Americas ETP News
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Russell to close passively-managed U.S. ETFs
August 17, 2012--Russell Investments announced today that the Board of Trustees of Russell Exchange Traded Funds Trust authorized the orderly termination and liquidation of Russell's U.S. passively managed family of exchange-traded funds (ETFs) on or before October 24, 2012. In aggregate, the 25 funds affected by this decision had approximately $310 million in assets as of July 31, 2012.
Today's announcement does not impact the Russell Equity ETF (ONEF), which is an actively managed, asset allocated portfolio that aligns with Russell's focus on multi-asset solutions. Russell will continue to operate the Russell Equity ETF, which is benchmarked to the Russell Developed Large Cap Index.
Recognizing the role that ETFs can play in an investment portfolio, Russell will continue to focus on offering solutions in the actively-managed, asset allocated ETF space as part of its core capability in investment strategy implementation as well as in the passive ETF space through its index licensing business. Russell remains the underlying index provider for many ETFs around the world, which have more than $80 billion in assets under management, and will continue its strong partnership with all of its ETF sponsor clients.
Regarding the closures, while the innovation behind Russell's next-generation ETF products received substantial interest in general, the market for them is still in its early days. Given challenging equity market conditions since the launch of these products, Russell determined that proposing the liquidation of the passively-managed ETFs at this time is in the best interests of the ETFs and their shareholders.
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Source: Russell Investments
CFTC.gov Commitments of Traders Reports Update
August 17. 2012--The current reports for the week of August 14, 2012 are now available.
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Source: CFTC.gov
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.
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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
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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.
