Daily ETF Watch: Hyland’s Firm Changes Name
BetaClone Advisers gets a revamp before launching a single ETF.
A recent updated filing indicates that the firm headed by John Hyland after his departure from United States Commodity Funds has already undergone a name change. The exemptive relief paperwork says that the former BetaClone Advisers is now known as Pointbreak Advisers.
Aside from the name change, the filing has a bit more detail than the original, though it still requests exemptive relief for self-indexed fixed-income and equity ETFs, as well as long/short and 130/30 funds.
The initial fund, however, is now referred to as the Pointbreak Buyback Index Fund, and there is a bit more description of the fund’s underlying index, the Solactive US Buyback Total Market Index. The benchmark generally includes U.S. stocks with at least $500 million in market capitalization that are included in Solactive’s U.S. indexes and have undergone a reduction in the number of their shares outstanding of at least 5 percent in the preceding 12-month period.
Currently, there is only one total-market U.S. buyback ETF on the market, the PowerShares Buyback Achievers Portfolio (PKW | B-95), which has $2.4 billion in assets under management.
Contact Heather Bell at [email protected].
