The new Direxion Connected Consumer ETF (CCON) started trading on the NYSE Arca Tuesday with a net expense ratio of 0.45%.
The exchange-traded fund provides exposure to companies “across four technology pillars — home entertainment, online education, remote health and well-being, and virtual and digital social interaction” — exposing investors to “those companies that stand to benefit from consumers connecting to products and services in new ways, especially virtual ones,” according to Direxion.
CCON tracks the Solactive Connected Consumer Index, comprised of 40 equally weighted U.S. listed securities and American depositary receipts of such companies, Direxion said.
The new ETF follows the Direxion Work From Home ETF that the company launched June 25.
T. Rowe Price Changes Long-Term Fund’s Strategy
T. Rowe Price plans to make several changes to its long-term Treasury fund, including a shift from an active to passive strategy and lower expense ratio, the company disclosed in an SEC filing.
The fund’s board of directors “approved changes to the fund’s name, investment objective, fee structure, and overall investment program, which includes changing to an index strategy that tracks the returns of its current benchmark index,” according to the filing.
The fund’s name will change from the T. Rowe Price U.S. Treasury Long-Term Fund to the T. Rowe Price U.S. Treasury Long-Term Index Fund and its “investment objective is proposed to be changed to seek to provide high income consistent with maximum credit protection,” the company said. The fund’s annual investment management fee will decrease from 0.29% to 0.06%.
The changes are expected to become effective Oct. 1, but the change of investment objective is subject to approval by the fund’s shareholders, the company noted.
Airline-Focused ETF Added to Morgan Stanley Platforms
The airline-focused U.S. Global Jets ETF (JETS) was approved to trade on multiple Morgan Stanley platforms, including Portfolio Management, Consulting Group Advisor and Brokerage, U.S. Global Investors said.
This is the third time in two months that JETS has been approved to trade on a large brokerage platform, following Citi Personal Wealth Management in July and Wells Fargo earlier this month, U.S. Global Investors noted.
— Check out last week’s portfolio product roundup here: Vanguard Changes Energy Fund’s Benchmark: Portfolio Products