IndexIQ Lowers Fees for 3 Currency-Hedged ETFs: Portfolio Products

Also, OppenheimerFunds and Direxion add ETFs; Harvest and Foundation Source launch continuing ed programs

IndexIQ announced that it lowered the total expense ratio for its suite of 50% currency-hedged international equity ETFs as of July 12.

The names and tickers of the funds with reduced fees (after fee waiver and expense limitation) include: IQ 50 Percent Hedged FTSE International ETF (HFXI), IQ 50 Percent Hedged FTSE Europe ETF (HFXE) and IQ 50 Percent Hedged FTSE Japan ETF (HFXJ).

“We’re pleased to make it more cost-efficient for investors to access the benefits of our 50 percent hedged suite of international equity ETFs,” IndexIQ’s Chief Investment Officer Salvatore Bruno said in a statement. 

HFXI’s expense ratio was lowered by almost half from 0.36% to 0.20%. HFXE and HFXJ’s expense ratios were lowered by more than a third from 0.46% to 0.30% for each.

HFXI and the other funds in this product suite have performed exactly as designed since we launched them in July of 2015, even as Brexit, the results of the U.S. election, and a push for a weaker dollar have whipsawed the currency market in different and frequently counterintuitive ways,” Bruno said in a statement. “With these lower fees, this innovative family of funds is even better positioned for future growth.”

Wealth Partners Capital Group Launches With Three Anchor Investments

Wealth Partners Capital Group, a new firm focusing on the aggregation of smaller U.S. wealth management businesses, launched with the closing of minority investments in three platform firms: Forbes Family Trust (FFT), MAI Capital Management (MAI), and EP Wealth Advisors (EPWA). 

The management teams of each firm will continue to hold a majority of the equity in their business and control of day-to-day operations. 

WPCG will assist its three partner firms to expand via the acquisition of smaller, high quality RIA firms which seek a supportive partner and operational platform to better serve clients and grow their business.

As part of the transaction, the management teams of each firm have entered into long-term employment agreements with their respective firms. The terms of the transactions were not disclosed.

OppenheimerFunds Launches Three New Revenue-Weighted ETFs

OppenheimerFunds is expanding its Beta Solutions product offerings with the launch of three new revenue-weighted ETFs in the emerging, global and international market segments, according to an announcement.

The new funds are Oppenheimer Emerging Markets Revenue ETF (REEM), Oppenheimer Global Revenue ETF (RGLB) and Oppenheimer International Revenue ETF (REFA).

REEM seeks to outperform the MSCI Emerging Markets Index, with an expense ratio of 46 basis points. RGLB seeks to outperform the MSCI All Country World Index, with an expense ratio of 43 basis points. REFA seeks to outperform the MSCI EAFE Index, with an expense ratio of 42 basis points.

The securities in each of the new funds are weighted by their trailing 12-month top-line revenue, rather than their market capitalization, with a 5% maximum portfolio weight for any one issuer. The funds are rebalanced quarterly.

Direxion Launches 3X Leveraged ETF on EURO STOXX 50 Index

Direxion launched the Direxion Daily EURO STOXX 50 Bull 3X Shares (EUXL). The fund seeks to achieve 300% of the daily performance of the EURO STOXX 50 Index. The index covers 50 blue-chip stocks from 11 Eurozone countries.

The fund’s gross expense ratio is 1.05%. 

Like all leveraged ETFs, this Direxion product is intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results, and who plan to actively monitor and manage their positions. There is no guarantee that this fund will meet its objective.

Harvest Launches Free CFP Continuing Education Program

Harvest Exchange announced the launch of its first CFP Board Continuing Education program as part of its drive to offer financial planners the most relevant investment-education focused and practice-building expertise.

Harvest recently was accepted by the CFP Board as an approved provider of continuing education. The first, just-launched Harvest CFP course, "Principles of Financial Planning," is free and earns one continuing education credit upon completion.

The course helps financial planners learn and earn credit for topics including current markets, portfolio allocation, tax & retirement planning, investment planning and risk management.

Foundation Source Announces Continuing Education Series for Advisors

Foundation Source announced an ongoing series of continuing education seminars to help financial advisors expand their knowledge around charitable giving and incorporate philanthropic services into their practices.

These educational seminars are in response to a need identified by a Foundation Source survey of financial advisors that found that 78% of financial advisors were “interested” or “very interested” in developing their knowledge around philanthropy.

The in-person seminars provide continuing education credits for those financial advisors who hold the CFP certification from the CFP Board; CIMA, CIMC, and CPWA certifications from IMCA; and CRPC and CRPS certifications from the College for Financial Planning. Continuing education credits are also available to CPAs in those states that recognize certification by the National Association of State Boards of Accountancy (NASBA).

The inaugural, intermediate-level seminar covers “Incorporating Charitable Planning into Your Practice” and has been conducted in over 25 locations since April of this year. Topics for additional seminars will be announced in the near future.

 ---Read last week’s portfolio product roundup here: Bernard Health Expands Partnership With Financial Advisors: Portfolio Products

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