Newcomer Spinnaker Launches Pair Of ETFs

The firm debuts its first pair of ETFs; both are actively managed.
Reviewed by: Staff
Edited by: Staff

Spinnaker Trust, a brand-new issuer, has rolled out two actively managed funds today that cover equities and fixed income, respectively. Both funds are listed on the NYSE Arca.

The Fieldstone Merlin Dynamic Large Cap Growth ETF (FMDG) comes with an expense ratio of 0.80% and is subadvised by Merlin Asset Management. It invests in companies that are described as “similar” to those in the Russell 1000 Growth Index, selecting 25 securities that the subadvisor expects will exhibit greater return on equity and earnings growth than their peers, as well as trade at attractive prices relative to their expected earnings growth, the prospectus said.

The document notes that FMDG’s managers will take a three- to five-year outlook on the portfolio’s holdings, relying on an approach that is a blend of bottom-up, top-down and quantitative evaluation, while taking into account macroeconomic factors. Although the fund can overweight or underweight its holdings, the prospectus says it will likely be equally weighted among its holdings most of the time.

Meanwhile, the Fieldstone/UVA Unconstrained Medium-Term Fixed Income ETF (FFIU) comes with an expense ratio of 0.50% and is subadvised by Universal Value Advisors. The prospectus notes that it seeks to achieve current income while offering “limited risk to principal.”

In keeping with the “unconstrained” in its name, FFIU has wide latitude to invest in almost any type of fixed-income security, although it will generally keep the “junk” portion of the portfolio to a 20% bucket. Further, the fund aims to maintain a dollar-weighted average effective duration of four to seven years. It can also invest in other fixed-income products such as closed-end funds and ETFs, among other vehicles, the prospectus said.

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