Americas ETP News
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Vanguard Trims Fees on Sector ETFs
December 27, 2012--On the heels of a pre-Christmas announcement that saw the firm, lower fees on a variety of bond and broader market equity ETFs, Vanguard said today it will lower fees on its 10 sector ETFs.
The news is significant because prior to today, State Street's (NYSE: STT [FREE Stock Trend Analysis]) State Street Global Advisors unit, the second-largest U.S. ETF sponsor, had the lowest fees on major U.S.-focused sector ETFs.
For example, funds such as the Consumer Staples Select Sector SPDR (NYSE: XLP) and the Technology Select Sector SPDR (NYSE: XLK) feature expense ratios of 0.18%, which had made the select sector SPDRs ETFs cheaper than their Vanguard equivalents.
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Source: Benzinga
Fund Industry Challenges CFTC Registration Rule .
December 27, 2012--December 27, 2012--The mutual-fund industry is renewing a challenge to a rule that requires fund firms that trade in gold, oil or other commodities to register with an additional federal regulator.
The Chamber of Commerce and the Investment Company Institute, a fund-industry group, filed an appeal to the U.S. Court of Appeals for the District of Columbia Circuit on Thursday, after a federal district court upheld the registration rule from the Commodity Futures Trading Commission on Dec. 12.
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Source: Wall Street Journal
Despite active ETFs' slow start, SSgA files to launch more
December 27, 2012--State Street Global Advisors has filed plans with the Securities and Exchange Commission to add three equity exchange traded funds to its suite of actively managed ETFs.
The firm is planning to launch the SPDR SSgA Risk Aware ETF, SPDR SSgA Large Cap Risk Aware ETF and SPDR Small Cap Risk Aware ETF, according to a registration statement filed last week. All three would select stocks to invest in based on “a proprietary quantitative investment process to measure and predict investor risk preferences.”
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
December 27, 2012--The current reports for the week of December 24, 2012 are now available.
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Source: CFTC.gov
.U.S. Exchange-Traded Products Hit Record Deposits in 2012
December 27, 2012--Exchange-traded products in the U.S. gathered record deposits this year as investor demand for low-cost stock-and-bond funds drove expansion in the fastest-growing segment of the asset-management industry.
Investors deposited $183.3 billion into ETPs in 2012 through Dec. 24, surpassing the $175.6 billion peak in 2008 and pushing assets to $1.34 trillion, according to research firm IndexUniverse LLC. Bond ETPs took in $55.7 billion, more than double the amount such funds attracted in 2008. Stock ETPs that invest primarily in the U.S. attracted $67.2 billion, and international equities gathered $48.5 billion.
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Source: Bloomberg
iShares files with the SEC
December 26, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the
iShares MSCI Belgium Capped Investable Market Index Fund.
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Source: SEC.gov
SEC Issues Investor Bulletin to Help Investors Assess Municipal Bond Credit Risk
December 26, 2012--The Securities and Exchange Commission today issued an Investor Bulletin to help purchasers of municipal bonds better assess the bonds' credit risks.
The bulletin provides several factors for investors to consider including the type of the bond, the purpose and nature of the financing, the overall financial condition of the issuer, and the sources of funds to pay both principal and interest.
The bulletin also urges investors to undertake their own independent review of municipal bonds’ credit risk and not rely solely on a credit rating or a short-hand label such as “general obligation” or “revenue” bond when deciding whether to purchase a municipal bond.
view the Municipal Bonds: Understanding Credit Risk
Source: SEC.gov
SEC going high-tech with real-time trade data
December 24, 2012--December 24, 2012--As computing power and big data have revolutionized stock trading in recent years, one market player has lagged far behind: the Securities and Exchange Commission, whose job policing the markets has been hampered by a serious technology gap.
Now the SEC is trying to catch up.
This month, the agency is in the final phases of testing software that will stream real-time trade data into its headquarters near Union Station, helping regulators better grasp the market’s plumbing.
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Source: Washington Post
Fees, indexes take center stage in ETF competition
December 24, 2012--Liquidity and cost trump all other benefits of exchange-traded funds for institutional investors.
Yet the basic attributes of this rapidly growing category of products also have large investors shying away from most areas of index and asset class innovation — where costs are higher and trading is lower.
But those areas are where ETF sponsors have focused in recent years.
Horizons ETFs Announces Unit Consolidation
December 24, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate Horizons ETFs Management ( Canada ) Inc., the manager and trustee of the Horizons U.S. Dollar ETF (the "ETF"), listed on the Toronto Stock Exchange ("TSX") under the symbols DLR and DLR.U, has announced today that it intends to consolidate the units of the ETF,
as outlined below:
Unit Consolidation
After the TSX has closed for trading on Friday, January 4, 2013 , the units of the ETF will be consolidated on the basis of a ratio (the "Consolidation Ratio") yet to be determined, such that the net asset value ("NAV") of the units of the ETF traded on the TSX under the ticker symbol DLR.U will equal $10.00 USD upon such consolidation. The units of the ETF will begin trading on a consolidated basis on Monday January 7, 2013 , the effective date of the consolidation.
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Source: Horizons Exchange Traded Funds Inc.
