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Vanguard files for exemptive relief
August 4, 2010--Vanguard has filed an amended application for exemptive relief with the SEC. This Application seeks relief for Vanguard Inflation Protected Securities Fund (the “Initial Fund”), a series of Bond Index
Trust,
and for any series of open-end management investment companies registered under the Act,
view filling
Source:: SEC.gov
iShares files with the SEC
August 4, 2010--iShares has filed for exemptive relief with the SEC.
Operation of the New Funds
The investment objective of each New Fund (or any existing Fund that relies on the relief requested herein) will be to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of an Underlying Index that is a Long-Short Index.
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Source: SEC.gov
First Trust files with the SEC
August 3, 2010--First Trust has filed a post effective amendment, registration statement with the SEC for
First Trust NASDAQ CEA Smartphone Index Fund
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Source: SEC.gov
U.S. International Reserve Position
August 3, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $129,162 million as of the end of that week, compared to $128, 279 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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July 30, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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129,162 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
9,252 |
15,043 |
24,295 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
13,690 |
7,373 |
21,063 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
11,942 |
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(3) SDRs 2 |
56,013 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
4,808 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
4,808 |
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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II. Predetermined short-term net drains on foreign currency assets (nominal value) |
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Source: U.S. Department of the Treasury
BNY Mellon ADR Index Monthly Performance Review is Now Available
August 3, 2010--BNY Mellon ADR Index Monthly Performance Review-July 2010 is now available.
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Source: BNY Mellon
CME Group Volume Averaged 10.8 Million Contracts per Day in July 2010, Up 12 Percent
August 3, 2010-CME Group, the world's leading and most diverse derivatives marketplace, today announced that July volume averaged 10.8 million contracts per day, up 12 percent from July 2009. Total volume was 227 million contracts for July, of which 83 percent was traded electronically.
In July 2010, CME Group interest rate volume averaged 4.5 million contracts per day, up 8 percent compared with the prior July. Treasury futures volume averaged 2.0 million contracts per day, up 35 percent compared with the same period in 2009, and Treasury options volume averaged 235,000 contracts per day, up 13 percent. Eurodollar futures volume averaged 1.5 million contracts per day, down 16 percent versus July 2009, while Eurodollar options volume averaged 657,000 contracts per day, up 8 percent.
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Source: CME Group
ISE Reports Monthly Volume for July 2010
August 2, 2010--The International Securities Exchange (ISE) today reported average daily
volume of 2.5 million contracts in July 2010.
Average daily trading volume for all options contracts decreased 38.7% to 2.5 million contracts in July as
compared to 4.1 million contracts during the same period in 2009. Total options volume for the month
decreased 41.5% to 53.0 million contracts from 90.6 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of all options decreased 22.5% to 3.2 million
contracts traded. Total year-to-date options volume through July 2010 decreased 23.0% to 458.6 million
contracts from 595.5 million contracts in the same period last year.
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Source: International Securities Exchange (ISE)
Emerging Markets Week in Review -7/26/2010 - 7/30/2010
August 2, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index advanced 0.57% last week, closing out a strong month for emerging market sectors.
Consumer Goods and Financials led the market up by increasing 2.37% and 1.56% respectively. Materials was the only negative sector last week, declining 0.46% and, despite a strong month of July, remains the worst performer this year.
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Source: Emerging Global Advisors
Invesco PowerShares Announces Shift to Fundamental Index® Approach for High Yield Corporate Bond Portfolio (PHB)
Fund renamed to reflect change to new Index
August 2, 2010-- Invesco PowerShares, a leading provider of exchange-traded funds (ETFs), announced that effective Aug. 2, 2010, the PowerShares High Yield Corporate Bond Portfolio (PHB) began tracking the RAFI® High Yield Bond Index and was renamed the PowerShares Fundamental High Yield® Corporate Bond Portfolio. PHB is the first fixed-income ETF to use Research Affiliates’ Fundamental Index methodology.
“We are very pleased to expand our relationship with Research Affiliates and offer investors another industry first with the introduction of an innovative fixed-income index strategy that incorporates the Fundamental Index methodology,” said Ben Fulton, Invesco PowerShares managing director of global ETFs. Invesco PowerShares already offers eight equity ETFs based on FTSE RAFI indexes, which also make use of the Fundamental Index methodology.
Traditional bond indices give the largest weights to the biggest debtors, potentially exposing investors to greater risks of default. In contrast, Research Affiliates’ Fundamental Index methodology uses fundamental measures of company size, including book value, sales, dividends and cash flow, to set constituent weights.
“By weighting companies based on fundamental measures of their resources available to service debt, we believe the PowerShares Fundamental High Yield Corporate Bond Portfolio represents a compelling alternative to market-cap-weighted fixed-income portfolios and provides investors the potential for improved risk-adjusted returns,” Mr. Fulton added.
“Traditional bond indexes are flawed. Why would you want to give the biggest portion of assets to those companies that are the biggest debtors?” said Rob Arnott, chairman and founder of Research Affiliates, LLC, which developed the new index in conjunction with Ryan ALM, Inc. “The RAFI High Yield Bond Index offers a compelling alternative to traditional high-yield bond indexes.” Ron Ryan, CEO of Ryan ALM, adds, "We believe the index rules that we designed and maintain for the RAFI Index provide the highest liquidity, creditworthiness, investability and interest rate risk balance for a high-yield index today."
PHB will normally invest at least 80% of its total assets in high-yield bonds that comprise the Index. The Index measures potential returns of a theoretical portfolio of high yield, U.S. dollar denominated corporate bonds registered for sale in the United States whose issuers are public companies listed on a major U.S. stock exchange.
The underlying index is rebalanced at the end of every month based on the index rules and weighted according to a composite RAFI weight that is calculated for each eligible company. Composite RAFI weights are calculated using the following four factors: current book value of assets as well as gross sales, gross dividends and cash flow, each based on five-year averages. The target RAFI weights are reconstituted annually.
The Fund previously tracked the WellsFargo® High Yield Bond Index. The fund continues to be offered on the NYSE Arca under the existing ticker symbol PHB.
Invesco PowerShares Capital Management LLC is leading the Intelligent ETF Revolution® through its family of more than 120 domestic and international exchange-traded funds, which seek to outperform traditional benchmark indexes while providing advisors and investors access to an innovative array of focused investment opportunities. With franchise assets over $44 billion as of June 30, 2010, PowerShares ETFs trade on both U.S. stock exchanges. For more information, please visit us at www.invescopowershares.com.
Source: Invesco PowerShares
S&P 500 ETF rallies above 200-day average
August 2, 2010--Monday's stock rally pushed the SPDR S&P 500 ETF above its 200-day moving average, a closely watched technical indicator.
Shares of the ETF rose nearly 2% to $112.35 in morning trade, above their 200-day moving average of $110.84.
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Source: MarketWatch
