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- Pimco launches ETF, files for more
- Old Mutual files for 5 ETFs
- Plus a league table of the top ETF issuers
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NEW LISTINGS
Pimco Launches Treasury ETF
Bond giant Pimco launched its first exchange-traded fund on June 3 with the debut of the Pimco 1-3 Year U.S. Treasury Index Fund (NYSE Arca: TUZ).
TUZ will charge just 9 basis points (0.09%) in expenses, reflecting a 0.13% fee waiver that is contractually in place for at least a year. As such, it is the lowest-cost fixed-income ETF on the market, undercutting the previous low-cost leaders, the Vanguard Short-Term Bond ETF (NYSE Arca: BSV) and the Vanguard Total Bond Market ETF (NYSE Arca: BND), by 2 basis points (0.02%).
Currently, the largest direct competitor for TUZ is the iShares Barclays 1-3 Year Treasury Bond ETF (NYSE Arca: SHY), which has $7 billion in assets and charges management fees of 0.15%.
You can read TUZ’s prospectus here.
Read the original IndexUniverse.com story here.
NEW FILINGS
Pimco Pairs Launch With Filings
In addition to launching its first ETF, Pimco has filed papers with the SEC to launch six more fixed-income ETFs. The list includes the following:
- Pimco 3-7 Year U.S. Treasury Index Fund
- Pimco 7-15 Year U.S. Treasury Index Fund
- Pimco 15+ Year U.S. Treasury Index Fund
- Pimco Broad U.S. TIPS Index Fund
- Pimco Short Maturity U.S. TIPS Index Fund
- Pimco Long Maturity U.S. TIPS Index Fund
The last two would be the first ETFs to break the TIPS market into short- and long-term categories, rather than simply offering broad exposure.
The filing is available here.
Read the original IndexUniverse.com story here.
Old Mutual Plans 5 Funds
Old Mutual has filed a registration statement for five ETFs as part of its Old Mutual Global Trust, all of them tracking indexes provided by the FTSE Group.
The list includes the following:
- Old Mutual FTSE All-World Fund
- Old Mutual FTSE Emerging Markets Fund
- Old Mutual FTSE All-Cap Asia Pacific ex Japan Fund
- Old Mutual FTSE All-World ex US Fund
- Old Mutual FTSE Developed Markets ex US Fund
Vanguard already offers ETFs tracking the FTSE All-World Index and the FTSE All-World ex.-US Index, so it will be interesting to see if newcomer Old Mutual will be able to beat Vanguard's low fees—30 basis points (0.30%) for the All-world fund and 25 (0.25%) for the All-world ex-US fund.
The other three funds will be the first to track their respective indexes, although all three will face competition from existing funds. The most interesting, however, is the developed markets ex-US fund, as it will likely compete with the iShares MSCI EAFE ETF (NYSE Arca: EFA) and the Vanguard Europe Pacific ETF (NYSE Arca: VEA), which both track the MSCI EAFE Index.
Read the filing here.
Read the original IndexUniverse.com story here.
Claymore Seeks To Change Existing ETF
In a filing dated May 21, the trust for the Claymore/Great Companies Large-Cap Growth ETF (NYSE: XGC) is asking the Securities & Exchange Commission to let it switch indexes, essentially moving in a different direction entirely.
The new fund would be called the Claymore/BNY Mellon International Small Cap ETF. The document notes that the new ETF's "investment objective is not fundamental" in nature.
The proposed underlying index tracks overseas firms with listings on major U.S. exchanges. The fund would hold mainly companies with American depositary receipts or global depositary receipts and market caps of $250 million to $2 billion.
While the existing XGC also follows an index, it's based on an investment approach by Great Companies Inc., a Tampa Bay, Fla.-based money management firm. Its managers rank companies by such factors as price-earnings growth rates, or PEG ratios, and various debt measures for assessing profitability. The fund currently invests in large-cap domestic stocks.
XGC launched in April 2007 and carries an expense ratio of 0.60%. It had less than $4 million in assets in late May.
Read the filing here.
Read the original IndexUniverse.com story here.
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