Americas ETP News
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Index IQ files with the SEC
September 9, 2011--Index IQ has filed an application for exemptive relief with the SEC for actively managed ETFs.
view filing
Source: SEC.gov
First Trust files with the SEC
September 9, 2011--First Trust has filed a Amendment No. 2 to an Application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Pimco files with the SEC
September 9, 2011--Pimco has filed a post-effective amendment, registation statement with the SEC for the PIMCO Foreign Currency Strategy Exchange-Traded Fund.
view filing
Source: SEC.gov
Deutsche Bank - Equities Research-US ETF+ Monthly Directory : August 2011 ETPs
September 9, 2011--This document includes all US listed exchange-traded funds (ETFs) and exchangetraded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs). The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order.
A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US). If you have any questions for any of the products listed, or any suggestions on how to improve the directory going forward, please do not hesitate to get in touch.
to request report
Source: Deutsche Bank - Global Equity Research
Horizons launches Advisor Class ETFs
September 9, 2011--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. are pleased to announce the launch of Advisor Classes for its exchange traded funds ("ETFs").
The Advisor Classes are new classes of four of the existing ETFs. Advisors will be directly compensated with a service fee on a trailing quarterly basis (the "Service Fee").
The only difference between the Adviser Classes and existing Class E units of the ETFs is that the Adviser Classes charge a higher management fee by an amount equal to the Service Fee paid to the advisor. The purchase and sale process for the Advisor Classes is identical to that of any other ETF listed on the Toronto Stock Exchange.
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Source: Horizons Exchange Traded Funds Inc
SCM Private, 7IM Invest In Pimco ETF
September 9, 2011--Wealth manager and exchange-traded fund (ETF) specialist SCM Private and 7IM have invested in Pacific Investment Management Co.’s (Pimco) Sterling Short Maturity Source ETF (Sterling Mint), ETF Express reports. The fund offers extra yield over short-term cash, though it invests in ultra-short-duration securities with a high credit rating.
The fund, through Pimco’s investment process and active management expertise, will study appropriate opportunities in short-dated securities both within the U.K. and globally.
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Source: Institutional Investor
AdvisorShares Announces TrimTabs Float Shrink ETF (TTFS) Launch Date
TTFS Will Utilize TrimTabs' Liquidity-Based Investing Strategies
September 9, 2011--AdvisorShares Investments, LLC, a sponsor of actively managed Exchange Traded Funds (ETFs), announced today that the TrimTabs Float Shrink ETF will open for trading on Wednesday, October 5, 2011. The portfolio management team of TTFS is a part of TrimTabs Asset Management ("TrimTabs").
TTFS' investment objective is based on TrimTabs proprietary research, which measures the change in float shrink (net change in number of shares outstanding), the change in free cash flow (after tax income + non cash charges - capital expenditures) and net debt issuance. The strategy selects the top 100 U.S. stocks based upon float shrink, free cash flow growth and net equity ratios from the largest 3,000 U.S. based companies. Those 100 stocks are then equally weighted and periodically reallocated and rebalanced as corporate metrics change. TrimTabs believes that companies who are not borrowing more, and are growing free cash flow and using that cash to shrink the trading float of shares could outperform.
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Source: AdvisorShares
Waking Up To Reality
Opening Statement by Commissioner Scott D. O’Malia: Open Meeting on Proposed Rulemakings on Implementation of Mandatory Clearing, Trading, Documentation and Margining Rules
September 8, 2011--Mr. Chairman, I would like to begin by thanking you for scheduling this hearing to discuss the important issue of implementation of our Dodd-Frank rulemakings. I would also like to thank the team responsible for preparing the two proposals before us.
I understand that these proposals aim to provide greater certainty to the market as to when the Commission will impose the clearing and trading mandates, as well as when the Commission will require compliance with certain documentation and margining rules. I am grateful that the Commission has attempted to provide more certainty. However, I fear that the market will find that these proposals raise more questions than they answer. These proposals fail to facilitate a transition to the new regulatory regime in the orderly manner that the market – as well as the Commission – desires.
Implementation: What We Don’t Know
Rather than defining what we know, these proposals emphasize what we don’t know about the implementation plan. I would just like to highlight six areas where more guidance is necessary so that market participants could have begun to allocate resources appropriately.
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Source: CFTC.gov
U.S. CFTC to vote on Dodd-Frank compliance proposals
September 8, 2011--CFTC issues compliance, implementation timelines
Schedules begin only after other rules are finalized
Sommers: A good first step, but a missed chance for CFTC
The U.S. futures regulator will vote on
Thursday on a pair of proposals that would outline when the market would
have to comply with new steps designed to bring more oversight to the swaps
market--measures that are unlikely to ease concerns of the some officials
at the agency.
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Source: Reuters
S&P downgrades Fannie Mae and Freddie Mac
September 8, 2011-- In connection with its downgrading of the U.S. government, ratings service Standard & Poor's early Monday likewise downgraded the senior issue ratings on Fannie Mae to 'AA+' from 'AAA'. S&P added it was maintaining its 'A' subordinated debt rating and 'C' rating on the preferred stock for the government-backed entities, and affirmed their short-term issue ratings at 'A-1+'.
The downgrades of Fannie Mae and Freddie Mac reflect their direct reliance on the U.S. government. Fannie Mae and Freddie Mac were placed into conservatorship in September 2008 and their ability to fund operations relies heavily on the U.S. government," S&P said, in a statement
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Source: MarketWatch
