Industry Updates

Causeway turns MFs to ETMFs; VanEck Australia goes multifactor

David Tuckwell

Today's new ETF listings from around the world.


Causeway turns international mutual funds into NextShares

California-based asset managed Causeway Capital Management is listing two new ETMF versions of its existing mutual funds using the NextShares structure.

The Causeway International Value NextShares (CGVIC) will invest in the equity markets of developed countries, excluding the US. It invests in companies of any size. To determine which stocks count as value, it uses a combination of fundamental and quantitative analysis with a focus on factors such as low price-to-earnings ratio, high yield, low price-to-book value ratio, low price-to-cash flow ratio and financial strength as metrics.

The Causeway Global Value NextShares (CIVEC) does something very similar but includes every country.


VanEck lists multifactor EM fund

VanEck's Australian division has listed an emerging markets ETF that uses a multifactor approach to pick stocks. The VanEck Vectors MSCI Multifactor Emerging Markets Equity ETF (EMKT) will take MSCI's famous Emerging Markets Index and pass it through a four factor model. The factors looked at are: quality, value, momentum and low size. The index includes large and mid-cap stocks across 24 emerging markets countries.

While Australia has emerging market ETFs there are to date no multifactor ones.


Corporate action

PowerShares has just rebranded all of its prior US acquisitions Claymore, Rydex and Guggenheim products and attached them to new ISINs (tickers stay the same). The consolidation follows on their acquisitions and ensures that they'll expand their lead being ranked fourth largest issuer globally by assets. The Source rebrand must be following up shortly....

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