RBS rolls out family of ETNs tied to enhanced version of Jim Rogers' RICI.
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RBS Debuts Rogers Commodities ETNs
The Royal Bank of Scotland added to its growing lineup of ETNs with the launch of five new products tracking indexes from Jim Rogers' Enhanced Rogers International Commodity Index (RICI) series. The group includes a broad-based commodities ETN and four others targeting agriculture, energy, precious metals and industrial metals; each comes with an expense ratio of 0.95 percent. The components of the underlying indexes are selected by Jim Rogers based on global demand and liquidity. The index methodology is also designed to mitigate contango, with roll dates varying according to each commodity. The list of commodities ETNs includes:
- RBS Rogers Enhanced Commodity Exchange Traded Notes (NYSEArca: RGRC)
- RBS Rogers Enhanced Agriculture Exchange Traded Notes (NYSEArca: RGRA)
- RBS Rogers Enhanced Energy Exchange Traded Notes (NYSEArca: RGRE)
- RBS Rogers Enhanced Precious Metals Exchange Traded Notes (NYSEArca: RGRP)
- RBS Rogers Enhanced Industrial Metals Exchange Traded Notes (NYSEArca: RGRI)
WEDNESDAY, NOV. 14
First Trust Plans Active Commodities ETF
First Trust filed recently for an actively managed commodities futures ETF that will invest partly in a Cayman Islands-domiciled unit to achieve favorable tax treatment. The First Trust Global Tactical Commodity Strategy Fund will invest up to 25 percent of its assets in the Caymans subsidiary, which will hold commodities futures and commodities-related instruments. That portion of the portfolio would receive "equitieslike" tax treatment. The remainder of the portfolio would be invested in U.S. government debt and money market instruments. The filing did not include a ticker or expense ratio.
MONDAY, NOV. 12
ETF Issuer Solutions Plans ETF Entry
ETF Issuer Solutions filed paperwork requesting the exemptions necessary to launch actively managed ETFs. The firm is headed by former executives of FactorShares, which was purchased earlier this year by GenCap. The filing outlined plans for an initial fund, the AltShares U.S. Long/Short Fund, which would adopt a long/short strategy and invest primarily in other exchange-traded products.
It may have been inadvertent, but the SEC’s ruling to block nontransparent active ETFs is a real plus for investors.
Industry movers worry ETF trading belies weak bond liquidity.
This week, the NYSE expects to hear from the SEC. What will it mean for ETF investors?
Our annual fixed-income conference is coming up in a little more than a week and I can’t wait.