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Vanguard files with SEC
June 25, 2010--Vanguard has filed a post-effective amendment, registration statement with the SEC for
Vanguard S&P 500 ETF
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Source: SEC.gov
Vanguard to launch 19 new funds, with ETF options
June 24, 2010--Vanguard said Thursday it will expand its index investment offerings with 19 new mutual funds, each with an exchange-traded fund version holding the same stocks or bonds as the companion mutual fund.
The nation's largest fund company also is launching an ETF version of its S&P 500 Index fund, which Vanguard introduced in 1976 and now holds $91 billion.
Vanguard filed applications with regulators to offer the funds, and hopes to have them on the market by the fall, said Melissa Nassar, a principal in Vanguard's financial adviser services group.
While the ETFs will be accessible to individual investors, the new mutual funds are geared toward institutional clients and financial advisers, since they require minimum investments of $5 million.
Each of the funds and companion ETFs will invest in segments of the stock and bond markets not already covered by Vanguard's existing lineup of more than 160 mutual funds and 46 ETFs — for example, the S&P 500 value index or the Russell 2000 growth index. Sixteen of the new funds will invest in stocks. Three of the new offerings are bond funds, focused on municipal bonds with short-, intermediate and long-term maturities.
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Source: Associated Press
BlackRock proposes changes to iShares S&P/TSX Income Trust Index Fund
June 24, 2010--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect subsidiary of BlackRock, Inc., announced today that it has called a special meeting of unitholders of the iShares(R) S&P(R)/TSX(R) Income Trust Index to be held on August 23, 2010, to approve changes to the exchange traded fund's (ETF) investment objective and certain related matters.
"At iShares, we are constantly seeking solutions to better meet the needs of investors," said Oliver McMahon, director of product management for iShares ETFs at BlackRock Canada.
"As income trusts assess their conversion strategies in time for the January 2011 deadline, we believe that making this change will ensure investors receive a reliable income stream while still enjoying the benefits they've come to associate with iShares ETFs including diversification, transparency, lower costs, tax efficiency and the ability to use value-adding trading strategies such as limit and stop orders."
Summary of changes to investment objective
BlackRock Canada is proposing to change the investment objective of XTR from its current investment objective of seeking to provide long-term capital growth by replicating, to the extent possible, the performance of the S&P/TSX Income Trust Index (Index) to an investment objective of seeking to provide unitholders with a consistent monthly cash distribution, with the potential for some modest capital growth, through investment in a diversified portfolio of income-bearing investments. XTR's investment strategy would change from investing primarily in issuers which make up the Index to a fund strategy, whereby XTR would seek to achieve its investment objective by holding a portfolio of income-bearing ETFs.
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Source: BlackRock
CFTC Releases Report on the Registration Program of the NFA
June 24, 2010--The Commodity Futures Trading Commission (CFTC) Division of Clearing and Intermediary Oversight (Division) today notified the National Futures Association (NFA) of the results of the Division’s “Report on the Registration Program of the NFA”. In the Report, the Division assessed whether the NFA has sufficient procedures to execute the Commission’s delegated registration and fitness functions.
The Division found that NFA has sufficient procedures to execute the Commission’s delegated functions with respect to the vast majority of registrants. However, the Division also identified nine areas in which the Commission’s and/or NFA’s procedures must be improved.
read the Public Report on the Registration Program of the National Futures Association
Source: CFTC.gov
Vanguard files with the SEC
June 24, 2010--Vanguard has filed a registration statement with the SEC for
Vanguard S&P 500 ETF
Total Annual Fund Operating Expenses: 0.06%
view filing
Source: SEC.gov
US financial reform nears finish line
June 24, 2010--A year-long financial reform effort in the US approached the finishing line on Thursday with Wall Street banks braced for an expensive restructuring intended to prevent any repeat of the 2008 financial crisis.
The final days’ arguments have centred on proposed limits for derivatives dealing and the Volcker rule that prevents banks from proprietary trading and restricts their relationships with hedge funds and private equity firms.
The core of the reform is already fixed – a new resolution authority to allow the government to wind down any future failing institution like Lehman Brothers safely and without wider damage to the financial system.
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Source: FT.com
AdvisorShares Announces Partnership With Cambria Investment Management
June 24, 2010--AdvisorShares Investments, LLC, a developer of and investment adviser to actively managed Exchange Traded Funds, announced today a partnership with Cambria Investment Management, Inc., a Los Angeles based investment manager, to create a GTAA strategy in an actively managed ETF. The proposed ETF would join AdvisorShares' growing stable of innovative actively managed ETFs which includes the Dent Tactical ETF (NYSE: DENT).
"Cambria has an excellent track record using their proprietary quantitative approach to investing," said Noah Hamman, CEO and Founder of AdvisorShares. "Cambria has done an outstanding job developing research and education related to a GTAA strategy via their popular white paper, 'A Quantitative Approach to Tactical Asset Allocation,' and their recent book, 'The Ivy Portfolio.'"
Mebane Faber, Chief Investment Officer of Cambria Investment Management said, "Buying and holding a diversified portfolio did little to protect countless investors from the global market meltdown in 2008 and 2009. In these volatile markets investors need to be more proactive in managing their risk."
Eric Richardson, Chairman and CEO of Cambria Investment Management, said, "At Cambria, our mission for our separately managed accounts and private funds has been to grow capital by seeking to produce long term absolute returns with reduced volatility and manageable risk and drawdowns."
Source: AdvisorShares
Grail files with the SEC
June 23, 2010--Grail has filed a post-effective amendment, registration statement with the SEC for
Grail DoubleLine Emerging Markets Fixed Income ETF.
view filing
Source: SEC.gov
Exchange-Traded Funds International Equity: Playing the China Currency Revaluation with ETFs
June 23, 2010--Morgan Stanley's Global Strategy Team believes the PBoC's move to de-peg the Renminbi is a longer-term positive for risky assets. In their opinion, the positive takeaways from the revaluation include:
1)Suggests China's policy makers have confidence in the sustainability of China's economic recovery
2)Should reduce inflationary pressure in China and lower the probability of aggressive policy tightening or heavy-handed credit controls
3)Should reduce risk premiums in the market stemming from fears of a trade war between the US and China
4)Promotes global rebalancing
For investors looking to capitalize on the potential longer-term positives, ETFs are available to play many of the equity, commodity and currency markets that our strategists expect to benefit from the revaluation. In many cases, the ETFs may provide more diversified exposure, relatively low cost, and greater trading flexibility than other investment vehicles.
Morgan Stanley's Chief China Economist, Qing Wang, expects a gradual appreciation of the Renminbi. His year-end USD/CNY target of 6.60, versus the current spot rate of 6.81, implies 3.1% appreciation of the Renminbi versus the USD this year. He expects a further strengthening to 6.20 by year-end 2011.
Importantly, the recent decision to revalue the Chinese currency is not a panacea. Concerns over global growth prospects and Euro-area/sovereign risks are unlikely to diminish as a result of the PBoC decision.
P>request report
Source: Morgan Stanley
Van Eck files with the SEC
June 23, 2010--Van Eck has filed a third amended and restated application for exemptive relief with the SEC. Applicants request that the Order apply to any Self Indexing Funds.
view filing
Source: SEC.gov