ETF Watch: Spinnaker Plans 3 Active Funds

A recent filing from Spinnaker ETF Trust, which has not yet launched any ETFs, outlines plans for three actively managed funds it will market under the Fieldstone brand. The three funds are slated to list on the NYSE Arca exchange, but the filing did not include tickers or expense ratios.

The Fieldstone Merlin Dynamic Large Cap Growth ETF will be advised by OBP Capital and subadvised by Merlin Asset Management. The fund’s portfolio will include 25 large-cap growth stocks that Merlin believes demonstrate high levels of profitability and are capable of sustained earnings growth. Holdings generally have market capitalizations of at least $5 billion and must be listed in the U.S. They are selected without regard to sector or industry group, the prospectus said.

The Fieldstone UVA Unconstrained Medium-Term Fixed Income ETF will have OBP Capital as its advisor and Fieldstone Financial/Universal Value Advisors as its subadvisor. The fund has the latitude to invest in basically any kind of debt security that qualifies as U.S. or multinational paper with a rating of at least BB, as well as investment-grade mortgages. However, the fund seeks to maintain a dollar-weighted-average effective duration of between four and seven years in most circumstances. It may use derivatives to manage its duration or for investment leverage.

Finally, the Fieldstone UVA Dividend Growth ETF will, like the previous fund, be advised by OBP capital and subadvised by Fieldstone Financial/Universal Value Advisors. The fund’s managers use macroeconomic trends and take a global outlook to set their investment parameters and use a data-driven version of Graham and Dodd’s investment approach to value investing. It can invest in non-U.S. stocks across the market-capitalization spectrum. The fund can also invest in senior securities and derivatives to achieve its investment goals. Individual securities are generally capped at 10% of the portfolio.

Contact Heather Bell at [email protected].