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The following are new investments that those saving for or living in retirement might consider for their portfolios. This week: an actively managed ultra-short bond exchange-traded fund.

The Goldman Sachs Access Ultra Short Bond ETF (GSST) is an actively managed fund offering for investors willing to assume some modest additional risk while seeking potentially enhanced returns in their cash or cash-equivalent investment bucket, says Marc Zabicki, president and chief investment officer of Bower Hill Capital Management.

GSST, at a 16-basis-point expense ratio, also competes well when it comes to fees, versus similar ETFs such as JP Morgan's Ultra Short Income ETF (JPST) and Janus Henderson's Short Duration Income ETF (VNLA).

"We believe one or all three ETFs can serve a purpose in most well-diversified portfolios, especially for investors at or near retirement," says Zabicki. "That is, short or ultra-short duration ETFs are good cash equivalent alternatives for those seeking a bit more income than deposit or CD rates may offer. However, investors should be aware that managers of these ETFs may take on a bit more credit risk to potentially enhance income."

In many cases, he says, Bower Hill Capital Management recommends investors hold cash, cash equivalent, and enhanced income alternatives, such as GSST, in a well-reasoned cash management strategy. "The thought here is to maintain adequate liquidity for immediate needs while targeting enhanced income for those short-term funds that can be accessed upon call but are not required to meet direct expenses," he says.