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Advisor interest driving ETF growth
October 16, 2009--Shift to fee-based business fuels demand for a wider variety of investment products
A growing number of financial advisors are embracing exchange traded funds, and this has helped to fuel substantial growth in ETF assets this year, according to Deborah Fuhr, global head of ETF research and implementation at Barclays Global Investors
Fuhr embarked on a tour of Canadian cities in mid-October to meet with advisors across the country. In an interview on Thursday, she said she has witnessed a rising amount of interest in ETFs among advisors. This is partly being driven by a widespread shift towards fee-based advisory practices instead of commission-based sales in Canada, Fuhr said.
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Source: Investment Executive
iShares files prospectus with SEC
October 16, 2009- Ishares has filed a prospectus with the SEC for the following funds
iSHARES 2016 S&P AMT-FREE MUNICIPAL SERIES
iSHARES 2017 S&P AMT-FREE MUNICIPAL SERIES
INVESTMENT OBJECTIVE
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the S&P AMT-Free MunicipalSeries 2016 Index.
iSHARES 2017 S&P AMT-FREE MUNICIPAL SERIES
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the S&P AMT-Free Municipal
Series 2017 Index
Source: SEC. gov
iShares files prospectus with the SEC-iSHARES 2015 S&P AMT-FREE MUNICIPAL SERIES
October 16, 2009-iShares has filed a prospectus for the:
iSHARES 2015 S&P AMT-FREE MUNICIPAL SERIES
INVESTMENT OBJECTIVE
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the S&P AMT-Free Municipal
Series 2015 Index
view filing
Source: SEC.gov
iShares files prospectus with the SEC
October 16, 2009--iShares has filed a prospectus with the SEC for the following funds:
iSHARES 2013 S&P AMT-FREE MUNICIPAL SERIES
iSHARES 2014 S&P AMT-FREE MUNICIPAL SERIES
Invest Objective of the iSHARES 2013 S&P AMT-FREE MUNICIPAL SERIES
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2013 Index
The invest Objective of the iSHARES 2014 S&P AMT-FREE MUNICIPAL SERIES
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2014 Index
view filing
Source: SEC.gov
iShares files prospectus with the SEC
October 16, 2009--iShares has filed a prospectus with the SEC for the following fund:
iSHARES 2012 S&P AMT-FREE MUNICIPAL SERIES
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the S&P AMT-Free Municipal
Series 2012 Index
view filing
Source: SEC.gov
Shariah Capital inc. Seeks Strategic Partner To Develop Improved Islamic Exchange Traded Funds
October 15, 2009-Shariah Capital Inc., a U.S. based company that creates and customizes Shariah compliant financial products and platforms, is seeking strategic international partners to develop and launch a suite of cutting-edge Shariah compliant ElF products directed to Islamic investors.
Shariah Capital is publicly traded on the Alternative Investment Market (AIM) of the London Stock Exchange and is registered and licensed by the Dubai International Financial Centre (DIFC). Its major shareholders include the Dubai Multi Commodities Centre Authority (DMCCA), a Dubai World Group company. Dubai World is an investment arm and hold company of the Dubai government.
Shariah Capital is best known for its pioneering efforts in Shariah compliant hedge funds. It developed a proprietary methodology to replicate short sales using arborn-based Shariah contracts and a software engine for screening stocks electronically. These efforts led to four Shariah compliant commodity-focused hedge funds, seeded with $200 million by DMCCA, and an equally-weighted fund-of-funds comprised of the four strategies. The funds are distributed under the OSAM Kauthar brand name The firm was awarded the prestigious Master of Islamic Funds Award in 2007 in the “Best Innovation/New in Islamic Funds” category and named “Best U.S. Islamic Financial Services Firm” in 2008 by Global Finance magazine.
Shariah Capital advised Dubai Gold Securities (OGS), the first dollar-priced Shariah compliant tradable gold security. DGS launched on the NASDAQ Dubal on March 2, 2009. Shariah Capital has the ongoing role of monitoring and maintenance, coordinating the scholars’ unannounced reviews and detailed annual examinations that are reported to investors as an annual recertification of Shariah compliance.
Eric Meyer, Chairman and CEO of Shariah Capital, spoke enthusiastically about the prospects for Islamic ETF’s: ‘With 1.5 billion Muslims and estimates of $2.7 trillion invested in Shariah compliant investments globally, the need for Islamic ElF’s is evident. Market studies indicate an obvious shortage of Shariah compliant investment instruments to meet rising global demand.”
“Shariah Capital has carefully examined existing Shariah compliant ETF offerings. We have concluded that the mixed results experienced by these earlier offerings can be overcome by more focused marketing and distribution. As a firm experienced in developing Islamic products, we believe that we can meet these challenges. Supported by our unique partnership with an agency of the Dubai government, Shariah Capital is well-positioned to develop effective global Islamic ETF distribution. Consequently, we today are announcing our invitation to institutional investors and distributors who share our vision and commitment to join us in selective strategic partnerships for this purpose.”
Shaykh Yusuf Talal DeLorenzo, Chief Shariah officer at Shariah Capital lnc, added: “We offer a strategic partner the opportunity to fully capitalize on our invaluable long term relationships with the Gulf’s leading institutional investors, distribution platforms, and government leaders, to leverage our established Shariah brand. I know of no other Shariah advisory company involved in a strategic government relationship that is better commissioned to build, capitalize and market Shariah compliant investments.”
“Shariah Capital is uniquely positioned to enhance the flow of foreign and intra-regional capital into well designed lslamic ETF products. During the recent market downturn, ETFs once again established their structural superiority as a cost effective investment product . Shariah Capital offers a significant competitive advantage to issuers and market makers focused on the Islamic market. We will consider both co-development and shared-equity strategic ETF alliances with worldwide leaders in the investment and asset management business” said Shariah Capital Managing Director, Joseph Gau.
Mr. Meyer concluded: “We are open to begin serious discussions with interested parties immediately. We remain eager to launch superior Islamic ETFs into markets where they will be actively traded”
For more information about Shariah Capital, Inc., please visit www.shariahcap.com
Source: Shariah Capital Inc
Stull, Stull & Brody Announces Class Action On Behalf of Investors in ProShares Ultra Financials Fund
October 16, 2009--Attorney Advertising. Notice is hereby given that a class action has been commenced on behalf of all persons who purchased or otherwise acquired shares in the Ultra Financials Fund (the "UYG Fund") (NYSE: UYG), an exchange-traded fund ("ETF") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information (collectively, the "Registration Statement") issued in connection with shares of the UYG Fund (the "Class"). The Class is seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").
In addition to investigating claims concerning ProShares UYG Fund, Stull, Stull & Brody is also investigating claims on behalf of investors in ProShares leveraged funds (the "Funds"), such as whether ProShares failed to disclose in its registration statements: (i) that if shares of the Funds were held for a time period longer than one day, the likelihood of massive losses was huge; and (ii) the extent to which performance of the Funds would invariably diverge from the performance of the benchmark.
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Source: Tradingnews
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
October 16, 2009--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, October 16, 2009:
The shares of Western GeoPower Corp. (TSXV:WGP) will be removed from the index. The company has been acquired by GTO Resources Inc. through a Plan of Arrangement.
The shares of Buffalo Resources Corp. (TSXV:BFR) will be removed from the index. The company has been acquired by Twin Butte Energy Ltd. (TSX:TBE) subsequent to an Arrangement Agreement.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Standard & Poor's Announces Changes in the S&P/TSX Canadian Indices
October 16, 2009-Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Moto Goldmines Ltd. (TSX:MGL) have approved the share exchange offer from Randgold Resources Ltd. (NASDAQ:GOLD). Pursuant to the arrangement agreement, shareholders of Moto will receive 0.07061 ordinary shares (LSE:RRS) or ADR's (NASDAQ:GOLD) for each share held.
The ADR ratio is 1-for-1. Moto will be removed from the S&P/TSX SmallCap and Equity SmallCap indices effective after the close of Tuesday, October 20, 2009.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard and Poors
CFTC and SEC Issue Joint Report on Regulatory Harmonization
October 16, 2009--The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today issued a joint report identifying areas where the agencies’ regulatory schemes differ and recommending actions to address those differences, where appropriate.
In June, the White House released a White Paper on Financial Regulatory Reform calling on the CFTC and SEC to “make recommendations to Congress for changes to statutes and regulations that would harmonize regulation of futures and securities.”
Today’s report includes 20 recommendations to enhance enforcement powers, strengthen market and intermediary oversight and improve operational coordination (See pages 11-14 of the attached report for a list of recommendations).
“In this report, our agencies rose above the usual challenges and came together to offer meaningful recommendations to improve our oversight of the financial markets,” CFTC Chairman Gary Gensler said. “This is just one important step. Now we must continue to work together to implement these recommendations and work with Congress to secure necessary changes in statute to best protect the American public.”
“This report is another step forward in our effort to reform the regulatory landscape and ensure greater harmonization between our agencies,” said SEC Chairman Mary Schapiro. “I believe these recommendations will help to fill regulatory gaps, eliminate inconsistent oversight, and promote greater collaboration.”
Over the past several months, the CFTC and the SEC have engaged in extensive discussions, including their first ever joint public meetings last month. The meetings solicited views from members of the investor community, academics, industry experts and market participants on the current regulatory scheme, harmonization of the agencies’ rules and recommendations for changes to statutes and regulations. The agencies also solicited written comments to further assist their deliberations.
A Joint Report of the SEC and the CFTC
on Harmonization of Regulation
Source: CFTC.org