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Spa ETF lists fundamentals-based US equity ETFs on Borsa Italiana


Exchange-traded fund provider Spa ETF is listing six US equities-focused MarketGrader ETFs on Milan’s Borsa Italiana stock exchange, following its recent listings on the London Stock Excha

Exchange-traded fund provider Spa ETF is listing six US equities-focused MarketGrader ETFs on Milan’s Borsa Italiana stock exchange, following its recent listings on the London Stock Exchange and American Stock Exchange.

Spa MarketGrader ETFs are based on fundamentally-driven indices created by US research firm MarketGrader and offer private and institutional investors access to a broad universe of US equities via an investment vehicle that has equal weighting, is rebalanced regularly, uses transparent data and selects stocks using 24 fundamental factors.

The Spa ETF Plc MarketGrader 40, 100 and 200 funds are based on MarketGrader’s core indices of top-rated North American securities consisting of 40, 100 and 200 stocks respectively, while the Spa ETF MarketGrader Small Cap, Mid Cap and Large Cap are indices based on the top 100 North American stocks within each market capitalisation category.

‘Having listed our six Spa MarketGrader ETFs on the London Stock Exchange and American Stock Exchange, we felt the next natural step was to list the six ETFs on Borsa Italiana,’ says Spa ETF director Daniel Freedman.

‘Currently in Italy the market is very interesting and rapidly developing. We felt our MarketGrader ETFs would bring something unique to Italy by offering investors access to US equities via a second generation of ETFs, with a fundamental approach and equal weighting, which are a clear progression from the first generation of cap-weighted ETFs.

‘The six Spa MarketGrader ETFs listing on the Borsa Italiana all invest in US equities and offer retail and institutional investors access to a equal-weighted portfolio offering significant potential for performance selected from a universe of 5,700 US stocks. Each portfolio is regularly rebalanced to ensure that stocks that have become overvalued are replaced in favour of more attractive, undervalued opportunities.’

Spa ETF listed its first set of three MarketGrader ETFs on the London Stock Exchange last September, followed by another three in October, and later in the month launched all six ETFs on the Amex. In December the firm made its six ETFs available for multi-currency trading in London, allowing UK investors to trade from UK sterling brokerage accounts.

All the stocks in each basket have an equal weighting: the MarketGrader 40 of 2.5 per cent, the MarketGrader 100 and capitalisation-based indices of 1 per cent, and the MarketGrader of 0.5 per cent.

Each index is subject to a self-correcting rebalancing process to ensure equal weighting and that holdings are of optimal grade. The MarketGrader 40 is rebalanced quarterly and all other indices semi-annually.

MarketGrader uses 24 quantitative filters in four main areas (growth, value, profitability and cash flow) to evaluate stocks. All indices have gone through a back-testing period of at least five years before launch.

London-based Spa ETF is supported by London & Capital, an independent firm of investment advisors and fund managers offering services including investment, research, quantitative analysis and regulatory authorisation and with USD3.4 billion in assets under management.

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