Met Life has filed a registration statement for a couple of funds that will own ETFs. AG Edwards will be the advisor of the funds. One fund will be the Cyclical Growth and Income and the other will be just Cyclical Growth.
There will be multiple classes of shares with varying expenses.
Since just about every ETF is a type of index fund, these funds will be funds of index funds. Funds of actively managed funds are bad enough.
I have written about what I believe is an investing evolution for do-it-yourselfers in terms tools to manage their portfolios and they way in which information is accessed. Funds like these from Met Life work in direct conflict of that notion.
Although it may not always seem like it with some of the content on this site, I really believe in keeping things very simple and clean. Umpteen classes of a fund all with different fee structures and an extra layer of management fees is neither simple nor clean.
The article I linked to in the beginning of this post says that these types of funds have had mixed results. Hopefully demand for these will be weak and less of them come to market.