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

Size: px
Start display at page:

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

Transcription

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

2 ECONOMIC CYCLES & SECTORS The economy moves in cycles. Specific sectors may outperform or underperform during different phases, driven by cyclical factors such as corporate earnings, interest rates and inflation. For a sector rotation strategy around a core US equity exposure, investors can use ETFs to increase their allocation to sectors expected to outperform because of cyclical trends, and decrease their allocation to sectors that are expected to underperform. MID-CYCLE LATE-CYCLE XLE Energy XLK Technology XLI Industrials XLB Materials SPY Core US Equity XLY Consumer Discretionary XLU Utilities RECESSION XLP Consumer Staples XLF Financials XLV Health Care EARLY RECOVERY Recession A contraction in economic activity as profits decline and consumer expectations begin to bottom out. Industrial productivity is no longer declining, but not increasing. Businesses do not increase their production levels until they believe consumers are actually ready to spend again. Monetary policy becomes very accommodative to stimulate growth. Early Recovery Economic growth (as measured by GDP) moves from negative to positive. Consumer expectations and industrial production begin to rise, while corporate profits increase as margins expand. Monetary policy remains accommodative and interest rates bottom out. Mid-Cycle Typically, this is the longest phase of the business cycle, marked by strong credit markets and continued improvement in corporate profitability as well as economic growth. Monetary policy remains accommodative, but less so than in the early phase. Consumer expectations and productivity levels remain elevated. Late-Cycle Economic growth rates stall as monetary policy becomes restrictive to cool an over-heated economy. Consumer expectations fall more sharply and productivity levels start to drop. Credit markets begin to tighten as fresh capital becomes scarce and corporate profits decline. Source: State Street Global Advisors, as of 9/30/2015. For Illustrative Purposes Only. The S&P 500 Index is the tracking index for SPY. The S&P Select Sector Indices are the tracking indices for the Select Sector SPDR Funds. All components of the S&P 500 Index are assigned to one of the S&P Select Sector Indices, which track major economic sectors as defined by the Global Industry Classification Standard (GICS ).

3 Select Sector SPDR ETFs Ticker Fund Name Benchmark Gross Expense Ratio (%)* Economic Cycle XLU Utilities Select Sector SPDR Fund S&P Utilities Select Sector Index 0.14 Recession XLP Consumer Staples Select Sector SPDR Fund S&P Consumer Staples Select Sector Index 0.14 XLV Health Care Select Sector SPDR Fund S&P Health Care Select Sector Index 0.14 Early Recovery XLF Financials Select Sector SPDR Fund S&P Financials Select Sector Index 0.14 XLY Consumer Discretionary Select Sector SPDR Fund S&P Consumer Discretionary Select Sector Index 0.14 XLI Industrials Select Sector SPDR Fund S&P Industrials Select Sector Index 0.14 Mid-Cycle XLK Technology Select Sector SPDR Fund S&P Technology Select Sector Index 0.14 XLE Energy Select Sector SPDR Fund S&P Energy Select Sector Index 0.14 Late-Cycle XLB Materials Select Sector SPDR Fund S&P Materials Select Sector Index 0.14 SPDR Industry ETFs (Equal Weighted) FINANCIALS Fund Name Index Gross Expense Ratio (%) Economic Cycle KBE SPDR S&P Bank ETF S&P Banks Select Industry Index 0.35 Early KRE SPDR S&P Regional Banking ETF S&P Regional Banks Select Industry Index 0.35 Early KCE SPDR S&P Capital Markets ETF S&P Capital Markets Select Industry Index 0.35 Early KIE SPDR S&P Insurance ETF S&P Insurance Select Industry Index 0.35 Mid INDUSTRIALS XAR SPDR S&P Aerospace & Defense ETF S&P Aerospace & Defense Select Industry Index 0.35 Mid-Late XTN SPDR S&P Transportation ETF S&P Transportation Select Industry Index 0.35 Mid HEALTH CARE XBI SPDR S&P Biotech ETF S&P Biotechnology Select Industry Index 0.35 Early-Mid XPH SPDR S&P Pharmaceuticals ETF S&P Pharmaceuticals Select Industry Index 0.35 Late-Rec XHE SPDR S&P Health Care Equipment ETF S&P Health Care Equipment Select Industry Index 0.35 Mid XHS SPDR S&P Health Care Services ETF S&P Health Care Services Select Industry Index 0.35 Recession ENERGY XOP SPDR S&P Oil & Gas Exploration & Production ETF S&P Oil & Gas Exploration & Production Select Industry Index 0.35 Late XES SPDR S&P Oil & Gas Equipment & Services ETF S&P Oil & Gas Equipment & Services Select Industry Index 0.35 Late MATERIALS XME SPDR S&P Metals & Mining ETF S&P Metals & Mining Select Industry Index 0.35 Mid-Late CONSUMER RELATED XRT SPDR S&P Retail ETF S&P Retail Select Industry Index 0.35 Early-Mid XHB SPDR S&P Homebuilders ETF S&P Homebuilders Select Industry Index 0.35 Early-Mid TECHNOLOGY XSD SPDR S&P Semiconductor ETF S&P Semiconductor Select Industry Index 0.35 Late XSW SPDR S&P Software & Services ETF S&P Software & Services Select Industry Index 0.35 Early MTK SPDR Morgan Stanley Technology ETF Morgan Stanley Technology Index 0.35 Early XTL SPDR S&P Telecom ETF S&P Telecom Select Industry Index 0.35 Late * The gross expense ratio is the fund s total annual operating expenses ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund s most recent prospectus.

4 Definitions Industrial Productivity Measures the output of industrial establishments in the following industries: mining and quarrying, manufacturing and public utilities (electricity, gas and water supply). Production is based on the volume of the output. Monetary Policy The actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates. Accomodative Regarding monetary policy, when a central bank (such as the US Federal Reserve) attempts to expand the overall money supply to boost the economy when growth is slowing (as measured by GDP). Gross Domestic Product (GDP) The monetary value of all the finished goods and services produced within a country s borders in a specific time period Profit Margins Expressed as a percentage and, in effect, measures how much out of every dollar of sales a company actually keeps in earnings. Economic Cycle Periods of growth or contraction in the economy, typically called periods of expansion or recession. Different sectors and industries typically perform differently based on particular phases of the economy cycle. Equal Weighted Index A benchmark that weights its constituent stocks equally, and rebalances on a periodic basis (such as quarterly) to maintain the equal weighting. Select Sector Index The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the Standard & Poor s 500 Composite Stock Index ( S&P 500 ). S&P Health Care Select Sector Index The Health Care Select Sector Index includes companies from the following industries: pharmaceuticals; health care providers & services; health care equipment & supplies; biotechnology; life sciences tools & services; and health care technology. S&P Consumer Discretionary Select Index The Consumer Discretionary Select Sector Index includes companies from the following industries: retail (specialty, multi-line, internet and catalog); media; hotels, restaurants & leisure; household durables; textiles, apparel & luxury goods; automobiles, auto components and distributors; leisure equipment & products; and diversified consumer services. S&P Consumer Staples Select Index The Consumer Staples Select Sector Index includes companies from the following industries: food & staples retailing; household products; food products; beverages; tobacco; and personal products. S&P Energy Select Index The Energy Select Sector Index includes companies from the following industries: oil, gas & consumable fuels and energy equipment & services. S&P Financial Select Sector Index The Financial Select Sector Index includes companies from the following industries: diversified financial services; insurance; commercial banks; capital markets; real estate investment trusts ( REITs ); thrift & mortgage finance; consumer finance; and real estate management & development. S&P Utilities Select Index The Utilities Select Sector Index includes companies from the following industries: electric utilities; multi-utilities; independent power producers & energy traders; and gas utilities. S&P Technology Select Sector Index The Technology Select Sector Index 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. S&P Industrial Select Sector Index The Industrial Select Sector Index includes companies from the following industries: industrial conglomerates; aerospace & defense; machinery; air freight & logistics; road & rail; commercial services & supplies; electrical equipment; construction & engineering; building products; airlines; and trading companies & distributors. S&P Materials Select Sector Index The Materials Select Sector Index includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. S&P Banks Select Industry Index The S&P Banks Select Industry Index is a modified equalweighted index that seeks to reflect the performance of publicly traded companies that do business as banks or thrifts.

5 Definitions S&P Regional Banks Select Industry Index The S&P Regional Banks Select Industry Index is a modified equal-weighted index that seeks to reflect the performance of publicly traded companies that do business as regional banks or thrifts. S&P Capital Markets Select Industry Index The S&P Capital Markets Select Industry Index is a modified equal-weighted index that seeks to reflect the performance of U.S. publicly traded companies that do business as brokerdealers, asset managers, trust and custody banks or exchanges. S&P Insurance Select Industry Index The S&P Insurance Select Industry Index is a modified equal-weighted index. It is currently comprised of leading companies active in the U.S. insurance industry that are listed on the NYSE, or another U.S. national securities exchange, or NASDAQ /NMS. S&P Aerospace & Defense Select Industry Index S&P Aerospace & Defense Select Industry Index is a modified equal-weighted index that represents the aerospace & defense sub-industry portion of the S&P Total Stock Market Index TM. S&P Transportation Select Industry Index The Index represents the transportation sector of the S&P Total Market Index ( S&P TMI ). S&P Biotech Select Industry Index The S&P Biotechnology Select IndustryTM Index is a modified equal-weighted index that represents the biotechnology subindustry portion of the S&P Total Markets Index TM. S&P Pharmaceuticals Select Industry Index The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that represents the pharmaceuticals subindustry portion of the S&P Total Markets Index TM. S&P Health Care Equipment Select Industry Index The S&P Health Care Equipment Select Industry Index Is a modified equal-weighted index that represents the health care equipment and supplies sector of the S&P Total Market Index ( S&P TMI ). S&P Health Care Services Select Industry Index S&P Health Care Services Select Industry Index Is a modified equal-weighted index that represents the health care subindustry portion of the S&P Total Stock Market Index TM. S&P Oil & Gas Exploration & Production Select Industry Index The S&P Oil & Gas Exploration & Production Select Industry Index Is a modified equal-weighted index that represents the oil and gas exploration and production sub-industry portion of the S&P Total Markets Index TM. S&P Oil & Gas Equipment & Services Select Industry Index The S&P Oil & Gas Equipment & Services Select Industry Index Is a modified equal-weighted index that represents the oil and gas equipment and services sub-industry portion of the S&P Total Markets Index TM. S&P Metals & Mining Select Industry Index The S&P Metals & Mining Select Industry(TM) Index Is a modified equal-weighted index that represents the metals and mining sub-industry portion of the S&P Total Market Index. S&P Retail Select Industry Index The S&P Retail Select Industry Index Is a modified equalweighted index that represents the retail sub-industry portion of the S&P TMI. S&P Homebuilders Select Industry Index The S&P Homebuilders Select IndustryTM Index Is a modified equal-weighted index that represents the homebuilding subindustry portion of the S&P Total Markets Index TM. S&P Semiconductor Select Industry Index The S&P Semiconductor Select IndustryTM Index Is a modified equal-weighted index that represents the Semiconductor sub-industry portion of the S&P Total Markets Index TM. S&P Software & Services Select Industry Index S&P Software & Services Select Industry Index Is a modified equal-weighted index that represents the software subindustry portion of the S&P Total Stock Market Index TM. Morgan Stanley Technology Index The Morgan Stanley Technology Index is an equal weighted index composed purely of electronics-based technology companies. S&P Telecom Select Industry Index The S&P Telecom Select Industry Index Is a modified equalweighted index that represents the telecommunications sector of the S&P Total Market Index ( S&P TMI ).

6 About Us For nearly four decades, State Street Global Advisors has been committed to helping our clients, and the millions who rely on them, achieve financial security. We partner with many of the world s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions. State Street Global Advisors is the investment management arm of State Street Corporation. *Assets under management were $2.2 trillion as of September 30, Assets under management include approximately $25 billion as of September 30, 2015, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent. About State Street Corporation With US$28.5 trillion in assets under custody and administration, and US$2.4 trillion in assets under management* as of March 31, 2015, State Street is a leading financial services provider serving some of the world s most sophisticated institutions. Our flexible suite of services spans the investment spectrum, including investment management, research and trading, and investment servicing. With operations in 29 countries serving clients in more than 100 markets, our global reach, expertise, and unique combination of consistency and innovation help clients manage uncertainty, act on growth opportunities and enhance the value of their services. * Assets under management include the assets of the SPDR Gold ETF (approximately $22.3 billion as of September 30,2015), for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent ssga.com spdrs.com For Public Use. State Street Global Advisors One Lincoln Street, Boston, MA T: Investing involves risk including the risk of loss of principal. Diversification does not ensure a profit or guarantee against loss. Risks associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions. 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 will reduce returns. Index-based ETFs are passively managed and seek to track an index of securities. Expenses may cause the ETF s returns to deviate from the returns of the index. Passively managed funds invest by sampling the index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA s express written consent. Select Sector SPDR Funds bear a higher level of risk than more broadly diversified funds. All ETFs are subject to risk, including the possible loss of principal. Sector ETFs products are also subject to sector risk and non-diversification risk, which generally results in greater price fluctuations than the overall market. Because of their narrow focus, sector investing tends to be more volatile than investments that diversify across many sectors and companies. The views expressed in this material are the views of SPDR ETFs and SSGA Funds Research Team through the period ended September 30, 2015 and are subject to change based on market and other conditions. 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 Read it carefully. Not FDIC Insured No Bank Guarantee May Lose Value 2015 State Street Corporation. All Rights Reserved. ID5553-IBG Exp. Date: 12/31/2016 IBG.SYS.1016 SSL000637

SPOTTING TRENDS. Sectors & Industries

SPOTTING TRENDS. Sectors & Industries Sectors & Industries SPOTTING TRENDS Q4 2017 With each ebb and flow in the market, trends emerge that present opportunities for investors provided they have the necessary tools for action. Because firms

More information

SPOTTING TRENDS. Sectors & Industries

SPOTTING TRENDS. Sectors & Industries Sectors & Industries SPOTTING TRENDS Q1 2019 With each ebb and flow in the market, trends emerge that present opportunities for investors provided they have the necessary tools for action. Because firms

More information

GICS system sectors and industries

GICS system sectors and industries GICS system sectors and industries In studying the share markets any where around the world, it can be useful to compare companies that are somewhat similar in what they do. That is, for example, to compare

More information

Prospectus. January 31, 2012

Prospectus. January 31, 2012 Prospectus The Consumer Discretionary Select Sector SPDR» Fund (XLY) The Consumer Staples Select Sector SPDR» Fund (XLP) The Energy Select Sector SPDR» Fund (XLE) The Financial Select Sector SPDR» Fund

More information

January 31, 2015 (as amended October 8, 2015)

January 31, 2015 (as amended October 8, 2015) Prospectus The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF)

More information

SPDR Series Trust Equity Funds Annual Report June 30, 2014

SPDR Series Trust Equity Funds Annual Report June 30, 2014 SPDR Series Trust Equity Funds Annual Report June 30, 2014 TABLE OF CONTENTS President s Letter to Shareholders... 1 Management s Discussion of Fund Performance & Portfolio Summary (unaudited) SPDR Russell

More information

https://www.spdrs.com/resources/news/article.seam?newsid=

https://www.spdrs.com/resources/news/article.seam?newsid= ETF - News Article https://www.spdrs.com/resources/news/article.seam?newsid=4149116100 1 / 3 2016/8/31 UNITED STATES GLOBAL LOCATIONS ABOUT SSGA CONTACT FAQ LOG IN / REGISTER FOLLOW US : ETFS TOOLS COMMENTARY

More information

SYSTEMATIC VALUE CALCULATION FOR FIXED INCOME ETFs. The Step-by-Step Calculation and Hypothetical Example

SYSTEMATIC VALUE CALCULATION FOR FIXED INCOME ETFs. The Step-by-Step Calculation and Hypothetical Example SYSTEMATIC VALUE CALCULATION FOR FIXED INCOME ETFs The Step-by-Step Calculation and Hypothetical Example What is Systematic Value? Fixed income ETFs have provided investors of all profiles, from large

More information

PERFORMANCE UDPATE. Fig.1.1. Equity Sector Index Families. US Sector S&P 500 [Select Sector SPDR S&P [Sector Indices] Europe Sector

PERFORMANCE UDPATE. Fig.1.1. Equity Sector Index Families. US Sector S&P 500 [Select Sector SPDR S&P [Sector Indices] Europe Sector CONTACT PERFORMANCE UDPATE For more information, contact Henry Cobbe, CFA Head of Research henry@elstonconsulting.co.uk Emma Cole Associate emma@elstonconsulting.co.uk Scope focuses on ETFs listed on the

More information

U.S. Balancing Act July 2018

U.S. Balancing Act July 2018 Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 U.S. Balancing Act July 2018 A Disciplined

More information

SPDR Sector Scorecard

SPDR Sector Scorecard Sector investing is a powerful portfolio construction tool to enhance your core equity exposure. Our scorecard provides transparent and quantitative measurements of each sector s valuation, momentum, sentiment

More information

Benefits & Uses of Ultra-Low-Cost Core ETFs

Benefits & Uses of Ultra-Low-Cost Core ETFs Benefits & Uses of Ultra-Low-Cost Core ETFs SPDR Portfolio ETFs The Importance of a Low-Cost Core A strong portfolio core should provide the vital support you need to pivot confidently in any direction

More information

RELY ON SPY THE LIQUIDITY LEADER LET S START

RELY ON SPY THE LIQUIDITY LEADER LET S START RELY ON SPY THE LIQUIDITY LEADER LET S START WHY DOES LIQUIDITY MATTER? For ETF investors, liquidity directly influences trading costs. Driven by trading volume, liquidity manifests itself in the bid/ask

More information

Pre-poll Methodology for Asiamoney Brokers Poll 2016

Pre-poll Methodology for Asiamoney Brokers Poll 2016 Pre-poll Methodology for Asiamoney Brokers Poll 2016 Asiamoney s 27 th annual Brokers Poll is scheduled for launch on 4 th July, we invite senior institutional investors at fund management companies, hedge

More information

Smart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance For the first two months of Q1, US outperformed the broader market by nearly 5%. However, as 10-year Treasury yields and inflation expectations came

More information

Smart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation

More information

Month-End Asset Return Analysis January 2018

Month-End Asset Return Analysis January 2018 FEBRUARY 0 1 2018 United States Month-End Asset Return Analysis January 2018 Monthly, Quarterly, Annual, and Long-term tables of the major U.S. indices. Morgan Stanley Wealth Management Capital Markets

More information

SPDR Sector Scorecard

SPDR Sector Scorecard Sector investing is a powerful portfolio construction tool to enhance your core equity exposure. Our scorecard provides transparent and quantitative measurements of each sector s valuation, momentum, sentiment

More information

Month-End Asset Return Analysis February 2018

Month-End Asset Return Analysis February 2018 M ARCH 0 1 2018 United States Month-End Asset Return Analysis February 2018 Monthly, Quarterly, Annual, and Long-term tables of the major U.S. indices. Morgan Stanley Wealth Management Capital Markets

More information

Month-End Asset Return Analysis March 2018

Month-End Asset Return Analysis March 2018 A PRIL 0 2 2018 United States Month-End Asset Return Analysis March 2018 Monthly, Quarterly, Annual, and Long-term tables of the major U.S. indices. Morgan Stanley Wealth Management Capital Markets Patrick

More information

SPDR Sector Scorecard

SPDR Sector Scorecard Sector investing is a powerful portfolio construction tool to enhance your core equity exposure. Our scorecard provides transparent and quantitative measurements of each sector s valuation, momentum, sentiment

More information

Smart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team

Smart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team By the SPDR Americas Research Team Thoughts at a Glance Factor performance diverged across regions in Q2. In the US, all factors with the exception of underperformed broad US equities. As volatility in

More information

tax alpha harvesting gains LET S START

tax alpha harvesting gains LET S START TAX LOSS/GAIN HARVESTING Volatile markets create fertile ground to generate tax alpha the improvement in portfolio returns created by strategically harvesting depreciated assets to offset portfolio gains.

More information

Using Exchange Traded Funds

Using Exchange Traded Funds Using Exchange Traded Funds The unique attributes and benefits of ETFs appeal to both institutional and individual investors. Typically structured like mutual funds, but listed and traded on an exchange

More information

Planning for College. A Guide For Advisors. Administered by Nevada State Treasurer Dan Schwartz E S TAT E VA D A

Planning for College. A Guide For Advisors. Administered by Nevada State Treasurer Dan Schwartz E S TAT E VA D A Planning for TH E S TAT E T R EA SURER Administered by Nevada State Treasurer Dan Schwartz OFFICE O F A Guide For Advisors 18 64 4 186 DIO ECETES CIVITAS NE VA D A We all want the best possible future

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? An exchange-traded fund (ETF) is a pooled investment vehicle with shares that can be bought or sold throughout the day on a

More information

The Case for the Emerging Markets Consumer and Their Impact on Pension Investments. October 2013

The Case for the Emerging Markets Consumer and Their Impact on Pension Investments. October 2013 The Case for the Emerging Markets Consumer and Their Impact on Pension Investments October 2013 Emerging Markets Consumer Overview Today, we will examine: Case for Emerging Markets Consumer changes in

More information

BETTER TOGETHER. Introducing the SPDR SSGA Gender Diversity Index ETF (SHE)

BETTER TOGETHER. Introducing the SPDR SSGA Gender Diversity Index ETF (SHE) BETTER TOGETHER Introducing the SPDR SSGA Gender Diversity Index ETF (SHE) TALK ABOUT IMPACT Over the past generation, women entering the workforce have had a powerful, positive effect on the American

More information

DRIVE CHANGE. SPDR SSGA Gender Diversity Index ETF (SHE)

DRIVE CHANGE. SPDR SSGA Gender Diversity Index ETF (SHE) DRIVE CHANGE SPDR SSGA Gender Diversity Index ETF (SHE) March 2018 Drive Change THE TIME IS NOW Despite women s increased participation in the business world 1 and the new focus on building inclusive workplaces,

More information

# of Equities in Industry

# of Equities in Industry # of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10

More information

Reality Shares DIVCON Leaders Dividend ETF LEAD (Cboe BZX Exchange)

Reality Shares DIVCON Leaders Dividend ETF LEAD (Cboe BZX Exchange) Reality Shares DIVCON Leaders Dividend ETF LEAD (Cboe BZX Exchange) SUMMARY PROSPECTUS February 28, 2018 Before you invest in the Fund, as defined below, you may want to review the Fund s prospectus and

More information

S&P 500 GICS Sector Scorecard (1/26/18) 12-Mo. See the last page for Index % of 500 Price Changes (%)

S&P 500 GICS Sector Scorecard (1/26/18) 12-Mo. See the last page for Index % of 500 Price Changes (%) S&P 500 GICS Sector Scorecard (1/26/18) 12-Mo. See the last page for Index % of 500 Price Changes (%) 5-Year % Chg. disclosure information. Value or Sector 1 Wk. 13 Wks. YTD 2017 5-Yr CAGR Beta Std. Dev.

More information

Optimising Asset Allocation with Exchange Traded Funds (ETFs)

Optimising Asset Allocation with Exchange Traded Funds (ETFs) Optimising Asset Allocation with Exchange Traded Funds (ETFs) Well-informed investors are discovering what institutional investors have long understood: asset allocation, not security selection, is the

More information

Stock Market Briefing: S&P 500 Sectors & Industries Forward Profit Margins

Stock Market Briefing: S&P 500 Sectors & Industries Forward Profit Margins Stock Market Briefing: S&P Sectors & Industries Forward Profit Margins February 1, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Joe Abbott 73-97-3 jabbott@ Mali Quintana --1333 aquintana@" Please visit our sites

More information

Stock Price Indexes: MSCI Europe Sectors & Industries

Stock Price Indexes: MSCI Europe Sectors & Industries Stock Price Indexes: MSCI Europe Sectors & Industries February 2, 18 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside

More information

ARK Industrial Innovation ETF

ARK Industrial Innovation ETF November 30, 2017 ARK Industrial Innovation ETF NYSE Arca, Inc: ARKQ Summary Prospectus Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and

More information

J.P. Morgan Structured Investments

J.P. Morgan Structured Investments Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-177923 Dated October 25, 2013 J.P. Morgan Structured Investments V The J.P. Morgan U.S. Sector Rotator 8 Index Strategy

More information

SPDR MSCI Strategic Factors Monthly Performance Update

SPDR MSCI Strategic Factors Monthly Performance Update SPDR MSCI Strategic Factors Monthly Performance Update September 2017 Public Use IBG-25389 SPDR MSCI StrategicFactors Suite The funds seek to track an index that blends low volatility, quality and value

More information

GICS Sector Structure Changes: What Do They Mean for Investors?

GICS Sector Structure Changes: What Do They Mean for Investors? GICS Sector Structure Changes: What Do They Mean for Investors? By Matthew J. Bartolini, CFA, Head of SPDR Americas Research and Anqi Dong, CFA, CAIA, Senior Research Strategist Key Takeaways On September

More information

Fourth Quarter Investor Presentation

Fourth Quarter Investor Presentation Exhibit 99.1 A Publicly Registered Non-Traded BDC Fourth Quarter Investor Presentation Disclosures This presentation contains forward looking statements that are subject to risks and uncertainties. Actual

More information

JUST US Large Cap Diversified Index (JULCD) Calculation Methodology

JUST US Large Cap Diversified Index (JULCD) Calculation Methodology JUST US Large Cap Diversified Index (JULCD) Calculation Methodology June 2018 Table of Contents 1 About JUST Capital... 3 2 Important References... 4 3 JUST US Large Cap Diversified Index (JULCD) Summary...

More information

Performance Derby: S&P 500 Sectors & Industries Change in P/E

Performance Derby: S&P 500 Sectors & Industries Change in P/E Performance Derby: S&P 500 Sectors & Industries Change in P/E August 15, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com

More information

MSCI US REIT INDEX METHODOLOGY

MSCI US REIT INDEX METHODOLOGY INDEX METHODOLOGY MSCI US REIT INDEX METHODOLOGY Index Construction and Maintenance Methodology for the MSCI US REIT Index February 2017 FEBRUARY 2017 CONTENTS Introduction... 3 1 Defining REITs and the

More information

Performance 2018 S&P 500 Sectors & Industries

Performance 2018 S&P 500 Sectors & Industries Performance 218 S&P Sectors & Industries May 2, 218 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-49736 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking

More information

SPDR S&P 400 Mid Cap Growth ETF

SPDR S&P 400 Mid Cap Growth ETF SPDR S&P 400 Mid Cap Growth ETF Summary Prospectus-October 31, 2017 MDYG (NYSE Ticker) Before you invest in the SPDR S&P 400 Mid Cap Growth ETF (the Fund ), you may want to review the Fund's prospectus

More information

Guggenheim Variable Insurance Funds Summary Prospectus

Guggenheim Variable Insurance Funds Summary Prospectus 5.1.2017 Guggenheim Variable Insurance Funds Summary Prospectus Rydex Domestic Equity Broad Market Fund Inverse Dow 2x Strategy Fund The Fund is very different from most mutual funds in that it seeks to

More information

4Q 2015 REPORT. Exhibit Investing in America s Growth SHAREHOLDER COMMUNICATION ONLY - NOT FOR USE AS SALES MATERIAL

4Q 2015 REPORT. Exhibit Investing in America s Growth SHAREHOLDER COMMUNICATION ONLY - NOT FOR USE AS SALES MATERIAL 4Q 2015 REPORT Exhibit 99.2 Investing in America s Growth Fact Sheet Investment Objective Generate current income and, to a lesser extent, long-term capital appreciation through debt and equity investments.

More information

Performance Derby: S&P 500 Sectors & Industries Current P/E and Year-Ago P/E

Performance Derby: S&P 500 Sectors & Industries Current P/E and Year-Ago P/E Performance Derby: S&P 500 Sectors & Industries Current P/E and Year-Ago P/E September 12, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit

More information

Lori Calvasina Chief US Equity Strategist / Managing Director

Lori Calvasina Chief US Equity Strategist / Managing Director US Equity Strategy Equity Research Americas/United States Introducing Our New Industry Scorecard Digging Down To GICS Level 3 March 16, 2017 RESEARCH ANALYSTS Lori Calvasina Chief US Equity Strategist

More information

A STRAW HOUSE OR BRICK HOUSE?

A STRAW HOUSE OR BRICK HOUSE? ssga.com spdrs.com.au A STRAW HOUSE OR BRICK HOUSE? How Smart Investors Can Build a Solid Foundation for an Aussie Shares Portfolio Many Australian investors rely on Australian shares for the cornerstone

More information

1Q 2016 REPORT Investing in America s Growth

1Q 2016 REPORT Investing in America s Growth 1Q 2016 REPORT Investing in America s Growth Fact Sheet Investment Objective Generate current income and, to a lesser extent, long-term capital appreciation through debt and equity investments. Performance

More information

Georgia Tech Financial Analysis Lab 800 West Peachtree Street NW Atlanta, GA

Georgia Tech Financial Analysis Lab 800 West Peachtree Street NW Atlanta, GA 800 West Peachtree Street NW Atlanta, GA 30332-0520 404-894-4395 http:// Dr. Charles W. Mulford, Director INVESCO Chair and Professor of Accounting charles.mulford@mgt.gatech.edu Brandon Miller Graduate

More information

Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es 2009-now

Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es 2009-now Stock Market Briefing: S&P 00 Sectors & Industries Forward P/Es 09-now October, Dr. Edward Yardeni -972-763 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 40-664-1333 aquintana@ Please visit our

More information

Debunking Myths & Common Misconceptions of ETFs

Debunking Myths & Common Misconceptions of ETFs Debunking Myths & Common Misconceptions of ETFs April 2015 Even as ETFs have grown in popularity, there is a still a great deal of misunderstanding over how they are structured and regulated, how they

More information

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS FINANCIAL PROFESSIONALS ONLY Royce Premier Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS March 31, 2018 Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 2 Performance Performance and Expenses (%)

More information

Stock Market Briefing: S&P 500 Sectors & Industries Forward Earnings (Indexed)

Stock Market Briefing: S&P 500 Sectors & Industries Forward Earnings (Indexed) Stock Market Briefing: S&P 5 Sectors & Industries Forward Earnings (Indexed) July 11, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at www. blog.

More information

Performance 2018 S&P 500 Sectors & Industries

Performance 2018 S&P 500 Sectors & Industries Performance 218 S&P Sectors & Industries October 3, 218 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-49736 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

Vanguard Telecommunication Services Index Fund Vanguard Consumer Discretionary Index Fund Vanguard Information Technology Index Fund

Vanguard Telecommunication Services Index Fund Vanguard Consumer Discretionary Index Fund Vanguard Information Technology Index Fund Vanguard Telecommunication Services Index Fund Vanguard Consumer Discretionary Index Fund Vanguard Information Technology Index Fund Supplement to the Prospectus and Summary Prospectuses Dated December

More information

THE SELECT SECTOR SPDR TRUST (the Trust ) The Communication Services Select Sector SPDR Fund

THE SELECT SECTOR SPDR TRUST (the Trust ) The Communication Services Select Sector SPDR Fund THE SELECT SECTOR SPDR TRUST (the Trust ) The Communication Services Select Sector SPDR Fund Supplement dated June 19, 2018 to the Prospectus, Summary Prospectus and Statement of Additional Information

More information

Performance 2012 S&P 500 Sectors & Industries

Performance 2012 S&P 500 Sectors & Industries Performance 212 S&P Sectors & Industries January 3, 213 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table

More information

Securities (the Fund )

Securities (the Fund ) BZX Information Circular 16-158 Date: December 29, 2016 Re: Elkhorn ETF Trust Pursuant to the Rules of Bats BZX Exchange, Inc. ( BZX ), (referred to hereafter as Bats or the Exchange ), this Information

More information

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF SSGA SPDR ETFs Europe II Plc 8 January 2018 SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Supplement No.30 (A sub-fund of SSGA SPDR ETFs Europe II plc (the Company ) an open-ended investment company

More information

ICON CONSUMER DISCRETIONARY FUND ICCAX N/A ICCCX ICON CONSUMER STAPLES FUND ICRAX N/A ICLEX ICON ENERGY FUND ICEAX ICEEX ICENX

ICON CONSUMER DISCRETIONARY FUND ICCAX N/A ICCCX ICON CONSUMER STAPLES FUND ICRAX N/A ICLEX ICON ENERGY FUND ICEAX ICEEX ICENX PROSPECTUS ICON SECTOR FUNDS JANUARY 23, 2018 CLASS A CLASS C CLASS S ICON CONSUMER DISCRETIONARY FUND ICCAX N/A ICCCX ICON CONSUMER STAPLES FUND ICRAX N/A ICLEX ICON ENERGY FUND ICEAX ICEEX ICENX ICON

More information

Performance 2013 S&P 500 Sectors & Industries

Performance 2013 S&P 500 Sectors & Industries Performance 213 S&P Sectors & Industries November, 213 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table

More information

Guggenheim Variable Insurance Funds Summary Prospectus

Guggenheim Variable Insurance Funds Summary Prospectus 5.1.2017 Guggenheim Variable Insurance Funds Summary Prospectus Rydex Domestic Equity Broad Market Fund Inverse S&P 500 Strategy Fund The Fund is very different from most mutual funds in that it seeks

More information

Vanguard Telecommunication Services Index Fund Vanguard Consumer Discretionary Index Fund Vanguard Information Technology Index Fund

Vanguard Telecommunication Services Index Fund Vanguard Consumer Discretionary Index Fund Vanguard Information Technology Index Fund Vanguard Telecommunication Services Index Fund Vanguard Consumer Discretionary Index Fund Vanguard Information Technology Index Fund Supplement to the Prospectus and Summary Prospectuses Dated December

More information

Performance 2017 S&P 500 Sectors & Industries

Performance 2017 S&P 500 Sectors & Industries Performance 217 S&P Sectors & Industries September 2, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

Valuation: S&P 500 Sectors & Industries Forward P/Es

Valuation: S&P 500 Sectors & Industries Forward P/Es Valuation: S&P Sectors & Industries Forward P/Es July 27, 16 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

A Guide to J.P. Morgan U.S. Sector Rotator 5 Index (Annuity Series)

A Guide to J.P. Morgan U.S. Sector Rotator 5 Index (Annuity Series) A Guide to J.P. Morgan U.S. Sector Rotator 5 Index (Annuity Series) A Dynamic Investment Strategy That Targets Stable Growth While Managing Market Risk Standard Insurance Company J.P. Morgan U.S. Sector

More information

indices takes which enables Code, into different stocks, alll the Third, for each industry capitalization 10% and

indices takes which enables Code, into different stocks, alll the Third, for each industry capitalization 10% and Methodology of Industry Group Indices and e Industry Indicess To measure the performancee of sectors of e index and to provide analysis tools for investors, developed the industry group indices and industry

More information

Royce Opportunity Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS

Royce Opportunity Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS FINANCIAL PROFESSIONALS ONLY Royce Opportunity Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS December 31, 2017 Royce Opportunity Fund IMPACT AND ATTRIBUTION REPORT 2 Performance Performance and Expenses

More information

Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es

Stock Market Briefing: S&P 500 Sectors & Industries Forward P/Es Stock Market Briefing: S&P Sectors & Industries Forward P/Es January 17, 18 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our

More information

Sectors Are Shifting: The Impact of the New GICS Framework

Sectors Are Shifting: The Impact of the New GICS Framework LEADERSHIP SERIES Sectors Are Shifting: The Impact of the New GICS Framework Four important considerations for sector investors. Denise Chisholm l Sector Strategist Richard Biagini l Quantitative Analyst

More information

Franklin ETF. Semi-Annual Management Report of Fund Performance. March 31, 2018

Franklin ETF. Semi-Annual Management Report of Fund Performance. March 31, 2018 Franklin ETF Semi-Annual Management Report of Fund Performance March 31, 2018 This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial

More information

Credit Suisse Volaris US Strategies Fund Schedule of Investments April 30, 2016 (unaudited)

Credit Suisse Volaris US Strategies Fund Schedule of Investments April 30, 2016 (unaudited) Schedule of Investments Shares COMMON STOCKS (87.9%) SWITZERLAND (1.0%) Garmin Ltd. 4,000 $ 170,520 170,520 UNITED STATES (86.9%) Aerospace & Defense (2.0%) BE Aerospace, Inc. 1,600 77,824 General Dynamics

More information

Credit Suisse Volaris US Strategies Fund Schedule of Investments May 31, 2016 (unaudited)

Credit Suisse Volaris US Strategies Fund Schedule of Investments May 31, 2016 (unaudited) Schedule of Investments Shares Value COMMON STOCKS (87.4%) SWITZERLAND (1.0%) Garmin Ltd. 4,000 $ 170,080 170,080 UNITED STATES (86.4%) Aerospace & Defense (2.0%) BE Aerospace, Inc. 1,600 76,224 General

More information

Fed Funds Rate & S&P 500

Fed Funds Rate & S&P 500 Fed Funds Rate & S&P 500 Figure 1. 20 20 There have been nine major troughs in the federal funds rate since 1960. The tenth is likely to happen this year. The average number of months between troughs is

More information

Debunking Myths & Common Misconceptions of ETFs

Debunking Myths & Common Misconceptions of ETFs Debunking Myths & Common Misconceptions of ETFs July 2017 Even as ETFs have grown in popularity, there is a still a great deal of misunderstanding over how they are structured and regulated, how they trade,

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

Asset Allocation Guide Combination Portfolios

Asset Allocation Guide Combination Portfolios Asset Allocation Guide Combination Portfolios LPL Financial Research As of May 20, 2016 Aggressive Growth Cash Equities Nontraditional Mid Value Diversified 3.0 25.0 25.0 5.0 5.0 5.0 5.0 3.0 9.0 15.0 Diversified

More information

SPDR S&P U.S. Communication Services Select Sector UCITS ETF

SPDR S&P U.S. Communication Services Select Sector UCITS ETF SSGA SPDR ETFs Europe II Plc 27 July 2018 SPDR S&P U.S. Communication Services Select Sector UCITS ETF Supplement No. 48 (A sub-fund of SSGA SPDR ETFs Europe II plc (the Company ) an open-ended investment

More information

SPDR S&P 500 ETF Trust ( SPY or the Trust ) (A Unit Investment Trust)

SPDR S&P 500 ETF Trust ( SPY or the Trust ) (A Unit Investment Trust) SPDR S&P 500 ETF Trust ( SPY or the Trust ) (A Unit Investment Trust) Principal U.S. Listing Exchange for SPDR S&P 500 ETF Trust: NYSE Arca, Inc. under the symbol SPY Prospectus Dated January 18, 2018

More information

January 24, Michael Rechenthin, PhD Frank Kaberna

January 24, Michael Rechenthin, PhD Frank Kaberna January 24, 2017 This week we provide a list of ETFs that are currently exhibiting some of the most liquid options all with a tastytrade liquidity rating of 3 or 4 stars. To dive deeper into the ETFs and

More information

Are You Smarter Than. Monkey?

Are You Smarter Than. Monkey? Are You Smarter Than Advanced Systems a Group Monkey? Course Syllabus 1 Questions from Last Week? How Are Our Stocks Doing? 2 Question of the Day What s the Difference Between Mid-Cap and Equal-Weight?

More information

SPDR S&P U.S. Industrials Select Sector UCITS ETF

SPDR S&P U.S. Industrials Select Sector UCITS ETF SSGA SPDR ETFs Europe II Plc 4 January 2019 SPDR S&P U.S. Industrials Select Sector UCITS ETF Supplement No.34 (A sub-fund of SSGA SPDR ETFs Europe II plc (the Company ) an open-ended investment company

More information

Earnings Call Transcripts Analysis, Q1 '18. June 2018

Earnings Call Transcripts Analysis, Q1 '18. June 2018 Earnings Call Transcripts Analysis, Q1 '18 June 2018 Executive Summary Hamilton Place Strategies (HPS) analyzed quarterly earnings call transcripts of U.S. public companies to identify key issues influencing

More information

Vanguard Precious Metals and Mining Fund

Vanguard Precious Metals and Mining Fund Vanguard Fund Product Summary minerals sector fund. Seeks long-term capital appreciation. Diversified exposure to metals and mining industries, including both precious and common metals or minerals. Fundamental

More information

Target Retirement Performance Update

Target Retirement Performance Update Target Retirement Update Q1 2017 CIT Strategy Highlights As of March 31, 2017 The State Street Target Retirement Collective Trust Strategies posted quarterly returns ranging from +2.44% (Income Strategy)

More information

A sampling of research & data on exchange traded funds from AltaVista Research

A sampling of research & data on exchange traded funds from AltaVista Research A sampling of research & data on exchange traded funds from AltaVista Research In this week's issue: Chart of the week: Nuclear vs. Clean Energy ETFs Fund Focus: ishares S&P Global Nuclear Energy (NUCL)...

More information

Axioma Risk Monitor US4 Edition 26 April 2018

Axioma Risk Monitor US4 Edition 26 April 2018 Axioma Risk Monitor US4 Edition 26 April 2018 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last week Greater

More information

Axioma Risk Monitor US4 Edition 3 July 2018

Axioma Risk Monitor US4 Edition 3 July 2018 Axioma Risk Monitor US4 Edition 3 July 2018 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last week Greater than

More information

Reality Shares DIVCON Dividend Defender ETF DFND (Cboe BZX Exchange)

Reality Shares DIVCON Dividend Defender ETF DFND (Cboe BZX Exchange) Reality Shares DIVCON Dividend Defender ETF DFND (Cboe BZX Exchange) SUMMARY PROSPECTUS February 28, 2018 Before you invest in the Fund, as defined below, you may want to review the Fund s prospectus and

More information

S&P Sector Indices. Equity Indices. About the Index

S&P Sector Indices. Equity Indices. About the Index S&P Sector Indices Equity Indices BLOOMBERG SM Homepages: SPXU : U.S. Equities SPXI : Global Equities For more information visit: www.seemoreindices.com/sectors For comprehensive index data visit

More information

7 Essential Tips for Managing Currency Risk

7 Essential Tips for Managing Currency Risk 7 Essential Tips for Managing Currency Risk At a Glance Investing offshore gives you access to a larger and more varied investment universe, with opportunities for growth and income that are simply unavailable

More information

John Hancock Retirement Income 2040 Fund

John Hancock Retirement Income 2040 Fund 621Q3 John Hancock Retirement Income 2040 Fund Quarterly portfolio holdings 9/30/17 Fund s investments As of 9-30-17 (unaudited) Rate (%) Maturity date Par value^ Value U.S. Government and Agency obligations

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

The next chapter in retirement solutions.

The next chapter in retirement solutions. The next chapter in retirement solutions. Stadion StoryLine, built with SPDR ETFs, is our new specialized managed accounts solution. It starts with an important premise: Every company and every employee

More information

Shares Description Value

Shares Description Value Portfolio of Investments Shares Description Value COMMON STOCKS - 95.0% Aerospace & Defense - 1.4% 30,000 Raytheon Co. (a)... $ 4,083,900 Air Freight & Logistics - 1.9% 32,000 FedEx Corp. (a)... 5,589,760

More information

ETFs 302: Understanding Fixed Income ETFs --- Facts & Fantasies. Sponsored by:

ETFs 302: Understanding Fixed Income ETFs --- Facts & Fantasies. Sponsored by: ETFs 302: Understanding Fixed Income ETFs --- Facts & Fantasies Sponsored by: SPEAKERS MODERATOR SPEAKER SPEAKER Matt Hougan Chief Executive Officer Inside ETFs Bill Ahmuty Head of SPDR ETF Fixed Income

More information

Credit Suisse Multialternative Strategy Fund Consolidated Schedule of Investments April 30, 2015 (unaudited)

Credit Suisse Multialternative Strategy Fund Consolidated Schedule of Investments April 30, 2015 (unaudited) Consolidated Schedule of Investments LONG POSITIONS (407%) COMMON STOCKS (213%) AUSTRIA (02%) Real Estate Management & Development (02%) Conwert Immobilien Invest SE 2,132 $ 26,898 BERMUDA (06%) Insurance

More information