ETF Watch: November 14 – November 20

November 20, 2008

  • Page 1: New ETF listings
  • Page 2: The complete list of ETFs (and ETNs) in registration

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New Global NETS Debuts

Northern Trust launched its 17th exchange-traded fund on Tuesday. The NETS FTSE CNBC Global 300 Index Fund (NYSEArca: MYG) tracks developed and emerging markets stocks by market capitalization size.

The newest NETS ETF covers 32 different countries. As of early last month, that benchmark had about 50% of its constituents based in the U.S. More recent data showed that its three biggest names of late have been Exxon Mobil (3.83%), Procter & Gamble (1.93%) and Microsoft (1.91%). Average market-cap sizes ranged from $511 million to $396 billion.

Top sectors this month are: Financials (16.03%); Consumer Goods (15.64%); Oil & Gas (13.50%); Technology (11.21%) and Health Care (10.93%). The other five all were in single digits in terms of percentages of the total.

MYG's underlying index is a joint collaboration between FTSE and CNBC. It covers the largest 15 developed-market companies by market capitalization from each of 18 Industry Classification Benchmark Supersectors as well as the largest 30 companies from emerging markets.

According to Northern Trust, MYG's total annual operating expenses will be 0.43% per year.

View the prospectus here.


Rydex Rolls Out First Russian Currency ETF

Last week, Rydex Investments launched the CurrencyShares Russian Ruble Trust (NYSE Arca: XRU), the first Russian currency play in the exchange-traded format. As a result, U.S. investors now finally have access to currency ETFs for all four BRIC countries.

Rydex invented the currency category in ETFs, launching the CurrencyShares Euro Trust (NYSEArca: FXE) back in 2006. But XRU is the first true emerging market currency fund in Rydex's popular CurrencyShares family.

As with Rydex's other eight currency-based exchange-traded products, XRU uses the grantor trust structure, in which currencies are directly held. It charges an expense ratio of 0.40%.

Read the prospectus here.



PIMCO Changes Its Mind

The world's largest bond fund manager has taken the next step in entering the $593.5 billion exchange-traded funds market.

Pacific Investment Management Co. has filed a prospectus for its first ETF. The move follows a submission to the Securities and Exchange Commission on July 29 for exemptive relief to offer ETFs.

At the time, PIMCO said it was making plans to offer an ETF that passively tracked the Lehman Brothers U.S. Aggregate Bond Index. The benchmark combines thousands of different issues, ranging from short- to long-term bonds and everything in between. It's perhaps one of the best known of the so-called total bond market indexes on the market.

But in its latest ETF-related filing, the Newport Beach, Calif.-based asset manager has submitted a prospectus for a proposed PIMCO 1-3 Year U.S. Treasury Index Fund.

According to the PIMCO 1-3 Year U.S. Treasury Index Fund's prospectus, it will trade on the NYSE Arca exchange and follow a Merrill Lynch benchmark. It's a market capitalization-sized index that PIMCO will replicate using a representative sampling technique.

You can read the prospectus here.

Van Eck Files For Broad Muni ETF

Van Eck Global, which entered the early municipal bond ETF fray last year, has filed for another muni fund; the new filing appears to be for an ETF covering the broad muni bond market.

Although no index provider was given, the other muni ETFs offered by Van Eck track indexes that were created by Lehman Brothers, and which are now owned by Barclays Capital.

There was no information on fees or the listing exchange.

Read the prospectus here.



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