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July 17, 2017 at 06:15 AM
IndexIQ announced that it lowered the total expense ratio for its suite of 50% currency-hedged international equity ETFs as of July 12.
The names and tickers of the funds with reduced fees (after fee waiver and expense limitation) include: IQ 50 Percent Hedged FTSE International ETF (HFXI), IQ 50 Percent Hedged FTSE Europe ETF (HFXE) and IQ 50 Percent Hedged FTSE Japan ETF (HFXJ).
“We’re pleased to make it more cost-efficient for investors to access the benefits of our 50 percent hedged suite of international equity ETFs,” IndexIQ’s Chief Investment Officer Salvatore Bruno said in a statement.
HFXI’s expense ratio was lowered by almost half from 0.36% to 0.20%. HFXE and HFXJ’s expense ratios were lowered by more than a third from 0.46% to 0.30% for each.
“HFXI and the other funds in this product suite have performed exactly as designed since we launched them in July of 2015, even as Brexit, the results of the U.S. election, and a push for a weaker dollar have whipsawed the currency market in different and frequently counterintuitive ways,” Bruno said in a statement. “With these lower fees, this innovative family of funds is even better positioned for future growth.”
Wealth Partners Capital Group Launches With Three Anchor Investments
Wealth Partners Capital Group, a new firm focusing on the aggregation of smaller U.S. wealth management businesses, launched with the closing of minority investments in three platform firms: Forbes Family Trust (FFT), MAI Capital Management (MAI), and EP Wealth Advisors (EPWA).
The management teams of each firm will continue to hold a majority of the equity in their business and control of day-to-day operations.
WPCG will assist its three partner firms to expand via the acquisition of smaller, high quality RIA firms which seek a supportive partner and operational platform to better serve clients and grow their business.
As part of the transaction, the management teams of each firm have entered into long-term employment agreements with their respective firms. The terms of the transactions were not disclosed.
OppenheimerFunds Launches Three New Revenue-Weighted ETFs
OppenheimerFunds is expanding its Beta Solutions product offerings with the launch of three new revenue-weighted ETFs in the emerging, global and international market segments, according to an announcement.
The new funds are Oppenheimer Emerging Markets Revenue ETF (REEM), Oppenheimer Global Revenue ETF (RGLB) and Oppenheimer International Revenue ETF (REFA).
REEM seeks to outperform the MSCI Emerging Markets Index, with an expense ratio of 46 basis points. RGLB seeks to outperform the MSCI All Country World Index, with an expense ratio of 43 basis points. REFA seeks to outperform the MSCI EAFE Index, with an expense ratio of 42 basis points.
The securities in each of the new funds are weighted by their trailing 12-month top-line revenue, rather than their market capitalization, with a 5% maximum portfolio weight for any one issuer. The funds are rebalanced quarterly.
