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June 28, 2013 at 12:35 PM
New products introduced over the last week include a new global allocation fund from T. Rowe Price; two new Japan-focused ETFs from Direxion; and a covered call ETF from Horizons USA.
In addition, KKR is acquiring PRA International and WBI Investments launched two new funds.
Here are the latest developments of interest to advisors:
1) T. Rowe Price Launches Global Allocation Fund
T. Rowe Price announced that it has launched the Global Allocation Fund (RPGAX), a broadly diversified asset allocation fund that seeks long-term total return from investments in U.S. and international stocks, bonds, cash and alternative investments. The fund may serve as a core holding or complementary portfolio.
Typically, RPGAX will invest 60% of assets in stocks, 30% in bonds and cash, and 10% in alternative investments. Approximately 40% of the fund’s total assets will be invested in international stocks and bonds across both developed and emerging markets. Its asset classes include international equities, diversified fixed income, and strategic diversifying asset classes.
Charles Shriver, who has 13 years of investment experience and has been with T. Rowe Price for 21 years, manages the fund. Stefan Hubrich, who is also the director of asset allocation research, will act as the associate portfolio manager.
2) Direxion Launches Japan-Focused ETFs
Direxion announced that it has launched two leveraged ETFs that track Japanese equity market performance. The Direxion Daily Japan Bull 3X Shares (JPNL) seeks to generate daily investment results, before fees and expenses, of 300% of the performance of the MSCI Daily TR Net Japan USD Index. The Direxion Daily Japan Bear 3X Shares (JPNS) attempts to achieve daily investment results, before fees and expenses, of 300% of the inverse of the performance of the same index, which is tied to the MSCI Japan Index, a free-float adjusted index designed to track the performance of Japanese company stocks listed on the Tokyo Stock Exchange, Osaka Stock Exchange, Nagoya Stock Exchange and JASDAQ.
The ETFs do not attempt to meet their investment goals over periods longer than one day, and there is no guarantee that their objectives will be met.
3) Horizons USA Launches Covered Call ETF
Horizons ETFs Management (USA), a member of the Horizons ETFs Group, announced that it has launched the Horizons S&P 500 Covered Call ETF (HSPX), an ETF that uses a covered call strategy designed to potentially generate additional income from the option-eligible stocks in the S&P 500.
