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Old Mutual added three ETFs to its GlobalShares lineup yesterday (4\/6\/10). Similar to its previous two fund launches, these new funds are nearly identical to existing products from other sponsors. Joining an already crowded field are GlobalShares FTSE All-World Fund (GSW), GlobalShares FTSE All-World ex-US Fund (GSO), and GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ).<\/p>\n
Old Mutual\u2019s ETF strategy is unclear. Launching funds that are essentially clones of ETFs from proven sponsors that enjoy lower expense ratios and better brand recognition sounds like a recipe for disaster. Old Mutual has tried a few tricks like zero expense ratio teasers and share splits to attract attention, but those attempts have failed so far. I anticipate seeing all five of the GlobalShares funds on ETF Deathwatch once their six-month grace periods expire.<\/p>\n
GlobalShares FTSE All-World Fund (GSW)<\/strong> (summary page, fact sheet pdf) is designed to track the performance of large and mid-cap companies located throughout the world. The underlying FTSE Index has about 2,500 stocks, representing 90-95% of the world\u2019s investable equity market capitalization. Expenses are capped at 0.35% through January 2012.<\/p>\n GSW is an attempt to clone Vanguard Total World Stock ETF (VT) (overview), which tracks the same FTSE index but has a lower 0.30% expense ratio. Another competitor, iShares MSCI ACWI (ACWI), is part of the commission-free ETF lineup at Fidelity. VT still gets our vote for best all country ETF.<\/p>\n GlobalShares FTSE All-World ex-US Fund (GSO)<\/strong> (summary page, fact sheet pdf) is designed to track the performance of large-cap and medium-cap companies located in developed and emerging market countries throughout the world, excluding the United States. The underlying FTSE Index has approximately 2,200 stocks, representing about 98% of the world\u2019s investable market capitalization (excluding the United States). Expenses are capped at 0.35% through January 2012.<\/p>\n GSW is a clone of the Vanguard FTSE All-World ex-US ETF (VEU) (overview), which tracks the same index but has a lower 0.25% expense ratio. In addition to VEU, five other ETFs compete in the all-world ex-US space: iShares MSCI ACWI ex-US (ACWX), SPDR MSCI ACWI ex-US (CWI), WisdomTree World ex-US Growth Fund (DNL), SPDR S&P World ex-US (GWL), and Vanguard FTSE All-World ex-US Small-Cap (VSS) (launch article).<\/p>\n GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ)<\/strong> (summary page, fact sheet pdf) is designed to capture the performance of large-cap and medium-cap companies located in the Asia Pacific region, excluding Japan. The underlying FTSE Index includes more than 1,700 stocks, representing approximately 98% of the investable market capitalization of the target area. The fund\u2019s expenses are capped at 0.50% through January 2012.<\/p>\n There are currently six other Asia Pacific ex-Japan ETFs, although each has a slightly different target than GSZ. This makes GSZ the \u201cmost original\u201d ETF ever launched by GlobalShares. iShares MSCI AC Asia ex-Japan (AAXJ) excludes the \u201cPacific\u201d countries of Australia and New Zealand, WisdomTree Pacific ex-Japan Dividend (DND) has a dividend focus, WisdomTree Pacific ex-Japan Equity Income (DNH) includes only developed markets, iShares MSCI Pacific ex-Japan (EPP) includes only developed markets, SPDR Emerging Asia Pacific ETF (GMF) includes only emerging markets, and PowerShares FTSE RAFI Asia Pacific ex-Japan (PAF) employs fundamental indexing.<\/p>\n","protected":false},"excerpt":{"rendered":" Old Mutual added three ETFs to its GlobalShares lineup yesterday (4\/6\/10). Similar to its previous two fund launches, these new funds are nearly identical to existing products from other sponsors. Joining an already crowded field are GlobalShares FTSE All-World Fund (GSW), GlobalShares FTSE All-World ex-US Fund (GSO), and GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund …<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/pages\/4950"}],"collection":[{"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/comments?post=4950"}],"version-history":[{"count":1,"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/pages\/4950\/revisions"}],"predecessor-version":[{"id":4952,"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/pages\/4950\/revisions\/4952"}],"wp:attachment":[{"href":"https:\/\/investwithanedge.com\/wp-json\/wp\/v2\/media?parent=4950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}