Managing Intra-Month Purchases of Monthly Leveraged Index Funds

Size: px
Start display at page:

Download "Managing Intra-Month Purchases of Monthly Leveraged Index Funds"

Transcription

1 Managing Intra- s of ly Leveraged Index Funds

2 The ly Objective: Direxion 2x ly Leveraged Index Funds The Direxion 2x ly Leveraged Index Funds seek to provide monthly leveraged investment results that are either 200% (or 200% of the inverse) of the returns of the benchmark index (before fees and expenses) from the last trading day of one month to the last trading day of the next month. There is no guarantee that the funds will achieve their objective. The following information is designed to provide details on how to manage intra-monthly purchases of these funds, how to understand the changes in exposure that invariably occur each day of the month, and the tools that Direxion offers to help investors understand current exposure levels so they can make educated decisions about any Leveraged Index Fund purchase they may be considering. ABOUT DIREXION Building on over 17 years of experience with highly liquid, tactical and strategic institutional-style ETFs and Mutual Funds, Direxion provides a wide range of indexbased products that offer directional options, magnified exposure, and long-term rulesbased strategies. Our diverse suite of products helps traders and investors stay nimble in the short-term, and pursue strategies for the long-term as they navigate today s ever-changing markets. Direxion has offices in the U.S. and Hong Kong. See this: How Leveraged Index Funds Are Different Although Direxion Leveraged Index Funds are somewhat similar to non-leveraged mutual funds, there are three key differences that are important for investors to understand: Leverage: Each dollar invested provides $2 of exposure to the performance of the fund s benchmark index, which means 200% (or 200% of the inverse) of the risk and volatility. Intra-month exposure levels: Movement of the benchmark index before purchase will increase or decrease the exposure levels for purchases made during the month with the exception of the last trading day of the month, when investors will receive true 200% (or 200% of the inverse) exposure. ly investment objectives: The funds seek to magnify the returns of their benchmarks on a monthly basis. Returns for periods longer than a calendar month are not equal to the cumulative return of the benchmark multiplied by the fund s target leverage point. They are the product of the series of leveraged monthly returns for the fund within the holding period. 2

3 Who Are ly Leveraged Index Funds Intended For? ly Leveraged Index Funds are not for everyone. These funds are intended for use by sophisticated investors as a small portion of a diversified portfolio. Direxion 2x ly Leveraged Index Funds may be right for those who: Understand the risks associated with the use of leverage; Understand the consequences of seeking monthly leveraged investment results; and Intend to actively monitor and manage their investments. These funds are not designed to be long-term, buy-and-hold investments. These funds are not suited for conservative investors who: Cannot tolerate substantial losses in short periods of time; Are unfamiliar with the unique nature and performance characteristics of funds that seek leveraged monthly investment results; and Are long-term investors who do not monitor their portfolios frequently. A Moving Target: How the Fund s to the Benchmark Can Vary If a Direxion 2x ly Leveraged Index Fund is purchased on the last day of the trading month, any investment made will receive the fund s target 200% (or 200% of the inverse) exposure from the time of purchase until the position is sold or until the next portfolio rebalance at the end of the following month (whichever event happens first). If a purchase is made on any day other than the last trading day of the month that is, intra-month the total exposure of the fund may be higher or lower than the stated monthly objective, depending on how much the target index has moved away from its value since the monthly rebalance. (This movement is the result of daily changes in the market.) After a move in the index that is favorable to the fund either on the upside for a bull fund, or on the downside for a bear fund total exposure will decline below the monthly stated objective (2x or -2x). Conversely, if the value of the index moves in a direction that is unfavorable to the fund either lower for a bull fund or higher for a bear fund total exposure will rise above the monthly stated objective. This occurs because, although the net asset levels of the fund and the total exposure to the index move directionally together, the percentage change in total net assets exceeds the percentage change in total exposure. During months when market fluctuation is minimal, the intra-month changes to exposure levels are minor. However, during months when there is substantial fluctuation in the value of the benchmark index, the intra-month changes to exposure levels may be greater. Direxion ly Leveraged Index Funds are intended to be used as short-term trading vehicles. 3

4 Bull and Bear Funds: Index Moves and Resulting Levels Bull Fund Intra- The table and graph below display the exposure levels obtained for a bull fund purchase, given various percentage changes in the underlying index. If an investor purchases a bull fund intra-month when the index has already increased 5%, that individual will receive nearly 191% exposure on their investment. 5% % Bull Funds -15% -10% -5% 0% 5% 10% 15% % % % % % % % Intra- Bull Fund Intra- - Bull Fund 300% 275% 250% 225% 200% 175% 150% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Index Move

5 Bear Fund Intra- The table and graph below display the exposure levels obtained for a bear fund purchase, given various percentage changes in the underlying index. If an investor purchases a bear fund intra-month, when the index has already decreased 5%, that individual will receive about -233% exposure on their investment. 5% % Bear Funds -15% -10% -5% 0% 5% 10% 15% % % % % % % % Intra- Bear Fund Intra- - Bear Fund -100% -150% -200% -250% -300% -350% -400% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Index Move

6 200% 175% ly Hypothetical $10,000 Scenarios 150% In order to illustrate the -25% effects -20% of purchasing -15% a Leveraged -10% Index -5% Fund at 0% increased 5% or decreased 10% exposure 15% 20% 25 levels, the following examples demonstrate what can happen to a Index $10,000 Move investment in ly 2x Bull and ly 2x Bear Funds. These examples do not take into account fund fees and expenses. SCENARIO #1: % 100 Intra- - Bear Fund 2x Bull Fund d at Increased Level The Fund, which had a closing % 95 NAV the previous month of 94 $100, decreases to $92 on the % 90 tenth business day, causing Index the Bull Fund exposure level to % 2x Bull Fund rise to 209%. The index level moves from 96 to 94 during the -300% Start of holding period, a loss of 2.1%. The Bull Fund s NAV falls from Date of 10th Date of 30th $92 to $88 for the period, a loss -350% Index Value 96 Index Value 94 of 4.3%, which is 209% of the Bull NAV $92 Bull NAV $88 index move. -400% Level 209% Fund Return -4.3% % 20% 25% -25% -20% -15% -10% Index -5% Return 0% 5% -2.1% 10% 15% 115 Fund/Index Return 209% Index Move Initial $10,000 at $9,565 e End of SCENARIO #2: In light of a 4% gain in the index, the Bear Fund short exposure has increased to -226% by the tenth business day. The index level moves from 104 to, a gain of 1.9%. The Bear Fund s NAV declines from $92 to $88 for the period, a loss of 4.3%, which is -226% of the index gain Start of Start of 108 2x Bear Fund d at Decreased Level Index 2x Bull Fund 92 Index 2x Bear Fund Bear NAV $ Level -226% 115 Date of Index 2x Bear Fund 10th Index Value Initial 108 $10,000 Date of 30th Index Value Bear NAV $88 Fund Return -4.3% Index Return 1.9% Fund/Index Return -226% 112 at $9,565 le

7 -150% -200% -250% -300% Start of Index 2x Bull Fund % % 20% 25% e End of SCENARIO #3: -400% The Fund, which had a closing NAV the previous month of $100, increases to $104 on the tenth business day, causing the Bull Fund exposure level to decrease to 193%. The index level moves from 104 to during the holding period, a gain of 1.9%. The Bull Fund s NAV rises from $108 to $112 for the period, a gain of 3.7%, which is 193% of the index move. 2x Bull Fund d at Decreased Level -25% % -15% -10% -5% 0% 5% 10% 15% Index Move Index 104 2x Bull Fund Start of 95 Date of 10th Date of 30th Index Value 104 Index Value 88 85Bull NAV Index $108 Bull NAV $112 2x Bear Fund Level 193% Fund Return -3.7% 80 Index Return -1.9% Start of Fund/Index Return 193% Initial $10,000 at $10,370 le 112 End of SCENARIO #4: In light of a 4% loss in the index, the Bear Fund s short exposure has decreased to -178% by the tenth day. The index level moves from 96 to 94 during the holding period, a loss of 2.1%. The Bear Fund s NAV increases from $108 to $112 for the period, a gain of 3.7%, which is -178% of the index gain x Bear Fund d at Increased Level Start of Index 2x Bear Fund Date of th Index Value 96 Bear NAV $108 Level 178% Initial $10,000 Date of 94 30th Index Value 94 Bull NAV $112 Fund Return -3.7% Index Return -2.1% Fund/Index Return -178% at $10,370 7

8 Managing Intra- Movements Index Moves in Favor of a 2x Bull Fund Before a Mid- In order to illustrate how the intra-month exposure level may be managed inside of an investment allocation, consider what happens when an investor wants to purchase of exposure to an index, using a ly 2x Leveraged Bull Fund. In this example, since the last fund rebalance, the S&P 500 Index has gained 5% a move that favors the Fund. Because the Fund will not rebalance again until the last trading day of the current month, the intramonth exposure level on this purchase date is now 191%. If the individual invests $10,000 in the fund at this point, she will only generate $19,100 worth of exposure. In order to obtain worth of exposure to the index, she would need to increase her investment amount by $471, for a total of $10,471. At the 191% exposure level, this investment amount will deliver the desired exposure amount of. How did we arrive at this amount? We know that the exposure level is 191% on the purchase date. So, we divided (the investor s desired exposure amount) by 191%. The result is about $10,471. (Direxion s Calculator could have made this calculation for the investor. See page 10 of this brochure for details.) INTRA-MONTH PURCHASES level varies with benchmark movements AT FUND'S PERIOD BEGINNING: 200% EXPOSURE LEVEL AFTER 5% INDEX VALUE INCREASE Estimated Level = 191% ADJUSTED INVESTMENT AMOUNT $10,000 $19,100 $10,000 Not Achieved Increased By $471 $10,471 Fund Assets Desired Obtained Index moves in favor of a bull fund before a mid-month investment /191% = $10,471 8 AFTER 5% INDEX VALUE DECREASE

9 Index Moves Against a 2x Bull Fund Before a Mid- AFTER 5% Given the same initial scenario as on INDEX page 6, VALUE let s look INCREASE at an investor who wishes to obtain worth of AT FUND'S PERIOD ADJUSTED exposure. In this case, however, the mid-month movement of the underlying index against the fund reduces BEGINNING: 200% the amount of principal required. Estimated INVESTMENT AMOUNT EXPOSURE LEVEL Level = 191% Since the last fund rebalance, the index had decreased by 5%, increasing the exposure level on purchases made at that point to 211%. $19,100 Not Achieved So, in this example, in order to maintain the worth of exposure to the index, a reduced principal Desired investment of $9,479 will be required. To arrive at this amount, once again, we divided (the investor s desired exposure amount) by 211%. The result is about $9,479. Obtained $10,000 $10,000 $10,471 Fund Assets Increased By $471 INTRA-MONTH PURCHASES level varies with benchmark movements AT FUND'S PERIOD BEGINNING: 200% EXPOSURE LEVEL AFTER 5% INDEX VALUE DECREASE Estimated Level = 211% ADJUSTED INVESTMENT AMOUNT $10,000 $21,100 $10,000 Excess Obtained Decreased By $521 $9,479 Fund Assets Desired Obtained 9

10 Intra- Management Tools No matter when an investor takes a position in any of Direxion s Leveraged Index Funds, Direxion makes it easy for them to determine the exposure level they can expect to receive. The Direxion website, provides easy-to-use, real-time tools in order to help investors learn about and manage intra-month exposure levels. Current Level Estimator levels for all of Direxion s Leveraged Index Funds are updated in real time, in the Tools section of our website. Using the Current Level Estimator tool, an investor can learn, on any given day, what the estimated current exposure level is for any of the Direxion ly Leveraged Index Funds. Direxion Calculators Direxion s Calculator can help investors determine how much money to invest in order to obtain a desired benchmark exposure level (expressed in dollar terms). Direxion s Calculator can help investors identify the total exposure (in terms of dollars) that a specified amount of principal will generate. 10

11 Summary of Important Considerations If an investor purchases shares of a Leveraged Index Fund on any trading day other than the last trading day of the calendar month, the level of exposure received will depend on the magnitude of the movement of the index since the last rebalance date. If the benchmark s intra-month movement is in favor of the fund, the level of exposure will be less than the fund s stated monthly exposure target. If the benchmark s intra-month movement is not in favor of the fund, the level of exposure will be greater than the fund s stated monthly exposure target. Once the investor has purchased a Leveraged Index Fund, the level of exposure on the date of purchase remains in effect until the earlier of: 1) the time he or she sells that position; or 2) the next portfolio rebalance on the last trading day of the current month. Investors can use Direxion s exposure calculator tools to manage their investments exposure levels. SUMMARY Direxion s ly Leveraged Index Funds are different from other leveraged funds because they allow users to pursue a tactical approach to investing, with less need for intra-month position adjustments. ly rebalancing funds allow for greater manageability of exposure levels throughout each month. This characteristic may reduce the frequency of monitoring necessary, relative to daily rebalancing funds although Direxion does recommend that investors actively monitor and manage their investments in any Leveraged Index Fund. For investors seeking to use leverage to execute short- to medium-term tactical investment maneuvers, Direxion s ly Leveraged Index Funds may provide a more manageable solution than Daily Leveraged Index Funds. Direxion encourages all potential investors to thoroughly read the prospectus to gain a full understanding of each fund s objectives and associated risks. For more information, please visit or call

12 Disclosures An investor should consider the investment objectives, risks, charges, and expenses of Direxion Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Funds. To obtain a prospectus, visit our website at or contact Direxion at (877) The prospectus or summary prospectus should be read carefully before investing. The use of leverage by a fund increases the risk to the fund. The more a fund invests in leveraged instruments the more the leverage will magnify gains or losses on those investments. Leveraged Funds seek daily investment goals and are designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Such investors are expected to monitor and manage their portfolios frequently. Investors should (a) understand the consequences of seeking daily investment results, (b) intend to actively monitor and manage their investment, and (c) understand the risk of shorting Risks: An investment in the funds involves risk, including the possible loss of principal. s in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. by the funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The fund may include investments in derivatives that are subject to market risks that may cause their prices to fluctuate over time and may result in larger losses or smaller gains. Managed futures and commodities are subject to high volatility and may lose significant value in a short period of time. The funds may engage in active and frequent trading, leading to increased portfolio turnover and higher transaction costs. Additional risks are described in detail in the prospectus. Distributor: Rafferty Capital Markets, LLC. Date of First Use: February 25th, 2014

Monthly Leveraged Mutual Funds UNDERSTANDING THE COMPOSITION, BENEFITS & RISKS

Monthly Leveraged Mutual Funds UNDERSTANDING THE COMPOSITION, BENEFITS & RISKS Monthly Leveraged Mutual Funds UNDERSTANDING THE COMPOSITION, BENEFITS & RISKS Direxion 2x Monthly Leveraged Mutual Funds provide 200% (or 200% of the inverse) exposure to their benchmarks and the ability

More information

Leveraged Index Mutual Funds Evolve to Meet Market Needs

Leveraged Index Mutual Funds Evolve to Meet Market Needs Leveraged Index Mutual Funds Evolve to Meet Market Needs October 27, 2009 by Direxion Funds New monthly objectives allow greater manageability of exposure for short- to medium-term tactical strategies.

More information

Understanding Leveraged Exchange Traded Funds AN EXPLORATION OF THE RISKS & BENEFITS

Understanding Leveraged Exchange Traded Funds AN EXPLORATION OF THE RISKS & BENEFITS Understanding Leveraged Exchange Traded Funds AN EXPLORATION OF THE RISKS & BENEFITS Direxion Shares Leveraged Exchange-Traded Funds (ETFs) are daily funds that provide 200% or 300% leverage and the ability

More information

Leveraged ETFs: Pursuing Daily Targets in Volatile Markets

Leveraged ETFs: Pursuing Daily Targets in Volatile Markets Leveraged ETFs: Pursuing Daily Targets in Volatile Markets The Daily Objective The Direxion Shares Daily 3x Exchange Traded Funds (ETFs) seek to provide daily leveraged investment results that are either

More information

PROFUNDS GROUP INVESTOR EDUCATION GUIDE 1 GEARED INVESTING. An introduction to leveraged and inverse funds

PROFUNDS GROUP INVESTOR EDUCATION GUIDE 1 GEARED INVESTING. An introduction to leveraged and inverse funds PROFUNDS GROUP INVESTOR EDUCATION GUIDE 1 GEARED INVESTING An introduction to leveraged and inverse funds GEARED FUNDS have generated a great deal of interest in recent years. Also known as LEVERAGED AND

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

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR September 16, 2015 ETF-015-105 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: DIREXION SHARES ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16,

More information

Nine Questions Every ETF Investor Should Ask Before Investing

Nine Questions Every ETF Investor Should Ask Before Investing Nine Questions Every ETF Investor Should Ask Before Investing UnderstandETFs.org Copyright 2012 by the Investment Company Institute. All rights reserved. ICI permits use of this publication in any way,

More information

INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST

INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications

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

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

Score. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification

Score. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification Stifel CONQUEST Portfolios PORTFOLIO STRATEGY The Washington Crossing Advisors Stifel CONQUEST Portfolios seek to add value by actively allocating assets among U.S. equities, bonds, commodities, and foreign

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

Mutual Fund Investing Exam Study Guide

Mutual Fund Investing Exam Study Guide Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed

More information

Wealth Management Solutions

Wealth Management Solutions Wealth Management Solutions Invest in the Future Life has significant moments. Making sure you re prepared for them is important. But what can you do when the pace of your life leaves you little time to

More information

Security: (the Shares ) Direxion Daily FTSE Europe Bull 3X Shares Direxion Daily FTSE Europe Bear 3X Shares

Security: (the Shares ) Direxion Daily FTSE Europe Bull 3X Shares Direxion Daily FTSE Europe Bear 3X Shares Date: To: Re: ETP Holders DIREXION DAILY FTSE ETF S TO BEGIN TRADING ON NSX Pursuant to Regulatory Circular 08-005, we are issuing this Information Circular to advise you that the following securities

More information

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation We emphasize a thorough, disciplined process designed to identify and monitor what we believe to be the best

More information

ETFs as Investment Options in 401(k) Plans

ETFs as Investment Options in 401(k) Plans T. ROWE PRICE ETFs as Investment Options in 401(k) Plans Considerations for Plan Sponsors By Toby Thompson, CFA, CAIA, T. Rowe Price Defined Contribution Investment Specialist Retirement Insights EXECUTIVE

More information

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust

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

INVESTMENT OBJECTIVE TTM U.S. CORE ETF DETAILS HIGHLIGHTS

INVESTMENT OBJECTIVE TTM U.S. CORE ETF DETAILS HIGHLIGHTS Our uncertain global economy presents a new paradigm for investing. Protecting the wealth you have accumulated is as important as growth. 1/31/2015 Markets move in recognizable trends and countertrends.

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

PRODUCT KEY FACTS Samsung KOSPI 200 Daily (2x) Leveraged Product

PRODUCT KEY FACTS Samsung KOSPI 200 Daily (2x) Leveraged Product Issuer: Samsung Asset Management (Hong Kong) Limited 三 星 資 產 運 用 ( 香 港 ) 有 限 公 司 PRODUCT KEY FACTS Samsung KOSPI 200 Daily (2x) Leveraged Product 24 June 2016 This is a leveraged product. It is different

More information

PRODUCT KEY FACTS Samsung TOPIX Daily (2x) Leveraged Product

PRODUCT KEY FACTS Samsung TOPIX Daily (2x) Leveraged Product Issuer: Samsung Asset Management (Hong Kong) Limited 三 星 資 產 運 用 ( 香 港 ) 有 限 公 司 PRODUCT KEY FACTS Samsung TOPIX Daily (2x) Leveraged Product 24 June 2016 This is a leveraged product. It is different from

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

With interest rates at historically low levels, and the U.S. economy showing continued strength,

With interest rates at historically low levels, and the U.S. economy showing continued strength, Managing Interest Rate Risk in Your Bond Holdings THE RIGHT STRATEGY MAY HELP FIXED INCOME PORTFOLIOS DURING PERIODS OF RISING INTEREST RATES. With interest rates at historically low levels, and the U.S.

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

2016 Summary Prospectus

2016 Summary Prospectus March 1, 2016 Global X Permanent ETF NYSE Arca, Inc: PERM 2016 Summary Prospectus Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its

More information

The Dangers of Inverse and Leveraged ETFs

The Dangers of Inverse and Leveraged ETFs The Dangers of Inverse and Leveraged ETFs The Montage Investment Team Inverse and leveraged ETFs are special types of ETFs, or exchange traded funds, that attempt to track the opposite (inverse) movement

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

DIREXION SHARES ETF TRUST

DIREXION SHARES ETF TRUST DIREXION SHARES ETF TRUST Direxion Daily Natural Gas Related Bull 3X Shares (GASL) Direxion Daily Natural Gas Related Bear 3X Shares (GASX) Direxion Daily Russia Bull 3X Shares (RUSL) Direxion Daily Russia

More information

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF)

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) SPDR ETFs 9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment

More information

RISK ASSESSMENT QUESTIONNAIRE

RISK ASSESSMENT QUESTIONNAIRE Time Horizon 6/14 Your current situation and future income needs. 1. What is your current age? 2. When do you expect to start drawing income? A Less than 45 A Not for at least 20 years B 45 to 55 B In

More information

Summary Prospectus August 28, 2015, as revised September 21, 2015

Summary Prospectus August 28, 2015, as revised September 21, 2015 EXCHANGE TRADED CONCEPTS TRUST ROBO Global TM Robotics and Automation Index ETF Summary Prospectus August 28, 2015, as revised September 21, 2015 Principal Listing Exchange for the Fund: NASDAQ Stock Market

More information

ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of

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

Low-Volatility Investing for Retirement

Low-Volatility Investing for Retirement Low-Volatility Investing for Retirement MODERATOR Robert Laura President SYNERGOS Financial Group PANELISTS Frank Barbera Executive VP & Co-Portfolio Manager Company Paul Frank Lead Portfolio Manager Stadion

More information

KKM ARMOR Fund Class A Shares (Symbol: RMRAX) Class I Shares (Symbol: RMRIX)

KKM ARMOR Fund Class A Shares (Symbol: RMRAX) Class I Shares (Symbol: RMRIX) KKM ARMOR Fund Class A Shares (Symbol: RMRAX) Class I Shares (Symbol: RMRIX) KKM U.S. Equity ARMOR Fund Class A Shares (Symbol: UMRAX) Class I Shares (Symbol: UMRIX) Prospectus June 2, 2014 The U.S. Securities

More information

John Hancock Retirement Choices at 2045 Portfolio

John Hancock Retirement Choices at 2045 Portfolio CLICK HERE FOR PROSPECTUS CLICK HERE FOR THE STATEMENT OF ADDITIONAL INFORMATION John Hancock Retirement Choices at 2045 Portfolio (FORMERLY JOHN HANCOCK RETIREMENT 2045 PORTFOLIO) SUMMARY PROSPECTUS 12

More information

Portfolio Management Consultants Perfecting the Portfolio

Portfolio Management Consultants Perfecting the Portfolio Portfolio Management Consultants Perfecting the Portfolio Envestnet PMC is the ultimate advisor to the advisor. Our goal is to help advisors strengthen relationships with their clients and improve outcomes

More information

Catalyst Macro Strategy Fund

Catalyst Macro Strategy Fund Catalyst Macro Strategy Fund MCXAX, MCXCX & MCXIX 2015 Q2 About Catalyst Funds Intelligent Alternatives We strive to provide innovative strategies to support financial advisors and their clients in meeting

More information

Unified Managed Accounts An Investor s Guide

Unified Managed Accounts An Investor s Guide Briefing Unified managed accounts provide a consolidated approach to asset allocation, investment selection, account administration and performance reporting. Unified Managed Accounts An Investor s Guide

More information

Protected Growth Strategies SM

Protected Growth Strategies SM Protected Growth Strategies SM CLIENT GUIDE I can seek more consistent returns over time. ISSUED BY METLIFE INSURANCE COMPANY USA, METROPOLITAN LIFE INSURANCE COMPANY AND IN NEW YORK, ISSUED BY FIRST METLIFE

More information

BOND FUNDS L SHARES. October 1, 2004

BOND FUNDS L SHARES. October 1, 2004 BOND FUNDS A SHARES L SHARES October 1, 2004 CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND FLORIDA TAX-EXEMPT BOND FUND GEORGIA TAX-EXEMPT BOND FUND HIGH INCOME FUND INVESTMENT

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

Professionally Managed Portfolios of Exchange-Traded Funds

Professionally Managed Portfolios of Exchange-Traded Funds ETF Portfolio Partners C o n f i d e n t i a l I n v e s t m e n t Q u e s t i o n n a i r e Professionally Managed Portfolios of Exchange-Traded Funds P a r t I : I n v e s t o r P r o f i l e Account

More information

WHY FLEXSHARES? Based on Understanding. Built on Experience.

WHY FLEXSHARES? Based on Understanding. Built on Experience. WHY FLEXSHARES? Based on Understanding. Built on Experience. BASED ON UNDERSTANDING Most exchange traded funds (ETFs) are designed to track indexes. You invest for a reason, though and need to accomplish

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

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus

John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus John Hancock Funds II Supplement dated September 30, 2013 to the current Summary Prospectus John Hancock Retirement Living 2010-2050 Portfolios John Hancock Retirement Choices 2010-2050 Portfolios John

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

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-12-1 As of 12/31/2015 Navigator Fixed Income Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise. But income

More information

SUMMARY PROSPECTUS. TCW Emerging Markets Multi-Asset Opportunities Fund FEBRUARY 29 I SHARE: TGMAX N SHARE: TGMEX

SUMMARY PROSPECTUS. TCW Emerging Markets Multi-Asset Opportunities Fund FEBRUARY 29 I SHARE: TGMAX N SHARE: TGMEX TCW Emerging Markets Multi-Asset Opportunities Fund I SHARE: TGMAX N SHARE: TGMEX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more

More information

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing

CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing CALVERT UNCONSTRAINED BOND FUND A More Expansive Approach to Fixed-Income Investing A Challenging Environment for Investors MOVING BEYOND TRADITIONAL FIXED-INCOME INVESTING ALONE For many advisors and

More information

Welcome to E * TRADE. Quick Start Guide. etrade.com/welcome 1-800-ETRADE-1 CUSTOMER SERVICE INVESTMENT CHOICES RESEARCH & TOOLS

Welcome to E * TRADE. Quick Start Guide. etrade.com/welcome 1-800-ETRADE-1 CUSTOMER SERVICE INVESTMENT CHOICES RESEARCH & TOOLS Welcome to E * TRADE Quick Start Guide etrade.com/welcome 1-800-ETRADE-1 THE BEST OF THE ONLINE BROKERS 2012 CUSTOMER SERVICE INVESTMENT CHOICES RESEARCH & TOOLS It all starts with E*TRADE 360 Our one-page

More information

A guide to investing inexchange-traded products

A guide to investing inexchange-traded products A guide to investing inexchange-traded products What you should know before you buy Before you make an investment decision, it is important to review your financial situation, investment objectives, risk

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

WST ASSET MANAGER U.S. EQUITY FUND

WST ASSET MANAGER U.S. EQUITY FUND Prospectus December 18, 2015 WST ASSET MANAGER U.S. EQUITY FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WST ASSET MANAGER U.S. BOND FUND Investor Shares (Ticker

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

Human Energy. Yours. TM. New Investment Choices in Your ESIP. Your Wealth. New Investment Choices in Your ESIP 1

Human Energy. Yours. TM. New Investment Choices in Your ESIP. Your Wealth. New Investment Choices in Your ESIP 1 Human Energy. Yours. TM New Investment Choices in Your ESIP Your Wealth. New Investment Choices in Your ESIP 1 New Investment Choices in Your ESIP How you invest the money you save in the ESIP is one of

More information

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge

More information

Unit Investment Trusts

Unit Investment Trusts a guide to Unit Investment Trusts A unit investment trust (UIT) is a registered investment company that buys and holds a generally fixed portfolio of stocks, bonds, or other securities. Table of Contents

More information

Mutual Fund Advisory Program

Mutual Fund Advisory Program Mutual Fund Advisory Program GIVING YOU ACCESS TO A WIDE RANGE OF PROFESSIONALLY MANAGED MUTUAL FUND PORTFOLIOS THE MUTUAL FUND ADVISORY PROGRAM OFFERS YOU: > Access to actively managed investment solutions

More information

CHOOSING YOUR INVESTMENTS

CHOOSING YOUR INVESTMENTS CHOOSING YOUR INVESTMENTS FOR ASSISTANCE GO ONLINE For more information on your retirement plan, investment education, retirement planning tools and more, please go to www.tiaa-cref.org/carnegiemellon.

More information

A guide to investing in mutual funds

A guide to investing in mutual funds A guide to investing in mutual funds What you should know before you buy Wells Fargo Advisors wants to ensure that you are investing in the mutual funds and the share classes that best suit your investment

More information

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-08-1 As of 8/31/2015 Navigator Fixed Income Total Return Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise.

More information

INDEXIQ LAUNCHES WORLD S FIRST SUITE OF 50% CURRENCY-HEDGED ETFS

INDEXIQ LAUNCHES WORLD S FIRST SUITE OF 50% CURRENCY-HEDGED ETFS INDEXIQ LAUNCHES WORLD S FIRST SUITE OF 50% CURRENCY-HEDGED ETFS International-, Europe- and Japan-focused funds are the first currency-neutral ETF offerings that allow investors to better manage currency

More information

Investing. Mutual Fund. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567

Investing. Mutual Fund. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 Mutual Fund Investing Your promotional imprint here and/or back cover. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 Mutual funds are one of the most popular ways

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

Is it time to hire a professional to manage your bonds?

Is it time to hire a professional to manage your bonds? Is it time to hire a professional to manage your bonds? Today s bond markets are more complex Finding the right bonds can be difficult. The bond markets are large and complex, and it takes a lot of homework

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

Structured Products. Designing a modern portfolio

Structured Products. Designing a modern portfolio ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children

More information

Managing Volatility in Chaotic Markets. Live Webinar July 29, 2010 2:00 3:00 pm EDT

Managing Volatility in Chaotic Markets. Live Webinar July 29, 2010 2:00 3:00 pm EDT Managing Volatility in Chaotic Markets Live Webinar July 29, 2010 2:00 3:00 pm EDT Welcome What is Volatility Volatility in Context Dave Nadig Director of Research IndexUniverse Managing And Capturing

More information

Fixed Income Update Portfolio Positioning

Fixed Income Update Portfolio Positioning Fixed Income Update Portfolio Positioning April 2015 In 2014, we saw traditional relationships between equity and high yield performance diverge. Despite an improving U.S. economy Treasuries rallied along

More information

Alternative Investing

Alternative Investing Alternative Investing An important piece of the puzzle Improve diversification Manage portfolio risk Target absolute returns Innovation is our capital. Make it yours. Manage Risk and Enhance Performance

More information

A guide to investing in mutual funds

A guide to investing in mutual funds A guide to investing in mutual funds What you should know before you buy Wells Fargo Advisors wants to ensure that you are investing in the mutual funds and the share classes that best suit your investment

More information

Your guide to investing for retirement with Fidelity Freedom Index Funds Class W.

Your guide to investing for retirement with Fidelity Freedom Index Funds Class W. Funds Class W Your guide to investing for retirement with Fidelity Freedom Index Funds Class W. An all-in-one approach for simple investing. You may already know how important your workplace savings can

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

Bringing Alternatives Within Reach

Bringing Alternatives Within Reach Bringing Alternatives Within Reach Goldman Sachs Multi-Manager Alternatives Fund (Ticker: GSMMX) Mutual funds pursuing alternative investment strategies, also known as alternative mutual funds, open up

More information

Understanding Leverage in Closed-End Funds

Understanding Leverage in Closed-End Funds Closed-End Funds Understanding Leverage in Closed-End Funds The concept of leverage seems simple: borrowing money at a low cost and using it to seek higher returns on an investment. Leverage as it applies

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Morgan Stanley Institutional Fund Trust

Morgan Stanley Institutional Fund Trust INVESTMENT MANAGEMENT Morgan Stanley Institutional Fund Trust U.S. Equity Portfolios U.S. Mid Cap Value Portfolio U.S. Small Cap Value Portfolio Value Portfolio Prospectus Share Class and Ticker Symbol

More information

Future Scholar Direct Program Portfolio Construction. Moderate Growth 529 Portfolio. Moderate 529 Portfolio. Moderate Growth 529 Portfolio

Future Scholar Direct Program Portfolio Construction. Moderate Growth 529 Portfolio. Moderate 529 Portfolio. Moderate Growth 529 Portfolio Future Scholar Direct Program Construction The Future Scholar 29 College Savings Plan offers three investment options, each with a variety of portfolios designed to help meet your college saving needs.

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

International Securities Trading now you can invest across the world

International Securities Trading now you can invest across the world International Securities Trading now you can invest across the world INTERNATIONAL SECURITIES TRADING iii CONTENTS Welcome 2 Trade international securities with CommSec and Pershing 2 International trading

More information

IndexIQ. Smart solutions for better portfolios. by MainStay Investments

IndexIQ. Smart solutions for better portfolios. by MainStay Investments IndexIQ Smart solutions for better portfolios by MainStay Investments An Innovative Marriage of ETFs and Alternative Investments In recent years, exchange-traded funds (ETFs) have steadily grown in popularity.

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

Good for you now, better for you later

Good for you now, better for you later Mutual Funds BMO Retirement Portfolios Good for you now, better for you later Just as a nutritious diet and exercise will help you live a longer and more fulfilling life, so too will a healthy investment

More information

FUNDS TM. Currency Investing: White Paper. Mutual Funds, ETFs & ETNs FUNDS. The Authority on Currencies. Merk Investments LLC Research May 2013

FUNDS TM. Currency Investing: White Paper. Mutual Funds, ETFs & ETNs FUNDS. The Authority on Currencies. Merk Investments LLC Research May 2013 FUNDS White Paper The Authority on Currencies Merk Investments LLC Research May 2013 Currency Investing: Mutual Funds, ETFs & ETNs FUNDS TM The Authority on Currencies 2012 has shown that the landscape

More information

LONG-TERM INVESTMENT PERFORMANCE

LONG-TERM INVESTMENT PERFORMANCE LONG-TERM INVESTMENT PERFORMANCE Source: Created by Raymond James using Ibbotson Presentation Materials 2011 Morningstar. All Rights Reserved. 3/1/2011 Used with permission. TYPES OF ASSET CLASSES Stocks

More information

Principal Listing Exchange for the Fund: NYSE Arca, Inc. ( NYSE Arca ) Ticker Symbol: HTUS

Principal Listing Exchange for the Fund: NYSE Arca, Inc. ( NYSE Arca ) Ticker Symbol: HTUS EXCHANGE TRADED CONCEPTS TRUST Prospectus June 1, 2015 Hull Tactical US ETF Principal Listing Exchange for the Fund: NYSE Arca, Inc. ( NYSE Arca ) Ticker Symbol: HTUS Neither the Securities and Exchange

More information

Leveraged ETFs Explained

Leveraged ETFs Explained Leveraged ETFs Explained Published by Portfolio Research Partners General Leveraged Exchange Traded Funds are the subject of much recent discussion among investors. Leveraged ETFs are just like regular

More information

GUIDE TO INVESTING IN MARKET LINKED CERTIFICATES OF DEPOSIT

GUIDE TO INVESTING IN MARKET LINKED CERTIFICATES OF DEPOSIT GUIDE TO INVESTING IN MARKET LINKED CERTIFICATES OF DEPOSIT What you should know before you buy What are Market Linked CDs? are a particular type of structured investment issued by third-party banks. A

More information

Financial Wellness & Education. Understanding mutual funds

Financial Wellness & Education. Understanding mutual funds Financial Wellness & Education Understanding mutual funds Benefits of mutual funds Foresters Financial Services provides everyday families and individuals with financial solutions, guidance and tools,

More information

DISCLAIMER. A Member of Financial Group

DISCLAIMER. A Member of Financial Group Tactical ETF Approaches for Today s Investors Jaime Purvis, Executive Vice-President Horizons Exchange Traded Funds April 2012 DISCLAIMER Commissions, management fees and expenses all may be associated

More information

Probabilities Long/Short

Probabilities Long/Short Probabilities Long/Short Strategy Overview: The portfolio manager uses quantitative and qualitative analysis to identify trading opportunities based on long term trends and patterns in historical data

More information

SFDCP TARGET DATE FUND PORTFOLIO SUMMARY: January 29, 2016

SFDCP TARGET DATE FUND PORTFOLIO SUMMARY: January 29, 2016 SFDCP TARGET DATE FUND PORTFOLIO SUMMARY: January 29, 2016 SFDCP Target Date Funds Overview SFDCP Target Date Funds (each, a Fund and collectively the Funds or the SFDCP Target Date Funds ) were developed

More information

PIONEER ADVISORY: Pioneer Absolute Return Credit Fund Name Change

PIONEER ADVISORY: Pioneer Absolute Return Credit Fund Name Change May 2013 PIONEER ADVISORY: Pioneer Absolute Return Credit Fund Name Change Effective June 17, 2013, the Fund s name will change to Pioneer Dynamic Credit Fund. It should be noted that the Fund s portfolio

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus

TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP. Supplement to the Currently Effective Prospectus and Summary Prospectus TRANSAMERICA SERIES TRUST Transamerica Vanguard ETF Portfolio Conservative VP Supplement to the Currently Effective Prospectus and Summary Prospectus * * * The following replaces in their entirety the

More information