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September 09, 2019 at 10:13 AM
WisdomTree Investments launched a new ETF, The WisdomTree Cloud Computing Fund (WCLD), on the NASDAQ, with a net expense ratio of 0.45%.
The ETF was set up to provide “unique exposure to rapidly growing cloud computing companies, which leverage a distributed network of servers over the internet,” WisdomTree said in an announcement.
The fund is out to “track the price and yield performance, before fees and expenses,” of the Bessemer Venture Partners (BVP) Nasdaq Emerging Cloud Index (EMCLOUD), which tracks cloud software stocks and gained 38.6% since the start of the year through Aug. 31, WisdomTree said, citing Bloomberg data.
“As the world becomes increasingly more digital and connected, the global cloud computing market has grown exponentially and is projected to total nearly $697 billion by 2025,” Jeremy Schwartz, WisdomTree executive vice president and global head of research, said, pointing to Adroit Market Research data.
WCLD will invest in “emerging public companies” listed on the Nasdaq Stock Market, the New York Stock Exchange, NYSE American or the CBOE Exchange that are involved mainly in providing cloud software and services to their customers, WisdomTree said.
To be considered eligible for inclusion, companies must be cloud computing focused, their annual revenue must have grown by at least 15% in each of the last two full fiscal years, and have a minimum market capitalization of $500 million and a minimum three-month average daily dollar trading volume of $5 million, the firm said. The fund has holdings already in Box, Dropbox and Salesforce.
DoubleLine Introduces a New Fund
DoubleLine Capital launched the DoubleLine Income Fund, an open-end mutual fund of the DoubleLine Funds Trust, available in two share classes: I shares (DBLIX with a net expense ratio of 0.66%) and N shares (DBLNX with a net expense ratio of 0.91%).
The fund’s investment objective is to “maximize total return through investment principally in income-producing securities,” the firm said in its announcement. The company is looking to achieve that objective by “investing in a portfolio of income-producing instruments selected for their potential to provide a high level of current income, capital appreciation or both,” it said. The fund is benchmarked against the Bloomberg Barclays US Aggregate Bond Index.
Under normal conditions, the fund portfolio will comprise lower credit-quality and unrated debt instruments, DoubleLine Capital said, adding it “may invest in securities of any credit quality and may invest without limit in securities rated below investment grade” and unrated securities.
VanEck Vectors Green Bond ETF Expense Ratio Reduced
The net expense ratio of the VanEck Vectors Green Bond ETF (GRNB) was lowered from 0.30% to 0.20%.
The fund’s underlying index was also changed. It previously tracked the S&P Green Bond Select Index and now seeks to track, before fees and expenses, the performance of the S&P Green Bond U.S. Dollar Select Index, VanEck said.
“The new index is essentially a subset of the prior index, and tracks the investable U.S. dollar denominated portion of the green bond market,” Bill Sokol, ETF product manager at VanEck, told ThinkAdvisor.
The fund’s new index is comprised of U.S. dollar-denominated green bonds that are issued to finance projects expected to have a positive environmental impact, the firm said. To be eligible for inclusion, issuers must disclose how the bond uses proceeds and the bond must also be designated as green by the Climate Bonds Initiative (CBI) based on its assessment of the projects being financed, VanEck said.
