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Portfolio > Portfolio Construction

Top Portfolio Products: Multi-Strategy ETF Launched by AdvisorShares

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New products and changes introduced over the last week include a multi-strategy ETF from AdvisorShares; Invesco PowerShares announced changes for its three municipal bond ETFs; and Genworth announced flexible options in long-term care insurance cost and coverage.

Also, New York Life Retirement Services announced its retirement readiness dashboard and Matthews Asia announced that it has been awarded a qualified foreign institutional investor (QFII) license in China.

Here are the latest developments of interest to advisors:

1) AdvisorShares Launches Multistrategy ETF

NASDAQ OMX has announced the launch of AdvisorShares’ Sunrise Multi-Strategy ETF (MULT), managed by Sunrise Capital Partners, LLC.

MULT seeks to provide long-term total returns through a multimodel and multistrategy quantitative investment approach by tactically investing both long and short through a variety of asset classes using ETFs, futures, foreign currencies and U.S. Treasuries.

2) Invesco PowerShares Announces Changes in Municipal Bond ETFs

Invesco PowerShares Capital Management LLC has announced that the fund name, underlying index, investment objective, certain fundamental and nonfundamental investment policies and principal investment strategies have changed for its three municipal bond ETFs.

Effective July 8, , the PowerShares Insured National Municipal Bond Portfolio (PZA) tracks the Bank of America-Merrill Lynch (BAC) National Long-Term Core Plus Municipal Securities Index (UNAP), and has been renamed the PowerShares National AMT-Free Municipal Bond Portfolio; the PowerShares Insured New York Municipal Bond Portfolio (PZT) tracks the BofA ML New York Long-Term Core Plus Municipal Securities Index (UNYP) and is renamed the PowerShares New York AMT-Free Municipal Bond Portfolio; and the PowerShares Insured California Municipal Bond Portfolio (PWZ) tracks the BofA ML California Long-Term Core Plus Municipal Securities Index (UCAP) and is renamed the PowerShares California AMT-Free Municipal Bond Portfolio. Ticker symbols remain unchanged.

3) Genworth Introduces FlexFit Packages for LTCI

Genworth announced that it is introducing Privileged Choice Flex 3 LTC coverage with FlexFit packages.

The two package options available to consumers are FlexFit Premium and FlexFit Coverage. FlexFit Premium is based on an annual premium, and FlexFit Coverage is based on an initial coverage amount. If a person is interested in LTC insurance, but needs to stay within a certain budget amount, the FlexFit Premium package has options starting at $1,000 annually. If the focus is on protecting a certain amount of income and/or assets, the FlexFit Coverage package has options starting at $100,000 of initial coverage.

4) New York Life Retirement Plan Services Launches Readiness Dashboard

New York Life Retirement Plan Services has announced the launch of its retirement readiness dashboard, designed to help plan sponsors and their advisors determine employees’ retirement readiness and model plan changes to increase these rates.

The dashboard, which was rolled out across New York Life’s client base in May, shows how prepared participants are for retirement when compared to industry peers and all other New York Life retirement clients, and allows segmentation by participant age, tenure, salary and division. It also features interactive tools to model how adding features including auto enrollment, auto escalation or changes in corporate match will affect participant readiness.

5) Matthews Asia Granted QFII License in China

Matthews Asia (Matthews International Capital Management) has announced that confirmed it has been awarded a qualified foreign institutional investor (QFII) license by the China Securities Regulatory Commission (CSRC) and a $100 million quota from the Chinese State Administration of Foreign Exchange (SAFE).

The award of a QFII license and quota enables the firm to invest, on behalf of its clients, up to $100 million directly into China’s domestic securities market, including the market for China A-shares. Currently, direct investments into this market by foreign investors can only be made with a QFII license and quota. The quota will be made available to funds managed by the company, including its U.S.-domiciled open-ended equity mutual fund family, Matthews Asia Funds.

Read the July 6 Portfolio Products Roundup at ThinkAdvisor.


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