TD Ameritrade has opened its five fund-of-fund portfolios, the Amerivest ETFs, to include exchange-traded funds. Previously, the portfolios only invested in mutual funds.

Depending on an investor’s risk tolerance and time horizon, the portfolios offer a choice of conservative, stable, balanced and growth and aggressive growth. The construction of each portfolio is based on recommendations from Morningstar.

The portfolios are aimed at investors who want professionally managed, cost-effective, diversified investments.

“We continue to see growth among investors who fall somewhere between those who want to manage their own portfolios and those who seek complete financial advice,” said Ram Subramaniam, head of products at TD Ameritrade. “This offering meets the needs of these investors by offering objective guidance, diversification and simplicity.”

Peng Chen, president of Morningstar’s global investment management division, added: “A fundamental principle of investing is proper diversification across asset classes to enhance the risk-return tradeoff in a portfolio. We’re pleased to work with TD Ameritrade and Amerivest to lend our asset allocation and investment selection expertise to help their clients invest in well-constructed portfolios that they can hold for the long term.”

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