State Street rolls out two ETFs tracking low-volatility Russell indexes.
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THURSDAY, FEB. 21
SSgA Launches Low-Vol Russell-Based ETFs
State Street Global Advisors launched a pair of ETFs providing exposure to low-volatility subsets of two major Russell indexes. Interestingly, the fund benchmarks previously were used as the underlying indexes for two now-liquidated Russell ETFs. The SPDR Russell 1000 Low Volatility ETF (NYSEArca: LGLV) tracks an index of 95 of the lowest-volatility stocks in the Russell 1000 index, while the benchmark of the SPDR Russell 2000 Low Volatility ETF (NYSEArca: SMLV) covers nearly 165 low-volatility components of the Russell 2000 index. LGLV carries an expense ratio of 0.20 percent, and SMLV has an expense ratio of 0.25 percent.
WEDNESDAY, FEB. 20
IndexIQ Plans Innovation-, Growth-Driven ETFs
IndexIQ filed recently for two U.S. equities ETFs that will target growth and innovation. The IQ Fastest Growing Companies ETF will track an in-house index of 50 companies with established histories of high growth. Meanwhile, the IQ Innovation Leaders ETF will also track an in-house index, but is focused on companies demonstrating high levels of innovation, as determined by factors such as sales growth, research and development spending, and capital expenditures, among others. The filing did not include tickers or fees.
TUESDAY, FEB. 19
Franklin Templeton Plans First ETF
Mutual fund firm Franklin Templeton has filed for its first ETF. The actively managed Franklin Short Duration Government ETF will invest primarily in U.S.-issued debt and target an average duration of three years or less. Such a product has the potential to provide income to investors, while the short duration of the fund is likely to lower its interest rate risk. The filing did not include a ticker or fees.
Guggenheim To Close 9 Funds
Guggenheim Partners announced that it will be closing nine of its ETFs in March due to their low asset levels. The funds' last trading day is March 15, with liquidation following on March 22. The targeted ETFs (with their assets as of Feb. 15 and launch dates) include:
- Guggenheim ABC High Dividend ETF (NYSEArca: ABCS), $9.66 million, launched in June 2011
- Guggenheim MSCI EAFE Equal Weight ETF (NYSEArca: EWEF), $12.03 million, launched in December 2010
- Guggenheim S&P MidCap 400 Equal Weight ETF (NYSEArca: EWMD), $7.14 million, launched in August 2011
- Guggenheim S&P SmallCap 600 Equal Weight ETF (NYSEArca: EWSM), $3.58 million, launched August 2011
- Guggenheim Airline ETF (NYSEArca: FAA), $21.57 million, launched January 2009
- Guggenheim 2x S&P 500 ETF (NYSEArca: RSU), $52.86 million, launched November 2007
- Guggenheim Inverse 2x S&P 500 ETF (NYSEArca: RSW), $30.63 million, launched November 2007
- Wilshire 5000 Total Market ETF (NYSEArca: WFVK), $10.14 million, launched March 2010
- Wilshire 4500 Completion ETF (NYSEArca: WXSP), $7.15 million, launched March 2010
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Pimco is going back to what it does best—generating alpha through fixed-income exposure.