New products and changes introduced over the last week include three smart beta ETFs from State Street Global Advisors and Azzad Asset Management's finalization of a gun-free investing policy. Also, Elkhorn added a high-yield ETF and RiXtrema integrated with Albridge Wealth Reporting.
Here are the latest developments of interest to advisors:
1) SSGA Adds Three Smart Beta ETFs
State Street Global Advisors launched three U.S. smart beta ETFs. Developed with the Alaska Permanent Fund Corp. (APFC) as a cornerstone investor in the funds, they are designed to track the performance of rules-based indexes from FTSE Russell.
The ETFs are the SPDR Russell 1000 Yield Focus ETF (ONEY), SPDR Russell 1000 Momentum Focus ETF (ONEO) and the SPDR Russell 1000 Low Volatility Focus ETF (ONEV).
2) Azzad Asset Management Goes Gun-Free
Azzad Asset Management, investment advisor to the Azzad Funds, finalized a gun-free investing policy that prohibits it from investing in companies that manufacture the weapons that have been used in mass shootings and other gun violence in the U.S.
The firm's investment committee identified three companies in particular that benefit from the sale of assault weapons: Smith & Wesson (SWHC), Sturm, Ruger & Co. (RGR) and Olin (OLN). Both Smith & Wesson and Sturm manufacture versions of the assault rifle used in the latest mass shooting in San Bernardino, California. Olin is an ammunitions producer.
