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SEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications
November 6, 2014--Summary: In 2008, the Securities and Exchange Commission ("SEC" or "Commission") approved the first actively managed exchange-traded funds ("ETFs").[1] The exemptive orders for those ETFs-and all active ETF exemptive orders since-have required daily portfolio transparency.[2] On October 21, 2014, the Commission issued notices ("Notices") on exemptive applications filed by two separate sets of applicants (the "Applicants") seeking relief from the Investment Company Act of 1940, as amended ("1940 Act"), to
launch nontransparent active exchange‑traded funds ("NTA ETFs").[3] In the Notices, the Commission states that it has "preliminarily" determined to deny the requested exemptions. This Alert describes the NTA ETFs proposed by the Applicants, summarizes the Notices, and analyzes significant aspects of the Notices.
The Proposed NTA ETFs
As noted above, to date, active ETFs have provided daily portfolio transparency-meaning daily disclosure, prior to the opening of trading in their shares, of the ETF's portfolio holdings that will be included in the calculation of net asset value ("NAV") that trading day.[4] The NTA ETFs proposed by the Applicants would not provide daily portfolio transparency; rather, they would generally only provide the same disclosures as existing mutual funds do, with one exception- the publication of their intraday indicative value (“IIV”) every 15 seconds during the trading day.
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Source: K&L Gates LLP
BNY Mellon ADR Index Monthly Performance Update-October 2014
November 6, 2014--The BNY Mellon ADR Index Monthly Performance-October 2014 Update has been published and is now available for review.
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Source: BNY Mellon
Nasdaq Lists First Trust International IPO ETF
International Index-Tracking Fund Focused on Timely Investment Opportunities
November 5, 2014--Nasdaq today announced that First Trust will list one new exchange-traded fund, First Trust International IPO ETF (S,mbol: FPXI), on The Nasdaq Stock Market.
FPXI will begin trading on Nasdaq today, November 5th, 2014.
"Recent IPOs and spin-offs represent an important segment of the international stock market that is often absent from broad international index ETFs," said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust. "This fund provides a diversified and systematic strategy for investors to gain exposure to these stocks before many are added to broad international index funds."
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Source: Nasdaq.com
CFTC.gov Swaps Report Update
November 5, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Altavista-ETF Analyzer-November 2014-Select Sector SPDR Edition
November 5, 2014--Inside the Report:
Evaluate Sector SPDRs based on investment merit using fundamental data and analysis
Compare Sector SPDRs with ease on a variety of forward-looking valuation metrics
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Source: AltaVista Research
Nasdaq Lists First Trust Emerging Markets Local Currency Bond ETF and First Trust Low Duration Mortgage Opportunities ETF
Two Actively Managed Funds Focused on Current Income Opportunities
November 5, 2014--Nasdaq today announced that First Trust will list two new exchange-traded funds, First Trust Emerging Markets Local Currency Bond ETF (Symbol: FEMB) and First Trust Low Duration Mortgage Opportunities ETF (Symbol: LMBS), on The Nasdaq Stock Market. FEMB and LMBS will begin trading on Nasdaq today, November 5th, 2014.
"These funds provide a strategy for investors to gain exposure to two fixed income sectors in which we believe in-depth research and analysis, along with ongoing surveillance, can add significant value for investors," said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust. "Both funds may benefit from active portfolio management, which provides the flexibility to implement specific views, while targeting a more attractive tradeoff between risk and return."
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Source: Nasdaq.com
ALPS to Close Three Exchange Traded Funds
November 4, 2014--ALPS, a DST Company focused on asset servicing and asset gathering, today announced the liquidation of three VelocityShares ETFs.
The three Funds--VelocityShares Emerging Asia DR ETF (NASDAQ: ASDR), VelocityShares Emerging Markets DR ETF (NASDAQ: EMDR) and VelocityShares Russia Select DR ETF (NASDAQ: RUDR)--will close to new investors on November 18, 2014 and liquidate on November 21, 2014.
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Source: ALPS
Cambria Debuts Global Momentum ETF
November 4, 2014--Mebane Faber's Cambria Investments today introduced the Cambria Global Momentum ETF (GMOM), an actively managed fund that uses an ETF of ETFs approach.
The Cambria Global Momentum ETF is Cambria's successor product to the AdvisorShares Morgan Creek Global Tactical ETF (GTAA), which California-based Cambria stopped sub-advising in June.
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Source: Yahoo Finance
New Commodities ETF from BlackRock Avoids Tax Issues
November 4, 2014--Exchange-traded products (ETPs) let investors trade individual asset classes like shares of stock.
The Vanguard Total Bond Market ETF, for example, lets investors with a brokerage account buy and sell the equivalent of bonds, and other ETFs offer exposure to gold, silver, real estate, and other alternative asset classes.
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Source: dailyalts.com
CBOE/CBOT 10-Year Treasury Note Volatility Index Futures Product Launch
November 4, 2014--CBOE Futures Exchange, LLC will launch trading in CBOE/CBOT 10-Year Treasury Note Volatility Index (VXTYN) futures on November 13, 2014.
The terms and conditions for VXTYN futures and the
Lead Market Maker (LMM) Program for VXTYN futures will also become effective on that date.
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Source: CBOE
