Americas ETP News
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Toroso-Small Caps -What do you want to own?
September 27, 2013--Using ETFs to own small cap stocks can be a tricky proposition and requires investigative analysis to uncover what the investor truly owns.
We find that small cap stocks, as an asset class, are generally unsuited for indexing since most indexation methodologies over-weight the largest companies and thereby often fail to capture the expected small cap exposure. So it is important to know what index the ETF is based on and how it impacts the holdings. As we will see, the index method being used in the ETF can have a material effect on the holdings and create unintended results.
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Source: Toroso Investments, LLC
WisdomTree Launches Emerging Markets Consumer Growth Fund (EMCG)
Exposure to macro-economic theme with a broadly diversified approach to selection and sensitivity to valuation
September 27, 2013--WisdomTree (NASDAQ: WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced the launch of the WisdomTree Emerging Markets Consumer Growth Fund (EMCG) on the NASDAQ Stock Market.
EMCG is designed to provide exposure to consumer growth stocks in the emerging markets and has an expense ratio of 0.63%.
Jeremy Schwartz, WisdomTree Director of Research, said, "One of the major themes we believe will drive much of the global economy over the coming years is the potential growth from the emerging market consumers. Despite short-term noise in the markets this year, the strong underlying fundamentals of emerging markets are demographic in nature (larger and younger populations compared to the developed world) and have not deteriorated, nor do they shift much year-to-year."
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Source: WisdomTree
BlackRock launches short-maturity bond ETF
September 26, 2013--BlackRock Inc, the largest provider of exchange-traded funds through its iShares business, is set to launch a new actively managed ETF focused on short-maturity bonds that will begin trading Thursday.
The introduction of the iShares Short Maturity Bond ETF, which will trade under the ticker "NEAR" on the BATS Exchange, comes at a time when BlackRock and other ETF providers say concerns about rising interest rates have driven investor interest toward more short-term fixed-income securities.
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Source: Reuters
Invesco PowerShares Announces Name Changes for DWA Technical Leaders Suite of ETFs
Renames Suite as AUM Passes $2 Billion Mark
September 26, 2013--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced name changes for its four DWA Technical Leaders ETFs.
The Funds will continue to be based on Dorsey, Wright & Associates index methodology, and existing ticker symbols and investment objectives will remain unchanged.
On Sept. 24, the Board approved the following name changes that will take effect on October 4, 2013.
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Source: Invesco PowerShares Capital Management LLC
CFTC Closes Investigation Concerning the Silver Markets
September 25, 2013--The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets.
The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.
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Source: CFTC.gov
What Makes Alternative Beta Smart?
September 25, 2013--A growing variety of alternative beta strategies have come to market in recent years. Many of these strategies are purported to be "Smart Betas." Are they? What makes them smart?
According to Towers Watson (2013), a leading global investment-consulting firm, “Smart beta is simply about trying to identify good investment ideas that can be structured better... smart beta strategies should be simple, low cost, transparent and systematic.” This straightforward definition indicates what investors ought to expect of a "Smart Beta." Our research suggests that many alternative beta strategies fall short of this definition. Some are overly complex and opaque in the source of their value added. Others will incur unnecessary implementation costs. Many alternative beta strategies don’t seem so smart.
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Source: Research Affiliates
Edward Kerschner Joins Emerging Global Advisors as Vice Chairman
Firm's strategy team adds thematic investing veteran
September 25, 2013--Emerging Global Advisors (EGA), the asset manager to the EGShares exchange-traded fund (ETF) offering, announced today that Edward Kerschner joined the firm as Vice Chairman.
In this role, Mr. Kerschner will be an integral part of the strategy team and will be responsible for helping wealth managers understand developing market investment opportunities.
Mr. Kerschner joins EGA with 35 years of experience in the securities industry across a number of strategy roles, including Chief Investment Strategist and Chairman of the Investment Policy Committee at PaineWebber, Chief Global Strategist for UBS Investment Research, Chief Investment Officer for Citi Investment Research and the Chief Investment Strategist for Citi Global Wealth Management.
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Source: Emerging Global Advisors (EGA)
Federal Debt and the Statutory Limit, September 2013
September 25, 2013--The Congress has traditionally placed a limit on the total amount of debt that the Department of the Treasury can issue to the public and to other federal agencies. Law-makers have enacted numerous increases to the debt limit-commonly known as the debt ceiling-some of which have been temporary but many of which have been permanent.
The Treasury's borrowing has been at the current limit since May, although it has employed a well-established toolbox of so-called extraordinary measures that allow it to borrow additional funds without breaching the debt ceiling.
On September 25, 2013, the Treasury estimated that its ability to borrow under those extraordinary measures will be exhausted no later than October 17, leaving a cash balance of approximately $30 billion. CBO currently projects that the Treasury will exhaust all of the borrowing authority created by those measures, as well as its cash balance, between October 22 and the end of the month. (It is possible, however, that the date could fall outside of that range.)
view the Federal Debt and the Statutory Limit, September 2013
Source: Congressional Budget Office (CBO)
ETF providers position funds for rising interest rate environment
September 24, 2013--Exchange-traded fund companies are coming to market with a rash of new products and strategies designed to protect income investors from the dangers of rising interest rates.
Even though the Federal Reserve deferred the start of a rising rate era when it held policy steady last week, "the narrative still holds," said Matt Tucker, head of fixed income strategy at BlackRock's iShares.
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Source: Reuters
American Independence Launches Risk-Managed Allocation Fund, an ETF-Based Asset Allocation Strategy Focused on Long Term Growth
JAForlines will sub-advise a new fund, designed to appeal to investors concerned about volatility
September 24, 2013--American Independence Financial Services, LLC (American Independence), a New York-based investment advisory firm and manager of mutual funds and separate accounts, today announced the launch of the American Independence Risk-Managed Allocation Fund (A: AARMX C: ACRMX I: RMAIX) (the "Fund"), an actively managed, ETF-based global asset allocation strategy.
The sub-advisor for the Fund is J.A. Forlines, LLC, a leading asset manager specializing in risk-managed, ETF-based global allocation investment solutions. The Fund will be marketed to financial intermediaries throughout the U.S.
The Risk-Managed Allocation Fund seeks to achieve long-term capital appreciation while providing lower than average risk. The Fund is an actively managed, multi-asset class portfolio that uses ETFs to take advantage of market trends globally.
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Source: American Independence Financial Services, LLC
