Three Gun Salute for a Three ETF Tuesday
Wednesday, November 18th, 2009Ron Rowland submits:
Three sponsors launched new ETFs on Tuesday 11/17/09, making for 97 (93 ETFs and 4 ETNs) new exchange-traded product listings so far this year. The three new funds are the IQ ARB Merger Arbitrage ETF (MNA), PIMCO Enhanced Short Maturity Strategy Fund (MINT), and PowerShares Build America Bonds Portfolio (BAB).
IQ ARB Merger Arbitrage ETF (MNA) seeks to achieve capital appreciation by investing in global companies for which there has been a public announcement of a takeover by an acquirer. This approach is based on a passive strategy of owning certain announced takeover targets with the goal of generating returns that are representative of global merger arbitrage activity. The Index also includes short exposure to global equities as a partial equity market hedge. Additional information can be found in the press release (pdf), summary page, and fact sheet (pdf).
