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Portfolio > Portfolio Construction

Top Portfolio Products: WisdomTree Launches Small-Cap Dividend Growth Fund

By Marlene Y. Satter

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New products introduced over the last week include a new small-cap dividend growth fund from WisdomTree and a new odd-lot fixed income pricing service from BondDesk and S&P Capital IQ. In addition, Direxion announced reverse and forward share splits for nine of its ETFs, and Allianz Global Investors said it will develop a global emerging market debt capability.

Here are the latest developments of interest to advisors:

1) WisdomTree Launches U.S. SmallCap Dividend Growth Fund

WisdomTree announced Thursday the launch of the WisdomTree U.S. SmallCap Dividend Growth Fund (DGRS), designed to provide exposure to small-cap dividend-paying stocks with growth characteristics; it has an expense ratio of 0.38%.

DGRS seeks to offer a diversified basket of small-cap dividend-paying securities with growth characteristics; differentiated exposure from traditional dividend funds; greater exposure to cyclical sectors leveraged to an improving U.S. economy, versus more defensive sectors; having at annual index rebalance a single stock cap of 2% and a sector cap of 25%.

2) BondDesk, S&P Capital IQ to Develop Odd-Lot Fixed Income Pricing Service

BondDesk Group LLC and S&P Capital IQ announced Thursday a new pricing service forU.S.corporate and municipal bonds, Odd-Lot Valuations. The evaluated prices in this new service will be derived using S&P Capital IQ’s proprietary methodologies and factor in market data from the BondDesk ATS.

Odd-Lot Valuations will include bid- and ask-side odd-lot (<$1 million) evaluated prices, a unique market range around these prices and a flexible suite of tools to deliver these outputs to fixed-income marketplace participants including retail brokers, market makers, buy-side institutions, interdealer brokers, data providers and alternative trading systems (ATSs). The service will bring a degree of confidence to the execution of odd-lot fixed income trades, provide compliance departments with a consistent way to help assess trade execution quality, and provide investors with valuations that are more indicative of odd lot transactions.

3) Direxion Announces Reverse and Forward Share Splits of Nine ETFs

Direxion announced Wednesday that it will execute reverse share splits for seven of its leveraged ETFs, as well as forward share splits for another two leveraged ETFs. The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, which will be redeemed for cash at each fund’s split-adjusted NAV as of the respective effective/record date.

Direxion will execute 1-for-4 reverse splits of the shares of the Direxion Daily India Bull 3X Shares (INDL), Direxion Daily Real Estate Bear 3X Shares (DRV), Direxion Daily Semiconductor Bear 3X Shares (SOXS), Direxion Daily Developed Markets Bear 3X Shares (DPK) and Direxion Daily Natural Gas Related Bear 3X Shares (GASX), effective at the open of the markets on Tuesday, August 20. The firm will also execute a 1-for-5 reverse split of the shares of the Direxion Daily S&P 500 Bear 3X Shares (SPXS) and a 1-for-10 reverse split of the shares of the Direxion Daily Gold Miners Bull 3X Shares (NUGT), also effective at the open of the markets on Aug. 20.

Direxion will also execute 2-for-1 forward splits of the shares of the Direxion Daily Gold Miners Bear 3X Shares (DUST) and Direxion Daily Healthcare Bull 3X Shares (CURE), with an execution date of Aug. 20, a record date of Aug. 16 and a payable date of Aug. 19.

In addition, as a result of the splits, the ETFs will have outstanding one aggregation of less than 50,000 shares to make a creation unit, or “odd lot unit.” The funds will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV, or at the NAV on the date the authorized participant seeks to redeem it.

4) Allianz Global Investors to Develop Global Emerging Market Debt Capability

Allianz Global Investors (AllianzGI) announced that it is developing a global emerging market debt team, and that emerging market debt specialist Greg Saichin will join in September to head the team.

Saichin was previously head of emerging markets and high-yield fixed income portfolio management at Pioneer Investments, and has over 20 years of experience in emerging markets, with the past 13 as a portfolio manager.

Read the July 19 Portfolio Products Roundup at ThinkAdvisor.

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