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NEW LISTINGS
Guggenheim Debuts Yuan-Denominated Bond ETF …
Sept. 22 saw the debut of the Guggenheim Yuan Bond ETF (NYSEArca: RMB). RMB is an index-based ETF that invests in yuan-denominated debt; it charges an expense ratio of 0.65 percent. It was the first-ever ETF covering yuan-denominated bonds to list in the U.S.
… With PowerShares Hot On Its Heels
PowerShares followed quickly the next day with the launch of the PowerShares Chinese Yuan Dim Sum Bond Portfolio (NYSEArca: DSUM). “Dim sum” bonds are debt denominated in yuan, but not issued in mainland China. Usually, the bonds are issued in Hong Kong. DSUM is cheaper than RMB, charging an annual expense ratio of 0.45 percent.
Teucrium Rolls Out 3 Commodity ETFs
Teucrium Trading rolled out a group of three commodities futures-based ETFs on Sept. 19; the new funds joined the firm’s three existing ETFs that cover corn, crude oil and natural gas. The additions to the lineup all invest in futures contracts of varying maturities in order to dilute the effects of contango; they include the Teucrium Wheat Fund (NYSEArca: WEAT), the Teucrium Soybean Fund (NYSEArca: SOYB) and the Teucrium Sugar Fund (NYSEArca: CANE). Each charges an annual expense ratio of 1.00 percent.
Northern Trust Returns To ETF Arena
Last Thursday saw the return of Northern Trust to the ETF market; it closed its original raft of ETFs nearly three years ago due to low accumulated assets. The new lineup includes four initial funds: two focused on equities and two targeting fixed income.
The FlexShares Morningstar U.S. Market Factor Tilt Index Fund (NYSEArca: TILT) has a small-cap value focus, and charges an expense ratio of 0.27 percent. The FlexShares Morningstar Global Upstream Natural Resources Index Fund (NYSEArca: GUNR) invests in natural resources companies and carries an expense ratio of 0.48 percent. Meanwhile, the FlexShares iBoxx 3-Year Target Duration TIPS Index Fund (NYSEArca: TDTT) and FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (NYSEArca: TDTF) both charge annual expense ratios of 0.20 percent.
Credit Suisse Launches Market-Neutral ETN
On Sept. 21, Credit Suisse added another exchange-traded note to its growing lineup with the launch of the Market Neutral Global Equity ETN Linked to the HS Market Neutral Index Powered by HOLT due September 22, 2031 (NYSEArca: CSMN). The note’s underlying index draws its components from the largest stocks in the U.S., Europe and Japan, taking long or short positions in 150 companies based on their HOLT methodology score. The ETN charges an expense ratio of 1.05 percent.
Barclays Replaces IVO With IVOP
Last Monday, Barclays Bank replaced its newly closed iPath Inverse S&P 500 VIX Short-Term Futures ETN (NYSEArca: IVO) with an identically named note that trades under the ticker IVOP. The new ETN comes with an expense ratio of 0.89 percent (the same that IVO used to charge).
NEW FILINGS
Van Eck Plans Another China Bond ETF
Van Eck Global is looking to get in on the China debt trend, and recently filed for its second ETF to focus on the asset class. Unlike its first filing, which was tied to a "dim sum" bond index, the new filing is for an actively managed fund. However, like its counterpart, the Market Vectors Yuan Bond ETF filing details a fund that will invest in yuan-denominated debt issued outside of mainland China. The filing did not include a ticker or expense ratio.
SSgA Files For Floating-Rate Debt ETF
State Street Global Advisors is the latest ETF provider to file for a floating-rate-note ETF. The SPDR Barclays Capital Investment Grade Floating Rate ETF will be tied to an index covering investment-grade floating-rate notes with maturities between one month and five years. PowerShares and Van Eck both have similar products already trading. The filing did not include a ticker or expense ratio.
AdvisorShares To Launch Hedge Fund ETF
AdvisorShares has filed for the QAM Equity Hedge ETF (NYSEArca: QEH). The proposed ETF would seek to exceed the performance of 50 percent of the long/short equity hedge fund components of the HFRI Equity Hedge Fund Index, according to the filing. The actively managed fund will take long and short positions in approximately 50 exchange-traded vehicles in order to achieve its stated goal. The filing did not include an expense ratio.
Exchange Traded Concepts Seeks Fixed-Income Exemption
Exchange Traded Concepts, formerly FaithShares, has filed papers with the SEC requesting the relief necessary to include fixed-income ETFs in the platform it’s developing. The filing lists an ETF based on the NYSE 7-10 Year Treasury Bond Index as the initial fund. Exchange Traded Concepts has repackaged itself as a platform for other ETF providers to leverage to get their funds to market more quickly, essentially using the firm’s exemptive relief to enter the market.
OTHER NEWS
Rydex Rebranded
Rydex SGI’s ETF family has been rebranded with the Guggenheim name; Guggenheim Partners acquired the ETF provider last year at about the same time it acquired Claymore Investments. The funds will be brought under the Guggenheim Investments arm of the business, which encompasses its mutual funds, closed-end funds, unit investment trusts and ETFs.
Direxion Closing Airline ETF
Direxion announced last week it would be closing its only ETF single-exposure equity ETF. The Direxion Airline Shares ETF (NYSEArca: FLYX) will cease to trade on Oct. 10, with its liquidation finalizing by Oct. 17. The fund had accumulated less than $3 million in assets at the time of the closure’s announcement.
Direxion Tweaks Its 2X ETFs
Direxion is in the process of revamping 10 of its funds. Effective Dec. 1, all of the firm’s ETFs that offer 2x exposure will provide 3x exposure instead. Their tickers will remain the same, however. The affected funds include the following:
- Daily BRIC Bull 2X Shares ETF (NYSEArca: BRIL)
- Daily BRIC Bear 2X Shares (NYSEArca: BRIS)
- Daily India Bull 2X Shares (NYSEArca: INDL)
- Daily India Bear 2X Shares (NYSEArca: INDZ)
- Daily Gold Miners Bull 2X Shares (NYSEArca: NUGT)
- Daily Gold Miners Bear 2X Shares (NYSEArca: DUST)
- Daily Natural Gas Related Bull 2X Shares (NYSEArca: GASL)
- Daily Natural Gas Related Bear 2X Shares (NYSEArca: GASX)
- Daily Retail Bull 2X Shares (NYSEArca: RETL)
- Daily Retail Bear 2X Shares (NYSEArca: RETS)
Direxion said the pending changes are the result of customer demand.
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