Nasdaq Fund Network Adds 555 New 529 Plan Share Classes in 2021
New Share Classes Account for 68% Increase in 529 plans on Nasdaq Fund Network
NEW YORK, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) announced today that it added over five hundred and fifty 529 plan share classes to the Nasdaq Fund Network in 2021, a 68% increase and more than double than any previous year-over-year increase. The Nasdaq Fund Network provides searchable ticker symbols and daily pricing, which allow more transparency into 529 savings plans for investors across hundreds of retail brokers and media sources.
Nasdaq also added six new state plans to the Nasdaq Fund Network in 2021: BlackRock in Ohio, Nuveen in Colorado, My529 in Utah, Franklin Templeton in New Jersey, Fidelity in Connecticut, and Voya in Wisconsin. Currently over 1,300 529 plan share classes are registered on Nasdaq Fund Network, covering 12 states.
“Working with Nasdaq to provide more transparency into our state plan 529 programs has been well received,” said Ron Hazel, Vice President, College Savings Plan Relationship Manager & Retirement Key Account Management with Fidelity Institutional. “Advisors are looking for better ways to communicate with their customers and providing searchable symbols to view pricing data for 529 savings investment options allows them to do so.”
The growth in 529 plans registration reflects broader investor demand in market transparency and immediate access to information of their investments. By creating a ticker symbol for 529 plans through Nasdaq Fund Network, advisors and investors now able to easily access accurate and reliable daily pricing information as well as historical performance through major search engines and financial news sites. Previously, accessibility to reliable and accurate daily price for 529 plans is limited to specific sites.
“Nasdaq believes that our investment community is better served with greater transparency and efficiency,” Oliver Albers, Senior Vice President and Head of Data, Investment Intelligence, Nasdaq. “We are pleased to provide increased discoverability through the registration of unique tickers, allowing individuals and families investing in 529 plans to easily access pricing information and performance of their investments.”
According to ISS Market Intelligence, access to reliable and current performance information of 529 plans is still a challenge, with more than 50% of advisors stating that their client’s lack product awareness and understanding of 529 plans. As a result, Nasdaq Fund Network is partnering with ISS Market Intelligence to publish a quarterly 529 Scorecard for the top-performing 529 funds for each state plan to help increase product awareness.
To learn more about 529 Scorecard:
About Fidelity Institutional: Fidelity Institutional is an independent company, unaffiliated with Nasdaq. There is no form of legal partnership, agency affiliation, or similar relationship between Nasdaq and Fidelity Institutional, nor is such a relationship created or implied by the information herein.
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