(Photo: Bloomberg)
State Street Global Advisors announced several enhancements to two high yield bond ETFs with a combined $8.8 billion in assets.
A 1:3 reverse share split will be implemented to reduce trading costs for the SPDR Bloomberg Barclays High Yield Bond ETF (JNK), effective April 1.
In addition, the SPDR ICE BofAML Crossover Corporate Bond ETF (CJNK) will change its index strategy and name, and decrease its expense ratio by 25 basis points, also effective April 1. The new fund name will be SPDR ICE BofAML Broad High Yield Bond ETF and the new underlying index is ICE BofAML US High Yield Index. The ticker will remain the same. The expense ratio will fall from 0.40% to 0.15%.
According to Noel Archard, global head of SPDR product, "JNK's increased share price will appeal to investors who favor its large trading volumes and optionality, and with CJNK's lower expense ratio and new index strategy, we are able to offer diversified, low cost exposure to investors who view high yield as a strategic asset class in buy-and-hold portfolios."
The 1:3 reverse share split for the SPDR Bloomberg Barclays High Yield Bond ETF raises its share price to approximately $105, helping to reduce trading costs for clients seeking liquid exposure to high yield bonds.
BizEquity Launches Advisor-based, AI-enabled Prospecting Service
BizEquity launched a new patent-pending artificial intelligence engine and lead service called Franklin.
With Franklin, BizEquity has made a new lead generation and intelligent routing service to prospect and engage with business owners through business valuation knowledge exchange.
An FPA/CNBC report finds that 78% of business owners expect to fund their retirement through the sale of their business. However, reports from IBISWorld show that 98% of business owners don't know the value of their company, often due to the time and cost restraints that are associated with the process.
According to Michael Carter, founder & CEO of BizEquity, Franklin will help advisors help business owner clients "understand their net worth and how to plan for tomorrow."
Franklin links business owners to the right advisory services – for instance financial planning, accounting, succession, and retirement – that are positioned and trained to properly assist them.
To do this, Franklin leverages a database that has more than 40 million businesses and over 55 million contact records. Franklin will leverage this data to partner with some of the largest media companies in the world to connect advisors to business owners that need valuation guidance.
United Capital Adds SpiderRock And iCapital Network Strategies
United Capital Financial Advisers added strategies from SpiderRock Advisors, LLC and iCapital Network to its investment management platform to create a "sophisticated suite of defensive strategies in the U.S.," the firm says.
