New ETF plans to ‘make America great again’
NEW YORK: A planned index fund is hoping to “make America great again” by investing in companies that support the Republican Party.
The Point Bridge GOP Stock Tracker exchange- traded fund will list under the ticker “MAGA,” according to a filing with US securities regulators this week, an apparent reference to the slogan repeatedly used by US President Donald Trump.
A call to the fund’s sponsor, Point Bridge Capital LLC in Fort Worth, Texas, was not immediately returned. The company is planning a set of what it calls Politically Responsible Investing products.
Wall Street is building a growing number of products that cater to people hoping to express their social or political views when they invest. Current offerings include ETFs that reward companies with high gender diversity, strong environmental practices or those that meet certain religious standards.
The “MAGA” fund will invest in a group of S&P 500 companies with employees or political action committees that donate significant money to back Republican candidates for office. The data is based on public filings with the Federal Election Commission, according to the fund’s filings.
Annual expenses for the fund are at US$ 72 a year for every US$ 10,000 under management and it is expected to list on CBOE Holdings Inc’s Bats exchange.
A rival group, Active Weighting Advisors LLC in Cape Girardeau, Missouri, plans a Republican Policies Fund and a Democratic Policies Fund listed under the tickers GOP and DEMS.
Those funds are designed to perform better when the US government is helped by each of the parties’ policies, according to filings. A spokesman for that company declined to comment.
The Republican Party, founded in 1854, is sometimes referred to as the Grand Old Party or GOP. — Reuters KUCHING: Dialog Group Bhd’s (Dialog) core net profit (CNP) for the financial year 2018 (FY18) and FY19 is expected to grow by 12 and three per cent, respectively, analysts say, buoyed by its robust current and upcoming engineering, procurement, construction, and commissioning (EPCC) works.
“FY18 and FY19 CNP to grow 12 and three per cent, anchored by robust EPCC works for Phase 2, upcoming EPCC works for Phase 1 expansion of Pengerang, rising associates and growing maintenance earnings.
“Subsequently, we believe Dialog is able to capitalise the demand of maintenance work for these storage facilities, refineries and its associated assets given existing maintenance relationship with Petronas Chemicals Group Bhd ( PChem),” said Kenanga Investment Bank Bhd’s research arm (Kenanga Research).
It further noted that Dialog is going ahead with the expansion of Phase 1 Pengerang to add 0.43 million cubic metres capacity mainly on clean petroleum products with expected commissioning by 1Q19.
“Pending final formalities, we reckon the rates to be comparative to existing rates averaging at S$6 to S$7 per cubic metre,” it added.
With the successful delivery of Phase 1 and good progress for Phase 2, it pointed out that Dialog is already in the midst of securing new potential partners for Phase 3 to build more petroleum and