Wedbush, the financial services firm, announced its entry into the exchange-traded fund market, with plans to sponsor its own ETFs, and launched Wedbush Fund Advisers.
Wedbush, which already offers clients access to hundreds of ETFs, said Tuesday it will issue its own funds to provide investors with cost-effective, transparent investment options.
“ETF creation is a logical progression for Wedbush as we continue to provide efficient solutions to our investor clients,” Wedbush CEO Gary Wedbush said. “For nearly 70 years, we've steadily grown Wedbush by leveraging the expertise of our colleagues and our cutting-edge technology and operational infrastructure. It’s our vision that Wedbush will become the platform of choice for entrepreneurial ETF managers.”
The first ETF to be offered by Wedbush will be the Wedbush IVES AI Revolution ETF, a passive fund that will seek to track the total return performance, before fees and expenses, of the Wedbush IVES AI Revolution Index, according to a recent filing with the Securities and Exchange Commission. The filing doesn't state what the ticker or fund management expenses will be.
Wedbush Fund Advisers' team brings knowledge in asset management, quantitative research and market analysis, with the long-term goal of providing investors tools that align with their financial objectives, risk tolerances and market views. Wedbush anticipates further expansion in the ETF space, with additional product launches designed to address emerging trends and investor demand.
Wedbush works with private and institutional clients, offering securities brokerage, clearing, wealth management and investment banking services. The firm has 100 offices and nearly 900 colleagues. As of June 30, Wedbush had over $5.7 billion in assets under management, including over $3.8 billion managed on a discretionary basis and nearly $1.9 billion managed on a non-discretionary basis.
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