Americas ETP News
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CFTC Staff Extends Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations
July 1, 2014--The U.S. Commodity Futures Trading Commission's (Commission) Division of Market Oversight (Division) recently issued a no-action letter extending until June 30, 2015
the relief previously provided in no-action letter 13-34, expiring on June 30, 2014
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Source: CFTC.gov
ALPS|Sterling ETF Tactical Rotation Fund Launches with Goal of Delivering Upside Participation with Reduced Volatility
Unique Investment Approach Seeks to Combine Global Asset Allocation, Cash, and High Conviction
July 1, 2014--ALPS, a DST Company focused on asset servicing and asset gathering, today announced the launch of the ALPS Sterling ETF Tactical Rotation Fund, a new fund that attempts to provide investors lower volatility, downside mitigation and better upside participation.
The Fund seeks to track the Sterling Tactical Rotation Index, a high conviction, global tactical index that employs an equal weighted strategic rotation model, trading between six broad-based asset classes: U.S. stocks, International stocks, REITs, Bonds, Commodities, and Cash.
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Source: ALPS
Schwab Says ETFs Gaining More Retirement Assets
June 30, 2014--The latest Charles Schwab Self-Directed Brokerage Account (SDBA) Indicators report shows more self-directed investors are allocating retirement asset to exchange traded funds.
The report, which highlights trends from approximately 170,000 retirement plan participants who currently have balances between $5,000 and $2 million in their Schwab Personal Choice Retirement Account, shows self-directed investors allocated 14% of their total retirement portfolios to ETFs at the end of the first quarter.
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Source: Yahoo Finance
First Trust Launches Actively Managed Short Duration High Yield Bond ETF
June 30, 2014--New ETF Provides Currency Hedged and Duration Managed Exposure to High Yield Corporate Bond Market
FT Portfolios Canada Co. ("First Trust Canada"), a privately owned company is pleased to announce the launch and initial issuance of the common and advisor class of units of the First Trust Short Duration High Yield Bond ETF (the "First Trust ETF").
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Source: MarketWatch
iShares Announces Index Change to iShares 10+ Year Credit Bond ETFs
June 26, 2014--iShares announced today that the iShares 10+ Year Credit Bond ETF (NYSEArca:CLY) will change its index effective June 30, 2014.
CLY's new index will be the Barclays U.S. Long Credit Index. The index change places all of the iShares credit ETFs with Barclays' indices.
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Source: Bloomberg
CFTC's Division of Clearing and Risk Issues No-Action Letter for Korea Exchange, Inc.
June 26, 2014--The U.S. Commodity Futures Trading Commission's (Commission) Division of Clearing and Risk (DCR) today issued a time-limited no-action letter stating that DCR will not recommend that the Commission take enforcement action against Korea Exchange, Inc. (KRX)
for failing to register as a derivatives clearing organization (DCO) pursuant to Section 5b(a) of the Commodity Exchange Act (CEA).
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Source: CFTC.gov
US Economy Shrank at Steep 2.9 Percent Rate in Q1
June 25, 2014--The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago.
But the setback is widely thought to be temporary, with growth rebounding solidly since spring.
The first-quarter contraction reported Wednesday by the government was even more severe than the 1 percent annual decline it had estimated a month ago.
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Source: ABC News
SEC Adopts Cross-Border Security-Based Swap Rules
June 25, 2014--The Securities and Exchange Commission today adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants.
The new rules will be key to finalizing the remaining proposals.
The rules and guidance explain when a cross-border transaction must be counted toward the requirement to register as a security-based swap dealer or major security-based swap participant. The rules also address the scope of the SEC's cross-border anti-fraud authority.
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Source: SEC.gov
Market Vectors(R) ChinaAMC A-Share ETF (PEK) Will Release Cap Gains Tax Reserve Back to ETF
June 25, 2014--As of market close on June 26, 2014, Market Vectors(R) ChinaAMC A-Share ETF (nyse arca:PEK(R)) will release its capital gains tax reserve back to PEK, it was announced today. The reserve's release will add $0.07872 per share to PEK's Net Asset Value.
Effective on June 26, 2014 at market close, PEK will no longer reserve 10 percent of its realized and unrealized gains from its A-Shares investments to meet any potential withholding tax liability that may be imposed by the People's Republic of China, except with respect to realized and unrealized gains from PEK's investments in A-Shares of land-rich enterprises, which are companies that have greater than 50% of their assets in land or real properties in China.
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Source: MarketWatch
SEI Study: Active Exchange Traded Funds Remain On Growth Trajectory In 2014
Market Grew by 30 Products, $2.5 Billion AUM in Past Year
June 25, 2014--Actively managed exchange traded funds (ETFs) have seen significant growth in the number of products offered and assets under management over the past year and continue to gain popularity as an investment vehicle, according to a paper released today by SEI.
The paper, "Active ETFs: Revisited," notes that the active ETF market has grown by nearly 30 products and more than $2.5 billion assets under management in the past 12 months.
This upward trend further demonstrates the attractiveness of active ETFs to both financial advisors and investors due to their lower costs, increased transparency and liquidity, and potential tax efficiency when compared to mutual funds.
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Source: SEI
