Aetna Funds, a division of Aeltus Investment Management of Hartford, Conn. will add a sixth fund to its Principal Protection Funds series of guaranteed mutual funds in April 2001, according to Aetna.
The fund, the Aetna Index Plus Protection II, is the second index fund to be added to the series, according to Andy Schwartz, a spokesperson for Aetna. The Aetna Index Plus Protection Fund was introduced in October. The guaranteed funds ensure investors initial investment so long as they stay in the fund for at least five years, according to Aetna.
Structured like the previous five, the new fund will have an offering period, from April 2, 2001 to June 21, 2001, Schwartz said. There is a $5000 minimum initial investment. A five-year guaranteed period then begins, lasting from June 22, 2001 until June 21, 2006, after which the fund will enter a large cap period, during which all fixed income securities in the portfolio will be liquidated in order to purchase additional equities, according to Schwartz.