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What is the Federal Reserve's maturity extension program (referred to by some as "operation twist") and what is its purpose?
September 21, 2011--Under the maturity extension program, the Federal Reserve intends to sell $400 billion of shorter-term Treasury securities by the end of June 2012 and use the proceeds to buy longer-term Treasury securities. This will extend the average maturity of the securities in the Federal Reserve's portfolio.
By reducing the supply of longer-term Treasury securities in the market, this action should put downward pressure on longer-term interest rates, including rates on financial assets that investors consider to be close substitutes for longer-term Treasury securities. The reduction in longer-term interest rates, in turn, will contribute to a broad easing in financial market conditions that will provide additional stimulus to support the economic recovery.
Exchange Traded Concepts, LLC files with the SEC
September 21, 2011--Exchange Traded Concepts, LLC has filed a Application for an Order to Amend a Prior Order for exemptive relief with the SEC.
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PowerShares files with the SEC
September 21, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares Chinese Yuan Dim Sum Bond Portfolio (DSUM).
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Direxion Changes Investment Objectives and Strategies of 10 Leveraged Funds
Funds Will Convert from 200% to 300% Exposure
September 21, 2011--The Board of Trustees of the Direxion Shares ETF Trust has approved changes to the names, investment strategies and investment objectives of 10 leveraged funds, based on the recommendation of the funds' adviser, Rafferty Asset Management, LLC.
The funds' investment objectives will seek daily results, before fees and expenses, of 300% or -300% of the performance of the Fund's target index. The funds previously sought daily results of 200% or -200%.
The changes will be effective December 1, 2011 and apply to the following Direxion funds:
Current Fund Name | New Fund Name | ||||||||||||||
Daily BRIC Bull 2X Shares | Daily BRIC Bull 3X Shares | ||||||||||||||
Daily BRIC Bear 2X Shares | Daily BRIC Bear 3X Shares BNY Mellon to Provide ETF Services for Three Teucrium Commodity Funds The Teucrium funds are designed to provide investors with the opportunity to invest directly in soybeans, wheat or sugar without having to trade futures contracts. "We have extended our relationship with BNY Mellon, which now provides ETF services to six of our funds," said Sal Gilbertie, president of Teucrium Trading LLC. "As an ETF service provider, BNY Mellon has proven its ability to provide the sophisticated services required for increasingly complex products such as those based on commodities." "The ETF business has been rapidly evolving to provide investors with an increasing array of investment opportunities, such as the ability to invest in a broad range of commodities," said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. "We will continue to enhance our industry leading capabilities so we can provide the services that these innovative and diverse funds require for success." Fed launches $400bn Operation Twist to boost US growth It will also reinvest proceeds from maturing mortgage and agency bonds back into the mortgage market, an acknowledgement of just how weak conditions in the sector have remained. Rydex files with the SEC Van Eck files with the SEC Credit Suisse Announces Launch of its New Market Neutral Equity ETN (ticker symbol “CSMN”) linked to the HS Market Neutral Index powered by HOLT Rafferty Asset Management Closing Direxion Airline Shares ETF “Direxion’s core business and success has been focused in the leveraged and inverse ETF, and other alternative fund space. With declining interest in a non-leveraged airline industry ETF, we feel it is in the best interest of the shareholders to close the fund and stick to the product for which we are best known,” said Dan O’Neill, President and CIO of Direxion. “Direxion’s focus has always been on providing investors with innovative investment products. We will continue to deliver investment options that help investors capitalize on opportunities in all market conditions.” Rafferty Asset Management Closing Direxion Airline Shares ETF “Direxion’s core business and success has been focused in the leveraged and inverse ETF, and other alternative fund space. With declining interest in a non-leveraged airline industry ETF, we feel it is in the best interest of the shareholders to close the fund and stick to the product for which we are best known,” said Dan O’Neill, President and CIO of Direxion. “Direxion’s focus has always been on providing investors with innovative investment products. We will continue to deliver investment options that help investors capitalize on opportunities in all market conditions.” Federal Reserve issues FOMC statement To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to extend the average maturity of its holdings of securities. The Committee intends to purchase, by the end of June 2012, $400 billion of Treasury securities with remaining maturities of 6 years to 30 years and to sell an equal amount of Treasury securities with remaining maturities of 3 years or less. This program should put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate. Maturity Extension Program and Reinvestment Policy Frequently Asked Questions: Maturity Extension Program and Reinvestment Policy
Global X files with the SEC Guggenheim reorganizes, phases out Rydex ETF Guggenheim led a group of investors that acquired Rydex SGI's parent, Security Benefit Corp, last year. SPDR® ETF Family Announces Impact of Receiving Income
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