New products and changes introduced over the last week include a buyback ETF launched by SSGA, which also lowered fees on 41 SPDR ETFs; a real estate ETF launched by Fidelity; and Direxion launched four lightly leveraged ETFs.
Also, ICAP plc announced the launch of an index; Vertical launched an MLP and energy infrastructure fund; and NASDAQ launched an experimental fee program.
Here are the latest developments of interest to advisors:
1) SSGA Launches Buyback ETF, Lowers Fees on 41 SPDR ETFs
State Street Global Advisors has announced the launch of the SPDR S&P 500 Buyback ETF (SPYB), which to track the performance of the S&P 500 Buyback Index. It also announced that it has lowered the management fees on 41 SPDR ETFs.
The index provides exposure to the 100 constituent companies in the S&P 500 with the highest buyback ratio in the last 12 months. The buyback ratio is defined as the ratio of the total cash put towards buybacks in the trailing year and the market capitalization of the company as of a reference date.
The ETFs on which management fees have been lowered include those investing in a wide range of international and domestic asset classes.
2) Fidelity Adds Real Estate ETF
Fidelity Investments has announced the launch of the Fidelity MSCI Real Estate Index ETF (FREL).
FREL is a passively-managed, market-cap-weighted real estate ETF with a total expense ratio of 0.12% and is available to individual investors and financial advisors. BlackRock is the subadvisor for this and Fidelity’s other passive sector ETFs.
3) Direxion Introduces Four Lightly Leveraged ETFs
Direxion Investments has announced the introduction of four 1.25x ETFs, the Direxion Daily S&P 500 Bull 1.25x Shares (LLSP), Direxion Daily Small Cap Bull 1.25x Shares (LLSC), Direxion Daily FTSE Developed Markets Bull 1.25x Shares (LLDM) and the Direxion Daily FTSE Emerging Markets Bull 1.25x Shares (LLEM).