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- ProShares rolls out leveraged total market funds
- ALPS launches equal-weighted sector ETF
- ETFs providing exposure to Texas and Oklahoma planned
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NEW LISTINGS
ProShares Launches Total Market Funds
ProShares Advisors added two new exchange-traded funds to its ever-expanding lineup on July 2, with the launch of the ProShares Ultra Russell3000 (NYSEArca: UWC) and ProShares UltraShort Russell3000 (NYSEArca: TWQ) on the New York Stock Exchange.
The new ETFs are designed to deliver 200% and -200%, respectively, of the daily return of the Russell 3000 Index.
The funds are the first leveraged products to provide complete exposure to the U.S. equity market. Other funds offered by ProShares, Rydex and Direxion have targeted specific size segments.
The new ProShares ETFs charge 0.95% in annual expenses.
Read the original IndexUniverse.com article here.
Read the prospectus for the new funds here.
ALPS Launches Equal-Weighted Sector ETF
On July 7, ALPS launched a new ETF-of-ETFs designed to provide equal-weighted exposure to the various sectors of the U.S. economy.
The new ALPS Equal Sector Weight ETF (NYSE Arca: EQL) takes an equal-weighted position in each of the nine Select Sector SPDR ETFs and rebalances that position on a quarterly basis. The fund is designed to avoid overinvesting in “bubble” sectors, such as telecom in 1999 or finance in 2007, and thereby achieve higher risk-adjusted returns. Looking backward, the EQL strategy has outperformed the S&P 500 by more than 3% per year over the past 10 years.
The fund charges 0.55% in annual expenses, which includes the assumption of 0.21% in expenses for the underlying Select Sector SPDR ETFs.
Read the original IndexUniverse.com article here.
Read the prospectus for the new fund here.
NEW FILINGS
Texas And Oklahoma ETFs In Development
Two separate entities are looking to launch state-focused funds based on indexes from ISBC/SPADE Indexes LLC; both will be advised by Oklahoma City-based OOK Advisors LLC.
TXF Funds Inc. is requesting that the Securities and Exchange Commission allow it to launch ETFs tracking Texas-based companies, with the first fund set to be the TXF Large Companies ETF. The fund would trade on the NYSE Arca and come with annual gross operating expenses of 0.85%.
The benchmark weights constituents by market capitalization sizes, although positions are modified to conform with liquidity restrictions and a cap of no more than 10% for any single name. The index is rebalanced monthly.
The filings also mention that funds tracking small-cap and mid-cap Texas-based companies are also being considered.
OOK Inc. is essentially operated by the same people as TXF Funds. It has filed for a fund similar to the TXF fund except that it will track an index of companies based in Oklahoma. The underlying index requires components have a minimum market capitalization of $100 million and utilize a modified cap-weighting methodology.
OOK Advisors is controlled by the Geary Cos., which also owns regional brokerage Capital West Securities.
Read the original IndexUniverse.com article here.
Read the filing for the Texas fund here.
Read the filing for the Oklahoma fund here.
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