As early adopters of ETFs, Lattice Strategies found itself looking for a fund that could match its approach of placing risk evaluation as the key metric for investing.

When it didn't find one that left them satisfied, it decided to launch its own strategies, says the San Francisco-based firm's founder, Theodore Lucas. "We've traditionally used capitalization-weighted ETFs to cover different equity geographies or different asset areas," he says. "And we're really obsessed with how we allocate risk."

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