Illinois-based ETF provider TrueMark Investments has launched an actively managed core US equity ETF sub-advised by institutional investment manager RiverNorth Capital Management.
The ETF directs proceeds from the fund’s management to helping the families of fallen and disabled service members.
The RiverNorth Volition America Patriot ETF (FLDZ US) has been listed on NYSE Arca and comes with an expense ratio of 0.70%.
According to TrueMark and RiverNorth, the majority of advisory fees and all profits from managing the ETF will be donated to Folds of Honor, a non-profit organization providing the families of fallen and disabled service members with educational scholarships.
Since its founding in 2007, Folds of Honor has awarded 36,000 educational scholarships by distributing over 90% of every dollar raised to its scholarship program.
The ETF is managed by Patrick Galley, CEO and CIO at RiverNorth Capital Management with assistance from Jordan Waldrep, CIO of TrueMark Investments.
The fund seeks long-term capital growth by investing in US-domiciled and listed companies with market capitalizations greater than $5 billion.
Keeping with the American Patriot theme, eligible firms must be closely tied to the US economy by generating at least 90% of their revenue within the US.
Portfolio construction is driven by a bottom-up analysis of firms’ financial positions, the outlook for their industries, and a strict risk management overlay.
Patrick Galley, CEO and CIO of RiverNorth Capital Management, commented: “As an investment firm that focuses on opportunistic investment strategies, what better opportunity is there than to support this incredible organization. At its heart, the ETF is designed to be a core equity portfolio allocation that truly invests in America and makes a beneficial impact for the families of our fallen and disabled soldiers.”
Michael Loukas, CEO at TrueMark Investments, added: “We’re proud to offer an investment vehicle that is designed to embrace patriotic values and seek equity exposure. FLDZ delivers real impact from the first dollar invested through its donations to Folds of Honor and so the long-term success of our shareholders is directly tied to multiplying the contributions for military families over time.”
Lieutenant Colonel Dan Rooney, Founder and CEO of Folds of Honor, said: “It’s gratifying to see the investment community rally around the cause to assist military families in need. Since founding Folds of Honor, I have been deeply moved by how our partners have embraced the Folds mission to leave no family behind. We welcome the attention and committed financial support that FLDZ will bring to our families.”