American Express has launched five additional no-load index mutual funds yesterday which will be available through American Express wrap and brokerage accounts.
The new funds are: the
AXP S&P 500 Index Fund which tracks the S&P 500, the
AXP Mid Cap Index Fund tracks the S&P MidCap 400, the
AXP Total Stock Market Index Fund tracks the Wilshire 5000, the
AXP Nasdaq 100 Index Fund tracks the Nasdaq 100 and the
AXP International Equity Index Fund tracks the Morgan Stanley Capital International Europe, Australasia, Far East (EAFE) Index.
"The addition of these new index funds is another step in giving our customers the broadest possible choice of how to invest with us," said Sarah Mealey, vice president and general manager, mutual fund products, American Express.
The new funds come on the heels of a deal made in September, American Express teamed up with
Charles Schwab to offer 2,000 of the funds in Schwab's Mutual Fund Marketplace to the more than 9,300 advisors in the AEFA network through wrap accounts, brokerage offerings, and a self-directed option within employer-sponsored 401(k) plans.
"We have been broadening our product line-up since we announced the deal with Schwab," David Kanihan, a spokesperson for American Express said. "We recognize customers want choices and we want to provide as many choices as possible."
The funds will be available in two class shares, D and E. D shares are designed for the retail client and Es are for qualified plans, they have no 12-1b fees.
| AXP Fund
|
Expense ratio -
D shares (%)
|
Expense ratio -
E shares (%)
|
|
S&P 500 Index Fund |
.64 |
.39 |
|
Mid Cap Index Fund |
.70 |
.45 |
| Total Stock Market Index Fund |
.74 |
.49 |
| Nasdaq 100 Index Fund |
.79 |
.54 |
| International Equity Index Fund |
.89 |
.64 |
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