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'All-seasons' Global X Permanent ETF begins trading on NYSE Arca
By Toni Weeks
San Diego, Feb. 8 - Global X Funds said its new Global X Permanent ETF began trading Wednesday on the NYSE Arca under the ticker symbol "PERM."
According to a press release, PERM is an all-seasons portfolio that tracks the performance of four asset classes that are designed to perform differently across various economic climates. The fund has target allocations of 25% to equity stocks, 25% to short-term bonds, 25% to long-term bonds, 20% to gold and 5% to silver.
As previously reported, the fund's investment objective is to provide results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Permanent index, which allocates its assets in the same amount and to the same asset classes as the exchange-traded fund. The ETF will invest at least 80% of its total assets in securities of the index and in American Depositary Receipts and Global Depositary Receipts based on securities in the underlying index.
With the current economic uncertainty and volatility in the marketplace, investors may benefit from this market-agnostic ETF, as it is designed to perform in different economic environments, such as increasing or decreasing growth and increasing or decreasing inflation, the release noted.
"The Global X Permanent ETF is designed to preserve and increase purchasing power over the long term," chief executive officer Bruno del Ama said in the release. "PERM provides access to this diversification in a single, cost-effective ETF."
The CEO is a portfolio manager of the fund along with Jose C. Gonzalez.
There are no shareholder fees. Management fees will run 0.48%. Along with other fees, the total annual fund operating expenses are expected to be 0.49%.
New York-based Global X Management Co. LLC will be the investment adviser.
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