Investors seeking exposure to Egypt’s recovering equity market will soon be able to buy the XT-Misr ETF, designed to track the Egyptian EGX 30 Index. This is the first domestically listed exchange traded product in Egypt and will be brought to market by Beltone Financial, an Egyptian Financial Services Group, and, according to Aladdin Saba, Belton’s chairman, coincides with “a new era for Egypt.” Liquidity and performance on the EGX have both picked up in 2014 as Egypt looks for new ways to spur capital inflows into its still unstable economy. The XT-Misr will charge an expense ratio of about 1%.
American fund provider Direxion will launch yet another leveraged ETF, the Direxion Daily S&P 500 Bull 2X Shares ETF [SPUU]. The expense ratio on the new fund has not been made available but is expected be around Direxion’s typical fee – 0.95%. The fund will have its primary listing on the NYSE Arca and the index will track the 500 largest U.S. companies. SPUU was formerly SFVL, which tracked the NYSE 100.
An ETF that will seek to track the TWM Deep Value Index, the Deep Value ETF, has been filed for by ETF Series Solutions. The TWM Deep Value Index seeks to hold the 20 most undervalued names from the S&P 500. The fund will carry an expense ratio of 0.80%, and represents another example of ETF issuers designing and marketing more and more specialized products. The ticker symbol has not yet been made available.
