Rather than holding individual securities directly, WBMO invests across a curated set of exchange-traded products (ETPs) spanning equities, fixed income, and real assets according to the fund filings . The investment universe is notably broad: through underlying ETPs, the fund can access domestic and foreign stocks of any market cap, U.S. Treasuries, bonds of any credit quality or duration, CLOs, MLPs, BDCs, commodities, gold, natural resource equities, and digital assets. To access commodities and digital asset ETPs within tax law constraints, the fund routes up to 25% of assets through a wholly owned Cayman Islands subsidiary.
Portfolio construction follows a multi-step proprietary process managed by David Schassler and John Lau, CFA. The team uses macroeconomic analysis and capital market expectations to set target allocations, then selects underlying ETPs based on strategy, cost, liquidity, and risk-adjusted return potential. Crucially, the fund blends low-cost index-tracking ETPs with higher-conviction active, factor-based, or thematic ETPs that the adviser believes can outperform over a full market cycle. The portfolio is monitored continuously and rebalanced periodically.
Positioning and Costs
WBMO is an actively managed fund that competes in the global multi-asset space alongside funds such as AOR and RAAX , though its combination of digital asset exposure, CLO access, and affiliate-fund integration gives it a distinct profile. The fund does not use derivatives directly, though underlying ETPs may. It discloses holdings daily and does not distribute K-1 forms, which simplifies tax reporting for investors. It carries a net expense ratio of 0.26% after fee waivers, which reflects a 0.15% management fee plus an estimated 0.18% in acquired fund fees and expenses partially offset by the waiver.
Key Risks to Understand
As a fund of funds, WBMO carries layered fees — investors bear both the fund's own costs and a proportionate share of underlying ETP expenses. The fund may also contain other VanEck funds, and the strategy's non-diversified classification means concentrated positions could amplify volatility. Additional risks include digital asset volatility, commodity price swings, interest rate sensitivity in fixed income holdings, and the structural complexities of CLOs, MLPs, and BDCs. Because creations and redemptions may be partially cash-settled rather than in-kind, the fund may be less tax-efficient than conventional ETFs. As a newly launched fund with no operating history, scale and liquidity remain unknown.
For investors seeking a single, actively managed vehicle with genuinely broad multi-asset exposure — including alternatives like digital assets and real assets alongside traditional stocks and bonds — WBMO offers a differentiated structure, though the layered cost and complexity warrant careful consideration relative to simpler allocation alternatives.
This article was generated with the assistance of artificial intelligence and reviewed by ETF.com staff.
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