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BetaPro Management Launches World's First Commodity Spread ETFs
April 13, 2010--Jovian Capital Corporation manager of the Horizons BetaPro exchange traded funds, are pleased to announce the listing of the world's first commodity spread exchange traded funds, which will begin trading on the Toronto Stock Exchange on April 14, 2010.
The Horizons BetaPro NYMEX(R) Long Natural Gas/Short Crude Oil Spread ETF and the Horizons BetaPro NYMEX(R) Long Crude Oil/Short Natural Gas Spread ETF ("Spread ETFs") will offer two different ways for investors to attempt to take advantage of relative price changes between natural gas and crude oil. The ticker symbols for the two Spread ETFs are:
Horizons BetaPro NYMEX(R) Long Natural Gas/Short Crude Oil Spread ETF-HNO:TSX
Horizons BetaPro NYMEX(R) Long Crude Oil/Short Natural Gas Spread ETF-HON:TSX
"We are very excited to bring to investors the world's first pair-trading strategies within an ETF structure," said Howard Atkinson, President of BetaPro. "The relationship between crude oil and natural gas is one of the most widely followed in the commodity marketplace. These Spread ETFs allow investors to easily invest according to their view of how this relationship will behave in the future."
Mr. Atkinson points out that the Spread ETFs are a compelling alternative for investors looking to attempt to execute this market strategy themselves.
"We believe that using an ETF is a much more efficient way to execute a pair-trading strategy that combines long and short positions. Since these ETFs are rebalanced daily, they will have equal exposure to the long and short underlying indexes to start each day, while limiting an investor's risk to their invested capital," Atkinson said
The Horizons BetaPro NYMEX(R) Long Natural Gas/Short Crude Oil Spread ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to the sum of one times (100%) of the daily performance of the NYMEX(R) natural gas futures contract for the next delivery month and one times (100%) the inverse (opposite) of the daily performance of the NYMEX(R) light sweet crude oil futures contract for the next delivery month.
The Horizons BetaPro NYMEX(R) Long Crude Oil/Short Natural Gas Spread ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to the sum of one times (100%) of the daily performance of the NYMEX(R) light sweet crude oil futures contract for the next delivery month and one times (100%) the inverse (opposite) of the daily performance of the NYMEX(R) natural gas futures contract for the next delivery month.
Any U.S. dollar gains or losses as a result of the Spread ETFs' investments will be hedged back to the Canadian dollar to the best of their ability. Both ETFs will be rebalanced daily to ensure that the net asset value of the ETF is allocated equally to the daily performance of its long index and short index.
Source: BetaPro Management Inc.
AdvisorShares files with the SEC
April 13, 2010--AdvisorShares has filed an amended application for exemptive relief for
with respect to WCM/BNY Mellon Focused Growth ADR ETF.
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Source: Sec.gov
Rusal mulls aluminum ETF; no link to Glencore plans
April 13, 2010--United Co. Rusal is mulling the launch of a physically backed exchange-traded fund (ETF) that could provide future financing for the company, a company spokeswoman confirmed Tuesday.
"Rusal is considering launching an aluminum exchange-traded fund. . . . We are investigating the demand for the ETF. The ETF could be a future financing channel for Rusal," the spokeswoman said in an e-mail.
The fund would initially be backed with "1 million tonnes or more" of the company's aluminum, she said, adding that plans for the ETF could be finalized in the second half of this year.
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Source: AMM
IndexIQ to Start ETFs for Korea, Taiwan, Tracking Small Caps
April 13, 2010--IndexIQ is adding single-country, small-cap ETFs to its lineup of alternative asset funds.
The firm will start a small-cap South Korean ETF tomorrow, and another that invests in small-cap Taiwan stocks in two weeks, IndexIQ Chief Executive Officer Adam Patti, 39, of the Rye Brook, New York-based firm, said in a phone interview yesterday. ETFs focused on Hong Kong and Singapore also are planned, he said. Those follow small-cap ETFs for Canada and Australia.
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Source: Business Week
Remarks on Over the Counter Derivatives Reform at Council of Institutional Investors
April 13, 2010--Good morning. I thank the Council of Institutional Investors for inviting me to speak this morning. I appreciate all the work you do, along with the Investors’ Working Group, to protect investor interests in America. I recall working closely with you when I worked on the Sarbanes-Oxley Act in 2002, and I look forward to continuing to get the Council’s views on essential financial reform legislation.
As the Senate debates regulatory reform in the coming weeks, one critical issue will relate to the over-the-counter derivatives marketplace. Though there were many causes of the 2008 financial crisis, most would agree that over-the-counter derivatives played a central role.
History of Over-the-Counter Derivatives
Derivatives have been around since the Civil War, when grain merchants came together to hedge the risk of changes in the price of corn, wheat and other grains on a central exchange. These derivatives are called futures. Nearly 60 years and a financial crisis after they first traded, Congress brought Federal regulation to these markets. In the 1930s, the Commodity Exchange Act, which created the CFTC’s predecessor, became law.
From the 1930s until 1980, all derivatives and publicly listed securities were subject to comprehensive oversight by federal regulators. This means that they were traded on regulated exchanges and policed to ensure fair and orderly trading. Things began to change in 1981 with the first over-the-counter derivative transaction. Instead of trading through exchanges and being cleared through clearinghouses, over-the-counter derivatives are generally transacted bilaterally and are not subject to regulation.
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Source: CFTC.gov
Emerging Markets Week in Review -4/5/2010 - 4/9/2010
April 12, 2010--he Dow Jones Emerging Markets Composite Index gained 1.77% last week on renewed signs of recovery in the global economy. Materials and Financials led all sectors, up 3.03% and 2.65% respectively. Technology and Health Care were the least positive, up 0.81% and 0.69% respectively.
All sectors are now positive for the year with Materials leading the way as countries such as Brazil and China continue to announce plans to expand and improve infrastructure.
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Source: Emerging Global Advisors
NSX Releases March 2010 ETF Data Reports
April 12, 2010--Highlights from the March 2010 report include:
* Assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) totaled a record of approximately $819.8 billion at March 2010 month-end, an increase of approximately 68% over March 2009 month-end when assets totaled $489.1 billion. N
* At the end of March 2010, the number of listed products totaled 971, compared to 839 listed products at the end of March 2009.
# March 2010 net cash inflows from all ETFs/ETNs totaled approximately $20.3 billion.
U.S Equity and Fixed income categories both showed strong growth with $12.3 billion and $4.7 billion respectively in net inflows for March 2010.
Visit NSX.com for more info.
Source: NSX
Schwab ETFs Surpass $1 Billion in Assets under Management
April 12, 2010--Charles Schwab Investment Management, Inc. (CSIM) announced today that assets under management in its eight Schwab exchange-traded funds (ETF) exceeded $1 billion on April 6, 2010. Since the first four Schwab ETFs(tm) launched five months ago, they have seen significant adoption in the market, driven in part by low operating expense ratios and commission-free online trading in Schwab accounts.
"We're delighted that individual investors and investment advisors are choosing to invest in Schwab ETFs," said Peter Crawford, senior vice president of Charles Schwab & Co., Inc. "They are finding value in our ETFs with their low expenses and commission-free trades online at Schwab as well as the vast education resources available at the ETF Center at Schwab.com."
The first four Schwab ETFs -- the Schwab U.S. Broad Market ETF(TM) (SCHB), the Schwab U.S. Large-Cap ETF(TM) (SCHX), the Schwab U.S. Small-Cap ETF(TM) (SCHA) and the Schwab International Equity ETF(TM) (SCHF) were launched Nov. 3, 2009. The Schwab U.S. Large-Cap Growth ETF(TM) (SCHG) and the Schwab U.S. Large-Cap Value ETF(TM) (SCHV) were launched on Dec. 11, 2009. The Schwab Emerging Markets Equity ETF(TM) (SCHE) and the Schwab International Small-Cap Equity ETF(TM) (SCHC) began trading on Jan. 14, 2010.
Schwab ETFs track an array of domestic and international stock indexes. Schwab ETFs feature competitive fees and core investment offerings, which can make them an excellent option for investors seeking to build a diversified portfolio. In seven of eight Schwab ETFs, the operating expense ratios are the lowest as compared to competitors' offerings in the same category.
As part of its comprehensive offering to investors, which also includes the new SMP-ETF offering launched on January 7, 2010, www.schwab.com/ETF - includes extensive educational materials available that explain the basics of ETFs, and how to invest in them and make trades online at Schwab. Specifically, Schwab's ETF Center offers its clients tools such as an ETF Screener to search for ETFs that offer exposure to various markets, industries and sectors and a way to compare / view side-by-side snapshots of multiple ETFs.
"We believe the success of our initial set of ETFs, along with the vast resources that clients have access to on the Schwab ETF Center, further demonstrates that Schwab is a leading destination for investors seeking ETFs," said Peter Crawford. "We expect to build on this success and intend to have more ETFs to offer investors in other key assets categories in the future."
Source: Charles Schwab
NASDAQ OMX and the Consumer Electronics Association Introduce the NASDAQ OMX(R) CEA(R) Smartphone Index
April 12, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and the Consumer Electronics Association (CEA)® announced today the introduction of the NASDAQ OMX® CEA® Smartphone IndexSM (Nasdaq:QFON), a new benchmark for the telecommunications sector focused on wireless, mobile devices with advanced communications functionality. The NASDAQ OMX® CEA® Smartphone Index is a modified market-capitalization index and includes companies that are primarily involved in the building, design and distribution of handsets, hardware, software, and mobile networks associated with the development, sale and usage of smartphones.
"This index brings sharper focus to an industry that is transforming the world's ability to communicate, work, and interact with each other," said NASDAQ OMX Executive Vice President John Jacobs. "Investors, thanks to this index, can now easily track companies that are working diligently to combine the benefits of the phone and computer in a single device."
"The consumer electronics industry is known for innovation in technology, and we are delighted to work with NASDAQ OMX to bring new innovation to financial products," Shawn DuBravac, chief economist and director of research at CEA. "Smartphones represent the fastest growing segment of the wireless industry, and the ability to track this sector through an index provides a great new tool to investors."
The NASDAQ OMX® CEA® Smartphone Index is currently comprised of 84 companies that are screened by the Consumer Electronics Association, including Apple Inc. (Nasdaq:AAPL), Google Inc. (Nasdaq:GOOG) and Research in Motion Limited (Nasdaq:RIMM). To view all the the companies in the NASDAQOMX® CEA® Smartphone Index, visit our website www.nasdaqomx.com/indexes.
The NASDAQ OMX® CEA® Smartphone Index is the latest in the line of technology themed indexes created by NASDAQ OMX. NASDAQ OMX is leading the way in creating indexes designed to help the investment community track the technology companies that are shaping the way people interact with the world.
The NASDAQ OMX® CEA® Smartphone Index is calculated in real-time across the combined exchanges and is disseminated by NASDAQ OMX in U.S. Dollars. The Index commenced calculation today with a value of 250.00.
NASDAQ OMX is a global leader in creating and licensing strategy indexes and is home to the most widely watched indexes in the world. As a premier, full-service provider, the NASDAQ OMX Global Index Group is dedicated to designing powerful indexes that are in sync with a continually changing market environment. Utilizing its expanded coverage as a global company, NASDAQ OMX has more than 1,400 diverse equity, commodity and fixed-income indexes in the U.S., Europe, and throughout the world.
NASDAQ OMX's calculation, licensing and marketing support provide the tools to measure and replicate global markets. The NASDAQ OMX Global Index Group's range of services covers the entire business process from index design to calculation and dissemination. For more information about NASDAQ OMX indexes, visit https://www.nasdaqomx.com/indexes/.
Access to essential historical index data for NASDAQ OMX indexes can be accessed from a single source, NASDAQ OMX Global Index Watch. For additional information, please visit https://indexes.nasdaqomx.com/indexwatch.aspx.
Source: NASDAQ OMX
ETF Innovation Continues With “Contrarian Opportunities” Launch
Javelin’s new offering hopes to beat the broader market benchmarks while sticking to the discipline of an index.
April 9, 2010--As the investment industry struggles with the challenge of delivering active strategies within the exchange-traded fund format, Princeton-based Javelin Investment Management thinks that its new index-based fund has found the sweet spot.
JETS Contrarian Opportunities Index Fund is designed to track the Dow Jones U.S. Contrarian Opportunities Index, whose universe consists of stocks that have underperformed in recent years, but which also applies qualitative screens in the hope of identifying stocks with strong fundamentals.
“This fund advances the concept of index-based investing,” says Javelin president and founder Brint Frith. “Index funds often apply only quantitative criteria, such as market capitalization. The result can be a crudely-defined portfolio that makes no attempt at selectivity. We are impressed that Dow Jones has devised a benchmark that preserves the transparency and discipline of an index, but also encapsulates a well-researched investment strategy.”
The new ETF begins trading today under the symbol JCO. It is the first ETF based on a contrarian strategy, which focuses on stocks that have recently underperformed the market. Javelin’s SEC filing anticipates an expense ratio of .58% for the new fund.
The Dow Jones U.S. Contrarian Opportunities Index is composed of 125 equal-weighted US equities. Eligibility is based on a semi-annual screening that identifies stocks with the lowest three-year trailing total returns. From this pool, constituents are selected according to rankings by ten qualitative factors, including sales growth, price to cash flow ratio, and recent earnings revisions.
Javelin Investment Management was founded for the purpose of introducing new and compelling ETFs. Its first offering, the JETS Dow Jones Islamic Market International Index Fund began trading on July 1 2009.
Source: Javelin