Two NYL Shops Team Up On Active ETFs
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Monday, July 11, 2022

Two NYL Shops Team Up On Active ETFs

Two boutiques within a mutual insurer's asset management arm are teaming up on a pair of active translucent (i.e. semitransparent or active non-transparent or ANT) ETFs.

On June 23, Ian Forrest, head of New York Life Investments' [profile] IndexIQ, and Justin Kelly, CEO and chief investment officer of Winslow Capital Management, LLC (another New York Life Investments arm) revealed the launch of the IQ Winslow Large Cap Growth ETF (IWLG on the NYSE Arca) and the IQ Winslow Focused Large Cap Growth ETF (IWFG). As of July 8, the two funds had grown to $5.4 million and $5.1 million in AUM each, respectively.

IWLG comes with an expense ratio of 60 basis points, including a 28-bps fee waiver. IWFG comes with an expense ratio of 65 bps, including a 43-bps fee waiver.

Both funds are powered by the NYSE's actively managed solution (AMS) structure, with IndexIQ Advisors LLC as the funds' investment advisor and Winslow as their subadvisor. Kelly, Patrick Burton, (senior managing director at Winslow), and Peter Dlugosch (managing director at Winslow) will PM the new funds.

Forrest praises the Winslow team for their "longstanding experience with large-cap growth investment options." Kelly, for his part, puts the launch in the context of "the recent correction in growth stocks."

"We believe long-term investors will find this to be a compelling entry point," Kelly states.

The new funds' other service providers include: Alps Distributors, Inc. as distributor; the Bank of New York Mellon (BNY Mellon) as administrator, custodian, securities lending agent, and transfer agent; Chapman and Cutler LLP as counsel; and PricewaterhouseCoopers LLP as independent accounting firm.

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