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Fidelity(R) Lowers Expenses on 27 Index Mutual Funds and ETFs
Fidelity's Index Funds Already Among Very Lowest in Industry; Expense Reductions Offer Even Better Value, Save Shareholders $20 Million Annually
June 28, 2016--Fidelity Investments(R), one of the industry's largest, most experienced providers of low-cost active and index investment products, today announced that effective July 1, 2016 it will reduce total expenses1 on 27 of its equity and bond index mutual funds and exchange traded funds (ETFs).
The average expenses across Fidelity's index fund line-up will decrease to 10.2 basis points (0.102%), down from 11.6 basis points today. The expense reductions are expected to save current shareholders approximately $20 million annually.
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Source: Fidelity Investments
State Street Global Advisors Expands Suite of Industry ETFs to Provide Investors with More Precise Exposure to Technology Hardware and Internet Sub-Industries
June 28, 2016--State Street Global Advisors (SSGA), the asset management business of State Street Corporation, (NYSE:STT) today announced that the SPDR(R) S&P(R) Technology Hardware ETF (Ticker: XTH) and the SPDR(R) S&P(R) Internet ETF (Ticker: XWEB) began trading on the NYSE Arca.
XTH and XWEB, designed to provide investors with targeted exposure to technology hardware sub-industries in the technology sector, and internet sub-industries in the consumer discretionary and technology sectors, respectively, join SSGA's leading suite of modified equal weighted S&P Industry ETFs, which now includes 20 funds with more than $13 billion in assets.1
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Source: SPDR Exchange Traded Funds
Deutsche Asset Management Adds Fourth Fund to Comprehensive Factor ETF Suite (DESC)
June 28, 2016--Deutsche Asset Management (Deutsche AM) today announced the launch of Deutsche X-trackers Russell 2000 Comprehensive Factor exchange traded fund (ETF) (Ticker: DESC), the fourth ETF to be added to its multifactor suite.
The new fund seeks to track the Russell 2000 Comprehensive Factor Index. The FTSE Russell family of Comprehensive Factor Indices is designed to track the equity market performance of companies that have demonstrated relatively strong exposure to targeted investment style factors: value, momentum, quality, low volatility and size.
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Source: Deutsche Asset Management
BlackRock Announces Share Splits for iShares ETFs
June 27, 2016--BlackRock, Inc. (NYSE: BLK) announced today that the Board of Trustees of iShares Trust has authorized share splits for a number of iShares ETFs.
The Board has approved share splits for 11 iShares ETFs for shareholders of record as of the close of business on July 19, 2016, payable after the close of trading on July 22, 2016:
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Source: BlackRock
Biggest crop ETF on track for best year since 2009
June 23, 2016--The largest exchange-traded fund linked to crop prices is again absorbing money after years of outflows, in a sign investors are warily returning to commodities markets.
PowerShares DB Agriculture, an $891m fund tracking food commodities from wheat to sugar, has received net inflows of $162m in the year 2016 to date.
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Source: FT.com
Direxion Changes FTSE Indexes for Two ETFs
June 23, 2016--Direxion is changing the benchmark indices of two leveraged exchange-traded funds (ETFs).
The modifications will take effect on or about August 22, 2016.
IMF-Article IV Consultation with the United States of America: Concluding Statement of the IMF Mission
June 22, 2016--The United States economy is, overall, in good shape. A total of 2.4 million new jobs were created over the past year and unemployment has fallen to 4.7 percent, its lowest level since the eve of the "Great Recession."
Inflation remains contained, and the U.S. economy has repeatedly demonstrated its resilience in the face of financial market volatility, a strengthening dollar, and subdued global demand.
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Source: IMF
Rafferty Asset Management Closing Inverse Equity ETF
June 21, 2016--The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion Daily Total Market Bear 1X Shares (TOTS) ("the Fund") based on the recommendation of Rafferty Asset Management, LLC, the Trust's advisor.
Due to the Fund's inability to attract sufficient investment assets, Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner. As a result, the Board concluded that liquidating and closing the Fund would be in the best interest of the Fund and its shareholders.
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Source: Direxion
Financial Stability Oversight Council Releases Sixth Annual Report
June 21, 2016--The Financial Stability Oversight Council (Council) today unanimously approved its 2016 annual report, which was developed collaboratively by the members of the Council and their agencies and staffs.
The Council reports annually to Congress on a range of issues, including significant financial market and regulatory developments, potential emerging threats to the financial stability of the United States, and the activities of the Council. The report
also makes recommendations to promote market discipline; maintain investor confidence; and enhance the integrity, efficiency, competitiveness, and stability of U.S. financial markets.
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Source: www.treasury.gov
Mackenzie Investments partners with Paris-based asset management firm TOBAM to launch innovative Smart Beta ETFs
June 21, 2016--Mackenzie Financial Corporation (Mackenzie Investments) announced today the launch of two smart beta index Exchange Traded Funds (ETFs) designed to offer investors a more diversified portfolio to reduce portfolio biases.
Mackenzie Investments has partnered with TOBAM, a global award-winning asset manager and index provider to some of the world's largest pension funds, to utilize their investment process in the new ETFs.
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Source: Mackenzie Investments
