State Street Global Advisors has changed the names and ticker symbols on its six exchange-traded funds that track proprietary indexes developed by Kensho Technologies, a provider of next-generation analytics, machine learning and data visualization systems.

The funds–three launched in December 2017 and three in October 2018—by and large haven’t tickled the fancy of investors even though all six have stellar year-to-date returns with their focus on leading-edge technologies considered to be driving forces of the 21st-century economy.

The new names and tickers went into effect on June 25, though State Street announced the moves today. The effected funds are as follows (one fund kept its existing ticker):

• SPDR Kensho New Economies Composite ETF (KOMP) is now SPDR S&P Kensho New Economies Composite ETF (KOMP)

• SPDR Kensho Future Security ETF (XKFS) is now SPDR S&P Kensho Future Security ETF (FITE)

• SPDR Kensho Smart Mobility ETF (XKST) is now SPDR S&P Kensho Smart Mobility ETF (HAIL)

• SPDR Kensho Intelligent Structures ETF (XKII) is now SPDR S&P Kensho Intelligent Structures ETF (SIMS)

• SPDR Kensho Final Frontiers ETF (XKFF) is now SPDR S&P Kensho Final Frontiers ETF (ROKT)

• SPDR Kensho Clean Power ETF (XKCP) is now SPDR S&P Kensho Clean Power ETF (CNRG)

According to a press statement, the name changes reflect S&P Global’s purchase of Kensho in March 2018, as well as new benchmark index names. Kensho operates as a separate brand under the S&P Global umbrella. It was founded six years ago in Cambridge, Mass., and has won kudos for its next-generation machine learning and analytics tools used by commercial enterprises and government institutions.

Year-to-date returns on State Street’s Kensho-linked products have ranged from 21.1 percent with the SPDR S&P Kensho Smart Mobility ETF to 35.1 percent with the SPDR S&P Kensho Clean Power ETF.

For the most part, these impressive returns have been met with unimpressive investor response. The SPDR S&P Kensho New Economies Composite ETF, with the unchanged ticker of KOMP,  has attracted the most assets with $42 million, followed by the SPDR S&P Kensho Future Security ETF at nearly $20 million. But the other four products have assets under management ranging from $9.1 million to $3.4 million. 

Matthew Bartolini, head of SPDR Americas Research at State Street Global Advisors, points to two things potentially impacting asset flows into the Kensho product suite. One pertains to the timing of when these products launched, particularly the second batch of three ETFs that debuted last October. "There was severe equity volatility when investors weren’t seeking to add an element of thematic risk exposure to their portfolio," he says. "Some of these exposures have a higher beta sensitivity to the broader market and have a higher standard deviation of returns."

The other aspect relates to the newness of these products. "There’s the natural due diligence cycle of ETFs, particularly with respect to getting approved by various platforms that need verifiable trading data and identifiable track records of trading through periods of volatility," he says.

Bartolini believes it's too early in the game to judge the success of these funds based strictly on their current asset levels. "The Kensho funds have been delivering what we said they would deliver in terms of exposure, the type of names within the portfolio, and how the returns—particularly for KOMP—have manifested themselves where they have outpaced some of the more traditional technology exposures in the marketplace, as well as beating some of the more innovative ones that are a bit more concentrated in specific sectors," he explains. "What KOMP is trying to do is provide broad-based innovation across all different sectors of the Fourth Industrial Revolution. So we’re very pleased with its performance this year."

He adds that State Street intends to exercise patience with the Kensho ETFs because of what they represent. "These are areas of the marketplace that aren’t trends for today; they’re trends for the future."