MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, December 20, 2023 I Spy a New Covered Call ETF The team at a $64-billion-AUM (as of November 30) fund firm is adding another passively managed fund to their lineup, this one to track an index that combines a short position with a daily covered call position.
ISPY's inception date was Monday. It comes with an expense ratio of 55 basis points. ProShare Advisors serves as investment advisor to ISPY, and S&P Dow Jones Indices, LLC serves as index provider. The new ETF's PM team includes Michael Neches, senior portfolio manager, and Devin Sullivan, PM, and is designed to track the S&P 500 Daily Covered Call Index. Sapir puts the launch of ISPY in the context of the ProShares team seeing "substantial demand for income beyond conventional sources." He lays claim to the new fund being "the first ETF powered by a daily call options strategy," in contrast with the monthly call options used by some ETFs. "We believe that ISPY will be an attractive alternative to popular covered call ETFs, where investors may sacrifice long-term return potential in order to strive for high income," Sapir states. ISPY's other service providers include: ACA Group as provider of a principal financial officer and treasurer; Citi Fund Services Ohio, Inc. as regulatory administration services provider; JPMorgan Chase Bank, N.A. as administrator, custodian, fund accounting agent, index receipt agent, and securities lending agent; PricewaterhouseCoopers LLP as independent accounting firm; Ropes & Gray LLP as counsel; and SEI Investments Distribution Co. as distributor and principal underwriter. Printed from: MFWire.com/story.asp?s=66838 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |
