Harnessing Innovation and Growth Within Tech

Size: px
Start display at page:

Download "Harnessing Innovation and Growth Within Tech"

Transcription

1 SPDR SPOTLIGHT Harnessing Innovation and Growth Within Tech by David B. Mazza, Head of ETF and Mutual Fund Research, Matthew Bartolini, CFA, Research Strategist, and Jared Rowley, CFA, Research Strategist, SPDR ETFs and SSGA Funds Introducing the SPDR FactSet Innovative ETF (XITK) Key Takeaways We have a positive outlook on the US technology sector based on its high growth potential in a low and slow growth world. We believe targeting innovative companies that may have the ability to disrupt industries and economies can potentially increase the overall growth profile of a tech sector allocation. Through a unique, bottom-up revenuefocused indexing methodology, XITK seeks to access segments of the tech sector and electronic media sub-sector that are innovative, defined as segments with high revenue growth, at a gross expense ratio of 0.45%.* * The gross expense ratio is the fund s total annual operating expenses ratio. It can be found in the fund s most recent prospectus. Finding Growth in the Tech Sector We believe that investors should consider overweighting the technology sector in 2016 because it offers relatively strong earnings and revenue growth potential. In both the second and third quarters of 2015, S&P 500 Information (IT) firms surprised to the upside on earnings over 75 percent of the time. 1 The sector as a whole has profit margins that are almost twice as high as the S&P helped by low debt and strong secular tailwinds from a persistent need for technology. We feel future earnings growth may be fueled by consumers and businesses restricting additional marginal spending to items that are seen as must haves. These factors make technology a potentially attractive addition to a portfolio seeking growth in a low and slow growth world. Within the broader technology sector, investors may be well served by adding a focus to innovative companies, which we define as companies with strong revenue growth generated from focused lines of business, as a method to harness the next phase of tech evolution. This means not only investing in the stalwarts of the tech space, but going beyond established tech titans like Facebook, Google and Netflix to capture newer firms focused on new cutting-edge products and services. Tech companies with robust revenue growth are often the ones that offer products and services related to rapidly evolving areas such as social and electronic media, smartphones, wearables, cyber security and cloud computing. We believe targeting such companies that may have the ability to disrupt industries and economies can potentially increase the overall growth profile of a tech sector allocation. And this is precisely what the new SPDR FactSet Innovative ETF (XITK) attempts to harness through a unique, bottom-up revenue-focused indexing methodology. A Focus on Innovation XITK seeks to provide cost efficient exposure to specialized companies engaged in high-growth markets and industries from the tech sector and electronic media sub-sector. The bottom-up revenue mapping methodology of the FactSet Innovative allows investors to capture companies within segments that have already begun to monetize their new products and services. The index is designed to identify high growth segments, which typically include firms that are raising revenue in a timely manner neither too early, nor too late in the adoption cycle. The methodology pinpoints these high-growth segments, in part, by using one-year and three-year revenue screens that together serve to establish that a trend of increasing revenue is in place for these niche areas of tech.

2 The FactSet Innovative uses a US patented and proprietary sector classification system known as the FactSet Revere Hierarchy, which is based on revenue mapping, to assign firms to specific segments of the tech sector and electronic media sub-sector. For index consideration, components must derive a substantial portion (at least 50 percent) of their revenue from a specialized segment of technology or electronic media. Overall, this unique and granular approach to industry classification in XITK s underlying index may facilitate the more timely identification of new and differentiated markets, technologies and products. Figure 2: Potential for Earnings Growth Based on Consensus Analyst Earnings Estimates Consensus Analyst Estimated 3 5 Year EPS Growth (%) Figure 1: Overlap Analysis to the Select Sector SPDR Fund (XLK) FactSet Innovation ISE Cloud Computing ISE Cyber Security S&P 500 Growth Select Sector S&P 500 Estimated Earnings Per Share (EPS), which are based on analyst estimates, should not be construed as an indication of the current or future profitability of any investment product. Actual earnings per share may differ, even substantially, from that of estimated earnings per share. 4 0 % of FactSet Innovative Tech within XLK Lastly, the index is equal weighted to help reduce stockspecific risk. The equal weighting also allows for efficient use when pairing XITK with a broad-beta tech play that covers the entire sector, such as the Select Sector SPDR Fund (XLK), because overlap is reduced. As of December 18, 2015, of the 76 holdings in XLK, only 11 were also in the FactSet Innovative, which has a total of 85 securities. As shown in Figure 1, that s just a 13 percent of market cap overlap, and illustrates the value we see in adding an element of new tech to a portfolio. Finding Growth and Innovation Throughout Tech Number of Similar Holdings Data is as of the date indicated, is subject to change, and should not be relied upon as current thereafter. XITK s tracking index incorporates a wide array of innovative technologies, not just a single trendy pocket of IT, such as cloud computing or cyber security. Figure 2 shows a consensus of analyst estimates for projected earnings growth of the companies comprising the index relative to other tech-focused indices and broader market benchmarks, such as the S&P 500, as of December 18, In addition, based on the revenue mapping industry classification supplied by FactSet, the exposure to multiple trends such as cloud computing or cyber security is quite robust, allowing investors to harness these, as well as other innovative trends, within one product. As shown in Figure 3, XITK s index provides a less concentrated exposure to technology related firms, with only 12 percent of its holdings in the top 10 stocks. Meanwhile, this exposure is spread across a broad set of tech related specializations. Therefore, XITK s index not only offers exposure to one particular trend in the tech world, but may be able to systematically capture innovation throughout the sector. Figure 3: Concentration and Industry Breadth Analysis FactSet Innovation 41 6 ISE Cyber Security Percentage of Holdings in Top 10 (%) Number of Different Tech Related Sub-Industries 45 9 ISE Cloud Computing S&P 500 Information Sector Weights are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. State Street Global Advisors 2

3 Harnessing the Evolution of Sector and Industry Investing We believe that more than ever, sector-focused investing provides a better way to extract returns from the equity markets than focusing on size or style, while maintaining the ability to preserve portfolio diversification. Specific sectors may outperform or underperform during different parts of the economic cycle, and by using a sector-rotation strategy, investors can implement cyclical views in a much more refined way. 3 SGGA currently manages 30 US sector and industry ETFs with total assets of approximately $106 billion. 4 The SPDR FactSet Innovative ETF (XITK) is an innovative continuation of our long tradition of pioneering in the world of sector investing. Given our positive view on tech in 2016, XITK s bottom-up indexing methodology offers an attractive approach for a variety of investors looking to add a growth component to their portfolios. Potential Portfolio Implementation Sector Rotators For investors who favor tech as a growth play for a portfolio, there is the ability to carve out a portion of a broad sector beta exposure, offered through a vehicle such as the Select Sector SPDR Fund (XLK), and integrate XITK to stay focused on technology but with an added element of dynamic and disruptive innovation to harness potential growth. Thematic Investors Rather than focusing on one specific innovation trend within the sector, investors can drill into a wide array of cutting-edge tech. Leverage the unique bottom-up revenue mapping approach to capture evolving trends of firms that are innovating within niche areas of the tech sector. With the added growth screen, investors have some assurance that these firms are not on the wrong (late) side of the adoption curve. Definitions Alpha The excess returns of a fund relative to the return of a benchmark index. Beta Measures the volatility of a security or portfolio in relation to the market, usually as measured by the S&P 500. A beta of 1 indicates the security will move with the market. A beta of 1.3 means the security is expected to be 30 percent more than the market, while a beta of 0.8 means the security is expected to be 20 percent less volatile than the market. Earnings Per Share (EPS) A profitability measure that is calculated by dividing a company s net income by the number of shares outstanding. Electronic Media A sub-sector FactSet defines as including companies that produce media content in digital format and deliver, distribute and monetize their content via an electronic medium such as the Internet. Estimated 3-5 Year EPS Growth The estimated 3-5 year EPS growth is based on the underlying holdings of the index. The earnings estimates for the underlying holdings are provided by FactSet and are used to calculate a compounded annual growth rate for earnings per share over the next 3 to 5 years. These analysts estimates are forecasts of the firms potential ability to increase earnings per share over a full market cycle, and not a measure of expected stock or index price performance. The 3-5 year EPS estimate for an index is a market cap weighted average of the underlying firms figures. FactSet Innovative A benchmark to track the performance of specialized technology-related companies engaged in high-growth markets and industries. These companies are often involved in cuttingedge research, innovative product and service developments, disruptive business models, or a combination. ISE Cloud Computing Tracks companies actively engaged in a business activity supporting or utilizing the cloud computing space. ISE Cyber Security The companies in this index are either those which work to develop hardware and/or software that safeguards access to files, websites and networks, both locally and from external origins, or those that utilize these tools to provide consulting and/or cyber security services to their clients. Exchange Traded Fund (ETF) An ETF is an open-ended fund that provides exposure to an underlying investment, usually an index. Like an individual stock, an ETF trades on an exchange throughout the day. Industry A way of classifying a group of companies in terms of their main businesses. There are dozens of different industry classifications, which are typically grouped into larger categories called sectors. State Street Global Advisors 3

4 FactSet Revere The FactSet Revere Classification ( Hierarchy ) is a proprietary, U.S. patented sector and industry classification system built from the bottom-up, where the lowest hierarchical levels capture companies products and services. Sector An industry or market sharing common characteristics. Investors use sectors to place stocks and other investments into categories like technology, health care, energy, utilities and telecommunications. Each sector has unique characteristics and a different risk profile. S&P 500 A popular benchmark for US large-cap equities that includes 500 companies from leading industries and captures approximately 80 percent coverage of available market capitalization. S&P 500 Growth A benchmark that measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500. S&P Select Sector Indices A benchmark that includes companies from the following industries: diversified financial services; insurance; commercial banks; capital markets; real estate investment trusts; thrift & mortgage finance; consumer finance; and real estate management & development. FactSet defines the sector to include Information Services providers, Hardware manufacturers, Software manufacturers, Electronic Components manufacturers, and Manufacturing Equipment and Services providers. Select Sector A sector benchmark that includes companies from the following industries: computers & peripherals; software; diversified telecommunication services; communications equipment; semiconductor & semiconductor equipment; internet software & services; IT services; wireless telecommunication services; electronic equipment & instruments; and office electronics. 1 Bloomberg, as of December 18, Bloomberg, SSGA as of December 18, Inside the Sector Vs. Style Comparison, SSGA Research, Oct Bloomberg, State Street Global Advisors, as of December 18, S&P 500 Information A benchmark comprised of companies included in the S&P 500 that are classified as members of the Global Industry Classification Standard (GICS ) information technology sector. S&P Select Industry Indices The S&P Select Industry Indices are designed to measure the performance of narrower GICS industries within broader sectors and are based on the S&P Total Market, which has 3,886 constituents. These industry indices are equal weighted, which reduces stock specific risk and provides deeper market cap segmentation to large-, mid-, and small-cap firms. State Street Global Advisors 4

5 ssga.com spdrs.com For public use. State Street Global Advisors One Lincoln Street, Boston, MA T: Important Risk Information ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly. Non-diversified funds that focus on a relatively small number of issuers tend to be more volatile than diversified funds and the market as a whole. Passively managed funds hold a range of securities that, in the aggregate, approximates the full in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index. Concentrated investments in a particular sector or industry (technology sector and electronic media companies) tend to be more volatile than the overall market and increases risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund s shares to decrease. Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs. Diversification does not ensure a profit or guarantee against loss. Past performance is not a guarantee of future results. The views expressed in this material are the views the SPDR ETFs and SSGA Funds Research Team through the period ended December 15, 2015, are subject to change based on market and other conditions and do not necessarily represent the views of State Street Global Advisors or any of its affiliates. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Standard & Poor s, S&P and SPDR are registered trademarks of Standard & Poor s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index. Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, and all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc. is distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC. Before investing, consider the funds investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call or visit spdrs.com. Read it carefully. Not FDIC Insured No Bank Guarantee May Lose Value 2016 State Street Corporation. All Rights Reserved. ID5616-IBG Exp. Date: 12/31/2016 SSL000645

What You Need to Know About the GICS Sector Changes and XLF

What You Need to Know About the GICS Sector Changes and XLF SPDR SPOTLIGHT What You Need to Know About the GICS Sector Changes and XLF by David B. Mazza, Head of Research, Matthew Bartolini, CFA, Research Strategist, and Jared Rowley, CFA, Research Strategist,

More information

SELECT YOUR SECTORS. Respond to Market Cycles with Agility and Precision

SELECT YOUR SECTORS. Respond to Market Cycles with Agility and Precision SELECT YOUR SECTORS Respond to Market Cycles with Agility and Precision ECONOMIC CYCLES & SECTORS The economy moves in cycles. Specific sectors may outperform or underperform during different phases, driven

More information

SPDR S&P Software & Services ETF

SPDR S&P Software & Services ETF SPDR S&P Software & Services ETF Summary Prospectus-October 31, 2015 XSW (NYSE Ticker) Before you invest in the SPDR S&P Software & Services ETF (the Fund ), you may want to review the Fund's prospectus

More information

SPDR S&P 400 Mid Cap Value ETF

SPDR S&P 400 Mid Cap Value ETF SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction 1 What You Need to Know about ETFs 2 ETF Basics Benefits of ETFs ETFs vs. Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Appendix: FAQs 3 ETF

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679

ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF. www.alpsfunds.com 866.759.5679 ALPS Equal Sector Factor Series ALPS SECTOR LEADERS ETF www.alpsfunds.com 866.759.5679 Why and Growth? Tilting exposure towards high-quality companies has historically produced higher returns on an absolute

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

Active indexing: Being passive-aggressive with ETFs

Active indexing: Being passive-aggressive with ETFs Active indexing: Being passive-aggressive with ETFs Jim Rowley, CFA Senior Investment Analyst Vanguard Investment Strategy Group FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION. Agenda Evolution

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently

More information

Underneath the Hood of Fixed Income ETFs: Primary and Secondary Market Dynamics

Underneath the Hood of Fixed Income ETFs: Primary and Secondary Market Dynamics Underneath the Hood of Fixed Income ETFs: Primary and Secondary Market Dynamics BY DAVID B. MAZZA, VICE PRESIDENT, HEAD OF RESEARCH, SPDR ETFs AND SSgA FUNDS STATE STREET GLOBAL ADVISORS WITH THE SPDR

More information

BY DAVID B. MAZZA, HEAD OF ETF INVESTMENT STRATEGY, AMERICAS, AND THOMAS F. GUARINI, PRODUCT SPECIALIST, STATE STREET GLOBAL ADVISORS

BY DAVID B. MAZZA, HEAD OF ETF INVESTMENT STRATEGY, AMERICAS, AND THOMAS F. GUARINI, PRODUCT SPECIALIST, STATE STREET GLOBAL ADVISORS Leveraging the Best of Active and Passive Investment Approaches BY DAVID B. MAZZA, HEAD OF ETF INVESTMENT STRATEGY, AMERICAS, AND THOMAS F. GUARINI, PRODUCT SPECIALIST, STATE STREET GLOBAL ADVISORS beyond

More information

ETFs 101 An Introduction to Exchange-Traded Funds

ETFs 101 An Introduction to Exchange-Traded Funds An Introduction to Exchange-Traded Funds Leading the Intelligent ETF Revolution Please refer to Slides 2 and 3 for Important Information. Shares are not individually redeemable for redemption to the Fund

More information

A Case for Dividend Investing

A Case for Dividend Investing A Case for Dividend Investing Many investors may be surprised to learn that dividends paid by companies have accounted for 45% of the total return for Australian equities over the last 10 years 1. Buying

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

S&P 500 Low Volatility Index

S&P 500 Low Volatility Index S&P 500 Low Volatility Index Craig J. Lazzara, CFA S&P Indices December 2011 For Financial Professional/Not for Public Distribution There s nothing passive about how you invest. PROPRIETARY. Permission

More information

Leveraging the Best of Active and Passive Investment Approaches

Leveraging the Best of Active and Passive Investment Approaches Leveraging the Best of Active and Passive Investment Approaches BY DAVID B. MAZZA, HEAD OF ETF INVESTMENT STRATEGY, AMERICAS, AND THOMAS F. GUARINI, PRODUCT SPECIALIST, STATE STREET GLOBAL ADVISORS The

More information

AlphaSolutions Reduced Volatility Bull-Bear

AlphaSolutions Reduced Volatility Bull-Bear AlphaSolutions Reduced Volatility Bull-Bear An investment model based on trending strategies coupled with market analytics for downside risk control Portfolio Goals Primary: Seeks long term growth of capital

More information

Why Choose DoubleLine Capital for Fixed Income Exposure?

Why Choose DoubleLine Capital for Fixed Income Exposure? Why Choose DoubleLine Capital for Fixed Income Exposure? Accolades 2016 ETF.com Awards for TOTL 1 Best New ETF Best New International/Global Fixed-Income ETF 2016 Fund Action ETF Performance Awards for

More information

A NEW MIDDLE GROUND. in the Active versus Passive Debate

A NEW MIDDLE GROUND. in the Active versus Passive Debate A NEW MIDDLE GROUND in the Active versus Passive Debate Once there was no more polarizing debate than the active versus passive investment management question. Active management is an investment strategy

More information

RYT Sector Weights. Price Chart

RYT Sector Weights. Price Chart March 11, 2016 GUGGENHEIM SP 500 EQL WEIGHT TECHNOLOGY (RYT) $89.67 Risk: Med Zacks ETF Rank 2 - Buy 2 Fund Type Issuer Technology - broad RYDEXSGI RYT Sector Weights Benchmark Index SP EQUAL WEIGHT INDEX

More information

Diversified Growth SM Variable Universal Life. Protection and accumulation that adjust with your life. A better way of life

Diversified Growth SM Variable Universal Life. Protection and accumulation that adjust with your life. A better way of life Diversified Growth SM Variable Universal Life Protection and accumulation that adjust with your life A better way of life Add to your peace of mind, while adding to your assets You want and need to protect

More information

PureFunds ISE Cyber Security ETF (the Fund ) June 18, 2015. Supplement to the Summary Prospectus dated November 7, 2014

PureFunds ISE Cyber Security ETF (the Fund ) June 18, 2015. Supplement to the Summary Prospectus dated November 7, 2014 PureFunds ISE Cyber Security ETF (the Fund ) June 18, 2015 Supplement to the Summary Prospectus dated November 7, 2014 Effective immediately, Ernesto Tong, CFA, Managing Director of Penserra Capital Management,

More information

STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently

STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently STRATEGIES FOR USING ETFS Tax Loss Harvesting Investors can sell individual stock positions currently trading below purchase price, realize the loss and maintain similar exposure by purchasing the appropriate

More information

Fund commentary. John Hancock Multifactor ETFs Q1 2016

Fund commentary. John Hancock Multifactor ETFs Q1 2016 Fund commentary John Hancock Multifactor ETFs Seek: To pursue results that closely correspond, before fees and expenses, with the indexes Use for: Core or targeted equity exposure MANAGED BY Lukas J. Smart,

More information

Investor Guide Wells Fargo Advantage Absolute Return Fund. Explore a nontraditional approach to asset allocation

Investor Guide Wells Fargo Advantage Absolute Return Fund. Explore a nontraditional approach to asset allocation Investor Guide Wells Fargo Advantage Absolute Return Fund Explore a nontraditional approach to asset allocation Is it time to consider a nontraditional approach to investing? The fund s strategy has allowed

More information

4/26/2012. Navigating the ETF Landscape. The ETF revolution. ETF assets expected to approach $2 trillion by 2014 $2,500 1,200 AUM ($B) # of ETFs

4/26/2012. Navigating the ETF Landscape. The ETF revolution. ETF assets expected to approach $2 trillion by 2014 $2,500 1,200 AUM ($B) # of ETFs Navigating the ETF Landscape FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION The ETF revolution ETF assets expected to approach $2 trillion by 2014 $2,500 $2,000 AUM ($B) # of ETFs 1099

More information

30% 5% of fixed income mutual funds paid capital gains in 2015

30% 5% of fixed income mutual funds paid capital gains in 2015 FIXED INCOME ETFs: NEW ASSET CLASS, SAME BENEFITS Exchange Traded Funds ( ETFs ) first appealed to equity investors, providing efficient access to the world s stock markets and they have revolutionized

More information

Emerging Market Volatility

Emerging Market Volatility EGA Wealth Management Expert Series Emerging Market Volatility Remedies for the Chronically Underweight Wealth managers often contemplate aligning emerging market (EM) allocations with global market capitalization

More information

SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016

SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 Calvert VP Natural Resources Portfolio Summary Prospectus

More information

ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds

ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds ETF Investment Solutions How to Target the Bond Market s Sweet Spot with Crossover Bonds CONTENTS I. ASSET CLASS BACKGROUND What Are Crossover Bonds? II. CHARACTERISTICS OF CROSSOVER BONDS What Are the

More information

The Case for Active Management in the Large Cap Growth Equity Universe

The Case for Active Management in the Large Cap Growth Equity Universe The Case for Active Management in the Large Cap Growth Equity Universe Pioneer US Concentrated Growth Strategy This case for active management examines risk-adjusted returns among large cap growth managers

More information

Exchange Listed Funds Trust. Prospectus. August 28, 2015

Exchange Listed Funds Trust. Prospectus. August 28, 2015 Exchange Listed Funds Trust Prospectus August 28, 2015 Horizons S&P 500 Covered Call ETF Ticker Symbol: HSPX Horizons S&P Energy Select Sector Covered Call ETF Ticker Symbol: HENG Principal Listing Exchange

More information

Constructing a more dynamic portfolio with equity sector allocation

Constructing a more dynamic portfolio with equity sector allocation Constructing a more dynamic portfolio with equity sector allocation This is not your father s stock market, where traditional methods were used to allocate the stock portion of a portfolio. Enter the more

More information

PARTNERING WITH ETF STRATEGISTS ENHANCE YOUR ADVISORY BUSINESS

PARTNERING WITH ETF STRATEGISTS ENHANCE YOUR ADVISORY BUSINESS PARTNERING WITH ETF STRATEGISTS ENHANCE YOUR ADVISORY BUSINESS OVERVIEW For those in the advisory business, today s market conditions present a unique set of opportunities. Demand for financial advisors

More information

Exchange Traded Funds

Exchange Traded Funds LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are

More information

Value? Growth? Or Both?

Value? Growth? Or Both? INDEX INSIGHTS Value? Growth? Or Both? By: David A. Koenig, CFA, FRM, Investment Strategist 1 APRIL 2014 Key points: Growth and value styles offer different perspectives on potential investment opportunities,

More information

ETF Basics: An Introduction to ishares Exchange Traded Funds

ETF Basics: An Introduction to ishares Exchange Traded Funds ETF Basics: An Introduction to ishares Exchange Traded Funds Agenda Growth of ETFs and Barclays Global Investors The engine of ETFs Unique benefits of ETFs and ishares Low cost Tax efficiency Transparency

More information

After The Dust Settles: Fixed Income in a Rising Rate Environment

After The Dust Settles: Fixed Income in a Rising Rate Environment After The Dust Settles: Fixed Income in a Rising Rate Environment BY DAVID B. MAZZA, HEAD OF ETF INVESTMENT STRATEGY, AMERICAS, STATE STREET GLOBAL ADVISORS With abnormally low yields over the last few

More information

Maximize your healthcare saving and spending with an HSA from Wells Fargo

Maximize your healthcare saving and spending with an HSA from Wells Fargo Health Savings Account (HSA) Maximize your healthcare saving and spending with an HSA from Wells Fargo November 2014 Today you will learn: What is an HSA and how does it work? How to manage your account

More information

Mid-Cap Stocks: Opportunities in the Heart of the Market

Mid-Cap Stocks: Opportunities in the Heart of the Market APRIL 212 Mid-Cap Stocks: Opportunities in the Heart of the Market by Jonathan R. Cain, CFA, David J. Gullen, CFA, and Steven L. Pollack, CFA The John Hancock White Paper Series provides in-depth commentary

More information

529 QuickView Ease of Enrollment and Access to Your Client Accounts

529 QuickView Ease of Enrollment and Access to Your Client Accounts 529 QuickView TH E S TAT E T R EA SURER Administered by Nevada State Treasurer OFFICE O F Ease of Enrollment and Access to Your Client Accounts 18 64 4 186 DIO ECETES CIVITAS NE VA D A Access the Client

More information

SPDR S&P North American Natural Resources ETF

SPDR S&P North American Natural Resources ETF SPDR S&P North American Natural Resources ETF Summary Prospectus-December 15, 2015 NANR (NYSE Ticker) Before you invest in the SPDR S&P North American Natural Resources ETF (the Fund ), you may want to

More information

TIAA-CREF Asset Management. TIAA-CREF Global Equity Strategies. Combining discipline and innovation for investments that seek to consistently deliver

TIAA-CREF Asset Management. TIAA-CREF Global Equity Strategies. Combining discipline and innovation for investments that seek to consistently deliver TIAA-CREF Asset Management TIAA-CREF Global Equity Strategies Combining discipline and innovation for investments that seek to consistently deliver A distinguished heritage of intelligent equity investing

More information

ETF Total Cost Analysis in Action

ETF Total Cost Analysis in Action Morningstar ETF Research ETF Total Cost Analysis in Action Authors: Paul Justice, CFA, Director of ETF Research, North America Michael Rawson, CFA, ETF Analyst 2 ETF Total Cost Analysis in Action Exchange

More information

2013 Distribution Summary Investor, Premium & e -Series Breakdown of Cumulative Distributions for the Period January 1, 2013 to December 31, 2013

2013 Distribution Summary Investor, Premium & e -Series Breakdown of Cumulative Distributions for the Period January 1, 2013 to December 31, 2013 2013 Summary Breakdown of Cumulative s for the Period January 1, 2013 to December 31, 2013 TD Comfort Portfolios Investor Series TD Comfort Conservative Portfolio 0.070042 0.024999 0.040647 0.051698 0.187386

More information

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades

Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Seek Opportunity in Lower Starting Valuations While Avoiding Crowded Trades Developed Market (DM) Valuations Remain Attractive Developed Market (ex US) valuations remain attractive relative to history

More information

INTERNATIONAL SMALL CAP STOCK INVESTING

INTERNATIONAL SMALL CAP STOCK INVESTING INTERNATIONAL SMALL CAP STOCK INVESTING J U N E 3 0, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.

More information

China A Shares: Keeping a Long-Term View Despite Recent Volatility

China A Shares: Keeping a Long-Term View Despite Recent Volatility SPDR SPOTLIGHT China A Shares: Keeping a Long-Term View Despite Recent Volatility by David B. Mazza, Head of Research, Jared Rowley, CFA, Research Strategist and Matthew Bartolini, CFA, Research Strategist,

More information

2016 ETF & INVESTMENT OUTLOOK

2016 ETF & INVESTMENT OUTLOOK 2016 ETF & INVESTMENT OUTLOOK Michael Arone, CFA, Chief Investment Strategist for US Intermediary Business Group David B. Mazza, Head of Research, SPDR ETFs and SSGA Funds Matthew Bartolini, CFA, Research

More information

Russell Funds Russell Commodity Strategies Fund Money Manager and Russell Investments Overview June 2016. Russell Investments approach

Russell Funds Russell Commodity Strategies Fund Money Manager and Russell Investments Overview June 2016. Russell Investments approach Money Manager and Russell Investments Overview June 206 Russell Investments approach Russell Investments uses a multi-asset approach to investing, combining asset allocation, manager selection and ongoing

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

INDEX-BASED INVESTING

INDEX-BASED INVESTING PART 4 INDEX-BASED INVESTING N. (IN-DEKS BEYST IN-VEST-ING) AN INVESTMENT BASED ON PRODUCTS LINKED TO INDICES, SUCH AS INDEX MUTUAL FUNDS, ETFs AND OPTIONS CONTRACTS. 1 INDEX-BASED INVESTING Index-based

More information

LVIP Dimensional U.S. Equity RPM Fund. Summary Prospectus April 30, 2013. (formerly LVIP Dimensional U.S. Equity Fund) (Standard and Service Class)

LVIP Dimensional U.S. Equity RPM Fund. Summary Prospectus April 30, 2013. (formerly LVIP Dimensional U.S. Equity Fund) (Standard and Service Class) LVIP Dimensional U.S. Equity RPM Fund (formerly LVIP Dimensional U.S. Equity Fund) (Standard and Service Class) Summary Prospectus April 30, 2013 Before you invest, you may want to review the Fund s Prospectus,

More information

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions

More information

What you will learn today. Different categories of investments Choosing your investment mix Common investor pitfalls Determining your next steps

What you will learn today. Different categories of investments Choosing your investment mix Common investor pitfalls Determining your next steps Investing 101 What you will learn today Different categories of investments Choosing your investment mix Common investor pitfalls Determining your next steps 2 Asset Allocation One of Your Most Important

More information

Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance

Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance An Educational Guide for Consumers Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance Investment Strategies This brochure must be preceded or accompanied

More information

The J.P. Morgan MOZAIC Index (USD)

The J.P. Morgan MOZAIC Index (USD) Nationwide New Heights Fixed Indexed Annuities Multi-asset Index Brochure The J.P. Morgan MOZAIC Index (USD) An index designed to achieve consistent, steady growth in a variety of market environments A

More information

Is It Time to Give Up on Active Management?

Is It Time to Give Up on Active Management? Is It Time to Give Up on Active Management? CFA Society of Pittsburgh 3 rd Annual Endowments and Foundations Conference May 2015 Gregory Woodard Portfolio Strategist Manning & Napier Advisors, LLC (Manning

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

New York s 529 Advisor-Guided College Savings Program

New York s 529 Advisor-Guided College Savings Program New York s 529 Advisor-Guided College Savings Program Transition Guide INHERIT THE THINKING OF J.P. MORGAN Your college savings plan is changing for the better In May 2012, J.P. Morgan will become the

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

Active vs. Passive Money Management

Active vs. Passive Money Management Active vs. Passive Money Management Exploring the costs and benefits of two alternative investment approaches By Baird s Advisory Services Research Synopsis Proponents of active and passive investment

More information

ALPS Equal Sector Factor Series ALPS SECTOR LOW VOLATILITY ETF. www.alpsfunds.com 866.759.5679

ALPS Equal Sector Factor Series ALPS SECTOR LOW VOLATILITY ETF. www.alpsfunds.com 866.759.5679 ALPS Equal Sector Factor Series ALPS SECTOR LOW VOLATILITY ETF www.alpsfunds.com 866.759.5679 Why Low Volatility? Historically provides better absolute and risk adjusted returns compared to the broad based

More information

VANGUARD LAUNCHES SERIES OF 10 TARGET RETIREMENT FUNDS

VANGUARD LAUNCHES SERIES OF 10 TARGET RETIREMENT FUNDS PRESS RELEASE For more information, contact the Vanguard PR Hotline at 610-669-5002 or vanguard_media_relations@vanguard.com VANGUARD LAUNCHES SERIES OF 10 TARGET RETIREMENT FUNDS TORONTO (March 31, 2016)

More information

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments. Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class

More information

Financial Advisors Value Proposition and Compensation The Value of Financial Advice

Financial Advisors Value Proposition and Compensation The Value of Financial Advice Financial Value Proposition and Compensation The Value of Financial Advice Quantitative Research Frequencies Blame complex fee models, squeamishness about discussing money, or hesitancy to ask uninformed

More information

Diversified Managed Allocations

Diversified Managed Allocations Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to

More information

LVIP Dimensional Non-U.S. Equity RPM Fund. Summary Prospectus April 30, 2013

LVIP Dimensional Non-U.S. Equity RPM Fund. Summary Prospectus April 30, 2013 LVIP Dimensional Non-U.S. Equity RPM Fund (formerly LVIP Dimensional Non-U.S. Equity Fund) (Standard and Service Class) Summary Prospectus April 30, 2013 Before you invest, you may want to review the Fund

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

UMA Model Portfolios Professional Advice for Your Unified Managed Account

UMA Model Portfolios Professional Advice for Your Unified Managed Account UMA Model Portfolios Professional Advice for Your Unified Managed Account B The introduction of unified managed accounts has helped many investors to consolidate and streamline their investment portfolios.

More information

TAX-MANAGED SMAS: BETTER THAN ETFS?

TAX-MANAGED SMAS: BETTER THAN ETFS? September 2015 Rey Santodomingo, CFA Director of Investment Strategy Tax Managed Equities Tim Atwill, Ph.D., CFA Head of Investment Strategy TAX-MANAGED SMAS: BETTER THAN ETFS? Exchange traded funds, or

More information

De-Risking Solutions: Low and Managed Volatility

De-Risking Solutions: Low and Managed Volatility De-Risking Solutions: Low and Managed Volatility NCPERS May 17, 2016 Richard Yasenchak, CFA Senior Vice President, Client Portfolio Manager, INTECH FOR INSTITUTIONAL INVESTOR USE C-0416-1610 12-30-16 AGENDA

More information

J.P. Morgan MOZAIC Index (USD) An opportunity to pursue steady growth in a variety of markets. Nationwide SummitSM fixed indexed annuity

J.P. Morgan MOZAIC Index (USD) An opportunity to pursue steady growth in a variety of markets. Nationwide SummitSM fixed indexed annuity Nationwide SummitSM fixed indexed annuity Multi-asset index guide J.P. Morgan MOZAIC Index (USD) SM An opportunity to pursue steady growth in a variety of markets A powerful combination for retirement

More information

THE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON

THE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON This interview originally appeared in the Summer 24 edition of InSIGHTS, a quarterly publication from S&P Dow Jones Indices. THE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON Every four years,

More information

Defensive equity. A defensive strategy to Canadian equity investing

Defensive equity. A defensive strategy to Canadian equity investing Defensive equity A defensive strategy to Canadian equity investing Adam Hornung, MBA, CFA, Institutional Investment Strategist EXECUTIVE SUMMARY: Over the last several years, academic studies have shown

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

2015 MID-YEAR ETF & INVESTMENT OUTLOOK

2015 MID-YEAR ETF & INVESTMENT OUTLOOK 2015 MID-YEAR ETF & INVESTMENT OUTLOOK SPDR ETFs and SSGA Funds Research Team David B. Mazza, Head of Research Matthew Bartolini, CFA, Research Strategist Jared Rowley, CFA, Research Strategist Key Points

More information

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk BlackRock Diversified Income Portfolio A portfolio from Fidelity Investments designed to seek income while managing risk Fidelity Investments has formed a strategic alliance with BlackRock Investment Management,

More information

Smart beta: 2015 survey findings from U.S. financial advisors

Smart beta: 2015 survey findings from U.S. financial advisors Smart beta: 2015 survey findings from U.S. financial advisors ftserussell.com Contents 1 Introduction 2 Summary of key themes 3 Survey background 5 Section 1: Defining smart beta, and what is classified

More information

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio

SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE PowerShares Senior Loan Portfolio PowerShares Senior Loan Portfolio is the first senior loan exchange-traded fund (ETF) and seeks investment results

More information

Saving and Investing 101 Preparing for the Stock Market Game. Blue Chips vs. Penny Stocks

Saving and Investing 101 Preparing for the Stock Market Game. Blue Chips vs. Penny Stocks Saving and Investing 101 Preparing for the Stock Market Game ============================================================================== Size Segmentation Blue Chips vs. Penny Stocks Blue chips, like

More information

ML Strategic Balanced Index. Dynamically Blending Equity and Fixed Income Indices to Help Stabilize Returns

ML Strategic Balanced Index. Dynamically Blending Equity and Fixed Income Indices to Help Stabilize Returns ML Strategic Balanced Index Dynamically Blending Equity and Fixed Income Indices to Help Stabilize Returns What Is the ML Strategic Balanced Index? The ML Strategic Balanced Index uses a rules-based approach

More information

ETFs and their Place in the 401(k) Market

ETFs and their Place in the 401(k) Market ETFs and their Place in the 401(k) Market Agenda Unique benefits of ETFs Why ETFs in 401(k)? How does it work? How are advisors using ETFs? What s next? 2 AN INTRODUCTION TO ISHARES 1 The BlackRock - ishares

More information

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment March 25, 2014 McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment This paper analyzes the historic performance of the McKinley Capital Management, LLC

More information

Master Limited Partnerships (MLPs)

Master Limited Partnerships (MLPs) 1Q 2016 Master Limited Partnerships (MLPs) Distinct Focus on Yield VanEck Vectors TM High Income Infrastructure MLP ETF (YMLI) VanEck Vectors TM High Income MLP ETF (YMLP) ETF disclosure This material

More information

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS

ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS ishares MINIMUM VOLATILITY SUITE SEEKING TO WEATHER THE MARKET S UP AND DOWNS Table of Contents 1 Introducing the ishares Minimum Volatility Suite... 02 2 Why Consider the ishares Minimum Volatility Suite?...

More information

A portfolio that matches your plans.

A portfolio that matches your plans. A portfolio that matches your plans. Amerivest Core Portfolios powered by Morningstar Associates Expert investment management Tailored portfolio recommendations Straightforward, competitive pricing Dedicated

More information

J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING.

J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING. J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING. EXCHANGE-TRADED FUNDS ARE CHANGING THE WAY THE WORLD INVESTS and have quickly become one of the most popular

More information

Equity Investing Evolved Manage risk, stay invested

Equity Investing Evolved Manage risk, stay invested Equity Investing Evolved Manage risk, stay invested HSBC Buffered Strategies Are you on track to meet your retirement and investment goals? Have extreme market swings prevented you from investing? Would

More information

SPDR S&P 500 Low Volatility UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted

More information

ETF Evolution: The Innovation of Exchange-Traded Funds

ETF Evolution: The Innovation of Exchange-Traded Funds Strategic Advisory Solutions September 2015 ETF Evolution: The Innovation of Exchange-Traded Funds Executive Summary Exchange-traded funds (ETFs) are investment funds traded on stock exchanges, much like

More information

Interest Rates and Inflation: How They Might Affect Managed Futures

Interest Rates and Inflation: How They Might Affect Managed Futures Faced with the prospect of potential declines in both bonds and equities, an allocation to managed futures may serve as an appealing diversifier to traditional strategies. HIGHLIGHTS Managed Futures have

More information

Assessing the Risks of a Yield-Tilted Equity Portfolio

Assessing the Risks of a Yield-Tilted Equity Portfolio Engineered Portfolio Solutions RESEARCH BRIEF Summer 2011 Update 2014: This Parametric study from 2011 is intended to illustrate common risks and characteristics associated with dividendtilted equity portfolios,

More information

Enter retirement with confidence

Enter retirement with confidence Nationwide High Point 365 Lifetime Income Benefit rider Guaranteed Lifetime Income Enter retirement with confidence Nationwide New Heights Fixed Indexed Annuity with Nationwide High Point 365 provides

More information

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008

Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008 Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor October, 2008 1 Market Ups and Downs Recent news is full of anxiety-causing developments: Credit crunch Bank

More information

CONSULTATION ON POTENTIAL CHANGES TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016

CONSULTATION ON POTENTIAL CHANGES TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016 CONSULTATION ON POTENTIAL CHANGES TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016 June 1, 2015 TABLE OF CONTENTS 1. Introduction 2. Mode of consultation 3. The evolution of the

More information

SPDR Nuveen S&P High Yield Municipal Bond ETF

SPDR Nuveen S&P High Yield Municipal Bond ETF SPDR Nuveen S&P High Yield Municipal Bond ETF Summary Prospectus-October 31, 2015 HYMB (NYSE Ticker) Before you invest in the SPDR Nuveen S&P High Yield Municipal Bond ETF (the Fund ), you may want to

More information

1 Year 3 Years 5 Years 10 Years

1 Year 3 Years 5 Years 10 Years Summary Prospectus Gerstein Fisher Multi-Factor International Growth Equity Fund Trading Symbol: GFIGX March 30, 2015 Before you invest, you may want to review the Fund s prospectus, which contains more

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR December 7, 2015 ETF-015-145 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: SPDR RUSSELL 1000 ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16,

More information