Reaves Utilities ETF, am actively managed exchange-traded fund focused on the utilities sector, has been renamed the Virtus Reaves Utilities ETF (UTES), better reflecting the relationship between fund manager Reaves Asset Management and Virtus ETF Solutions, and has lowered its management fee.“Reaves Asset Management has demonstrated its pedigree in utility sector investing over the last four decades, further showcased by UTES’ stellar track record of consistently outperforming its peers since its inception in 2015 as Reaves Utilities ETF,” says William Smalley, executive managing director of Virtus ETF Solutions. “In addition, the meaningful reduction in the management fee to 49 basis points reflects our continued commitment to helping investors achieve better outcomes.”“UTES is now a 4-star Morningstar-rated ETF and the co-branding allows us to extend the awareness of our partnership with Reaves and better distinguish this strategy with investors and our distribution partners,” Smalley says.“Reaves is pleased to work further with Virtus in a way that will directly benefit our shareholders,” says Joseph ‘Jay’ Rhame III, CEO of Reaves Asset Management and co-portfolio manager of UTES. “Reducing the fees to our clients will help support their continued investment success. The timing could not be any better as market volatility has increased and signs of a potential recession have emerged. Our 42 years of experience investing in utilities with consistent earnings growth and growing dividends gives us the confidence to navigate a tough market environment.”
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