Folio[fn], a broker/dealer in Vienna, Va., is planning to offer a new kind of investment that is a hybrid between a mutual fund and a discount brokerage account.

The company is calling the new product a "folio" and plans to introduce it by mid-May. The new product will allow investors to select and weight holdings in a folio of 50 stocks from a selection of 2,500 stocks. For a $295 annual fee, investors will be able to create three personalized folio baskets. Twice a day, at 10:45 a.m. and 2:45 p.m., investors will also be able to trade holdings in each folio, for no additional charge.

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