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Factor Advisors launches spread ETFs on NYSE Arca
Feb 25, 2011 by Martin Leonard
New York-based asset management firm Factor Advisors has launched a family of spread exchange traded funds (EFT) enabling investors to simultaneously hold a bull and a bear position in a single leveraged ETF.
FactorShares ETFs, which will be listed on the NYSE Arca, hold paired long and short positions in five asset classes - the S&P; 500 Index, US treasury bonds, gold, oil and the US dollar.
The initial suite of FactorShares spread ETFs are rebalanced daily in order to maintain dollar neutrality. They target a daily leverage ratio of 4:1 where each dollar invested provides approximately $2 of long futures exposure and $2 of short futures exposure immediately after daily rebalancing.
“As a portfolio manager, I used to become frustrated about being charged twice the transaction fees and double the margin requirements in order to implement spread trades,” said Stuart Rosenthal, chief executive officer and co-founder of Factor Advisors.
“I was determined to bring greater efficiency to spread trading. With FactorShares, spread trading among the major asset classes requiring two separate positions and indiscriminate rebalancing is in the past,” he added.
