ETF Stats For February 2014: Actively Managed ETFs Gaining Share [iShares Trust, Advisorshares Trust]

  • AdvisorShares Gartman Gold/Yen ETF (GYEN), launched 2/12/14, is an actively managed ETF investing in gold using the Japanese yen instead of the U.S. dollar and is managed by Treesdale Partners.  The yen is obtained through the sale of either exchange-traded currency futures or foreign exchange forward contracts.  Investors will pay 0.65% per year (GYEN overview).
  • AdvisorShares International Gold ETF (GLDE), launched 2/12/14, is an actively managed fund-of-funds ETF that invests in the gold market using several currencies.  Its objective is to maintain a balanced allocation in each of the underlying ETFs, some of which may be affiliated with the fund.  The affiliated ETFs are the three AdvisorShares Gartman Gold ETFs outlined above (GGBP, GEUR, and GYEN).  The fund will also invest a proportion of its assets in one or more unaffiliated closed-end funds, ETFs, ETNs, and/or other ETPs to gain additional exposure to the international gold market.  The fund’s expense ratio is 1.52% (GLDE overview).
  • Workplace Equality Portfolio (EQLT), launched 2/25/14, invests in its own stock index that includes many of America’s leading equality-minded corporations.  It consists of publicly-traded companies that support lesbian, gay, bisexual, and transgender (LGBT) equality in the workplace. Companies in the Index must score 100% on the Human Rights Campaign Corporate Equality Index or have the verifiable characteristics that would earn them such a score.  The screening criteria generally include mandatory language in a company’s equal employment opportunity (EEO) statement prohibiting discrimination based on sexual orientation and gender identity, offering health benefits to same-sex partners or spouses, along with other corporate benefits and privileges.  The fund has an expense ratio of 0.75% (EQLT overview).
  • iShares Enhanced International Large-Cap ETF (IEIL), launched 2/27/14, is an actively managed ETF that invests in large-cap stocks of international developed markets.  Stocks are selected on the following factors:  quality – consistent and stable earnings, value – lower relative valuations, and size – lower relative market capitalization.  The ETF sports an expense ratio of 0.35% (IEIL overview).
  • iShares Enhanced International Small-Cap ETF (IEIS), launched 2/27/14, is an actively managed ETF that invests in small-cap stocks of international developed markets.  Stocks are selected on the following factors:  quality – consistent and stable earnings, value – lower relative valuations, and size – lower relative market capitalization.  The fund’s expense ratio is 0.49% (IEIS overview).
  • PowerShares International BuyBack Achievers Portfolio (IPKW), launched 2/27/14, will purchase the stock of foreign corporations that have effected a net reduction in shares outstanding of 5% or more in its most recent fiscal year.  IPKW’s underlying index is reconstituted annually in July and rebalanced quarterly.  Its expense ratio is 0.55% (IPKW overview).
  • SPDR Barclays 0-5 Year TIPS ETF (SIPE), launched 2/27/14, seeks to provide investment results that correspond to performance of an index tracking the 0-5 year inflation protected sector of the United States Treasury market, after expenses.  The current yield is 1.0% and modified adjusted duration is 1.8 years.  Investors will spend 0.15% per year (SIPE overview).
  • Product closures/delistings in February:

    1. PowerShares Dynamic Magniquant (PIQ) [ETF Closings Not Always What They Seem]
    2. PowerShares KBW International Financial (KBWX)
    3. PowerShares Lux Nanotech (PXN)
    4. PowerShares MENA Frontier Countries (PMNA)

    Product changes in February:

    1. EGShares changed the underlying indexes for three ETFs effective February 3.  EGShares Brazil Infrastructure (BRXX) and EGShares Low Volatility Emerging Markets (HILO) moved from INDXX to FTSE supplied indexes.  EGShares Emerging Markets Domestic Demand (EMDD) switched from INDXX to S&P.
    2. Effective February 19, Invesco PowerShares changed the names on 10 ETFs from “Dynamic” to “DWA…Momentum” reflecting a change in the underlying indexes to ones provided by Dorsey, Wright & Associates.  The affected products include the nine Dynamic sector portfolios.  Additionally, PowereShares Dynamic OTC (PWO) changed its name and ticker to PowerShares DWA NASDAQ Momentum Portfolio (DWAQ).  Further details and the product list are available in the press release (pdf).

    Announced Product Changes for Coming Months:

    1. Effective March 3, the iSharesBond Corporate ex-Financials Term and Corporate Term ETFs will add “Mar” in front of the maturity year to indicate their March maturity and termination.
    2. Pax MSCI EAFE ESG Index ETF (EAPS) will have its last day of trading March 21 and will be merged into Pax World International ESG Index Fund (a new open-end mutual fund).
    3. BlackRock announced (pdf) its intent to close and liquidate its iShares ACWI ex-US sector suite consisting of ten ETFs.  The last day of trading for the affected funds will be March 25.

    Previous monthly ETF statistics reports are available here.

    This article is brought to you courtesy of Ron Rowland from Invest With an Edge.

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