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Rating:Rowland Reviews Key June ETF launches Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 02, 2012

Rowland Reviews Key June ETF launches

News summary by MFWire's editors

Ron Rowland analyzes the ETFs launched for the month of June for Seeking Alpha.

Last month was the fourth consecutive month where ETF and ETN launches were below-average, Rowland writes. But the eleven ETFs launched in June did not entirely bore Rowland. Here's his opinion on each:

1) Global X Top Guru Holdings Index ETF (GURU)
He agrees with AlphaStratos analysts, who found that "the gurus on which the GURU strategy depends may no longer own the stocks by the time GURU and ALFA learn about them."

2) STREAM S&P Dynamic Roll Global Commodities Fund (BNPC)
This offering is by French banking giant BNP Paribas, which is a new name in the U.S. ETF market. Aside from its unfamiliar name, Rowland writes that this product, which will issue K-1s, will bring nothing new to the market, and he thinks it will "struggle to attract investor attention."

3) UBS AG FI Enhanced Big Cap Growth ETN (FBG)
For Rowland, this is the U.S.' "most mysterious ETP." This product has been trading at an average of nearly 100,000 shares per day, despite the lack of available information about it.

4) Sustainable North American Oil Sands ETF (SNDS)
This ETF will compete with Guggenheim Canadian Energy Income ETF. It prides itself in being the "first pure play ETF with exposure to Canada's oil sands." However, many of its assets are integrated energy companies such as Exxon Mobil (XOM), Chevron (CVX), BP Amoco (BP), and ConocoPhillips (COP), making the "pure play" claim a stretch, writes Rowland.

5) SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)
Rowland writes that this ETF will compete with two ETFs in the category of investment-grade US dollar-denominated debt. These ETFs are WisdomTree Emerging Markets Corporate Bond (EMCB) and iShares Emerging Markets Corporate Bond (CEMB).

6) SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)
SPDR's offering is the second of its kind in the market, directly competing with iShares Baa-Ba Rated Corporate Bond Fund. But Rowland says he would "prefer XOVR for its higher yield and lower duration."

7) United States Metals Index Fund (USMI)
USMI is the second fund to combine both industrial and precious metals, following its peer, the ELEMENTS Rogers ICI Metals ETN (RJZ).

8) Huntington EcoLogical Strategy ETF (HECO)
This is Huntington's first offering as part of the Huntington Strategy Shares. "Data on sector allocations, country weightings, yield, capitalization segments, and other characteristics apparently remain as an exercise for the student an exercise this particular student chooses not to perform," Rowland writes.

9) First Trust North American Energy Infrastructure Fund (EMLP)
This ETF is the second to make public its intent to to limit MLP exposure, reports Rowland. "I believe shareholder revolts are only a matter of time," he writes. The first ETF to limit MLP exposure was the Arrow Dow Jones Global Yield ETF (GYLD).

10) ProShares Short Euro (EUFX)
"The marketing literature correctly describes EUFX as the first ETF offering non-leveraged inverse exposure to the euro," Rowland writes. "Both 2x and -2x leveraged exposure became available in November 2008 via ProShares Ultra Euro (ULE) and ProShares UltraShort Euro (EUO)."

11) ALPS Sector Dividend Dogs ETF (SDOG)
"What took so long," asks Rowland of the ETF's launch. He writes that the Dogs of the Dow theory has benefits and is gaining acceptance. He sees that this ETF will become a benchmark among dividend ETFs. 

Edited by: HFD


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