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Altruist Expands Portfolio Model Marketplace: Portfolio Products

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What You Need to Know

  • Altruist has added funds from BlackRock, State Street and Redwood Investment Management to its Model Marketplace.
  • ETF Managers Group has expanded its cannabis investment offerings to three funds, adding one leveraged ETF.
  • SS&C ALPS Advisors has reduced the fee for the Alerian Energy Infrastructure ETF.

Altruist, an all-in-one custodial solution for financial advisors that launched earlier this year and recently secured a $50 million round of venture capital financing that included funds from Vanguard, has added BlackRock, Redwood Investment Management and State Street Global Advisors to its Model Marketplace.

Former Vanguard CEO Bill McNabb has also invested in Altruist and has joined its board.

Advisors using Altruist can now access BlackRock’s Target Allocation ESG and Target Allocation ETF Series, Redwood’s Engineered Risk-Budgeted Series and State Street Active Asset Allocation ETF Portfolios. Altruist noted that “the availability of BlackRock’s Target Allocation ESG Series broadens access to sustainable investment opportunities at a crucial time — 73% of advisors say that clients want ESG investments a part of portfolio strategies.”

Before the latest additions, the marketplace included funds from Vanguard and Dimensional Fund Advisors as well as a the Altruist Simplicity Series, a free set of models for advisors designed to reduce risk and maximize return potential.

“Expensive outsourced portfolio management platforms have prevented RIAs from using top-tier models to build their clients’ portfolios. We’re here to change that,” said Mazi Bahadori, the firm’s chief compliance officer and executive vice president of operations, in a statement.  “Advisors should have access to better choices for their clients, free from costly, archaic solutions. Altruist will continue to enable independent advisors to tap into turnkey portfolios from the world’s leading asset managers, all in one place.”

ETF Managers Group Expands Cannabis Offerings

ETF Managers Group LLC has expanded its cannabis investment offerings to three funds with the launch of the ETFMG 2x Daily Alternative Harvest ETF (MJXL).

The latest ETF seeks twice the investment returns of the Prime Alternative Harvest Index, which enables investors to take advantage of both event-driven news and long-term trends in the cannabis industry as well as the industries likely to be influenced by the medicinal and recreational cannabis legalization initiatives taking place in many locations globally.

MJXL appears to be a leveraged version of the ETFMG Alternative Harvest ETF (MJ), a passive fund, which has a 0.75% net expense ratio. MJXL has a 0.95% expense ratio excluding the cost of investment in swap agreements paid to counterparties. The firm also has the U.S. Alternative Harvest ETF (MJUS).

“MJXL is a direct answer to increased investor demand for amplified exposure to global cannabis,” said Sam Masucci, CEO and founder of ETFMG, in a statement.

The firm’s Cannabis Research and Banking Expert Jason Wilson added, “With cannabis sales on track to exceed last year’s historic levels, and several catalysts in place to drive future growth globally, it is exciting to launch an investment product that provides 2x exposure to this rapidly expanding industry.”

SS&C ALPS Advisors Slashes Fee for Infrastructure ETF

SS&C ALPS Advisors, an asset manager and wholly owned subsidiary of SS&C Technologies, has reduced the fee for the Alerian Energy Infrastructure ETF (ENFR) from 0.65% to 0.35%, effective  July 1, 2021.

“Today’s fee reduction is the result of our continual efforts to serve our clients’ best interests by delivering best-in-class products at competitive prices,” said Laton Spahr, President of SS&C ALPS Advisors, in a statement.

The fund normally invests in 90% of the companies comprising the Alerian Midstream Energy Select Index, which is made up of about 30 stocks from issuers headquartered or incorporated in the United States and Canada engaged in the transportation, storage, and processing of energy commodities (the midstream energy businesses). The index includes master limited partnerships and limited liability companies taxed as partnerships, energy infrastructure and power companies.

ZEGA Financial Introduces Active, Hedged ETF

ZEGA Financial has launched the ZEGA Buy and Hedge ETF, which seeks to capture long-term gains in the U.S. large cap market while limiting losses in any 12-month period.

The ETF invests index-based equity options  to provide long-term exposure to the equity markets while mitigating downside risk and invests in yield-producing assets to generate the income to help purchase equity options. Its total operating expenses are 1.02%.

Harbor Capital Advisors Plans Disruptive Innovation ETF

Harbor Capital Advisors announced plans to expand its ETF suite with a new disruptive innovative strategy, which will join two fixed income ETFs. All ETFs will be launched this fall.

“We believe that Disruptive Innovation is establishing itself as a new asset class — taking full advantage of investing around technology shifts across the entire economy affecting every single sector and industry,” said Spenser Lerner, Head of Multi-Asset Solutions, Harbor Capital Advisors, in a statement.

The Harbor Disruptive Innovation ETF will invest in U.S. equities across the capitalization spectrum chosen by five specialized investment boutiques and it will seek long-term capital growth. It defines disruptive and innovative companies as those generating secular growth tied to accelerating shifts in the global economy.