Americas ETP News
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CFTC Proposes Inter-Affiliate Clearing Exemption
August 16, 2012--The Commodity Futures Trading Commission (CFTC) today issued a proposed rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Section 723 of the Dodd-Frank Act added Section 2(h) to the Commodity Exchange Act to establish a clearing requirement for swaps. As a general matter, the new section makes it unlawful for any person to engage in a swap that the Commission determines must be cleared, unless the swap is submitted for clearing to a derivatives clearing organization. The proposed rule, however, asks the public to comment on whether inter-affiliate swaps pose less counterparty risk than swaps transactions with third parties. Accordingly, the Commission is considering whether alternative methods of counterparty risk mitigation may be appropriate for swaps between majority-owned affiliates of the same corporate group. The proposal was passed by a seriatim vote of 3 to 2, and the comment period will be open for 30 days from publication in Federal Register.
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Source: CFTC.gov
Columbia Management Investment Advisers files with the SEC-Columbia Emerging Markets Bond ETF
August 16, 2012--Columbia Management Investment Advisers has filed a post-effective amendment, registration statement with the SEC for the Columbia Emerging Markets Bond ETF.
view filing
Source: SEC.gov
CUSIP Options Service Now Covers Equity, ETF and Index Options Traded on Montreal Exchange
August 16, 2012--CUSIP Global Services (CGS) announced the expansion of its CUSIP Options Service to cover Canadian equity, ETF and index options that trade on the Montreal Exchange.
The addition of Canadian options builds on an alliance with FOW TRADEDATA, a United Kingdom-based financial information provider specializing in futures and options products that helped develop the CUSIP identification system for equity, ETF and index options listed on U.S. exchanges.
The U.S. and Canadian Options Services provide unique CUSIP IDs for equity, ETF and index options, along with accompanying ISINs and related data elements such as strike price, contract name, exchange code and underlying symbol. Market participants can receive the CUSIP Options Service directly from CGS or via an authorized market data vendor.
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Source: CUSIP Global Services
Leveraged and Inverse ETFs: Specialized Products with Extra Risks for Buy-and-Hold Investors
August 16, 2012--The SEC staff and FINRA are issuing this Alert because we believe individual investors may be confused about the performance objectives of leveraged and inverse exchange-traded funds (ETFs).
Leveraged and inverse ETFs typically are designed to achieve their stated performance objectives on a daily basis. Some investors might invest in these ETFs with the expectation that the ETFs may meet their stated daily performance objectives over the long term as well. Investors should be aware that performance of these ETFs over a period longer than one day can differ significantly from their stated daily performance objectives.
What Are Exchange-Traded Funds? ETFs are typically registered investment companies whose shares represent an interest in a portfolio of securities that track an underlying benchmark or index. (Some ETFs that invest in commodities, currencies, or commodity- or currency-based instruments are not registered as investment companies.) Unlike traditional mutual funds, shares of ETFs typically trade throughout the day on a securities exchange at prices established by the market.
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Source: SEC.gov
Columbia Management Investment Advisers files with the SEC
August 16, 2012--Columbia Management Investment Advisers, LLC has filed a post-effective amendment, registration statement with the SEC for the
Columbia AMT-Free Muni Target 2015 ETF
Columbia AMT-Free Muni Target 2016 ETF
Columbia AMT-Free Muni Target 2017 ETF
Columbia AMT-Free Muni Target 2018 ETF
Columbia AMT-Free Muni Target 2019 ETF
view filing
Source: SEC.gov
Horizons Enhanced US Equity Income Fund Announces Conversion into ETF
August 16, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce that the Horizons Enhanced U.S. Equity Income Fund (the "Fund") will,
subject to regulatory approval, convert into an open-end exchange traded fund and be renamed the Horizons Enhanced US Equity Income ETF (the "ETF") after the close of business on August 31, 2012 (the "Conversion").
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Source: Horizons Exchange Traded Funds
Mirae sets its sights on US ETF market
August 16, 2012--While other big asset managers are rethinking their commitment to exchange traded funds, Mirae Asset Global Investments is diving in.
The South Korean manager’s Horizons ETF unit is preparing to make its entrance into the US market with three ETFs implementing covered-call strategies. The index-based ETFs will be similar to the actively managed covered-call ETFs it runs in the Canadian market.
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Source: FT.com
Horizons Enhanced US Equity Income Fund Announces Conversion into ETF
August 16, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce that the Horizons Enhanced U.S. Equity Income Fund (the "Fund") will, subject to regulatory approval, convert into an open-end exchange traded fund and be renamed the Horizons Enhanced US Equity Income ETF
(the "ETF") after the close of business on August 31, 2012 (the "Conversion").
Upon completion of the Conversion, the Class E units of the ETF (the "Class E Units") will, subject to regulatory approval, begin trading on the Toronto Stock Exchange ("TSX") on September 3, 2012, under the symbol HES. Concurrent with, but unrelated to, the Conversion, the ETF will begin issuing Advisor Class units (the "Advisor Class Units") which will, subject to regulatory approval, also begin trading on the TSX on September 3 2012, under the symbol HES.A.
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Source: Horizons Exchange Traded Funds Inc.
U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update view the US Economic Data-Quarterly United States Commodity Funds LLC announces United States Diesel-Heating Oil Fund, LP name change (UHN) read more
August 16, 2012--The Office of Economic Policy monitors key economic indicators to produce the following summary tables of monthly and quarterly U.S. economic statistics.
view the US Economic Data-Monthly
Source: US Department of the Treasury
August 16, 2012--United States Commodity Funds LLC, the general partner and sponsor of exchange traded commodity funds, announces that the United States Heating Oil Fund, LP is known as United States Diesel-Heating Oil Fund, LP ("UHN"), effective August 1, 2012.
Chief Investment Officer John Hyland says, "Recently the CME/NYMEX announced changes to the long established heating oil futures contract to make it a better physical match for diesel fuel. We have changed the name of our fund to better reflect the actual uses of the heating oil futures contract". Mr. Hyland added that the investment objective of UHN remains the same.
United States Diesel-Heating Oil Fund is an exchange traded product ("ETP"), that seeks to reflect the performance of the daily price movements of heating oil. The investment objective of UHN has been, and still is, for the daily changes in percentage terms of its units' net asset value ("NAV") to reflect the daily changes in percentage terms of the near month heating oil futures contract traded on the NYMEX (New York Mercantile Exchange),less UHN's expenses. UHN issued units may be purchased and sold on the NYSE Arca.
Source: ALPS Distributors, Inc.
