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Top Portfolio Products: New ETFs From State Street and Direxion

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New products and changes introduced over the last week include a pair of ETFs from State Street Global Advisors, four ETFs from Direxion and an income annuity from New York Life.

On the digital front, shareholder advocacy nonprofit As You Sow debuted a tool that reveals a portfolio’s exposure to fossil fuel investments and MassMutual redesigned its Website to be more consumer friendly.

There were also new strategic relationships announced between OppenheimerFunds and Apollo Credit Management and between Docupace Technologies and Foliodynamix.

Here are the latest developments of interest to advisors:

1) State Street Adds Two ETFs

State Street Global Advisors launched two currency-hedged SPDR ETFs: the SPDR MSCI International Real Estate Currency Hedged ETF (HREX) and the SPDR S&P International Dividend Currency Hedged ETF (HDWX).

HREX seeks to track the performance of the MSCI World ex USA IMI Core Real Estate Capped 100% Hedged to USD Index. This index is designed to reflect the performance of stocks in the MSCI World ex USA IMI Index that are engaged in the ownership, development and management of specific core real estate property types while minimizing exposure to fluctuations in foreign currencies. 

HDWX seeks to track the performance of the S&P International Dividend Opportunities USD Hedged Index. This index is designed to represent the performance of the 100 highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&P Global BMI ex US (Broad Market Index) while minimizing exposure to fluctuations in foreign currencies. 

2) Direxion Launches Four ETFs

Direxion launched four new leveraged ETFs that provide 2X Bull and Bear exposure to cybersecurity and pharmaceuticals.

The Direxion Daily Cyber Security Bull (HAKK) and Bear (HAKD) 2X Shares seek to achieve 200% and 200% of the inverse, respectively, of the daily performance of the ISE Cyber Security Index.

The Direxion Daily Pharmaceutical & Medical Bull (PILL) and Bear (PILS) 2X Shares seek to achieve 200% and 200% of the inverse, respectively, of the daily performance of the Dynamic Pharmaceutical Intellidex Index.

3) New York Life Adds Income Annuity

New York Life introduced its Mutual Income annuity, which offers clients the opportunity to directly participate in the company’s mutual structure. The firm also expanded its income annuity options available on tax-qualified savings.

Mutual Income works much like a traditional income annuity, where income distribution can begin immediately or be deferred until a future start date of the client’s choosing. However, the total income amount is not capped at the guarantee and policy owners will be eligible for annual dividends that can increase their retirement income beyond the guaranteed amount.

4) As You Sow Offers Fossil Fuel Web Tracker for Investors

Shareholder advocacy nonprofit As You Sow launched FossilFreeFunds.org, a free Web tool that enables consumers to find fossil fuel holdings in 1,500 of the most-held mutual funds. The tool uses Morningstar fund holding data in collaboration with Fossil Free Indexes (The Carbon Underground 200,) the Carbon Tracker Initiative, BrightScope and HIP investor.

The five major fund families that control recordkeeping at 75% of all employer-sponsored retirement plans, including Fidelity, Vanguard and TIAA-CREF, do not offer any socially responsibly diversified mutual funds that are free of the 200 largest fossil fuel companies with the most oil, gas, and coal reserves. For investors wishing to more rigorously define “fossil free,” the easy-to-use platform allows screens for coal, smaller oil/gas companies, service industries (e.g., Halliburton) and fossil-fired utilities.

5) MassMutual Revamps Customer Website Experience

Massachusetts Mutual Life Insurance Company redesigned its customers’ digital experience, with a website that, according to the firm, “adapts intuitively to all devices, including desktop, mobile and tablets. It is also equipped with basic Web accessibility features based on guidelines in line with the Americans with Disabilities Act (ADA) for individuals, business owners and businesses.

Customers logging onto the site will find a personalized and secure account summary page. They can also view policy and contract information in one place, update their accounts, request online forms, initiate transaction requests (such as an address change), set personal profiles including paperless preferences and make online payments.

6) OppenheimerFunds, Apollo Credit Management Form Strategic Partnership

OppenheimerFunds formed a strategic partnership with Apollo Credit Management, an affiliate of Apollo Global Management, LLC.

Apollo Credit Management will serve as sub-subadvisor to the Oppenheimer Global Strategic Income Fund (GSIF), which aims to provide current income from diversified sources of fixed income investments while maintaining low overall volatility relative to the multi-sector fixed income category. The partnership will offer alternative investment credit strategies to complement OppenheimerFunds’ in-house fixed income capabilities.

7) Docupace, Foliodynamix Announce Strategic Relationship

Wealth management technology provider FolioDynamix and financial services information technology company Docupace Technologies, LLC formed a strategic relationship that will integrate two technologies for a turnkey straight-through processing solution for opening new accounts.

The solution is SEC/FINRA compliant, validating data for accuracy and compliance. It is securely and electronically routed for compliance review and approval before electronic submission to the appropriate clearing house. It accommodates electronic and paperless processing.

Read the September 11 Portfolio Products Roundup at ThinkAdvisor