Products September 24, 2010

WisdomTree Puts Out Commodity Offering

WisdomTree, an exchange-traded fund (ETF) sponsor and asset manager, has launched the WisdomTree Dreyfus Commodity Currency Fund (CCX) on the NYSE Arca.
Reported by

A news release said the new offering is designed to provide broad-based exposure to money market rates and currency movements of selected commodity-producing countries and has an expense ratio of 0.55%.

“In addition to presenting a distinct alternative to traditional currencies like the euro, yen and pound, exposure to commodity currencies has historically served to diversify a traditional portfolio,” said Bruce Lavine, WisdomTree President & COO, in the news release.

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Although the fund invests in very short-term, investment grade instruments, the fund is not a money market fund. It doesn’t strive to maintain a constant share price, the company said

Constituent currencies at launch:

Developed Market     Emerging Market  

Australian dollar      Brazilian real
Canadian dollar      Chilean peso
Norwegian krone      Russian ruble
New Zealand dollar    South African rand

Compliance September 23, 2010

House Approves Bill Allowing In-Plan Roth Conversions

The U.S. House of Representatives has approved a bill that includes provisions allowing retirement plan participants to roll over their assets into in-plan Roth accounts.
 
Reported by

The bill also allows participants in 457 plans to treat elective deferrals as Roth contributions, effective for tax years beginning after 2010. 

Under the bill, if a section 401(k) plan, section 403(b) plan, or governmental section 457(b) plan has a qualified designated Roth contribution program, a distribution to an employee (or a surviving spouse) from an account under the plan that is not a designated Roth account is permitted to be rolled over into a designated Roth account under the plan for the individual (see “Roth 401(k) Provision in Broader Senate Bill“).

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The legislation, approved by a 237 to 187 vote, now goes to the White House and is expected to be signed into law.

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