The fund's PM team includes: Kyle Balkissoon, managing partner at Stance; Bill Davis, founder and managing director of Stance; Austin Wen, senior portfolio manager at Vident; and Rafael Zayas, senior vice president and head of portfolio management and trading at Vident.

STNC's continues to use a host of familiar service providers, including: Blue Tractor Group as provider of the Shield Alpha active ETF structure; Foley & Lardner LLP as counsel; ACA Foreside's Quasar Distributors, LLC as distributor; Tait, Weller & Baker LLP as independent accounting firm; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, dividend paying agent, shareholder servicing agent, and transfer agent; and U.S. Bank N.A. as custodian. 

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