The Morgan Stanley Institutional Global Opportunity Portfolio (MGGIX)  will be closing to new investors Dec. 31, although there will be a few exceptions, according to the wirehouse.

The Board of Directors of the Morgan Stanley Institutional Fund approved the closing of MGGIX to new investors with limited exceptions, the firm said in an online report and also disclosed in an SEC filing.

The portfolio will continue to offer shares to existing shareholders. However, effective at the close of business Dec. 31, the portfolio will suspend offering shares to new investors, with the following exceptions: Certain retirement plan accounts; clients of certain registered investment advisors who currently offer shares of the portfolio in their asset allocation programs; directors and trustees of the Morgan Stanley Funds; Morgan Stanley affiliates and their employees; and  benefit plans sponsored by Morgan Stanley and its affiliates, the company said.

AdvisorShares Launches Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF (MSOS) started trading on the NYSE Arca with a 0.74% net expense ratio.

MSOS is the first U.S.-listed active exchange-traded fund to provide exposure dedicated exclusively to American cannabis companies that include multi-state operators (U.S. companies directly involved in the legal production and distribution of cannabis in states where it is approved), according to AdvisorShares.

This is the company’s second dedicated cannabis investment strategy, following the AdvisorShares Pure Cannabis ETF (YOLO), which launched April 18, 2019. YOLO invests in domestic and foreign cannabis equity securities, but not multi-state operators. “MSOS joins YOLO as the only U.S.-listed cannabis ETFs that maintain an established, Federal bank as fund custodian,” AdvisorShares said.

MSOS “seeks long-term capital appreciation by investing entirely in legal, domestic cannabis equity securities,” the company said.

J.P. Morgan Cuts SmartRetirement Fees

J.P. Morgan Asset Management is cutting fees across the JPMorgan SmartRetirement Blend Series and retirement income offering SmartSpending, it said Wednesday, noting the changes become effective Nov. 1.

The net expense ratio of both the JPMorgan SmartRetirement Blend Mutual Funds and JPMorgan SmartSpending Mutual Funds will drop to 0.19% from 0.29%.

The SmartRetirement Blend Series combines active and passive strategies in an all-in-one diversified investment, and is one of only two target date fund series with a Gold Morningstar Analyst Rating, according to J.P. Morgan.

“We are committed to passing on lower fees to clients as we continue to achieve scale across the SmartRetirement Blend Fund Series, which already have lower expense ratios than 88 percent of peers,” according to Jed Laskowitz, global head of Asset Management Solutions at J.P. Morgan Asset Management.

The fee reductions “mean clients now have the opportunity to outperform passive indices through exposure to active management, at the price point of a passive-only strategy,” he said in the announcement.

Adhesion Introduces New Program for RIAs

Adhesion Wealth launched a Personal Indexes investment solution it said was designed to help advisors deliver a customized tax-advantaged investment option to clients.

The new solution “enables advisors to choose a starting index and apply active screens such as investment styles, factor tilts and investment preferences in a vehicle designed to achieve tax alpha,” according to the company, which provides outsourced investment management solutions for RIAs.

— Check out last week’s portfolio product roundup here: Direxion Introduces Connected Consumer ETF: Portfolio Products