Americas ETP News
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KBW Downgrades Wisdom Tree; Still Sees Firm as Long-Term ETF Pure Play
June 22, 2015--The folks at Keefe, Bruyette & Woods are ratcheting back their ratings on Wisdom Tree Investments (WETF) but still sees the stock as a long-term pure play in the ETF industry.
In a report published Monday, KBW analyst Robert Lee downgraded WisdomTree, the only publicly-traded fund company that makes exchange-traded funds its sole business, from outperform to market perform, with a $25 price target, arguing that the risk/reward profile of the stock is less favorable, given the current share price.
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Source: Barron's
F&C hires former iShares MD to spearhead ETF push
June 22, 2015--F&C has hired former iShares managing director Marc Knowles to head up its passives push as the group prepares to launch a trio of exchange-traded funds (ETFs).
The fund house, which will be rebranded as BMO Global Asset Management next month, has begun making headway with its move into the ETF space, having first flagged its intention to do so last year.
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Source: Investment Week
SEC Exams to Focus on Sales of Retirement Products
June 22, 2015--The SEC Office of Compliance Inspections and Examinations, or OCIE, has launched a multi-year Retirement-Targeted Industry Reviews and Examinations (ReTIRE) Initiative.
OCIE is focusing on retirement-based savings in recognition of the complex and evolving set of factors that retail investors face when making such investment decisions. OCIE, through the National Examination Program (NEP), will conduct examinations of SEC-registered investment advisers and broker-dealers (collectively, registrants) under the ReTIRE Initiative that will focus on certain higher-risk areas of registrants' sales, investment, and oversight processes, with particular emphasis on select areas where retail investors saving for retirement may be harmed.
view the Retirement-Targeted Industry Reviews and Examinations Initiative
Source: Dodd-Frank.com
Voices: Valerie Chaille, on ETFs' Rising Popularity and Complexity
Survey: 80% of advisers now use ETFs, up from 40% in 2006
June 22, 2015--Voices is an occasional column that allows wealth managers to address issues of interest to the advisory community.
Valerie Chaille is director of practice management for the Financial Planning Association and the founder and president of SummitView Financial in Indianapolis.
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Source: Wall Street Journal
CFTC's Division of Market Oversight Issues Updated Guidebook and Appendices for Part 20 Reports
June 22, 2015--The U.S. Commodity Futures Trading Commission's (Commission) Division of Market Oversight today issued an updated Guidebook and Appendices for Part 20 Reports.
The Guidebook and Appendices provide guidance and detailed instructions for submitting large swaps trader reports to the Commission under Part 20 of the Commission’s regulations.
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Source: CFTC.gov
Meet the New Bond Index That Will Mirror the S&P 500
June 19, 2015-S&P Dow Jones Indices, the company that produces the S&P 500 stock index as well as myriad other benchmarks, is planning to launch a bond index-the S&P 500 Bond Index
-in early July that will track the debt of the S&P 500 components.
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Source: Wall Street Journal
Credit Suisse AG Announces the Repurchase of its CSMN and CSMB ETNs
June 19, 2015--Credit Suisse AG announced today that it will repurchase at its option its Credit Suisse X-Links HOLT(TM) Market Neutral Global Equity ETNs ("CSMN") and Credit Suisse X-Links 2xLeveraged Merger Arbitrage ETNs ("CSMB").
The repurchase date for each of CSMN and CSMB is expected to be July 6, 2015.
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Source: Credit Suisse AG
First Trust Canada launches Tactical Bond Index ETF
New ETF designed to perform across a variety of macroeconomic environments.
June 19, 2015--FT Portfolios Canada Co. ("First Trust Canada"), a privately owned company, is pleased to announce the launch of the First Trust Tactical Bond Index ETF which will begin trading on the Toronto Stock Exchange today under the ticker symbol FTB (TSX:FTB).
The First Trust ETF seeks to replicate, to the extent possible, the performance of the NASDAQ IBIS Canadian Preservation Index CAD TRSM (the "Index"), net of expenses.
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Source: First Trust
Goldman Sachs Hires IShares Veteran Tony Kelly for ETF Business
June 19, 2015--Goldman Sachs Group Inc., which is looking to issue exchange-traded funds this year, hired BlackRock Inc. veteran Tony Kelly as head of product development for that unit.
Kelly, who spent 15 years working in the iShares ETF business at Barclays Plc and BlackRock, will join Goldman Sachs as a managing director, according to an internal memo sent Friday, a copy of which was obtained by Bloomberg News.
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Source: Bloomberg
Canadian Securities Regulators Seek Comments on a Summary Disclosure Document and Delivery Regime for Exchange-Traded Mutual Funds
June 19, 2015--The Canadian Securities Administrators (CSA) today published for comment proposed amendments that will require exchange-traded mutual funds (ETFs) to produce and file a summary disclosure document called "ETF Facts."
The proposed amendments also introduce a delivery regime for ETF Facts.
The proposed ETF Facts is written in plain language, is no more than two pages double-sided and highlights key information that CSA research has identified as important to investors.
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Source: Canadian Securities Administrators (CSA)
