Today's new listings
Unfortunately not at Hogwarts but in Israel there are magic ETFs and today there is a new one.
KSM Financial Instruments, Israel's largest issuer, has listed a new Magic ETF in Tel Aviv, which tracks the SME 150 - an equally weighted index mid-cap Israeli companies put together by the Tel Aviv Stock Exchange (KSMS206).
As is often the case in Israel, all the product information is in Hebrew. but in case anybody is interested Magic ETFS.
As more information becomes available in English we'll provide an update.
Today's news from around the web
Vanguard's ETF of ETFs
Vanguard is seeking approval for a new ETF that tracks its own ETFs - the total corporate bond ETF. The new fund will be Vanguard's first ETF of ETFs (First Trust already have one). It will wrap short-term, intermediate term and long dated corporate bond ETFs into one product.
Gold miners compete against a product they created
The gold mining industry created gold ETFs. And now they have to compete against the product they created. "It is now one of our biggest competitors. We created the ETF and now people say 'Well why should I buy you? I can buy the ETF if I want exposure to gold.'
Cliff Asness might start ETFs
Top quant Cliff Asness' might enter the ETF business as his company, AQR Capital Management filed documents with the SEC for a regulatory excemption that could open the door to issuing ETFs. Asness has been known for his scups with Robert Arnott about whether ETFs can time factors.