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Here are some of last week’s highlights:
- ETFS palladium and platinum trusts debut
- iShares rolls out fixed-end-date municipal ETFs
- AdvisorShares files for long/short ETF of ETFs
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NEW LISTINGS
First-Ever U.S.-Listed Palladium, Platinum ETFs Debut
The eagerly awaited physically backed platinum and palladium exchange-traded funds from ETF Securities received a warm welcome when they launched on Friday, registering volumes in the hundreds of thousands. The ETFS Physical Platinum Shares (NYSEArca: PPLT) and ETFS Physical Palladium Shares (NYSEArca: PALL) hold their respective physical metals in a vault as their only assets. They are the first “physical” platinum and palladium exchange-traded products to become available in the U.S. Each charges an annual expense ratio of 0.60 percent.
Read the original IU.com article here.
Read the prospectus for PPLT here.
Read the prospectus for PALL here.
iShares Rolls Out Target Date Muni ETFs
On Jan. 8, the iShares S&P AMT-Free Municipal series made its debut; each fund targets investment-grade, AMT-free municipal bonds maturing in a specific year. They include the iShares 2012 S&P AMT-Free Municipal Series (NYSEArca: MUAA), iShares 2013 S&P AMT-Free Municipal Series (NYSEArca: MUAB), iShares 2014 S&P AMT-Free Municipal Series (NYSEArca: MUAC), iShares 2015 S&P AMT-Free Municipal Series (NYSEArca: MUAD), iShares 2016 S&P AMT-Free Municipal Series (NYSEArca: MUAE) and iShares 2017 S&P AMT-Free Municipal Series (NYSEArca: MUAF). When their holdings reach maturity, the funds convert them to cash, with the assets distributed among the shareholders when the last bond matures. Each fund charges a management fee of 0.30 percent.
(Click on each fund name to view its prospectus.)
WisdomTree Dollar-Hedged International ETF
WisdomTree launched the WisdomTree International Hedged Equity ETF (NYSEArca: HEDJ) on Dec. 31. Essentially, it holds a dollar-hedged version of the WisdomTree DEFA Index. The ETF is designed to capture the performance of a broad basket of dividend-paying companies in developed markets, while hedging out the impact of currency movements. HEDJ aims to eliminate dollar concerns and focus solely on the returns generated by the local stock markets. It is designed as an ETF of ETFs, and at launch, held a group of WisdomTree ETFs paired with forward currency contracts to offset the relevant currency risk. HEDJ charges an expense ratio of 0.58.
Read the original IU.com article here.
Read the prospectus for HEDJ here.
NEW FILINGS
AdvisorShares Files For Long/Short ETF of ETFs
AdvisorShares plans to launch a new actively managed “ETF of ETFs” that will pair long and short positions in different ETFs in an attempt to deliver solid, noncorrelated returns. According to its filing with the Securities and Exchange Commission, the new HTE Global Relative Value ETF (which is to trade under the ticker GRV on the NYSE) will be managed by HTE Asset Management LLC, a small wealth management firm based in Colorado.
It will pair long positions in ETFs covering what it considers “the most relatively attractive global regions and countries within those regions” with short positions in the least attractive areas. Typically, these positions will be balanced, or market neutral, isolating the impact of market direction from returns. From time to time, HTE may make up to a 50 percent net long or 50 percent net short bet on top of this market-neutral portfolio. No fees were included in the filing.
Read the original IU.com article here.
Read the filed prospectus for GRV here.
WisdomTree Files For Dollar-Linked Funds
WisdomTree Trust is taking steps to launch two actively managed ETFs with an eye on currency valuations. The proposed WisdomTree Rising Dollar Fund will bet on the appreciation of the U.S. dollar relative to a basket of other currencies—up to 15 in all—from developed and emerging nations. For such, the fund will invest primarily in short-term U.S. government bonds and money market securities, but also in forward currency contracts, futures contracts and swaps. Meanwhile, the WisdomTree Commodity Currency Fund is designed to look for returns based on money market rates and changes to currencies’ values relative to the U.S. dollar in some commodity-producing countries.
Read the original IU.com article here.
You can read the SEC filing for the new funds here.
New Firm Files For ETF Exemptions
Yet another upstart ETF issuer has filed for “exemptive relief” from the SEC, asking for the green light to launch a new family of primarily actively managed ETFs. The firm—FFCM LLC—plans to initially launch an ETF of ETFs designed (in its words) “to outperform a major hedge fund index such as the Credit Suisse/Tremont Global Macro Index.” The exemptive relief application is noticeably short on details, but lays the groundwork for an aggressively managed 130/30 product as well as a wide range of follow-on products.
Read the original IU.com article here.
Read the 40-APP filing here.
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