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TrueMark Expands Structured Outcome ETF Offerings: Portfolio Products

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Asset manager TrueMark Investments has launched the TrueShares Structured Outcome (November) ETF (NVMZ, with a 0.79% net expense ratio).

This is the fifth exchange-traded fund in the TrueShares structured outcome product suite, and is sub-advised by SpiderRock Advisors, a Chicago-based asset management firm specializing in option overlay strategies.

The new ETF offers built-in downside protection with uncapped upside participation. It seeks returns (before fees and expenses) that track the S&P 500 Price Index, while providing a buffer of 8-12% on that index’s losses over the fund’s one-year investment period.

In practice, the fund advisor will target the buffer at 10% of index declines over the investment period following the first day of trading, while also allowing for uncapped upside participation, according to TrueMark.

UBS Adds 7 Invesco Fixed Income SMA Strategies

Invesco has launched a suite of seven fixed income separately managed account strategies on the UBS Wealth Management USA platform.

All Invesco strategies are participating in the new all-inclusive pricing model that UBS launched in January, offering the SMAs with no additional investment manager fee. The strategies are available to clients via WM USA’s ACCESS, Strategic Wealth Portfolio and recently launched Advisor Allocation platforms.

The seven Invesco fixed income SMA strategies available on the platform include:

  • Invesco Investment Grade Government Credit – Enhanced Cash
  • Invesco Investment Grade Government Credit – Short Term
  • Invesco Investment Grade Government Credit – Intermediate Term
  • Invesco Investment Grade Government Credit – Long Term
  • Invesco Impact Investment Grade Government/Credit Intermediate
  • Invesco Impact Tax Free Limited Term
  • Invesco Impact Tax Aware Limited Term

Eaton Vance Plans ETFs Using New Clearhedge Method

Eaton Vance Management and Eaton Vance Exchange-Traded Fund Trust have filed a fourth amendment to their application with the Securities and Exchange Commission regarding the planned offering of non-transparent ETFs using the Clearhedge Method, described as a “novel method of supporting efficient secondary market trading of fund shares.”

The expected listing date of the new ETFs wasn’t provided in the filing or by parent company Eaton Vance.

As proposed, ETFs using the Clearhedge Method would publicly disclose prior to the daily opening of of U.S. market trading an “NAV Reference Portfolio” designed to closely track the daily performance of the ETF’s actual portfolio and enable buyers to enter into “Clearhedge Swap” transactions with the ETF, allowing a precise hedge of their ETF shares positions.

ETFs using the Clearhedge Method are expected to provide greater transparency of investor trading costs than offered by existing ETFs, according to Eaton Vance. The firm is looking to make the Clearhedge Method broadly available across the ETF industry.

Innovator Capital Announces Upside Caps

Innovator Capital Management announced upside caps for its November Series of S&P 500 Buffer ETFs.

The Innovator S&P 500 Buffer ETF-November (BNOV) buffer level is 9% and cap is 18.86%, while the Innovator S&P 500 Power Buffer ETF-November (PNOV) buffer level is 15% and cap is 12.68%. The Innovator S&P 500 Ultra Buffer ETF-November (UNOV) buffer level is 30% and cap is 8.20%.

The ETFs, designed to provide investors with built-in buffers against losses, each have a net expense ratio of 0.79%.

 — Check out last week’s portfolio product roundup hereBlackRock Adds New Small-Cap Value ETF: Portfolio Products