U.S. SEC approves request to list quadruple-leveraged ETFs

NEW YORK, May 2 (Reuters) – The Securities and Exchange Commission on Tuesday approved a request to trade quadruple-leveraged exchange-traded funds, marking a first for the growing market for such products in the United States.

The request to list ForceShares Daily 4X US Market Futures Long Fund, under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, under the ticker DOWN, was filed by Intercontinental Exchange Inc’s NYSE Arca exchange.

  • Securities and Exchange Commission (Release No. 34–79201; File No. SR-NYSEArca-2016-120)

In the absence of certain stop measures represented by options on futures contracts obtained by a Fund, if the Benchmark moves 25% or more on a given trading day(s) in a direction adverse to a Fund’s holdings, a Fund’s investors would lose all of their money.

Lawrence Glosten, Suresh Nallareddy & Yuan Zou, ETF Trading and Informational Efficiency of Underlying Securities

Using a large cross-section of ETF holdings data from January 2004 to December 2013, we document that an increase in ETF trading is accompanied by an increase in price informational efficiency of the underlying stocks, as reflected in the increase in the relation between stock returns and earnings news. The effect of ETF trading on information efficiency should be conditional on the information environment and the degree of capital market competition. Consistent with expectations, when we conduct the information efficiency tests within different segments of the market, we find significant and improved informational efficiency among small firms (firms with market capitalization below the NYSE 50th percentile), stocks with low analyst following (firms with analyst following below the 75th percentile), and stocks with imperfectly competitive equity markets (number of shareholders below the 75th percentile). In contrast, we are unable to document such improvement for big firms, stocks with high analyst following, and for stocks with perfectly competitive equity markets.


投資信託業界の友人には申し訳ないですが,日本の投資信託の報酬は,一般的に高すぎると感じます。日本でも海外のETFを購入することができるようになってきましたし,もともと米国に口座がある方もいらっしゃるでしょうから,ETF Databaseにある投資目的に応じた最安価のETF (The Cheapest ETF for Every Investment Objective)が役立つかもしれません。

ETF Image

投資に関する話題は,The Big Pictureが多数提供していて,金と不動産の価格の変動新興国のGDP変化率Global Trade Indicators, S&P 500 vs US 10 Year Yield to 1791 Against US Recessionsなどがあります。

via The Big Picture