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Analyst Blogs
A Carry Trade ETF For The Masses
August 18, 2008
The carry trade is all about selling currencies with low interest rates and buying currencies with high interest rates. You profit from the interest rate spread ... aka, the carry ... and away you go. It's the same thing DBV does, except that DBV is unlevered; typically, carry trades are levered up at 10:1 or more.
But I think it's a good thing that it's unlevered, as the key thing about DBV is its pattern of steady long-term returns with relatively low correlations to the market. And despite the fact that it's been a bit more volatile than I suspected when it first launched, it has in general delivered on its promise. The fund is up about 4% since inception in late-2005, compared to a 2% loss on the S&P 500. Not bad, all things considered.
It's one of the best examples I can think of, of an institutional strategy delivered to retail investors in an ETF package.
Inside ETFs: A Reality Check
The Inside ETFs conference last month was a great opportunity for an ETF analyst like me to escape my ivory tower.
Summing Sector SPDRS = SPY?
You’d think owning the nine sector SPDRs in proportion to their weightings in the S&P 500 is a way to recreate SPY. But you’d be wrong.
Round Two: Pimco Vs. BlackRock
It looks like Pimco and BlackRock are at odds again—this time it’s over QE3.
Is The Cheapest ETF The Best?
State Street recently lowered the expense ratios on its sector SPDRs to 0.18 percent, making them once again the cheapest U.S. sector ETFs around.Why CDSs Matter For ETNs
The viability of an ETN comes down to the issuer's creditworthiness, and that's why rates on credit default swaps matter.
A Sprott Fund That’s Not
The recently registered Sprott Physical Platinum and Palladium Trust is just convoluted.
Inside ‘Inside ETFs’
Judging by the crowds and the questions at the 5th Annual Inside ETFs conference this week, it’s clear the exchange-traded fund industry is still gathering steam.Frontier ETFs Coming Your Way
When BlackRock filed for a new global ETF based on the MSCI Frontier Emerging Markets Select Index last month, it raised my interest.
The Reason ETFs Are Still Winning Out
By comparing two low-volatility offerings in the U.S., it’s easy to see why ETFs continue to gain at the expense of other funds.What’s Up With Banks?
On Friday, three small banks closed their doors—the first such closures of 2012.
