Short Selling Rule Puts Three ETFs Out of Commission
News summary by MFWire's editors
Rydex and ProFunds on Friday halted the creation of shares in their short market funds. The SEC's emergency action to stop shorting of certain companies caused the firms to take this action. Redemptions of the funds were available as normal. The freeze affects the Rydex Inverse 2x S&P Select Sector Financial ETF; the Short Financials ProShares and the UltraShort Financials ProShares.
ProShares Press Release
BETHESDA, Md.--(BUSINESS WIRE)--Due to the emergency action announced by
the Securities and Exchange Commission on September 18, 2008,
temporarily prohibiting short sales of shares of certain financial
companies, Short Financials ProShares (SEF) and UltraShort Financials
ProShares (SKF) are not expected to accept orders from Authorized
Participants to create shares until further notice. Unless notified
otherwise, shares will be available for redemption by Authorized
Participants as normal. The shares of these ProShares are expected to
trade in the financial markets today, but may trade at prices that are
not in line with their intraday indicative values
Rydex Press Release
ROCKVILLE, MD--(Marketwire - September 19, 2008) - Due to the emergency action announced by the Securities and Exchange Commission on September 18, 2008, temporarily prohibiting short sales of shares of certain financial companies, Rydex Inverse 2x S&P Select Sector Financial ETF (RFN) is not expected to accept orders from Authorized Participants to create shares until further notice. Unless notified otherwise, shares will be available for redemption by Authorized Participants as normal. Shares of this Rydex ETF are expected to continue to trade in the financial markets today, but may trade at prices that are not in line with their intraday indicative values.
v
About Rydex Investments
Rydex Investments continues to drive change in the financial industry by introducing investment products and services that challenge conventional thinking, empower investors and provide essential new options for uncertain market conditions. Rydex manages approximately $15 billion in assets via nearly 100 mutual funds and exchange traded products.
For more complete information regarding RydexShares™, including management fees and expenses, call 877.RYDEX34 or visit www.rydexinvestments.com for a prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. The fund's prospectus contains this and other information about the fund. Please read the prospectus carefully before you invest or send money.
Rydex Distributors, Inc., an affiliate of Rydex Investments, is the distributor of Rydex funds.
Subscribe to MFWire.com's News Alerts [click]
Email & Route 
Print 
Raw XML
