MutualFundWire.com: Three Years In, a $29MM Pair Transforms

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Monday, March 7, 2022

Three Years In, a $29MM Pair Transforms

A $714-million-AUM***, institutional, Midwestern asset manager's team has transformed their $29-million pair of mutual funds.

Ronald Robert "Ron" Brock
Innovative Portfolios, LLC
Managing Director, Chief Financial Officer

Today, the team at Innovative Portfolios, LLC [profile] converted the the Innovative Dividend Performers Fund (IPDPX) and the Innovative Preferred-Plus Fund (IPPPX) into a pair of brand new, actively managed exchange-traded funds: the $16-million-AUM Dividend Performers ETF (IPDP on the Cboe BZX Exchange, Inc.) and the $13-million-AUM Preferred-Plus ETF (IPPP). The predecessor mutual funds, which debuted back in December 2018, were series of the Collaborative Investment Series Trust, and the successor ETFs are series of the Listed Funds Trust.

"Exchange-traded funds offer greater transparency, tax efficiency, and lower fees for investors who are looking to add potential for greater income generation," states Dave Gilreath, managing director and chief investment officer of Indianapolis-based Innovative Portfolios.

"Investors may also enjoy the benefit of greater access and availability with these ETFs than was previously available in the mutual fund structure," adds Ron Brock, managing director and chief financial officer of Innovative Portfolios.

Laura Morison, global head of listings at Cboe Global Markets, lauds the Innovative Portfolios team for their "proven investment strategies."

"Cboe is pleased to support another mutual-fund-to-ETF conversion in the industry and work with Innovative Portfolios to bring the many benefits of ETFs to their shareholders," Morison states.

Innovative Portfolios serves as the investment advisor to the two ETFs, and Gilreath and JR Humphreys, senior portfolio manager, will PM the ETFs. IPDP now comes with an expense ratio of 89 basis points, while IPPP's expense ratio is 90 bps.

The ETFs' other service providers include: Cohen & Company, Ltd. as independent accounting firm; Foreside Fund Services, LLC as distributor and principal underwriter; Morgan, Lewis & Bockius LLP as legal counsel; U.S. Bancorp Global Fund Services, LLC (dba U.S. Bank Global Fund Services as administrator and transfer agent; and U.S. Bank National Association as custodian.

***Editor's Note: This story has been updated to reflect more recent data from Innovative Portfolios. A prior version of this story highlighted an older AUM figure, $86 million, from the firm's October form ADV. Yet as of December 31, Innovative Portfolios' AUM had risen to more than $714 million, thanks in part to transitioning some managed assets from an affiliated wealth management RIA, Sheaff Brock, a spokeperson for Innovative Portfolios confirms. Innovative Portfolios does some subadvisory work for Sheaff Brock, and the latter firm had more than $1.411 billion in AUM as of December 31.

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