Utilities ETF rebrands and opens in Europe
Reaves Asset Management is a USD3 billion specialist investment firm focused on the utilities sector, mostly in the US. Its Utilities ETF (UTES), recently rebranded as the Virtus Reaves Utilities ETF, gives access to their specialist knowledge of this complicated sector and has produced a 64 per cent return, annualised at 14.7 per cent, since launch in 2015.
The UTES ETF has also seen a lowering of its management fee to 49 basis points. The firm is also planning to launch an Irish UCITS fund as well. Joseph (Jay) Rhame III, CEO of Reaves Asset Management and co-portfolio manager of UTES, with USD15 million in assets, explains that this is the only actively managed utilities ETF, and represents four decades of experience in the sector.