New products and changes introduced over the last week include a whiskey and spirits ETF from ETF Managers Group and Spirited Funds and a target-date application for direct contribution retirement plans.
Here are the latest developments of interest to advisors:
1) Whiskey and Spirits ETF Launches
ETF Managers Group and Spirited Funds, LLC launched the Spirited Funds/ETFMG Whiskey and Spirits ETF (WSKY), which invests primarily in companies that derive the majority of their revenue from producing and marketing whiskey and spirits as well as a small number of companies receiving some revenue from the industry. Top holdings of the fund include Brown-Forman (BF-B), Diageo (DEO), and Constellation Brands (STZ), all listed in the U.S., as well as spirit makers from England, France, Italy, India, Japan and South Korea. The fund has an expense ratio of 0.75%.
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ETF Managers Group is also the firm behind the restaurant ETF (BITE).
2) MPI Launches TDF Application for DC Plans
Fintech company Markov Processes International launched MPI Target-Date Radar, a software application for investment professionals advising defined contribution plans. The interactive search-and-selection tool is designed for fiduciaries seeking to match DC plan demographics, behaviors and preferences with appropriate TDF families.