{"id":32636,"date":"2016-03-08T01:48:52","date_gmt":"2016-03-08T06:48:52","guid":{"rendered":"http:\/\/prefblog.com\/?p=32636"},"modified":"2016-03-08T01:48:52","modified_gmt":"2016-03-08T06:48:52","slug":"march-7-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32636","title":{"rendered":"March 7, 2015"},"content":{"rendered":"

There’s an interesting story on Bloomberg about the invention of the ETF<\/a>:<\/p>\n

Yet, as [Nathan] Most and [Steven] Bloom were discovering at AMEX in 1988, the SEC had essentially requested the ETF\u2019s very creation. \u201cThe theory presented was that it would be possible to create baskets of key stocks available for sale,\u201d says David Ruder, a professor of law at Northwestern University who was SEC chairman from 1987 to 1989. \u201cThose baskets would then be able to be sold without causing the whole market to collapse.\u201d It was just a suggestion, Ruder says, and one the SEC didn\u2019t expect anybody to act on. Bloom remembers another detail he and Most latched onto: He recalls the SEC indicating that if someone wanted to engineer such a product, the agency might grant approval quickly.<\/p>\n

The AMEX team dropped everything else and dove in. \u201cWe were essentially reverse-engineering what the SEC called for in their report,\u201d Bloom says. \u201cWe viewed it as a product proposal being made by the regulators.\u201d
…<\/b>
Most, who studied physics at the University of California at Los Angeles before serving as a Navy submarine engineer during World War II, ultimately found inspiration from his time in commodities\u2014first as a trader for Pacific Vegetable Oil, then as president of the Pacific Commodities Exchange. As Most knew, commodities are typically stored in warehouses, which issue \u00adreceipts that can then be traded. \u201cYou store a commodity and you get a warehouse receipt,\u201d Most later recounted for ETF.com founder Jim Wiandt. \u201cYou can sell it; do a lot of things with it. Because you don\u2019t want to be moving the merchandise back and forth all the time, so you keep it in place and you simply transfer the warehouse receipt.\u201d<\/p>\n

He and Bloom wondered why that same concept couldn\u2019t be applied to a basket of equities.<\/p><\/blockquote>\n

It was a superb day for the Canadian preferred share market, with PerpetualDiscounts gaining 40bp, FixedResets winning 155bp and DeemedRetractibles up 51bp. The Performance Highlights table is lengthy. Volume was average.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n5.26 %<\/td>\n6.39 %<\/td>\n12,740<\/td>\n16.20<\/td>\n1<\/td>\n1.6588 %<\/td>\n1,490.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.42 %<\/td>\n6.51 %<\/td>\n24,637<\/td>\n15.72<\/td>\n1<\/td>\n0.3135 %<\/td>\n2,678.7<\/td>\n<\/tr>\n
Floater<\/td>\n4.50 %<\/td>\n4.71 %<\/td>\n75,114<\/td>\n15.94<\/td>\n4<\/td>\n1.7676 %<\/td>\n1,705.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0781 %<\/td>\n2,747.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.84 %<\/td>\n5.90 %<\/td>\n76,050<\/td>\n2.64<\/td>\n7<\/td>\n0.0781 %<\/td>\n3,215.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0781 %<\/td>\n2,508.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.81 %<\/td>\n0.60 %<\/td>\n75,710<\/td>\n0.08<\/td>\n6<\/td>\n-0.0463 %<\/td>\n2,539.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.70 %<\/td>\n5.75 %<\/td>\n100,640<\/td>\n14.24<\/td>\n33<\/td>\n0.4035 %<\/td>\n2,539.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.51 %<\/td>\n5.01 %<\/td>\n196,550<\/td>\n14.32<\/td>\n86<\/td>\n1.5516 %<\/td>\n1,846.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.26 %<\/td>\n5.51 %<\/td>\n113,021<\/td>\n5.14<\/td>\n34<\/td>\n0.5145 %<\/td>\n2,585.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.08 %<\/td>\n4.85 %<\/td>\n41,543<\/td>\n5.46<\/td>\n16<\/td>\n1.2605 %<\/td>\n1,989.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 10.25
\nEvaluated at bid price : 10.25
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.62
\nEvaluated at bid price : 16.62
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.90
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.76
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.82
\nEvaluated at bid price : 16.82
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
NA.PR.Q<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.49
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 11.32
\nEvaluated at bid price : 11.32
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.48
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
BNS.PR.F<\/td>\nFloatingReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.46
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 20.22
\nEvaluated at bid price : 20.22
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.09
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.61
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.14
\nEvaluated at bid price : 17.14
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 10.13
\nEvaluated at bid price : 10.13
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.99
\nEvaluated at bid price : 16.99
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.45
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 10.85
\nEvaluated at bid price : 10.85
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.55
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 12.20
\nEvaluated at bid price : 12.20
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.14
\nBid-YTW : 8.64 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.48
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.97
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 10.76
\nEvaluated at bid price : 10.76
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 20.08
\nEvaluated at bid price : 20.08
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.34
\nEvaluated at bid price : 17.34
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.83
\nBid-YTW : 11.09 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.33
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.43
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.39
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.68
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.87
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.89
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 14.40
\nEvaluated at bid price : 14.40
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 10.08
\nEvaluated at bid price : 10.08
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
GWO.PR.O<\/td>\nFloatingReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.20
\nBid-YTW : 11.99 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.13
\nEvaluated at bid price : 17.13
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.44
\nEvaluated at bid price : 17.44
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.24
\nBid-YTW : 9.53 %<\/td>\n<\/tr>\n
TD.PR.Z<\/td>\nFloatingReset<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.52
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.77
\nEvaluated at bid price : 17.77
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 18.62
\nEvaluated at bid price : 18.62
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.87
\nBid-YTW : 8.36 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.99
\nEvaluated at bid price : 16.99
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.76
\nBid-YTW : 8.05 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.78
\nBid-YTW : 9.47 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.90
\nBid-YTW : 10.67 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.50
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.70
\nBid-YTW : 8.42 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n2.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.40
\nBid-YTW : 9.37 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 11.64
\nEvaluated at bid price : 11.64
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 9.80
\nEvaluated at bid price : 9.80
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.95
\nBid-YTW : 8.20 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n3.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n3.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.88
\nBid-YTW : 8.03 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n3.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 15.75
\nEvaluated at bid price : 15.75
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n3.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 9.40
\nEvaluated at bid price : 9.40
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n4.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.45
\nBid-YTW : 8.40 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n4.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.38
\nBid-YTW : 7.45 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n4.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 15.67
\nEvaluated at bid price : 15.67
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n4.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n4.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n4.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n5.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 15.77
\nEvaluated at bid price : 15.77
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n5.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 13.45
\nEvaluated at bid price : 13.45
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n5.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 11.75
\nEvaluated at bid price : 11.75
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n6.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n6.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 9.35
\nEvaluated at bid price : 9.35
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n7.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n1,482,632<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n196,412<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 11.32
\nEvaluated at bid price : 11.32
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset<\/td>\n83,165<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n82,880<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n80,143<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n71,767<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.07
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
There were 33 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\nQuote: 10.25 – 15.39
\nSpot Rate : 5.1400
\nAverage : 3.3735<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 10.25
\nEvaluated at bid price : 10.25
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n

BAM.PR.E<\/td>\nRatchet<\/td>\nQuote: 12.87 – 14.40
\nSpot Rate : 1.5300
\nAverage : 0.9047<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.87
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

TD.PF.C<\/td>\nFixedReset<\/td>\nQuote: 16.62 – 17.47
\nSpot Rate : 0.8500
\nAverage : 0.5167<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 16.62
\nEvaluated at bid price : 16.62
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 14.33 – 15.60
\nSpot Rate : 1.2700
\nAverage : 0.9390<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 14.33
\nEvaluated at bid price : 14.33
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset<\/td>\nQuote: 17.87 – 18.45
\nSpot Rate : 0.5800
\nAverage : 0.3556<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.87
\nBid-YTW : 8.36 %<\/td>\n<\/tr>\n

BMO.PR.T<\/td>\nFixedReset<\/td>\nQuote: 17.26 – 18.03
\nSpot Rate : 0.7700
\nAverage : 0.5690<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-07
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s an interesting story on Bloomberg about the invention of the ETF: Yet, as [Nathan] Most and [Steven] Bloom were discovering at AMEX in 1988, the SEC had essentially requested the ETF\u2019s very creation. \u201cThe …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-32636","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32636","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=32636"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32636\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}