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Editor's Note: As of the start of 2012, ETF Watch has transitioned to daily updates, rather than weekly.
FRIDAY, OCT. 5
Russell's LWPE, SCTR Shut Down Early
Russell Investments ended up closing its Russell Low P/E ETF (NYSEArca: LWPE) and Russell Small Cap Contrarian ETF (NYSEArca: SCTR) on Oct. 4 and 5, respectively—a couple of weeks earlier than it had planned. A wave of in-kind redemptions essentially redeemed all of the funds' shares during the week. Russell still has 23 ETFs slated to be liquidated on Oct. 24.
THURSDAY, OCT. 4
IndexIQ Debuts 'Market Neutral' Hedge Fund ETF
IndexIQ rolled out an ETF of ETFs that mimics the returns of market-neutral hedge funds. The IQ Hedge Market Neutral Tracker ETF (NYSEArca: QMN) tracks one of IndexIQ's proprietary indexes and can take both long and short positions in the ETFs it invests in. It comes with a total annual management fee of 0.99 percent.
TUESDAY, OCT. 2
Vanguard Changing Index On VWO, 21 Other ETFs
Vanguard announced that it is going to switch the indexes on several of its mutual funds—and by extension, their corresponding ETFs. Six of its international equity ETFs—including the blockbuster Vanguard Emerging Markets ETF (NYSEArca: VWO)—will transition from MSCI benchmarks to indexes provided by FTSE. Another 16 domestic funds, which also use MSCI benchmarks, will switch over to indexes provided by the University of Chicago's Center For Research In Security Prices (CRSP). The changes are expected to be implemented slowly, with the full transition completing sometime next year. Note that only 17 of the 22 mutual funds undergoing index switches have ETF share classes.
MONDAY, OCT. 1
LocalShares Files For Nashville-Based ETF
LocalShares, a money management firm based in Nashville, Tenn., recently filed for its first ETF—a fund that would target companies headquartered in Nashville. The LocalShares Nashville ETF's underlying index would include only companies with at least $100 million in market capitalization and an average daily trading volume of 50,000 shares. The filing did not include a ticker, but said that the fund would trade on the NYSE Arca exchange and come with an expense ratio of 0.49 percent.
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