Bethesda , Md . -based ProShares introduced its sixth cryptocurrency-linked ETF to fill out its suite of similarly styled products .

The ProShares Short Ether Strategy ETF ( SETH ) is the first-ever short Ethereum-linked ETF . It provides investors with the chance to profit from the declines in the price of ether and will deliver the inverse of the daily performance of the S & P CME Ether Futures Index .

The fund joins the ProShares Bitcoin Strategy ETF ( BITO ), the ProShares Short Bitcoin Strategy ETF ( BITI ), the ProShares Ether Strategy ETF ( EETH ), the ProShares Bitcoin & Ether Equal Weight Strategy ETF ( BETE ), and the ProShares Bitcoin & Ether Market Cap Weight Strategy ETF ( BETH ).

The new ETF has a 95-basis-point management fee .

SCG Relaunches Strategy With A New Look

SCG Asset Management , based in Nashville , Tenn ., has relaunched an interval fund incorporating a new strategy that creates a diversified portfolio of equity-linked structured notes with the goal of generating income for investors .

The Alternative Strategies Income Fund will provide investors with high income and consistent quarterly distributions no matter what the market is doing , the firm said . The fund ’ s ticker is LTAFX .

The fund seeks to offer low-to-moderate volatility and low correlation to the broader markets . The fund has a $ 5,000 minimum and a 1.5 % management fee . The fund requires no subscription documents or Schedule K-1 tax forms .

Vanguard Introduces Two Muni Bond ETFs

Vanguard has announced the launch of two municipal bond ETFs , the Vanguard Intermediate-Term Tax-Exempt Bond ETF ( VTEI ) and the Vanguard California Tax-Exempt Bond ETF ( VTEC ).

Vanguard ’ s Fixed Income Group will manage the funds , according to the Valley Forge , Pa . -based firm .

The intermediate-term fund provides a tax-free yield with an expense ratio of 0.08 % against a category average expense ratio of 0.37 %. It is a passively managed ETF that provides tax sensitivity and an intermediate-term time horizon .

The California fund is also passively managed with an intermediate time horizon , but it ’ s tailored to provide tax-exempt yield at both the federal level and the state level for California residents at an estimated expense ratio of 0.08 % against a category average expense ratio of 0.28 %. The new pair of ETFs join Vanguard ’ s $ 229 billion municipal bond product lineup , which includes the $ 29.3 billion Vanguard Tax-Exempt Bond ETF ( VTEB ).

Morgan Stanley Adds Five ETFs To Its Lineup

Morgan Stanley Investment Management has grown out its lineup of ETFs by introducing five new active funds that span a variety of asset classes and meet a number of investor goals .

The actively managed funds include the Parametric Equity Premium Income ETF ( PAPI ), which aims to provide constant and sustainable monthly income as it engages in most market appreciation . The Parametric Hedged Equity ETF ( PHEQ ) merges a U . S . large-cap equity portfolio and an option overlay hedge .

The other funds include the Eaton Vance High Yield ETF ( EVHY ), the Eaton Vance Intermediate Municipal Income ETF ( EVIM ) and the Eaton Vance Ultra-Short Income ETF ( EVSB ).

These strategies will offer alpha generation across the credit spectrum .

Sierra Launches Tactical Multi-Asset Mutual Fund

Sierra Mutual Funds has launched the Sierra Tactical Core Growth Fund ( STEJX ), a mutual fund that can invest up to 100 % in global equity funds under favorable market conditions .

The mutual fund uses a unique tactical investment approach to achieve favorable results while minimizing downside risk . The process involves buying and selling mutual funds and ETFs for exposure to U . S . and foreign markets . When a fund ’ s price drops below its sell signal , then it is sold and removed from the portfolio .

Once that happens it does not re-enter the Santa Monica , Calif . -based firm ’ s buyable universe until it starts to show evidence of an improving trend , defined by the firm ’ s buy signal .

The fund invests at least 80 % of its net assets in equities , though that may drop from time to time . The firm may also change its target allocations across equity asset classes and fund categories . It may even change the specific equity funds within the portfolio .

Hartford Converts Value Fund To ETF

Hartford Funds has converted a $ 250 million mutual fund launched in 1996 , called the Hartford Quality Value Fund , into an ETF . The fund is now called the Hartford Quality Value ETF ( its ticker is “ QUVU .”) The firm plans to convert more of its mutual funds in the future .

The ETF will continue to be a traditional large-cap value fund , focusing on investments in high quality , undervalued companies believed to be in out-of-favor industries with less downside risk than the overall market .

The subadvisor for the ETF will continue to be Wellington Management . Its current expense ratio is 0.45 %.

14 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2023 WWW . FA-MAG . COM