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VIX Creator: Volatility ETPs 'Virtually Guaranteed to Lose Money'
October 18, 2013--Robert E. Whaley is widely credited as the originator of the market's most closely watched "fear index."
It turns out he-s not a fan of owning the most popular exchange-traded funds and notes built around that index.
In a forthcoming paper for the Journal of Portfolio Management, the Vanderbilt University finance professor calls the most popular exchange-traded funds and notes tied to the CBOE Market Volatility Index "not suitable buy-and-hold investments" and “virtually guaranteed to lose money through time."
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Source: Barron's
WisdomTree Launches Germany Hedged Equity Fund (DXGE)
WisdomTree Launches Germany Hedged Equity Fund (DXGE)
DXGE to Provide Exposure to Largest Exporter Nation and Largest Economy in European Monetary Union
WisdomTree Expands Currency Hedged Equity Family of ETFs
October 18, 2013--WisdomTree (Nasdaq:WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced the launch of the WisdomTree Germany Hedged Equity Fund (DXGE) on the NASDAQ Stock Market.
DXGE is designed to provide exposure to German equity markets while hedging exposure to the euro and has an expense ratio of 0.48%.
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Source: Wall Street Journal
RevenueShares files with the SEC
October 18, 2013--RevenueShares has filed a first amended and restated application for exemptive relief with the SEC.
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Source: SEC.gov
Capped Component Version of S&P GSCI Single Commodity Family Launched by S&P Dow Jones Indices
October 17, 2013--&P Dow Jones Indices announced today the launch of a family of indices based on the S&P GSCI(R) Single Commodities that applies the Capped Component rules according to the ESMA guidelines on UCITS issues.
Currently, the S&P GSCI includes 24 commodities that form 18 components, where three of the components, Petroleum, Wheat, and Cattle, include more than one commodity. For every S&P GSCI Single Capped Component, the namesake commodity is allocated 32%, with the remaining 68% equally distributed among the remaining commodities in the other components.
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Source: Wall Street Journal
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Venture Composite Index
October 17, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
A Plan of Arrangement between Afferro Mining Inc. (TSXVN:AFF) and International Mining and Infrastructure Corp. plc (LSE:IMIC) has been approved.
Afferro shareholders will receive 80p cash and 40p value in a convertible loan note for each common share held. Afferro Mining will be removed from the S&P/TSX Venture Composite Index after close on Friday, October 18, 2013.
Source: S&P Dow Jones Canadian Index Services
S&P: The Shutdown Took $24 Billion Out Of The US Economy
October 17, 2013--There has been a cost to the gridlock in Washington over the past few weeks. Standard and Poor's puts it at $24 billion. S&P says that $24 billion loss will shave at least 0.6 percent off fourth quarter GDP growth.
And the costs are likely to continue, because the agreement to re-open the government and raise the debt ceiling is only temporary. Sam Stovall is chief equity strategist at S&P Capital IQ. He says businesses will be reluctant to invest in this atmosphere.
"Companies who are sitting on hordes of cash are going to be less willing to spend that cash if they realize that another fight is just around the corner," Stovall says.
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Source: Marketplace.org
Obama signs bill to raise debt limit, reopen government
October 17, 2013--After shutting down the U.S. government for 16 days and driving the nation toward the brink of default, a chastened Congress voted late Wednesday to reopen federal agencies, call hundreds of thousands of civil servants back to work and raise the $16.7 trillion debt limit.
An agreement struck by Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) ended a stalemate created last month, when hard-line conservatives pushed GOP leaders to use the threat of shutdown to block a landmark expansion of federally funded health coverage.
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Source: Washington Post
First Trust Announces Launch of First Trust Global Tactical Commodity Strategy Fund
An actively managed ETF that takes a risk-managed approach to commodities investing
October 17, 2013--First Trust Advisors L.P. ("First Trust") announced today that the launch of First Trust Global Tactical Commodity Strategy Fund, an actively managed exchange-traded fund ("ETF"), is expected to occur on October 23, 2013.
First Trust Global Tactical Commodity Strategy Fund will seek to provide total return by providing investors with commodity exposure while seeking a relatively stable risk profile by investing up to 25% of its total assets in commodity futures contracts and exchange-traded commodity linked instruments (collectively, "Commodities Instruments") through a wholly-owned subsidiary of the fund. The remainder of the fund’s assets will primarily be invested in short term investment grade fixed income securities, money market instruments, ETFs and other investment companies and cash and other cash equivalents. The fund’s shares will list and trade on The NASDAQ Stock Market, under the ticker symbol FTGC
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Source: First Trust
BlackRock's Profit Rose 14% in Third Quarter
October 16, 2013--The giant money management firm BlackRock is now managing a record $4 trillion after customers put more money into its stock mutual funds and exchange-traded funds.
The flow of new money helped push BlackRock's third-quarter profit up 14 percent from a year earlier. The company said net income in the quarter rose to $730 million, or $4.21 a share, from $642 million, or $3.66 cents a share, in the third quarter of 2012. The results were roughly in line with the expectations of analysts polled by Bloomberg News.
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Source: New York Times
CFTC Files and Settles Charges Against JPMorgan Chase Bank, N.A., for Violating Prohibition on Manipulative Conduct In Connection with "London Whale" Swaps Trades
October 16, 2013--The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order against JPMorgan Chase Bank, N.A. (JPMorgan or Bank), bringing and settling charges for employing a manipulative device in connection with the Bank's trading of certain credit default swaps (CDS),
in violation of the new Dodd-Frank prohibition against manipulative conduct.
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Source: CFTC.gov
