{"id":24793,"date":"2014-03-26T15:38:34","date_gmt":"2014-03-26T20:38:34","guid":{"rendered":"http:\/\/prefblog.com\/?p=24793"},"modified":"2014-03-26T15:38:34","modified_gmt":"2014-03-26T20:38:34","slug":"new-sptsx-preferred-share-sub-indices","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24793","title":{"rendered":"New S&P\/TSX Preferred Share Sub-Indices?"},"content":{"rendered":"

I was a little startled to find some new entries on the TMXMoney indices page<\/a>:<\/p>\n

\n\n\n\n\n\n\n
S&P\/TSX Preferred Share Current Year Laddered Index<\/td>\n^TXLC<\/td>\n 954.15<\/td>\n -0.51<\/td>\n -0.05<\/td>\n<\/tr>\n
S&P\/TSX Preferred Share Year 1 Laddered Index<\/td>\n ^TXL1<\/td>\n 886.44<\/td>\n -0.72<\/td>\n -0.08<\/td>\n<\/tr>\n
S&P\/TSX Preferred Share Year 2 Laddered Index<\/td>\n ^TXL2<\/td>\n 872.91<\/td>\n -0.19<\/td>\n -0.02<\/td>\n<\/tr>\n
S&P\/TSX Preferred Share Year 3 Laddered Index<\/td>\n ^TXL3<\/td>\n 875.73<\/td>\n 0.44<\/td>\n 0.05<\/td>\n<\/tr>\n
S&P\/TSX Preferred Share Year 4 Laddered Index<\/td>\n ^TXL4<\/td>\n 948.92<\/td>\n 0.37<\/td>\n 0.04<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Clicking the names provides the inclusion criteria – just as one would expect from the names, e.g.:<\/p>\n

\u2022Same as the S&P\/TSX Preferred Share Laddered Index, except that preferred stocks are restricted to those with reset dates in the current calendar year.<\/p><\/blockquote>\n

The “methodology” and “fact sheet” buttons lead only to the TXPL methodology and fact sheet.<\/p>\n

There are no references to these subindices on S&P’s TXPL web page<\/a>.<\/p>\n

Mr. Google knows nothing about these indices.<\/p>\n

So it’s all very mysterious. I suspect that there’s a new ETF family in the works, now that ZPR has attracted $972-million in about sixteen months<\/a> making every promoter in the country salivate while kicking themselves for not thinking of it first; and I’m sure that the Exchange doesn’t create these things on spec.<\/p>\n

The other puzzle is: what useful purpose could these things serve? I would be more interested in a slicing of TXPL by credit quality (investment grade & junk) and Issue Reset Spread (so that the bands were, effectively, ‘likely call’, ‘likely extension’ and ‘maybe’, but I know nothing of sales techniques.<\/p>\n","protected":false},"excerpt":{"rendered":"

I was a little startled to find some new entries on the TMXMoney indices page: S&P\/TSX Preferred Share Current Year Laddered Index ^TXLC 954.15 -0.51 -0.05 S&P\/TSX Preferred Share Year 1 Laddered Index ^TXL1 886.44 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-24793","post","type-post","status-publish","format-standard","hentry","category-indices-and-etfs"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24793"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24793\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}