Ultra Series SMAs
When to use it?
- When increased exposure to a desired factor is desired
- When direct ownership of stocks is desired
- As a sleeve within a broader diversified portfolio
When not to use it?
- Ill-advised as a standalone portfolio
- Given turnover, suboptimal if tax efficiency is paramount
- Makes less sense for very risk-averse investors, or those who prefer the simplicity of an ETF model-based portfolio