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
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