UBS roots for LGBT rights with first US ETF launch
UBS has launched its first ever exchange-traded fund (ETF) in the US, the InsightShares LGBT Employment Equality ETF, with another one to follow next week, the InsightShares Military Veterans ETF.
The two funds mark the Swiss bank's first foray into the US ETF market.
They will be created and offered by white-lable provider Exchange Traded Concepts.
UBS is providing its ETF brand 'InsightShares Powered by UBS' and the underlying indexes for the two funds, the UBS LGBT Employment Equality index and the UBS Military Veterans index.
The LGBT index is comprised of large and mid-cap companies that promote and provide equality for lesbian, gay, bisexual and transgender employees, as indicated by the Human Rights Campaign Foundation’s Corporate Equality index.
Subadvised by Vident Investment Advisory, the LGBT fund will charge a 0.65% management fee.
The Military Veteran index will track the performance of companies that have been designated as military friendly by Victory Media, an organization that provides resources to the military community and assists companies in developing or enhancing their military recruitment programs.
'We're thrilled to support socially conscious strategies, and look forward to increasing our impact by donating a portion of the revenues generated by this ETF to charities through the UBS Optimus Foundation,' said Richard Cea, executive director of exchange traded products at UBS.
Diamond Hill Capital launches new global strategy
Diamond Hill Capital Management has launched a new global equity strategy, the Diamond Hill Global fund.
Managed by Rick Snowdon and Grady Burkett, the strategy is available as a mutual fund or institutional separate account.
It will invest in 40 to 60 US and foreign stocks which the portfolio managers believe are undervalued, including up to 20% exposure to emerging markets.
The strategy was initially introduced as a limited partnership on December 31 2013, the assets of which were converted into a mutual fund before January 2.
Columbus, Ohio-based Diamond Hill had $22.3 billion in assets under management at the end of 2017.