Filing Frenzy: WisdomTree, Guggenheim, Direxion, Van Eck, and ERNY Enter The Ring
Following the early release of the Fed Minutes this week, Wall Street has enjoyed a strong upward trend, encouraging ETF issuers to fill the pipeline with new funds. In total, five different firms approached the SEC with proposals for 10 new ETFs to enter the market as early as this fall [see ETF Database Launch Center].
Looking to replicate its success with (DXJ, A+), WisdomTree has planned a small-cap version of the popular Japan ETF:
The WisdomTree Japan Hedged SmallCap Equity Fund:
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Much like DXJ, this fund will track a dividend-weighted index to measure the performance of small market cap Japanese companies [also check out Japan ETFs Battle For Inflows: EWJ vs DXJ].
Guggenheim has filed for four more bond ETFs to add to its already extensive lineup:
BulletShares Corporate Bond ETFs: These funds would build off of Guggenheims’s current 14 BulletShare offerings set to expire between 2013 (BSCD, B) and 2020 (BSCK, C+). Representing the performance of a held to maturity portfolio of U.S. dollar denominated high yield corporate bonds, these four new funds would expire between 2022 and 2025 [also check out the Visual History Of The Dow Jones Industrial Average].
After launching two new ETFs earlier this week, Direxion has filed for four more funds using the same international leverage strategy:
The Direxion Daily Hong Kong Bull 3x: Looking for strong returns in one of the most developed markets in East Asia, this fund will track the MSCI Hong Kong Index [also see 7 Articles ETF Investor Must Read This Week].
The Direxion Daily Japan Bull 3x: Another fund to focus East, the Japan Bull fund will turn its attention to both large- and mid-cap firms comprising about 85% of the total market’s free float capitalization.
The Direxion Daily Mexico Bull 3x: Switching focus to Latin America, the Mexico Bull fund will track the broad MSCI Mexico IMI 25/50 Index, featuring a heavy tilt to consumer staple firms.
The Direxion Daily Chile Bull 3x: Linked to the MSCI Chile IMI 25/50, which comprises roughly 99% of Chile’s market, this fund will be one of the most expensive funds of the pack with an expense ratio of 1.1%.
Van Eck is also looking outside of the U.S., planning only the second ETF with a strong focus on Israel:
The Market Vectors Israel ETF: This fund will track the BlueStar Israel Global Index, one of the few indexes to track specifically Israeli companies, and is set to trade under the symbol ISRA. The only other Israel fund on the market is iShares (EIS, B-), which after five years on the market now has $83.4 million in assets [also see How Global Is Your Global ETF].
San Diego based ERNY Financial Advisors filed paperwork with the SEC at the beginning of the week looking to venture into the ETF market. Focused mainly on active strategies and self indexed strategies, the company has said its first fund will be called the ERNY Large Capitalization Dividend Index Fund, but the company has not filed paperwork for it yet. [For more ETF analysis, make sure to sign up for our free ETF newsletter or try a free seven-day trial to ETFdb Pro.] Disclosure: No positions at time of writing.
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