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PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (ARCA: MINT)

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PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

The fund invests at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The average portfolio duration of this fund will vary based on PIMCOs market forecasts and will normally not exceed one year.

PIMCO US SHRT MATURITY UCITS USD ETF

Mint Club

MintMe.com Coin

Last year, U.S.-listed exchange traded fund took in $313 billion in new assets, short of 2017&#39;s record inflows, but still good for the second-best year on record.
While the Federal Reserve boosted interest four times in 2018, three of the year&#39;s top 10 asset-gathering ETFs were bond funds.
<h3>What Happened</h3>
Bond funds contributed mightily to 2018&#39;s overall ETF inflows. Last year, fixed income ETFs hauled in $97 billion in new assets.
&ldquo;To CFRA, the biggest ETF flows trend was in fixed income, which pulled in $97 billion of new money in 2018, equal to a 31% share of net inflows, even as the Federal Reserve raised interest rates multiple times,&rdquo; said <a href="https://newpublic.cfraresearch.com/">CFRA Research</a> Director of ETF &amp; Mutual Fund Research Todd Rosenbluth in a Thursday note.
<h3>Why It&#39;s Important</h3>
With interest rates ring in 2018, bond investors were particularly fond of short duration ETFs, such as the iShares Short Treasury Bond ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shv#NYSE">SHV</a>) and the iShares 1-3 Year Treasury Bond ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/shy#NASDAQ">SHY</a>). SHV and SHY combined <a href="https://www.benzinga.com/trading-ideas/long-ideas/18/12/12911948/with-bond-etfs-keep-it-short-again-in-2019">for over $22 billion</a> of the new money added to bond ETFs last year.
Other popular short-term bond ETFs included the PIMCO Enhanced Short Maturity Active ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mint#NYSE">MINT</a>); the largest actively managed ETF, and the JPMorgan Ultra-Short Income ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpst#NYSE">JPST</a>). JPST was one of last year&#39;s fastest-growing bond funds.
&ldquo;With Fed rate hikes on the mind, ultra-short and short-term bond funds designed to reduce interest rate sensitivity and yet generate some income were most popular,&rdquo; said Rosenbluth. &ldquo;JPST and MINT added $5.0 billion and $4.3 billion, respectively, aided by strong 2.2% and 1.7% gains.&rdquo;
<h3>What&#39;s Next</h3>
Investors last year displayed enthusiasm for actively managed bond ETFs, a theme that could remain in place this year if the bond environment remains tricky.
&ldquo;While ETFs remain known for tracking indices such as Bloomberg Barclays Aggregate Bond Index, which was flat in 2018, actively managed fixed income ETFs gathered $21 billion of new money,&rdquo; said Rosenbluth. &ldquo;This was equal to the total inflows for the investment approach between 2015 and 2017.&rdquo;
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/12922150/it-may-be-time-to-look-at-this-etf-of-etfs">This ETF Could Be Ready To Soar</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/01/12922130/a-decent-outlook-for-consumer-discretionary-etfs">Consumer Cyclical ETFs Could Perk Up</a>

Analyst Color

Long Ideas

Bonds

Specialty ETFs

Federal Reserve

Markets

Trading Ideas

ETFs

JPST

Pimco Enhanced Short Maturity Strategy Fund

MINT

iShares Trust Barclays 1-3 Year Treasury Bond Fund

Investors Piled Into Bond ETFs Last Year

Actively managed exchange-traded funds, on a combined basis, remain just a sliver of the overall U.S. ETF industry. As of mid-January, actively managed ETFs trading in the U.S. had just over $23 billion in assets under management, peanuts relative to the well over $2 trillion in combined U.S. ETF assets under management.
PIMCO, one of the world&#39;s largest managers of fixed income assets, accounted for $7.35 billion of those $22.9 billion in active ETF assets as of January 15, according to <a href="http://alphabaskets.com/advisorshares-active-etf-market-share-update-week-ending-1152016/">AdvisorShares data</a>. The PIMCO Enhanced Short Mat Str Fund ETF (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>) is a big reason why the California-based money manager is one of the dominant issuers of active ETFs, as MINT is home to $4.47 billion in assets under management.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/01/6176995/these-new-etfs-hit-the-ground-running">These New ETFs Hit The Ground Running</a></bzrelatedlink>
Although the Federal Reserve&#39;s pace of interest rate increases, which started in December, is expected to be gradual, short duration bond ETFs have been favored destinations for bond investors. MINT certainly fits that bill with an effective duration of about a third of a year, according to<a href="http://www.pimcoetfs.com/Funds/Pages/PIMCOEnhancedShortMaturityStrategyFund.aspx?WT.svl=fund_nav"> PIMCO data</a>.
<h3>Another Appeal</h3>
Lead manager Jerome Schneider, who was recently named as the 2015 Morningstar Fixed-Income Fund Manager of the Year, is another reason why investors love MINT.
&ldquo;MINT has a great deal of flexibility when compared with money market funds. Its prospectus language is vague in that the fund primarily holds exposure to investment-grade bonds, but in practice, it doesn&#39;t hold any junk bonds. It holds no non-U.S. developed-markets issues, and as of October 2015, it held less than 5% in emerging-markets debt. It will typically keep its duration under one year and its weighted average maturity under three years,&rdquo; according to a recent <a href="http://news.morningstar.com/articlenet/article.aspx?id=737585">Morningstar</a> note.
Investors can gain access to Schneider&#39;s stewardship via MINT for a reasonable 0.36 percent per year, or $36 for every $10,000 invested.
<h3>Finding A Haven In U.S. Government Bonds</h3>
As global equity markets have seen increased turbulence to start 2016, investors have been running to safe-haven destinations. That includes exchange-traded funds holding U.S. government bonds. Professional investors are expected to boost their usage of <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5994963/november-outflows-reflect-etf-investors-view-on-fed">fixed-income ETFs </a>with nearly two-thirds already owning bond ETFs, according to a recent Greenwich Associates study.
&ldquo;The closest analogue to MINT is mutual fund PIMCO Short-Term. On average, the latter fund has produced about 46 basis points of annualized outperformance versus MINT over the trailing five years through December 2015, despite a higher expense ratio of 0.45 percent. That fund doesn&#39;t typically take on much more interest-rate risk than MINT but has maintained greater exposure to credit-sensitive sectors, including corporate high-yield, non-U.S. developed-markets, and emerging-markets bonds. That higher risk profile has generated and should continue to generate higher returns over the long term, but also at a slightly higher cost,&rdquo; according to Morningstar.
MINT is home to nearly 540 holdings.
Image Credit: <a href="https://pixabay.com/en/stock-exchange-trading-floor-738656/">Public Domain</a>

News

Intraday Update

An Active ETF With An All-Star Pedigree

The SPDR DoubleLine Total Return Tactical ETF (NYSE: <a class="ticker" href="/stock/totl#NYSE">TOTL</a>) is bond king Jeffrey Gundlach&#39;s first foray into the world of exchange traded funds. Given TOTL&#39;s rapid success, perhaps the only lingering questions are &ldquo;What took him so long to get involved with ETFs?&rdquo; and &ldquo;When is a follow-up to TOTL coming?&rdquo;

	At this point, what is clear is that TOTL is an undeniable success as the ETF&#39;s ascent to $1 billion in assets under management proves. TOTL debuted on February 23, meaning the fund has need just about six months of trading to hit $1 billion.

	TOTL&#39;s success is all the more impressive when considering some key factors. First, 2015 has been a trick year for bond funds, including ETFs, because financial markets have all but accepted that the Federal Reserve will be raising interest rates this year. Many advisors and investors have accepted the fact that a Fed rate hike is a &ldquo;when not if&rdquo; scenario.

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5764173/another-qe-catalyst-for-yen-hedged-etfs-could-be-lurking">Another QE Catalyst For Yen Hedged ETFs Could Be Lurking</a>

	Second, actively managed ETFs, of which TOTL is one, still represent a scant percentage of overall ETF assets. Last month, combined assets under management for the world&#39;s ETPs eclipsed the assets held by hedge funds. The more than 5,800 exchange traded products listed around the world have a combined $2.971 trillion in assets under management, just ahead of combine AUM of $2.969 trillion for hedge funds, according to <a href="http://www.etftrends.com/2015/07/in-asset-race-etfs-eclipse-hedge-funds/">ETF Trends</a>.

	However, for the week ended August 7, actively managed ETFs listed in the U.S. had just about $20.8 billion in combined assets, according to <a href="http://alphabaskets.com/advisorshares-active-etf-market-share-update-week-ending-872015/">AdvisorShares data</a>.

	Said another way, with the entire universe of U.S. active ETFs having $20.8 billion in assets, TOTL on its own is 4.8 percent of that total. TOTL is a partnership between State Street Global Advisors, the third-largest U.S. ETF issuer, and Gundlach&rsquo;s Los Angeles-based DoubleLine Capital.

	TOTL is now within striking distance of toppling the First Trust North American Energy Infrastructure Fund (NYSE: <a class="ticker" href="/stock/emlp#NYSE">EMLP</a>) for the third spot among actively managed ETFs. The PIMCO Enhanced Short Maturity Active ETF (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>) and the PIMCO Total Return Active ETF (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>), a direct rival to TOTL, are the two largest actively managed ETFs.

	While BOND is inflow positive for 2015, amid regulatory controversy at PIMCO, investors have pulled $10.6 million from the ETF in the current quarter while adding almost $254.6 million to TOTL over the same span.

	TOTL currently allocates about 54.7 percent of its weight to mortgage-backed securities with emerging markets bonds and bank loans combining for another 19.5 percent of the ETF&#39;s weight, according to <a href="https://www.spdrs.com/product/fund.seam?ticker=TOTL">State Street data</a>.

New ETFs

BOND

EMLP

TOTL

Gundlach's First ETF Is A Smash Hit, Tops $1 Billion In Assets

This weekend in Barron's online: a currency fix for the eurozone and a special report on exchange-traded funds.

Cover Story

"<a href="http://online.barrons.com/article/SB50001424053111904184504577519232109403716.html">The Euro's Fate</a>" by Randall W. Forsyth. The only way left to save the euro may be to debase the euro, suggests this article. The cure for what ails Europe is growth, and the quickest way to spur growth is via monetary reflation. A euro at parity with the U.S. dollar could restore Europe's competitiveness, end its debt crisis and save its currency. As expensive a proposition as that might be, it would be less costly than a breakup of the common currency. However, European Union officials have pushed spending cuts and tax hikes instead. But there is reason to doubt that budget austerity and reform will yield success. A euro at parity with the dollar would boost the whole European economy by easing the debt crisis that weighs on the entire world economy and markets, concludes the article. Check it out for full details.

Feature Stories

"Is the New Money Market Fund an ETF?" by Sarah Max discusses actively managed, ultra-short fixed-income ETFs that are being marketed as an alternative to money-market funds. The article offers details to know before heading into unchartered waters. Just two of the ETFs investors might use in lieu of money-market funds are the Pimco Enhanced Short Maturity ETF (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>) and SPDR Barclays 1-3 Month T-Bill (NYSE: <a class="ticker" href="/stock/bil#NYSE">BIL</a>).

Brendan Conway's "Why ETFs' Good Times Can't Last Forever" questions whether the phenomenal growth rate of ETFs can continue. The funds have been expanding their assets at a rate of more than 30% a year for 10 years. Now, exchange-traded funds have $1.2 trillion in assets in 1,476 funds, which account for nearly one-third of U.S. equity trading. Not bad for an industry that did not even exist two decades ago.

In "Choosing the Right Dividend ETF for You," Jon Birger points out that dividends are the hottest niche in exchange-traded funds now, what with the dividend yield of the Standard &amp; Poor's 500 exceeding the interest rate on 10-year U.S. Treasury bonds. But with 49 dividend ETFs to choose from, investors looking for income can be overwhelmed. This article takes a closer look at some big differences in how these funds operate and perform.

Peter Carbonara 's "Does Your ETF Track?" asks, if most ETFs are supposed to be a mirror-image of the index they are based on, why do some funds do a better job than others at delivering the same returns as the index? Anything that costs investors money is worth paying attention to, says the article, especially when it is fairly easy to avoid.

"Will Big Institutions Upend the Little Guy?" also by Brendan Conway, suggests that the ETF industry's push to attract large asset managers and pension funds might backfire if small investors think they will get hurt by it. While many small-time investors already are on board the ETF train, drawn by low fees, ease of trading and the variety of options, a recent survey indicates that as few as 14% of institutions use ETFs.

Columns

Columns in this weekend's Barron's discuss:


<ul><li>The latest member of the Ponzi schemer's gallery</li> 
<li>The influence the presidential election will have on the markets</li> 
<li>A look at toymaker Jakks Pacific (NASDAQ: <a class="ticker" href="/stock/jakk#NASDAQ">JAKK</a>)</li> 
<li>How Barron's stock picks are faring</li> 
<li>The Greased Palm Index, which reflects political donations by corporate America</li> 
<li>How to play tech stocks, given disappointing earnings</li>
<li>A new service from Zack's that tracks institutional investors</li>
<li>And more ...</li>
</ul>

Barron's

Global

Media

JAKK

Barron's Recap: What Europe Must Do

Actively managed ETFs burst onto the exchange-traded products scene in 2008. Since then these funds, many of which feature expense ratios that remind investors more of mutual funds than ETFs, have struggled to gain traction with investors. That might be starting to change, according to S&amp;P Capital IQ.

"Although we estimate that actively managed ETFs represent roughly 5% of all the assets in U.S.-traded ETFs, we see interest on the rise, as evidenced by the number of such ETFs being offered and launches by various fund managers. We think that both existing fund companies and new entrants will increasingly be looking at actively managed ETFs to both defend market share, and to attract new money," S&amp;P Capital IQ said in a research note.

At the end of March, U.S.-listed ETFs and ETNs had a combined $1.2 trillion in assets under management, according to ETF Industry Association data, but actively managed ETFs had just $5.8 billion in AUM as of mid-April. Despite what is clearly an uphill battle against traditional ETFs, <a href="http://www.benzinga.com/markets/bonds/12/04/2521115/review-of-recent-etf-filings">fund sponsors continue bringing new actively managed products to market</a>.

In April, State Street Global Advisors, the second-largest U.S. sponsor behind iShares, introduced the SPDR SSgA Multi-Asset Real Return ETF (NYSE: RLY), the SPDR SSgA Income Allocation ETF (NYSE: INKM) and the SPDR SSgA Global Allocation ETF (NYSE: GAL). The firm may also roll out the SPDR SSgA Aggressive Global Allocation ETF, which will trade on the NYSE with the ticker "AGRA" and feature an expense ratio of 0.35%. The SPDR Blackstone/GSO Senior Loan ETF, which be NYSE-listed with the ticker "SRLN."

This week, PIMCO introduced the Global Advantage Inflation-Linked Bond Strategy Fund (NYSE: ILB), which is actively managed and already has $13 million in AUM, according to the PIMCO Web site. 

Of the 47 actively managed ETFs on the market today, 29 have been introduced since 2010. 

"We think actively managed ETFs are likely to have the greatest appeal in: (1) asset categories where investors think that assets are more likely to be priced inefficiently (thus, creating potential outperformance opportunities for skilled managers); (2) areas where they are lacking other ready and cost-effective access to a particular type of asset; (3) offerings where there is a highly regarded fund manager, with a good track record for a similar fund," S&amp;P said in the note.

S&amp;P noted that actively managed ETFs are likely to have higher costs "largely because of research costs associated with active management, and trading costs related to portfolio turnover."

Current leaders in the actively managed ETF space include PIMCO whose PIMCO Enhanced Short Maturity Strategy Fund (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>) has almost $1.6 billion in AUM. The PIMCO Total Return Exchange-Traded Fund (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>), the ETF equivalent of Bill Gross' Total Return Fund, has $664.3 million in AUM and is barely more than two months old.

WisdomTree has also carved out an impressive actively managed presence. The WisdomTree Asia Local Debt Fund (NYSE: <a class="ticker" href="/stock/ald#NYSE">ALD</a>) has $409.3 million in AUM and the WisdomTree Emerging Markets Local Debt Fund (NYSE: <a class="ticker" href="/stock/eld#NYSE">ELD</a>) has almost $1.3 billion in AUM.

Short Ideas

Emerging Market ETFs

Pre-Market Outlook

After-Hours Center

Analyst Ratings

S&P Sees Some Momentum For Actively Managed ETFs

Fast Yield Grabs With ETFs Pose Risks, Fitch Says (<a class="ticker" href="/stock/mint#">MINT</a>)

Fitch Ratings is out with a note today highlighting the popularity of and risks associated with short-term fixed-income ETFs. The ratings agency notes short-term fixed-income exchange-traded products market themselves as alternatives to traditional money market funds.

"While the additional yield could attract investors that target certain and specific expected return with their cash investments, we believe the attendant risks of these vehicles should be understood, thoroughly analyzed, and not be confused with conservatively managed MMFs. The higher yields from alternative short-term cash management vehicles entail additional credit, interest rate, and liquidity risks that must be considered by investors," Fitch said in the note.

The ratings agency highlighted the case of the PIMCO Enhanced Short Maturity Strategy ETF (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>). MINT debuted in late 2009 and since that time has managed to become the king of the short-term fixed-income ETF block with over $1.5 billion in assets under management. 

"The objective of MINT is the maximum current income consistent with preservation of capital and daily liquidity, identical to that of MMFs. The fund has reached $1.5 billion in the 2.5 years since its inception in November 2009. MINT currently offers a 0.96% 30-day yield versus an average 0.03% yield delivered by taxable MMFs, according to iMoneyNet. That's a sizable difference, and one that underscores the allure for investors in traditional money market funds," Fitch said,

While MINT might appear to be a conservative instrument, Fitch notes almost a third of the fund's holdings would not be eligible for inclusion in money market funds. MINT is home to <a href="http://www.pimcoetfs.com/Funds/Pages/PIMCOEnhancedShortMaturityStrategyFund.aspx">to 551 holdings</a> including a small amount that have junk ratings.

"Additionally, ETF investors are highly dependent on secondary market activities for their liquidity, which could be constrained during times of market stress and when investors may need their cash the most. A reliance on secondary market liquidity for these "near-cash" investments may prove too volatile relative to some investor expectations and risk appetites," Fitch concluded.

Fast Yield Grabs With ETFs Pose Risks, Fitch Says (MINT)

Asset manager Legg Mason (NYSE: <a class="ticker" href="/stock/lm#NYSE">LM</a>) looks like it will be the next in long line of mutual fund issuers to get into the ETF game as the firm has filed plans to introduce the Legg Mason Western Asset Ultra-Short Duration ETF.

The ETF will own short-term corporate debt securities, bank obligations, mortgage-backed securities and U.S. and international government bonds. The fund will be actively managed. A ticker and expense ratio were not disclosed in the Legg Mason filing. 

Index Universe compared the Legg Mason offering to the PIMCO Enhanced Short Maturity Strategy ETF (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>). MINT has an expense ratio of 0.35% and assets under management of almost $1.6 billion. The ETF made its debut in November 2009.

Legg Mason Looks to Enter ETF Fray

One of the primary reasons ETFs have become so attractive to investors and a real thorn in the side of mutual fund companies is cost. Simply put, passively managed ETFs usually feature much lower fees than comparable mutual funds. 

That helps explain why actively managed ETFs are often overlooked in the exchange-traded products conversation. Not to mention, funds that are actively managed have a tendency to deliver performances that lag their benchmarks. This is especially true with mutual funds. 

Still, actively managed ETFs are growing in number. There's about 40 listed in the U.S. today and they have well over $4 billion in assets under management. And some offer unique concepts that merit consideration. So if your broker has been forgetting to tell you about actively managed ETFs, let's take care of that right now.

AdvisorShares Active Bear ETF (NYSE: <a class="ticker" href="/stock/hdge#NYSE">HDGE</a>):
The AdvisorShares Active Bear ETF isn't just one of the more successful actively managed ETFs, is one of the best in terms of ETFs that have made their debuts in 2011. HDGE debuted in late January and has accumulated more than $129 million in assets under management. We're just paraphrasing here, but essentially HDGE establishes short positions in stocks the fund managers believe have poor earnings quality or are vulnerable to negative earnings news. Two of HDGE's top three holdings are high fliers you're probably familiar with: OpenTable (Nasdaq: <a class="ticker" href="/stock/open#Nasdaq">OPEN</a>) and Salesforce.com (NYSE: <a class="ticker" href="/stock/crm#NYSE">CRM</a>).

AdvisorShares Dent Tactical ETF (NYSE: <a class="ticker" href="/stock/dent#NYSE">DENT</a>):
The AdvisorShares Dent Tactical ETF was one of the first actively managed ETFs, making its debut more than two years ago. With an expense ratio of 1.65%, DENT is an ETF fund of funds as five ETFs make up DENT's top-five holdings, accounting for over 80% of the ETF's weight. Those ETFs are the following: iShares Barclays TIPS Bond ETF (NYSE: <a class="ticker" href="/stock/tip#NYSE">TIP</a>), PowerShares QQQ (Nasdaq: <a class="ticker" href="/stock/qqq#Nasdaq">QQQ</a>), iShares Dow Jones US Utilities Fund (NYSE: <a class="ticker" href="/stock/idu#NYSE">IDU</a>), PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>) and the ProShares Short S&amp;P 500 (NYSE: <a class="ticker" href="/stock/sh#NYSE">SH</a>).

WisdomTree Asia Local Debt Fund (NYSE: <a class="ticker" href="/stock/ald#NYSE">ALD</a>):
With an expense ratio of just 0.55%, it's hard to remember that ALD is an actively managed ETF, but it is. And it's also one of the best new ETFs of any genre to come to market in 2011having accumulated $418.3 million in AUM. ALD offers exposure to debt denominated in the currencies of South Korea, Malaysia, Indonesia, Philippines, Thailand, India, China, Hong Kong, Singapore, Taiwan, Australia and New Zealand. 

PIMCO Enhanced Short Maturity Strategy ETF (NYSE: <a class="ticker" href="/stock/mint#NYSE">MINT</a>):
Back in March, PIMCO's MINT became the first actively managed ETF to top $1 billion in AUM. Now mint has over $1.5 billion in AUM and a very nice 0.35% expense ratio. That's great in the actively managed ETF universe.

WisdomTree Emerging Markets Local Debt Fund (NYSE: <a class="ticker" href="/stock/eld#NYSE">ELD</a>):
Also with an expense of 0.55%, ELD is ALD's broader cousin. It's a non-dollar denominated play on emerging markets debt issued in Brazil, Chile, Colombia, Mexico, Peru, Poland, Turkey, South Africa, Russia, Malaysia, Indonesia, Philippines, Thailand, China, and South Korea. Oh yeah, ELD has been very successful drawing in over $1.1 billion in AUM. 
Bull Case: 
A flight to quality would certainly benefit MINT and DENT and HDGE would be alluring plays if riskier assets are shunned once again.

Bear Case:
Obviously, HDGE will suffer as stocks move higher and a move away from Treasuries hurts MINT. ALD and ELD should hold up well regardless of environment.

DENT

HDGE

iShares Trust Dow Jones US Utilities Sector Index Fund

OPEN

PowerShares DB US Dollar Index Bullish Fund

Five Actively Managed ETFs Your Broker Forgot to Mention

Frankfurt / Singapore - February 17, 2011 (investorideas.com renewable energy/green news) - Nanostart AG, the leading nanotechnology venture capital company, has taken an investment position in Membrane Instruments and Technology (MINT) Pte Ltd

Nanostart AG invests in Singapore-based cleantech company MINT

Here were the major gainers and losers in November.

November ETF Scoreboard

<a rel="attachment wp-att-13267" href="http://etfdailynews.com/blog/2010/05/25/emerging-global-advisors-celebrates-one-year-anniversary/one-year-anniversary/"><img class="alignleft size-full wp-image-13267" title="one year anniversary" src="http://etfdailynews.com/blog/wp-content/uploads/2010/05/one-year-anniversary.jpg" alt="" width="110" height="110" /></a>Today, two more highly successful actively-managed ETFs celebrate their first anniversary – the iShares <a href="http://etfshub.com/archives/alt/" target="_blank">Diversified Alternatives Trust</a> (NYSE:ALT) and the <a href="http://etfshub.com/archives/mint/" target="_blank">Enhanced Short Maturity Fund</a>(...) Read the rest of <a href="http://etfdailynews.com/blog/2010/11/16/turning-one-%e2%80%93-ishares%e2%80%99-alt-and-pimco%e2%80%99s-mint/">Turning One – iShares' (ALT) and PIMCO's (<a class="ticker" href="/stock/mint#">MINT</a>)</a> 
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Turning One – iShares' (ALT) and PIMCO's (MINT)

Cogent Research, the Cambridge-based research firm known for its research on financial services, put out a piece on its blog that highlighted new entrants which have joined the ETF(...)Read the rest of Cogent Research Highlights PIMCO's Active ETF Success (<a class="ticker" href="/stock/mint#">MINT</a>) 
Copyright 2010 ETFDAILYNEWS.COM 
The copying, republication or redistribution of ETFDailyNews Content, including by framing or [...]
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Cogent Research Highlights PIMCO's Active ETF Success (MINT)

I have been a long time proponent of a two portfolio investment approach. Following in the footsteps of Harry Browne, who brought the idea to the fore in the 1970s, I assembled a Permanent Portfolio which was designed as an all-season capital preservation, modest appreciation vehicle, and a Speculative Portfolio which was designed to place bets on high risk securities that offered the possibility of high reward. Given the era in which we live, perhaps it is time to adjust the mindset of the concept and add a third leg to your investment scheme. You may want to consider an Income Portfolio which would be designed to obtain a current satisfactory yield using a mix of ETF's and stocks, with an awareness of the possibility of deflation, inflation and currency fluctuations.
If this tweaks your curiosity, examine the following twelve securities for starters in your search:
PIMCO Enhanced Short Term Maturity Strtegy ETF (<a class="ticker" href="/stock/mint#">MINT</a>) $100.83/share 0.84% yield Best used as a money market-type fund.
IShares S&amp;P U.S. Preferred Stock Index ETF (<a class="ticker" href="/stock/pff#">PFF</a>) $39.78/share 7% yield Nice yield, but more than a few securities are trading over the call price, which could negatively impact long term performance. 
SPDR Barclay's Capital Convertible Securities ETF (<a class="ticker" href="/stock/cwb#">CWB</a>) $38.87/share 3.99% yield Ditto the PFF red flag. 
Guggenheim International Multi-Asset Income ETF (<a class="ticker" href="/stock/cvy#">CVY</a>) $19.18/share 4.69% yield The old "yield hog" ETF. Excellent basket of US (78%) and International stocks.
Vanguard Short Term U.S. Bond ETF (<a class="ticker" href="/stock/bsv#">BSV</a>) $80.74/share 2.34% yield Vanilla, ultra low expense ETF.
Market Vectors Emerging Markets Local Currency Bond ETF $27.03/share 4.79% yield Interesting foreign currency exposure with an attractive stated yield.
One to watch:
Alerian Master Limited Partnership ETF (<a class="ticker" href="/stock/amlp#">AMLP</a>) Basket of twenty-five midstream energy MLP's.
Preferred Securities may well be an integral portion of the Income Portfolio. Here are four rules to follow in their selection: Yield a minimum of 2.25x that of the Vanguard Short Term Bond Fund ETF. Investment grade rating. Purchased below the call price. Sufficient share volume to facilitate a reasonable trade (buy on a limit order, sell when security trades 3% above the call price), such as:
Deutsche Bank Contingent Capital Trust Fund II (<a class="ticker" href="/stock/dxb#">DXB</a>) $24.56/share 6.65% yield
National City Capital Trust II (NCCpA) $24.91/share 6.63% yield
KeyCorp Capital Enhanced Trust IX (KEYpE) $24.94/share 6.77% yield
Securities with a degree of inflation protection are in order, such as:
Metropolitan Life Preferred A (METpA): $23.32/share 4,36% yield with inflation protection features.
PIMCO 1-5 Year U.S. TIPS Index Fund ETF: $52.28/share 1.58% yield +/-, providing a conservative measure of inflation protection.
Certainly, there is a universe of common stock that provides dividend income, be it more or less. There are many avenues to devise an income portfolio - different from the somewhat eclectic teasers above. My belief is that total returns from a common stock portfolio will be nowhere near the 8% assumed by pension funds and other investors over the coming years. Tangible returns from a separate Income Portfolio, coupled with the Permanent and Speculative Portfolios will add both discipline and thoughtfulness to your investment scheme. 
<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/33358029-8961914929891177374?l=investingfromtheright.blogspot.com' alt='' /></div>

AMLP

Spdr Barclays Capital Convertible Securities Etf

iShares S&P US Preferred Stock Index Fund

October 1, 2010: 12-Pack, Worthy Dividend Income Portfolio

Is there a potential Bill Gross or Sir John Templeton who consistently assembles the winning fantasy football team? Effective portfolio selection and constructing the moving parts of a fantasy football team utilize similar concepts. The list below illustrates the premise.
1. Admit you are probably not the most astute member of the league. You probably aren't. Warren Buffett is fond of saying "if you are playing poker and ... don't know who the patsy is, it's you." A well prepared investor knows that there are many investors who know more about any given acquisition at any time, given the advanced information gathering techniques available. Play to win, but don't get cocky. 
2. Be prepared in advance for acquisition. Have a plan. You should know your risk tolerance and begin to implement a strategy to suit your long term needs.In fantasy football roster assimilation, one does not chose a tight end, kicker and an aged running back with the first few selections to form a core holding. The core holding for stability is a quarterback. For most investors a portfolio of relatively stable, diversified low cost income etf's should be at the center of one's portfolio. Other, more speculative securities may be added to provide zest for your planned acquisitions to fill out the portfolio. 
3. Acquire proven quality with your first picks. Don't speculate at this stage. You need Drew Brees, not Seneca Wallace. At this time, Vanguard's Short Term Corporate Bond ETF (<a class="ticker" href="/stock/bsv#">BSV</a>), Templeton's Global Income Fund (<a class="ticker" href="/stock/gim#">GIM</a>) and PIMCO's Short Term Maturity Strategy ETF (<a class="ticker" href="/stock/mint#">MINT</a>) fit the bill. 
4. Create a balanced roster. Don't overload in one yield field. Drew Brees alone won't guarantee your fantasy football team a victory, nor will government bonds do likewise for your portfolio. You need a productive running back, wide receiver, tight end, kicker, defensive unit and a flexible bench. Weak or under-represented income sectors will cause you to under perform. Solid picks in this category are IShare's U.S. Preferred Stock Index ETF (<a class="ticker" href="/stock/pff#">PFF</a>), Powershare's Commodity Index Tracking ETF (<a class="ticker" href="/stock/dbc#">DBC</a>),Barclay's Capital Convertible Securities ETF (<a class="ticker" href="/stock/cwb#">CWB</a>), Barclay's Capital Aggregate Short/Intermediate Bond ETF (<a class="ticker" href="/stock/lag#">LAG</a>),IShare's Emerging Market Debt ETF (<a class="ticker" href="/stock/emb#">EMB</a>) and for your defense, the Permanent Portfolio Fund (<a class="ticker" href="/stock/prpfx#">PRPFX</a>). In a previous column, I outlined a "do-it-yourself" permanent portfolio fund using etf's that will likely mimic PRPFX. Gold alone as a hedge is best purchased through IShare's Gold ETF (<a class="ticker" href="/stock/iau#">IAU</a>).
5. Work hardest to find overlooked acquisitions. Sweat the details. Some of my finest fantasy picks and securities have been chosen by digging through details to discover overlooked gems. Arian Foster and Wes Cooley come to mind. High yields can be achieved through disciplined acquisition of preferred stocks, especially structured preferreds. My criteria for selecting these 6.75-8% gems is a multi-step process: investment grade, decent trading volume, yield is compelling (you will regularly find mispriced preferreds as the computer model fast traders generally don't appear to hit them hard), buy below the call price and sell when the stock price is 5% or greater over the call. An example is Deutsche Bank Capital Trust II (<a class="ticker" href="/stock/dxb#">DXB</a>). I also like preferred securities that play a nice dividend plus have inflation protection over and above TIPS, such as Prudential Financial, Inc. Preferred (<a class="ticker" href="/stock/pfk#">PFK</a>).
6. Always look to upgrade your roster. Don't hesitate to jettison a weak performer, but don't churn your roster. When an acquisition goes down due to injury or poor performance, dump it. Why hold into a Ryan Grant or Sidney Rice, hoping against hope they return from an injury? Why hold significant positions in long duration bonds or solely in U.S. Dollars just to tweak yield when the present economic climate begs for future inflation to pay off our trillions of dollars in debt with cheap dollars? Explore select Master Limited Partnership's individually, not bundled into an etf at this time.
7. Be gracious in victory. Learn from your defeats. While winning with well-chosen acquisitions provide a measure of wealth (monetary, ego or both), defeat - losing with your best laid strategy - offers an opportunity to learn and better prepare for the next round of opportunities. 
8. Luck does play a part in success. Remember that the more prepared you are, the luckier you get. 
<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/33358029-2169659856022817292?l=investingfromtheright.blogspot.com' alt='' /></div>

PowerShares DBmmodity Index Optimum Yield Diversified Fund

iShares JPMorgan USD Emerging Markets Bond Fund

PRPFX

September 20, 2010: Fantasy Football and Your Income  Portfolio

PIMCO was ranked fourth amongst ETF providers in advisor loyalty by a report that also had Vanguard coming in on the top of that ranking, followed by iShares and State Street’s SPDRs.(...)Read the rest of PIMCO Ranks Fourth In ETF Advisor Loyalty (<a class="ticker" href="/stock/mint#">MINT</a>) 
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PIMCO Ranks Fourth In ETF Advisor Loyalty (MINT)

August, a typically slow month for North American markets marking the end of the summer, ended with the general equity markets working up losses over the period. The S&amp;P500 lost about 4.7% over August as the market bounce that we saw in July fizzled out. No doubt that poor housing and employment numbers in the US [...]
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Major Moves Aug: New Listings Fly High, Others Stagnate, Filings Slow (MINT, ELD, BZF, CYB, HAB)

On August 31st, Grail Advisors filed a detailed prospectus with the SEC pertaining to a new actively-managed ETF called the Grail Western Asset Ultra Short Duration ETF, which will have the(...)Read the rest of Grail Advisors Details Western Asset Ultra Short Duration ETF (GWLQ, MINT) 
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