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ProShares Plans 300% Leveraged ETFs
February 8, 2010--ProShares, the issuer responsible for pioneering leveraged and inverse ETFs, has filed prospectuses for 16 new funds.
Expansion is nothing new for ProShares–the company has launched a handful of new ETFs over the last year–but the filing was interesting because it detailed plans for 300% leveraged ETFs. ProShares’ current product line, which consists of more than 90 funds, includes only two ETFs with 300% leverage, the UltraPro S&P 500 (UPRO) and UltraPro Short S&P 500 (SPXU).
Historically, ProShares has focused on inverse, 200% leveraged and 200% inverse leveraged ETFs, although the issuer expanded its offerings outside this area last year when in introduced the first 130/30 ETF. Several of the proposed funds, which are based on domestic and international equities and fixed income ETFs, would compete directly with existing products from Direxion
Emerging Markets Week in Review -2/1/2010 - 2/5/2010
February 8, 2010--The Dow Jones Emerging Markets Composite Index had its fourth consecutive weekly decline, down 2.31%, over global concerns that some European Union countries will struggle to meet their expanding debt obligations. Industrials and Technology held up the best , down 1.80% and 1.93% respectively as all sectors were negative. Materials and Energy were dragged down by a strong drop in commodity prices, down 5.10% and 5.49%. The Composite index is now back to its early September 2009 levels.
Last week Emerging Global Advisors provided comments regarding China's continuing infrastructure build out and the many potential investment opportunities created by such massive urbanization. Despite recent moves by the government to slow economic growth, China plans to spend 45% of its $580B stimulus on improving virtually every aspect of their transportation system
SEC Proposes Rule Regarding Risk Management Controls for Broker-Dealers with Market Access
February 5, 2010-Newsletter-Morrison & Foerster
On January 13, 2010, the Securities and Exchange Commission (the “SEC”) voted unanimously to propose a new rule that will effectively prohibit broker-dealers with market access from providing customers with unfiltered access to an exchange or alternative trading system (“ATS”).
Proposed Rule 15c3-5 (the “Proposed Rule”) would
require broker-dealers with direct market access to trading securities on an exchange or ATS to establish,
document, and maintain a system of risk management controls and supervisory procedures that, among other
things, are reasonably designed to (1) systematically limit the financial exposure of the broker-dealer that could
arise as a result of market access, and (2) ensure compliance with all regulatory requirements applicable in
connection with market access.1 The Proposed Rule encompasses trading in all securities on an exchange or ATS,
including equities, options, exchange-traded funds, and debt securities, and is intended to strengthen the controls
with respect to market access and to reduce regulatory inconsistency and the potential for regulatory arbitrage.
ELX Futures Reports Record Total Volume Trading Day
February 5, 2010--February 5, 2010 – ELX Futures, L.P. (ELX Futures) announced today it has set a record total volume trading day for the combined five U.S. Treasury futures products. At approximately 1:40 pm (EST), ELX Futures traded over 77,000 contracts, surpassing the previous trading record volume day on October 30th, 2009 with 76,462 contracts traded.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “We are pleased to report record trading volumes today in our Treasury products. This is a remarkable accomplishment and shows the great strides that we have made since our launch. We expect to continue to build on our volume figures to achieve new records in the months ahead.”
U.S. ONE TRUST files with the SEC
February 5, 2010--US One Trust has filed a registration statement, post-effective amendment for
One Fund
NYSE Arca Ticker:ONEF
view filing
Proshares files with the SEC
February 5, 2010--Proshares has filed a registration statement, post-effective amendment. The filing relates only to the following new series of ProShares Trust: ProShares UltraPro QQQ, ProShares UltraPro Dow30, ProShares UltraPro MidCap400, ProShares UltraPro Russell2000, ProShares UltraPro MSCI EAFE, ProShares UltraPro MSCI Emerging Markets, ProShares UltraPro 7-10 Year Treasury.
ProShares UltraPro 20+ Year Treasury, ProShares UltraPro Short QQQ, ProShares UltraPro Short Dow30, ProShares UltraPro Short MidCap400, ProShares UltraPro Short Russell2000, ProShares UltraPro Short MSCI EAFE, ProShares UltraPro Short MSCI Emerging Markets, ProShares UltraPro Short 7-10 Year Treasury and ProShares UltraPro Short 20+ Year Treasury. No information relating to any other series or class of series of ProShares Trust is amended or superseded hereby.
BlackRock sees Canada ETF sales up; rivals to gain
February 5, 2010--BlackRock Inc (BLK.N: Quote) expects to see double digit growth in its exchange-traded fund (ETF) assets in Canada over the next five years, even as new competitors eat into its dominant market share, a senior executive said.
BlackRock Inc (BLK.N: Quote) expects to see double digit growth in its exchange-traded fund (ETF) assets in Canada over the next five years, even as new competitors eat into its dominant market share, a senior executive said.
BM&FBOVESPA sets new trading record in its Derivatives Segment
February 5, 2010--The Brazilian Securities, Commodities and Futures Exchange – BM&FBOVESPA set yesterday (2/04) a record 79,672 trades in its derivatives segment. The previous record of 75,785 trades was set on 10/28/2009.
Yesterday’s trading also set another record: financial volume in the interest rate futures (one-day ID) market totaled BRL 139.11 billion, in comparison to BRL 103.35 billion, set on 12/30/2009.
Exchange registers a record 1.2 million contracts traded via DMA in the derivatives segment
The BM&FBOVESPA reached also on 2/04/2010 the historic mark of 1,208,268 contracts traded in 103,114 trades via Direct Market Access (DMA) in the derivatives segment. The previous records were 836,153 contracts traded (set on 1/28/2010) and 95,665 trades (set on 1/21/2010), respectively.
BlackRock's iShares Continues to Add Country ETFs
Febraury 5, 2010--BlackRock Inc.'s iShares has registered nine additional country-specific exchange-traded funds with the Securities and Exchange Commission.
The first batch was for: the iShares MSCI Poland Investable Market Index, iShares MSCI China Small-Cap Index, iShares MSCI Indonesia Investable Market Index and iShares MSCI New Zealand Investable Market Index funds.
The second filing covered: the iShares MSCI USA Index, iShares MSCI Brazil Small Cap Index, iShares MSCI Egypt Capped Investable Market Index, iShares MSCI Ireland Capped Investable Market Index, iShares MSCI Russia Capped Index and iShares MSCI Philippines Investable Market Index funds.read more
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
February 5, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, February 5, 2010:
Canplats Resources Corporation (TSXVN:CPQ) will be removed from the index.
Pursuant to a plan of arrangement, the shares of the company have been acquired by Goldcorp Inc. (TSX:G).
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.
BetaPro Management Inc. Launches New Suite of HBP Inverse ETFs on TSX
February 4, 2010--Jovian Capital Corporation ("Jovian") (JOV:TSX) and its subsidiary BetaPro Management Inc. ("BetaPro") are pleased to announce the listing of three new Horizons BetaPro Inverse Exchange Traded Funds ("HBP Inverse ETFs") on the Toronto Stock Exchange. The HBP Inverse ETFs are expected to track the opposite (100%) of the daily performance of their underlying benchmarks, less applicable fees and expenses. The HBP Inverse ETFs do not involve leverage.
"Our HBP Inverse ETFs now total seven and provide a complement to our popular leveraged HBP Bull+ and Bear+ ETFs," said Howard Atkinson, President of BetaPro. "These ETFs are extremely valuable tools for bearish investors to profit from a market decline or hedge existing portfolio exposure."
The new HBP Inverse ETFs and their ticker symbols are:
Horizons BetaPro S&P 500(R) Inverse ETF ("HBP S&P 500(R) Inverse ETF-Ticker :
Horizons BetaPro NYMEX(R) Crude Oil Inverse ETF-("HBP NYMEX(R) Crude Oil Inverse ETF")-Ticker :
Horizons BetaPro NYMEX(R) Natural Gas Inverse ETF ("HBP NYMEX(R) Natural Gas Inverse ETF")- Ticker :
Each HBP Inverse ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to one times (100%) the inverse (opposite) of the daily performance of its specified underlying index. The HBP S&P 500(R) Inverse ETF will use the S&P 500(R) as its underlying index. The HBP NYMEX(R) Crude Oil Inverse ETF will use the NYMEX(R) light sweet crude oil futures contract for the next delivery month, and the HBP NYMEX(R) Natural Gas Inverse ETF will use the NYMEX(R) natural gas futures contract for the next delivery month, as their respective underlying indices. The HBP Inverse ETFs are denominated in Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF's investment will be hedged back to the Canadian dollar to the best of its ability.
The new line-up joins the following existing HBP Inverse ETFs
Horizons BetaPro S&P/TSX 60(TM) Inverse ETF ("HBP S&P/TSX 60(TM) Inverse ETF")Ticker:HIX
Horizons BetaPro S&P/TSX Financials(TM) Inverse ETF("HBP Financials Inverse ETF") -Ticker:HIF
Horizons BetaPro S&P/TSX Energy(TM) Inverse ETF ("HBP Energy Inverse ETF") -Ticker:HIE
Horizons BetaPro S&P/TSX Global Gold(TM) Inverse ETF ("HBP Gold Inverse ETF") -Ticker : HIG
Pax World files with the SEC
February 4, 2010--Pax world has filed a registration statement with the SEC for
Pax World ESG Shares FTSE Environmental Technologies (ET50) Index Fund-Cusip:70422P305, NYSE Arca Trading Ticker: ETFY
The Fund seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the ETS ET50 Index , which is created and maintained by the FTSE Group. The Index is composed of equity securities of the fifty largest companies globally with a core business in environmental technology, measured by marketplace capitalization.
Total Annual Fund Operating Expenses: 0.55%
view filing
PIMCO Launches Short Term Municipal Bond Strategy Fund, an Actively Managed ETF
"As cities and states face ever-greater challenges in managing their budgets, issuer-specific credit analysis has become essential to succeeding as a municipal bond investor," said Mr. Cummings. "With SMMU, PIMCO will look to use its proven credit expertise to provide investors with a carefully selected, diversified portfolio of short maturity municipal bonds with the complete transparency and accessibility of an ETF."
Unlike index funds that may rely solely on ratings agencies for credit analysis, PIMCO analyzes each municipality's ability to pay obligations, collect taxes, benefit from federal stimulus and other factors, along with a detailed evaluation of the structure of each bond issue, before a decision is made to purchase a security. In addition, the firm's size, presence and relationships in municipal bond markets may enhance the ability to receive attractive pricing and execution on each trade. Because the fund is actively managed, PIMCO can focus on adjusting the portfolio as credit conditions change and also manage losses in an effort to increase the fund's tax efficiency.
The PIMCO Short Term Municipal Bond Strategy is the firm's third actively managed ETF and second municipal bond ETF, following the PIMCO Intermediate Municipal Bond Strategy Fund (NYSE: MUNI) launched on Nov. 30, 2009. As with all of PIMCO's ETF offerings, the fund seeks to provide investors greater access to PIMCO's investment process, market expertise and risk management by offering strategies and vehicles that appeal to a wide range of investor preferences, while also complementing the firm's other offerings. Treasury Secretary Timothy F. Geithner Written Testimony before the US Senate Budget Committee This is why we have a lot of work to do together to make sure that as overall economic growth recovers, so does job growth. We must restore confidence in the economy's fundamental resilience, and we are taking the steps to ensure sustainable growth going forward that is more widely shared among the American people.
Our immediate priority is to work together to encourage the creation of more and, better-paying jobs. We can only achieve that objective if we are committed to laying a foundation for job creation in the private sector. In the short-term that means ensuring that the true engines of job creation, America's businesses, have the right incentives to expand and hire through new targeted measures in 2010 that will speed job creation. Index Data Monthly Report: U.S. Edition
'SMMU' Adds to PIMCO's Line Up of Municipal Bond ETFs
February 4, 2010--PIMCO, a leading global investment management firm, has launched the PIMCO Short Term Municipal Bond Strategy Fund (NYSE: SMMU), enhancing the firm's line up of actively managed exchange-traded funds (ETFs) covering the municipal yield curve.
SMMU accesses PIMCO's municipal bond expertise in building a portfolio of primarily high-quality, short maturity, AMT-free municipal bonds whose income is exempt from federal and, in some cases, state tax. The fund will be managed by John Cummings, executive vice president and head of PIMCO's municipal bond desk.
February 4, 2010--Chairman Conrad, Ranking Member Gregg and members of the Committee, thank you for the opportunity to appear before you today to discuss the President's Fiscal Year 2011 Budget. The U.S. economy is still in the midst of one of the most challenging periods in our nation's history. We have pulled back from the brink of financial collapse and a historic recession.
The overall economy grew at an annual rate of 4 percent over the last six months of 2009, but millions of Americans remain out of work and the economic pain of the recession can still be felt throughout our nation. This crisis has caused enormous damage to the basic economic security of tens of millions of Americans.
February 4, 2010--The Dow Jones Index Data Monthly Report: U.S. Edition is now available.
view report
