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December 20, 2014 at 12:23 PM
New products and changes introduced over the last week include a long/short credit fund from Palmer Square; a long/short equity fund from 361 Capital; two ETFs from LifeSci Index Partners, LLC; the closing of Direxion’s gold ETF and launch of another fund; Centre Asset Management’s announcement that it will acquire ISI Funds.
Also, Salient Partners adopted the Broadmark Tactical Plus Fund; iCapital announced the availability of Burgiss data; Quovo announced integration with Advizr; Gemini Alternative Funds launched the Galaxy Plus Fund; and Henderson Global Advisors added a fund.
Here are the latest developments of interest to advisors:
1) Direxion to Close Gold Bear ETF, Launch Fund
The Direxion Shares ETF Trust II has decided to liquidate and close the Direxion Daily Gold Bear 3X Shares ETF (BARS), based on the recommendation of Direxion Asset Management, LLC, the fund’s sponsor. Due to the fund’s inability to attract sufficient investment assets, Direxion believes BARS cannot continue to conduct its business and operations in an economically efficient manner.
Shares of BARS will stop trading and will no longer be open to purchase by investors at the close of regular trading on Dec. 26. Shareholders may sell their holdings in BARS prior to the closing date, and those transactions are subject to customary brokerage charges. On Dec. 30, BARS will liquidate its assets and distribute cash pro rata to shareholders who have not previously redeemed or exchanged their shares.
Direxion also announced that it has partnered with Hilton Capital Management to launch the Direxion Hilton Tactical Income Fund, which balances bonds with income-producing equity-based securities. Its goal is a focused outcome of consistent income generation, risk-adjusted growth and preservation of capital.
2) Palmer Square Adds Long/Short Credit Fund
Palmer Square Capital Management has announced the addition of the Palmer Square Long/Short Credit Fund (PCHIX, PCHAX).
PCHIX has an investment objective of absolute returns over a market cycle through a portfolio of long and short credit investments. It will primarily invest long and short in corporate bonds, loans, convertible bonds, structured credit (most notably, collateralized loan obligations or CLOs), and derivatives.
3) 361 Capital Launches Long/Short Equity Fund
361 Capital has announced the launch of the 361 Global Long/Short Equity Fund (AGAZX), which will be subadvised by Los Angeles-based Analytic Investors.
AGAZX will seek to achieve long-term capital appreciation, and also seeks to preserve capital in down markets. Analytic Investors employs a low-volatility methodology in selecting securities, based on research that shows that over time, stocks with higher betas do not outperform stocks with lower betas. The manager will also actively short high-beta stocks that they believe will underperform the market.
4) LifeSci Index Partners Adds Two ETFs
LifeSci Index Partners, LLC, has announced the launch of two ETFs, the BioShares Biotechnology Clinical Trials Fund (BBC) and the BioShares Biotechnology Products Fund (BBP). Both funds employ an equal weighting approach that allows each security’s performance to affect the ETF equally, regardless of the size of the company.
BBC seeks to track an index of biotechnology companies with a principal focus on running human clinical trials.
BBP seeks to track an index of biotechnology companies with one or more drugs approved by the FDA and in commercial production.
5) Centre to Acquire ISI Funds
