Credit Suisse is closing five exchange-traded notes (ETNs) next month, which include products tracking volatility in stock markets and notes linked to oil prices. The ETNs that will be shut down on August 15 are the Velocityshares Daily 2x Vix Medium Term, Velocityshares Vix Medium Term, Credit Suisse X-Links WTI Crude Oil Index, Axelatrader 3x Long Brent Crude Oil, and Axelatrader 3x Inverse Brent Crude Oil. The first two products are listed on Nasdaq and the remaining three on NYSE Arca. Each of the products has less than $7 million in assets, with the largest, the Velocityshares Vix Medium-Term ETNs holding $6.91m.

The Swiss bank has previously halted trading of another volatility security betting on a calm market. The $1.9 billion Velocityshares Daily Inverse Vix Short Term ETN was shut in February after it suffered massive losses. The product was the second-largest, publicly-traded product betting on market swings in the S&P 500.

Vanguard deploys Dax in new tracker

Vanguard has launched a low-cost exchange-traded fund (ETF) tracking the performance of Dax, the leading German equity index that offers exposure to the 30 biggest companies listed on the Frankfurt Stock Exchange by market cap. The Ucits ETF is listed on both London Stock Exchange and on Deutsche Boerse with a net expense ratio of just 0.10%.

Bitwise Asset Management files crypto ETF request

San Francisco-based Bitwise Asset Management has asked Wall Street's top regulator for permission to launch the first cryptocurrency ETF. The fund will track an index of the top 10 cryptocurrencies, such as bitcoin and Ethereum, and captures about 80% of the total cryptocurrency market capitalisation, while using five-year-diluted market cap and other eligibility criteria to address challenges like constantly changing supply and liquidity of the crypto space. The firm filed with the Securities and Exchange Commission on July 24.

Although the request is made, the so-called Bitwise Hold 10 Cryptocurrency Index Fund has not been declared effective. In January, the SEC indicated that it would not be open to approving cryptocurrency ETFs, citing bitcoin's volatility and potential illiquidity that could hinder investors from cashing out their shares easily and make it difficult to calculate a fair market price at the end of every trading day. 'We expect the staff of the SEC has had ongoing discussions with the investment firms making the crypto filings to date, and we look forward to having our own discussions with the SEC about the nature of our proposed offering,' said John Hyland, global head of exchange-traded products at Bitwise, in a statement.

Nikko Asset Management offers USD-denominated play

Nikko Asset Management will launch the first Singapore dollar-denominated corporate bond ETF on the Singapore Exchange next month, according to reports. The Nikko AM SGD Investment Grade Corporate Bond ETF aims to replicate the performance of the iBoxx SGD Non-sovereigns Large Cap Investment Grade index.

The asset manager said it will also introduce a new ETF linked to the S&P 500 index with a currency hedge for the Japanese yen at the end of this month. The product will be listed on the Tokyo Stock Exchange in early August and was developed in response to requests from institutional investors who want exposure to US equities not exposed to currency fluctuations, according to Nikko. The fees are not disclosed and dividends will be distributed once a year.

Impact Shares adds civil rights offering

The first non-profit ETF platform, Impact Shares, is set to launch a minority empowerment ETF together with the National Association for the Advancement of Colored People (NAACP), a civil rights organisation in the US. The product will be listed on NYSE Arca and is designed to reflect NAACP's values of justice, equality and inclusivity. It invests in large-cap companies that empower minorities in their hiring, promotion, pay practices as well as products, services and supply chains.

'The ETF is the first of its kind, in that investors can allocate money to the companies that have a track record of supporting the NAACP's vision for corporate America and our constituents,' said Marvin Owens, senior director of the NAACP economic department. 'Unlike other ETFs, where operating profits are captured by a Wall Street investment firm, Impact Shares will direct its net advisory profits from this ETF back to the NAACP and to our mission as a non-profit.'

CSOP Asset Management debuts money market ETF

Hong Kong-based CSOP Asset Management has launched the first money market ETF in the region. The CSOP Hong Kong Dollar Money Market ETF is listed on the Hong Kong Stock Exchange and invests in Hong Kong dollar-denominated short-term deposits, such as commercial paper, certificates of deposits and commercial bills. It tracks the three-month Hong Kong Dollar interest settlement rate (Hibor): the rate rose to over 2% from 1% in the second quarter of this year and monetary tightening in the US and China are expected to uphold the trajectory, according to Louis Lu, portfolio manager at CSOP Asset Management cited in local reports.