New products and changes introduced over the last week include an indexed REIT ETN from UBS ETRACS; a private-equity investment fund from Pomona Capital; and an ETF from Diamond Hill.
Also, Global X launched a family of scientific beta ETFs, while FolioMetrix and American Independence Financial Services announced a forthcoming merger.
Here are the latest developments of interest to advisors:
1) UBS ETRACS Launches REIT ETN
UBS Investment Bank has announced the launch of the ETRACS Monthly Pay 2x Leveraged MSCI U.S. REIT Index ETN (LRET). The ETN is linked to the monthly compounded 2x leveraged performance of the MSCI U.S. REIT Index.
The index is a free-float-adjusted, market-capitalization-weighted index made up of equity REIT securities. It includes securities with exposure to core real estate (like residential and retail properties), as well as securities with exposure to other types of real estate (such as casinos and theaters).
2) Global X Adds Family of Scientific-Beta ETFs
Global X Funds has announced the addition of a family of four scientific-beta ETFs that track indexes developed by EDHEC-Risk Institute. They are the Global X Scientific Beta US ETF (SCIU); Global X Scientific Beta Europe ETF (SCID); Global X Scientific Beta Japan ETF (SCIJ); and Global X Scientific Beta Asia ex-Japan ETF (SCIX).
The ETFs provide core equity exposure to the U.S., Europe, Asia ex-Japan and Japan, and may be considered alternatives to actively managed funds as they seek to outperform market cap-weighted indexes at a fraction of the fees typically charged for active management. They seek to deliver outperformance by tracking academically driven multi-factor indexes developed by ERI Scientific Beta.
3) Diamond Hill Launches ETF