Stork and Reaper for July 24, 2012
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Tuesday, July 24, 2012

Stork and Reaper for July 24, 2012

The number of fund openings continued to slow today.

Vanguard is prepping its new Short-Term Inflation-Protected Securities Index Fund. The fund aims to "track the performance of a benchmark index that measures the investment return of inflation-protected public obligations of the U.S. Treasury with remaining maturities of less than five years." It will be PMed by Joshua C. Barrickman and Gemma Wright-Casparius. [SEC Filing]

After an extended absence, the Reaper has returned, outworking the Stork.

AdvisorShares Investments will close and liquidate its Dent Tactical ETF on or about August 15, 2012. The fund's last day of trading will be August 8. Between the close of trading on August 8 and August 15, the fund will liquidate its assets. [SEC Filing]

Direxion Funds will liquidate and terminate the Direxion HY Bear Fund. The fund's inability to attract assets hindered its ability to remain competitive and efficient. In a phone interview with MFWire, Direxion Funds CMO Andy O'Rourke explained that the fund was offered for a number of years but had only attracted a niche group of investors without significant assets in the fund. "The closing of the fund and the timing of the closing were straightforward business decisions," O'Rourke added. It will be closed to new investments at the end of trading on or about August 15, and its assets will be converted to cash on or about August 22. The fund will be liquidated on or about August 29. Direxion will not be offering a direct replacement for this fund. [SEC Filing]

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