New York-based ETF Issuer Solutions is the latest firm to file paperwork for actively managed exchange-traded funds.
The firm’s initial effort includes the Manna Core Equity Enhanced Dividend Stream Fund (MANA), a fund of funds that will that will bet on other ETFs. The fund will also put on short positions of securities to hedge against country, currency, and sector risks. Its annual operating expense is 85 basis points
Manna ETFs Management is the fund’s sub-advisor. Kevin Shacknofsky founded the sub-advisor in February 2013 and will serve as the portfolio manager of the fund. From 2003 through 2013, Shacknofsky worked at Alpine Capital Wood Investors as co-portfolio manager of the Dynamic Divided Series of Funds, where he was responsible for managing as much as $6 Billion in total assets under management.
Schacknofsky was not immediately available to comment on his latest venture.
The Bank of New York Mellon serves as the fund’s administrator, accountant, custodian and transfer agent. ETF Distributors serves as the fund’s distributor.