VanEck model portfolios were added to the Envestnet wealth platform for the first time.
The initial two offerings are the VanEck Morningstar Wide Moat Strategy and VanEck Municipal Allocation Strategy.
The VanEck Morningstar Wide Moat Strategy takes a similar approach to that which underpins the $3.4 billion VanEck Vectors Morningstar Wide Moat ETF.
Similarly, the Municipal Allocation Strategy uses VanEck Vectors Municipal Bond ETFs to “pursue long-term capital appreciation and attractive yields while also seeking to reduce duration and credit risk,” the firm said.
Schwab Reorganizes a Muni Fund
Charles Schwab Investment Management reorganized the Wasmer Schroeder High Yield Municipal Fund (WSHYX) into the Schwab High Yield Municipal Bond Fund (SWHYX).
The actively managed fund is still trading on the Nasdaq, but with a net expense ratio reduced from 0.75% to to 0.60%.
The reorganization was approved by the fund’s shareholders and followed the completion of Schwab’s acquisition of Naples, Florida-based RIA Wasmer, Schroeder & Co., in July, it said.
SWHYX has “substantially the same investment objective and investment strategies that WSHYX employed,” Schwab said. The fund “seeks to generate interest income that is not subject to federal income tax and will focus on medium- to higher-credit quality municipal securities, investing at least 60% of its assets in investment grade municipal securities,” it noted.
Tortoise Introduces New Infrastructure Fund
Tortoise reorganized the unregistered, private Tortoise Global Renewables Infrastructure Fund Limited into the Ecofin Global Renewables Infrastructure Fund (ECOIX) with a net expense ratio of 1.00%.
ECOIX, listed on Nasdaq, was “built to capitalize on the energy transition underway to reduce global CO2 emissions,” the firm said.