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- I conducted research on ETFs with Ultra-Short Maturities that investors consider to be "money market equivalent" ETFs.
- I examined the allocation, limitations, and performance of each ETF.
- Surprisingly, what I found was that RAVI performed the best, and PIMCOs MINT was the biggest underperformer.
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Aug. 6, 2014, 10:40 AM
- The First Trust Enhanced Short Maturity ETF (NASDAQ:FTSM) is an actively managed fund which invests in short-duration, investment-grade securities with the objective of delivering current income while providing capital preservation.
- "Over the past few years, in this low interest rate environment, investors in short-term bonds have often been faced with a choice between losing purchasing power safely in high quality bonds with negative real returns, or seeking higher returns from securities that are below investment-grade," said Ryan Issakainen, Senior Vices President and ETF Strategist at First Trust, in a statement.
- The active strategy of the ETF could provide a middle ground for investors looking for short-term securities that could potential offer a high return, but still preserve capital and avoid daily liquidity concerns.
- Other short-term investment grade ETFs: VCSH, CSJ, SCPB, SLQD, RAVI, MINC
Nov. 11, 2013, 5:34 PM
- Mutual fund giant Franklin Templeton Investments (BEN) recently launched their first ETF, the Franklin Short Duration U.S. Government ETF (FTSD) with an expense ratio of 0.30%.
- This actively managed fund focuses on short term securities issued or guaranteed by the U.S., but also invests across other short term debt sectors; including government and government agency debt, Treasury Inflation-Protected Securities, Adjustable Rate Mortgages and Mortgage-Backed Securities.
- "This actively managed ETF can take advantage of opportunities outside of the index (Barclays U.S. Government 1-3 Year Index), which has a much narrower opportunity set," said Roger Bayston, the fund's lead portfolio manager, in a press release.
- Money Market ETFs: MINT, NEAR, RAVI, ULST, GMTB
Jul. 8, 2013, 12:16 PMOne of the better-selling ETFs in June was the Pimco Short Maturity ETF (MINT), which gathered $700M. The fund was already a popular one as its 0.98% yield beat out money-market funds, and now it's attracting those fearful of higher rates. Money market funds' advantage of a fixed NAV may soon disappear as well, thanks to a SEC proposal to force institutional funds to float. Similar ETFs: BIL, SHV, GSY, PVI, VRD, RAVI. | 4 Comments
May. 16, 2013, 1:28 PMFund managers like BlackRock (BLK) and Legg Mason (LM) get ahead of what could be a "seismic reallocation of assets" by launching "ultra-short" funds with floating NAVs ahead of new money market regulations. These funds are different than the "ultra-short" funds which ran into trouble in 2008 in that their maturities are even shorter and they can only invest in high-grade debt. Somewhat similar ETF offerings: SHV, MINT, BIL, PVI, GSY, VRD, RAVI. | 1 Comment
Mar. 13, 2013, 10:12 AMTrying to turn back coming regulation, Fidelity throws its support behind "liquidity gates" and fees on money-market funds during times of market stress. The proposed model would temporarily halt redemptions should liquid assets fall below a certain level. Should liquidity continue to decline, a 1% redemption fee would be imposed. Short-duration ETFs (SHV, MINT to name two) are sounding better and better. | Comment!
Feb. 12, 2013, 2:45 PM
Jan. 31, 2013, 2:14 PMWisdomTree's (WETF) latest (pdf) is the actively managed Global Corporate Bond ETF (GLCB). Unique in that it can invest in any corporate bond listed anywhere in the globally, GLCB charges 0.45%. Competing ETFs: Passive IBND (ER 0.55%) has significantly less emerging market and high yield exposure but has a similar intermediate duration. Active FWDB (ER 1.26%) is more similar geographically and credit grade-wise but mixes in non-corporate fixed income. RAVI (ER 0.25%) and MINT (ER 0.35%) are both actively managed but have much shorter durations and minimal high yield exposure. RAVI has no emerging exposure. | Comment!
Jan. 10, 2013, 9:40 AM
RAVI vs. ETF Alternatives
FlexShares® Ready Access Variable Income Fund is an actively managed ETF that attempts to help cash investors try to maintain liquidity and reach for higher returns, without undue volatility. RAVI features a variable net asset value (NAV) and can invest beyond the limitations of a traditional money market. The portfolio consists of investment grade debt securities from around the world, including U.S. and non-U.S. public and private sector securities.
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