For the second time this year, an exchange-traded note will be redeemed by the issuing institution after the intraday indicative value declined to less than $10. According to a press release from Barclays, VZZ’s IIV dipped below the $10 level shortly before noon ET on Friday; the actual redemption date will occur on the fifth business day after the termination was triggered, meaning that those holding VZZ will get paid out by July 11. [click to continue…]
Heading in to 2011, many had predicted that a wave of closures would sweep over the ETF industry, the result of overly ambitious growth in recent years and the introduction of increasingly targeted exchange-traded products. Through the first five months of the year, however, only a leveraged Barclays ETN, BXDD, shut its doors–and that shuttering [...]
It took more than four months to arrive, but the first ETP closure of 2011 is finally here. The Barclays ETN+ Short D linked to the S&P 500 Total Return Index (BXDD) have been called for redemption after the indicative value fell to a price point that triggers such a move.
December continued the impressive wave of product innovation that has become expected of the ETF industry. Various issuers introduced first-to-market products and continued the impressive expansion of the exchange-traded product pipeline. After starting with a flurry of activity, product launches slowed in the second half of the month leading up to the holiday season. Still, [...]
The first 29 days of November were relatively quiet from a product development perspective, with only a handful of new exchange-traded products hitting the market. But that all changed on the final day of the month, when iPath debuted a new breed of leveraged ETNs and newcomer VelocityShares rolled out six products linked to VIX-related [...]
Direxion, one of the largest providers of leveraged ETFs, has been extremely active on the product development front in 2010, rolling out a number of products that offer investors an opportunity to double down (or triple down) on various asset classes. But the company’s product line will shrink a bit in coming weeks, as firm [...]
As each week seemingly brings multiple new product launches, the ETF industry’s product pipeline continues to refill. Issuers continue to get creative in their efforts to expand their product lineups, laying the groundwork to launch products not currently available in the ETF wrapper. One of the latest filings to hit the SEC’s desk came from [...]
Compared to September, which saw issuers launch more than two dozen new funds and multiple issuers shutter their entire product lines, October was a relatively slow month for the ETF industry. Though the number of new funds launched was down last month, many of the products that did hit the market were innovative, first-to-market funds [...]
PowerShares, the Wheaton, Illinois-based ETF issuer known for its QQQ fund and line of products linked to “intelligent” benchmarks, announced late last week that it will shut down several ETFs before the end of the year. December 14 will be the last day of trading for ten PowerShares ETFs:
Old Mutual Global Index Trackers (OMGxT), a South African-based asset manager, announced last week that it plans to shut down five ETFs listed in the U.S. under the GlobalShares brand, ending a brief experiment that failed to attract significant interest. Trading in the five ETFs will be suspended prior to the market opening on October [...]
Javelin Exchange Traded Shares, the New Jersey-based issuer that jumped into the ETF game in 2009, ha announced that it will shut down the Dow Jones Islamic Market International Index Fund (JVS). The fund, which began trading in July 2009, had been slow to gather assets and build up trading volume. October 19, 2010 will [...]
