Earlier this month, State Street filed paperwork with the SEC seeking permission to bring to market nontransparent, actively managed ETFs. If this exemptive relief filing is approved by the SEC this will allow State Street to produce ETFs that only disclose their holdings on a periodic basis as opposed to daily. The filing also mentions that one of the reasons for a move to non transparency is that ” transparent actively-managed ETFs are susceptible to “free riding” by other investors and/or managers which can harm, and result in substantial costs to, shareholders ,” among other reasons. The proposed funds would be the SPDR SSgA Aggregate Bond ETF , the SPDR SSgA Equity ETF and the SPDR SSgA Emerging Markets . The filing did not provide ticker symbols or expense ratios
On June 12th, Credit Suisse brought to market two exchange-traded notes that will offer investors exposure to a pair of long-only commodity strategies. The Credit Suisse Commodity Benchmark ETN [ CSCB ] will provide,” monthly rebalanced, long-only diversified exposure to commodities through notional investments in rolling futures contracts on physical commodities ” and the Credit Suisse Commodity Rotation ETN [ CSCR ] will, ” follow a rules-based strategy to select 8 out of 24 eligible commodities based on the price of the commodity futures contracts of various terms .” The ETNs have an expense ratio of 0.65% and 0.85% respectively.