Denver-based ALPS Fund Services has launched two large-cap exchange-traded fund index funds that will invest in an index of three ETFS that track the S&P 500 (SPX) and two volatility indices pegged off the S&P 500 Market Volatility Index (VIX), according to a filing with the Securities and Exchange Commission.

The new ALPS funds—the VelocityShares Tail Risk Hedged Large Cap ETF and the VelocityShares Volatility Hedged Large Cap ETF—will invest in the underlying indexes, the VelocityShares Tail Risk Hedged Large Cap Index (Tail Risk Index) and VelocityShares Volatility Hedged Large Cap Index (Hedged Index), respectively. Each underlying index consists of an 85% allocation in the underlying large-cap ETFs and a 15% allocation to the underlying volatility ETFs.

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