Rochester,NY 7/29/2009 9:33:54 PM
SPDRs, SPY - Desperate Times due to leveraged ETFs
SPDRs
New sales effort has to be built with the leveraged ETFs or they may go the way off.
Edward Jones decided to stop offering the products in the wake, UBS followed with a similar decision, citing its long-term bias and the short-term nature of these products (in nearly all cases, one day).
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According to the Wall Street Journal, Wells Fargo is reviewing its policy as well and Ameriprise Financial "told its advisers to stop soliciting the purchase of the products."
It's clear that advisers with a greater fiduciary responsibility are quickly moving to remove these products from their offerings, which FINRA has said are unsuitable for retail investors (although they recently softened their position on the products, saying they are suitable as part of sophisticated strategies monitored by financial professionals).
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