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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. 19
WisdomTree Closing Three ETFs
WisdomTree Investments has announced it will be closing three of its ETFs as they have failed to gather enough assets. The ETFs and their current assets include:
- WisdomTree LargeCap Growth Fund (NYSEArca: ROI), $14.3 million
- WisdomTree Dreyfus South African Rand Fund (NYSEArca: SZR), $4.54 million
- WisdomTree Dreyfus Japanese Yen Fund (NYSEArca: JYF), $6.6 million
The funds will stop trading on Dec. 3, and any shares still held at that time will be automatically redeemed as of Dec. 10.
THURSDAY, OCT. 18
New PowerShares ETF Is Double Threat
Invesco PowerShares rolled out another ETF that selects its holdings from the S&P 500's components, similar to its highly successful PowerShares S&P 500 Low Volatility Portfolio (NYSEArca: SPLV). The index underlying the PowerShares S&P 500 High Dividend Portfolio (NYSEArca: SPHD) selects the 75 stocks in the S&P 500 with the highest dividends, then ranks them by volatility, choosing the 50 least-volatile components. Those stocks are weighted by dividend. SPHD comes with an expense ratio of 0.30 percent.
LocalShares Files ETF 40-APP
LocalShares, the Tennesee-based firm that recently filed for a Nashville-focused ETF, has also filed the paperwork for exemptive relief from the SEC that is necessary to launch ETFs. Despite the narrow focus of the Nashville ETF, the exemptive relief filing covers ETFs that would invest in a variety of asset classes, including foreign and domestic equities as well as fixed income.
WEDNESDAY, OCT. 17
iShares Launches 'Core' ETF Program's First Phase
iShares began the rollout of its new lineup of lower-cost "Core" ETFs on Wednesday. In all, the firm will be rebranding six existing ETFs and launching four new ones. As of Wednesday, the iShares Core S&P Total U.S. Stock Market ETF began trading under its new name and the ticker symbol "ITOT"; its ticker was previously "ISI." The five other existing funds in the Core program adopted new names as of Wednesday, and all six of the ETFs saw their expense ratios lowered. The four new ETFs in the family are slated to begin trading Oct. 22.
UBS Debuts Leveraged REIT ETN
UBS added an ETN providing leveraged exposure to the mortgage REIT space to its lineup of Etracs products. The Etracs Monthly Pay 2x Leveraged Mortgage REIT ETN (NYSEArca: MORL) provides two times the monthly returns of the Market Vectors Global Mortgage REITs Index. It comes with an expense ratio of 0.40 percent.
TUESDAY, OCT. 16
Vanguard Debuts Short-Term TIPS ETF
Vanguard rolled out an ETF that tracks a Barclays index covering short-term TIPS. The Vanguard Short-Term Inflation-Protected Securities Index Fund (NasdaqGM: VTIP) holds U.S. TIPS with remaining maturities of less than five years. Interestingly, the fund tracks the same index as the iSharesBarclays 0-5 Year TIPS Bond Fund (NYSEArca: STIP), an ETF with $365 million in assets and an expense ratio of 0.20 percent.
Emerging Global Launches EM Core ETF
Emerging Global Advisors debuted an ETF tracking an equal-weighted index of emerging markets stocks selected from all market-capitalization segments. The list of countries covered by the EGShares Emerging Markets Core ETF (NYSEArca: EMCR) includes Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, Thailand and Turkey, but excludes Korea and Taiwan. EMCR carries an expense ratio of 0.70 percent.
MONDAY, OCT. 15
First Trust Plans Active 130/30 Debt Fund
First Trust recently filed for an actively managed ETF that will apply a 130/30 long/short strategy to the junk bond space. The First Trust High Yield Long/Short ETF will take long positions in securities with the lowest available ratings, while shorting U.S. Treasurys and both junk and investment-grade corporate debt. The fund filing did not include a ticker or projected fees, though it did leave the door open to charge 12b-1 fees.
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