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Monday, October 9, 2023

Two Citi Vets Build Their Startup's 1st ETF

Reported by Neil Anderson, Managing Editor

A pair of Citi veterans are rolling out their new startup's first ETF.

Yang Tang
Arch Indices
CEO, Co-Founder
Last Thursday, Yang Tang, co-founder and CEO of Arch Indices, unveiled the launch of the Arch Indices VOI Absolute Income ETF (VWI on the NYSE Arca, Inc.). The index fund is a series of Advisor Managed Portfolios.

VWI comes with an expense ratio of 52 basis points, which includes a 10bps fee waiver promised through October 31, 2024. The new ETF is designed to track the Arch Indices VOI Absolute Income Index, which uses Arch's proprietary Variance Optimized Indexing (VOI) methodology to weight portfolio assets based on the goal to maximize, asset volatility, and asset correlation within the portfolio. New York City-based Arch, per its most recent form ADV, is led and principally owned by Tang and his fellow co-founder, chief product officer Jinghua "Jacob" Kuang.

Arch Indices Services Corp serves as VWI's index provider, Arch Indices Investment Advisors LLC as investment advisor, and Vident Asset Management as subadvisor. The new fund's PM team includes: Tang; Austin Wen, portfolio manager at Vident; and Rafael Zayas, head of portfolio management and trading at Vident.

"At their core, the traditional means of weighting passive portfolios, whether by market capitalization, equal weight, inverse rank, free-float, etc., are arbitrary in their approach and in the exposures they provide, baskets of assets selected because they fit a certain description, with little to no consideration given to how the assets in that basket may interact with, or counteract, one another," Tang states. "What's needed, particularly for the long-term, goal-focused, risk-concerned investor, is a more dynamic approach, and that is exactly what we have built at Arch Indices. We're very excited to be bringing our first fund to market, particularly at a time of such heightened macro uncertainty and volatility."

The new ETF's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Morgan, Lewis & Bockius LLP as counsel; Quasar Distributors, LLC (part of ACA's Foreside Financial Group, LLC) as distributor; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services as administrator, dividend disbursing agent, fund accountant, and transfer agent; and U.S. Bank National Association as custodian. 

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