News
ETF Newcomer Files For 5 New Funds
July 26, 2010
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Georgetown Investment Management, a Delaware Limited Liability Company based in Bethesda, Md., filed a request for exemptive relief with the Securities and Exchange Commission to offer five new ETFs, the first for this new firm. The initial funds will include three domestic funds, the Georgetown U.S. Small-Mid Cap ETF, the Georgetown U.S. Large Cap ETF, and the Georgetown Prime 1-5 Year Bond ETF. The fund sponsor is also planning two international initial funds, the Georgetown International ETF, and the Georgetown Emerging Markets ETF. Georgetown didn’t identify its index providers in the filing. Although Georgetown’s filing was short on fund details, the initial funds it’s proposing place it square in the middle of the rapidly growing ETF market, which had $788.61 billion in combined assets at the end of June, according to data compiled by IndexUniverse.com. iShares, the largest fund sponsor by assets under management, for instance, currently has ETFs in all of the market sectors Georgetown is planning to enter, including such behemoths as the large-cap S&P 500 Index Fund (NYSEArca: IVV), with $22 billion in total net assets as of July, and the MSCI Emerging Markets Index Fund (NYSEArca: EEM), with $38 billion under management. Georgetown’s exemptive relief filing, which would grant the firm exceptions to some provisions of the Investment Company Act of 1940—the principal law regulating the mutual fund and ETF industries—is just the first step in the process of bringing new funds to market. |
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