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Commodity Funds CFD and CTF Propose Plan to Convert to ETF Structure
Funds to seek shareholder approval for structure change that seeks a closer alignment between market price and net asset value
December 19, 2014--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that Nuveen Commodities Asset Management ("NCAM"), the manager for the Nuveen Diversified Commodity Fund (NYSE MKT: CFD) and the Nuveen Long/Short Commodity Total Return Fund (NYSE MKT: CTF), has approved a plan to convert the Funds into open-end exchange-traded funds ("ETFs").
The purpose of the conversion plan is to seek a closer alignment between the funds' share price and net asset value ("NAV").
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Source: Nuveen Investments
CFTC Swaps Report Update
December 19, 2014--The current reports for the week of December 16, 2014 are now available.
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Source: CFTC.gov
Financial Stability Oversight Council Releases Request for Comment on Asset Management Products and Activities
Council Seeks Public Comment on Potential Financial Stability Risks Related to Liquidity and Redemptions, Leverage, Operational Functions, and Resolution
December 18, 2014--The Financial Stability Oversight Council (Council) today voted unanimously to release a notice seeking public comment regarding potential risks to U.S. financial stability from asset management products and activities.
The Council is seeking input from the public about potential risks to the U.S. financial system associated with liquidity and redemptions, leverage, operational functions, and resolution in the asset management industry.
Asset management is a vital segment of the financial services sector, with a high degree of diversity in investment strategies, corporate structures, regulatory regimes, and customers. The Council is issuing this notice in connection with its ongoing evaluation of asset management products and activities, building on work carried out by the Council over the past year regarding potential risks to U.S. financial stability.
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Source: US Department of the Treasury
FINRA Issues Precious Metals Investor Alert
December 18, 2014--The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Physical Precious Metals: Tips to Avoid Tarnishing Your Portfolio.
FINRA's new Alert warns investors of the risks involved with investing in physical precious metals such as silver, gold, palladium or platinum. Enforcement actions by the Commodity Futures Trading Commission (CFTC) and court decisions paint an ugly picture of sellers who charge high commissions and fees but ultimately fail to purchase or deliver the physical assets as promised.
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Source: FINRA
ALPS Sector Dividend Dogs ETF Surpasses Billion Dollar Mark
"SDOG" Reaches Milestone Assets Under Management (AUM) in Just Over Two Years
December 18, 2014--ALPS, a DST Company focused on asset management and asset servicing, today announced that the ALPS Sector Dividend Dogs Exchange-Traded Fund (ETF) (NYSE: SDOG) has passed one billion dollars in assets under management.
Launched in June 2012, SDOG was the first of the ALPS Sector Dividend Dogs Series, a lineup of specialized ETFs that utilize the "Dogs of the Dow" theory to access potentially undervalued high dividend stocks.
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Source: ALPS
Are Concerns About Leveraged ETFs Overblown?
December 18, 2014--Leveraged and inverse exchange-traded funds (ETFs) have been heavily criticized for exacerbating volatility in financial markets because it is thought that they mechanically
rebalance their portfolios in the same direction as contemporaneous returns.
We argue that these criticisms are likely exaggerated because they ignore the effects of capital fows on ETF rebalancing demand. Empirically, we find that capital fows substantially
reduce the need for ETFs to rebalance when returns are large in magnitude and,
therefore, mitigate the potential for these products to amplify volatility. We also show theoretically that
flows can completely eliminate ETF rebalancing in the limit.
view the Are Concerns About Leveraged ETFs Overblown? Fed paper
Source: Federal Reserve
WisdomTree Europe Hedged Equity Fund (HEDJ) Surpasses $5 Billion In Assets
ETF Offers Way To Access Pure European Equity Market Without Additional Currency Risk
December 18, 2014--WisdomTree (NASDAQ: WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced the WisdomTree Europe Hedged Equity Fund (HEDJ) recently surpassed $5 billion in assets.
HEDJ is designed to provide exposure to European dividend-paying exporters, while hedging out the movements of the euro relative to the U.S. dollar.
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Source: WisdomTree
Reality Shares Seeks to Transform Dividend-Based Investing with Launch of "DIVY"
December 18, 2014--Reality Shares' New Fund is the First U.S. ETF Seeking Returns Based on the Growth of Expected Dividend Values of Large Cap Securities
DIVY is not just another dividend yielding ETF; DIVY does not produce dividend income or invest in dividend-paying stocks.
DIVY, Reality Shares' inaugural ETF (Ticker: DIVY) is the first of its kind, designed to deliver returns based on the expected growth rate of dividends paid..
Reality Shares today announced the launch of DIVY (Ticker: DIVY), an exchange-traded fund (ETF) that is designed to provide investors with exposure to the aggregate value of dividends expected to be paid on a portfolio of large capitalization equity securities. DIVY is listed on the NYSE Arca.
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Source: CNN
AdvisorShares Weekly Market Update-But Cheap Oil Was Supposed To Be Good For
December 18, 2014--For the week of December 8-December 12
Macro
Equity markets got pummeled last week with large declines despite the positive perception afforded to falling energy prices.
The Dow Jones Industrial Average fell 3.70%, the S&P 500 gave up 3.46%, the NASDAQ fared better with a 2.66%
drop and the Russell 2000 weighed in with a decline of 2.49%.
If you think that was bad, our friends at The Big Picture Blog pointed out that the Athens Index Composite fell 20% on the week due to political instability that sent sovereign bonds yields over 9%...
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Source: AdvisorShares
Janus files with the SEC
December 18, 2014--Janus has filed a application for exemptive relief with the SEC.
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Source: SEC.gov
