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Parting Shot continued from page 60

Toews Agility Shares Managed Risk ETF ( MRSK )

This fund is designed to participate in bull markets while maintaining a managed amount of risk . While the fund avoids stock picking , it ’ s always long on equities and hedged against downturns .

Hedges are accomplished by purchasing at- or near-the-money two-year equity index put options , rolled annually . To neutralize hedging costs , the Toews fund sells out-of-the money equity index calls and put options spreads .

The fund is actively managed , which provides some level of comfort during edgy markets . And its net expense ratio of 0.97 % is reasonable for what it provides .

Direxion Auspice Broad Commodity Strategy ETF ( COM )

Most traditional commodity funds can only benefit if commodity prices rise . However , these long-only commodity strategies struggle with performance because commodity returns are usually cyclical and sporadic .

This Direxion fund takes a different approach because it has the flexibility to be long or flat on a basket of 12 different commodities . If the trend for a certain commodity is negative , the ETF can move the position to cash . Portfolio changes are dynamic and can even occur during the month .

Instead of employing a full-blown active strategy , the Direxion fund is linked to the Auspice Broad Commodity Index . Another benefit of the fund is that it does not generate a K-1 tax report , which makes the tax reporting simpler .

Advantages

The key advantages of alternatives , again , are their low correlation with traditional asset classes , as well as their potential for capital preservation and income generation .

Alts that come in ETF wrappers , meanwhile , offer clients access to sophisticated strategies with typically lower fees , intraday liquidity and a tax-friendly structure .

In the end , advisors who incorporate alternatives into portfolios might help clients reduce their stress while increasing their bottom-line results .

RON DELEGGE II is the founder of ETFguide . com and author of several books , including Habits of the Investing Greats and Portfolio Architecture : A Handbook for Investors .

SEPTEMBER 2024 | FINANCIAL ADVISOR MAGAZINE | 59