ETF Times: September 6 - 10

Most of the top performing ETFs during the prior week were concentrated in the agricultural commodity space

Morningstar ETF Analysts 14 September, 2010 | 5:08PM
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New Listings
Amundi listed 15 ETFs on the Borsa Italiana. Six of the ETFs track equity indices, including the domestic FTSE/MIB index, the S&P 500, and the NASDAQ 100. Each of these funds has the lowest total expense ratio (TER) amongst the ETFs tracking these indices in Italy (their TERs are 0.18%, 0.15%, and 0.23%, respectively). The three remaining newly-listed ETFs tracking equity indices are the MSCI World, MSCI Japan and MSCI Germany ETF. These funds sport TERs of 0.38%, 0.45% and 0.25%, respectively. Amundi also listed eight fixed income ETFs that track a number of broad EuroMTS Eurozone Government indices spanning different maturity ranges from three months to 15 years, as well as an ex-AAA index. Finally, Amundi also launched an EONIA Euro MTS money market ETF.

Lyxor listed two ETFs on the Borsa Italiana. The funds track the Canadian and Australian equity markets, following the S&P TSX 60 and the S&P ASX 200, respectively. Both indices are broad-based, with the TSX 60 representing about 73% of the Canadian market, and the ASX 200 about 80% of the Australian market. Both indices also show a large concentration in the financial services sector, which has a 34% weighting in the TSX 60 and more than 40% in the ASX 200. Each ETF has a TER of 0.45%.

iShares launched a high-yield corporate bond ETF on the London Stock Exchange (the tickers are IHYG for the euro-denominated shares and SHYG for the pound sterling-denominated listing). The fund tracks the performance of the Markit iBoxx Euro Liquid High Yield index using physical replication methods. The ETF offers exposure to Euro-denominated corporate bonds with sub-investment grade credit ratings. To be selected for inclusion in the index, bonds must have a minimum of EUR 250 million outstanding, and a maturity of between 2 and 10.5 years. Maximum exposure to any one issuer is 5%. As of this writing, almost two-thirds of the index’s constituents are rated BB, with an average yield to maturity of 6.90% and a modified duration of 2.93 years. The fund’s TER is 0.50%.

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Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure.