Daily ETF Watch: 4 Launches Today

July 29, 2014

The launch of four new funds today keeps the pace of ETF rollouts well ahead of a year ago.

Three ETFs from Direxion and an ETN backed by the Royal Bank of Canada are launching today; meanwhile, both First Trust and ETFis put new ETFs into registration.

The Direxion launch will include a pair of long, double-exposure ETFs focused on small-cap and midcap stocks, as well as a long double-exposure fixed-income ETF targeting the 7- to 10-year portion of the U.S. Treasurys yield curve.

Tuesday’s launches will bring the year-to-date ETF rollout total to 114 new products compared with 79 new funds for the same period last year. There are currently 1,618 ETFs managing $1.876 trillion in assets.

Direxion
Direxion is rolling out three leveraged ETFs that offer double-exposure to their underlying indexes. The list, along with expense ratios, includes:

MDLL and SMLL are tied to the S&P MidCap 400 and the S&P SmallCap 600 Indexes, respectively, while SYTL tracks the NYSE 7-10 Year Treasury Bond Index.

The announcement was made public via a communique released by the NYSE.

ETN Launch
The Royal Bank of Canada added to the growing number of ETNs tracking slices of the MLP market with the launch of the RBC Yorkville MLP ETN (YGRO) on the NYSE Arca. The ETN comes with an expense ratio of 0.90 percent, or $90 for every $10,000.

YGRO tracks the Yorkville MLP Distribution Growth Leaders Liquid PR Index, which is organized around master limited partnerships involved the midstream energy infrastructure industry. The benchmark includes 25 components that it selects based on multiple fundamental factors and weights by liquidity.

Filings

  • First Trust filed paperwork detailing the First Trust International IPO ETF, a fund that will track the IPOX International Index covering the 50 largest and most liquid initial public offerings issued by non-U.S. companies. The filing did not include a ticker or expense ratio, nor did it mention which exchange the fund would list on.
  • ETFis put the Tuttle Tactical Management U.S. Core ETF (TUTT) into registration. The actively managed ETF of ETFs will use actively managed and index-based ETFs to mimic four tactical models—including the S&P 500 Absolute Momentum Model, the Relative Strength Equity Model, the Beta Opportunities Model and the Short-Term S&P 500 Counter Trend Model. The fund will equally weight each of the four tactical models. The ETF comes with an expense ratio of 1.34 percent, or $134 for every $10,000.
 

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