The following are new investments that those saving for or living in retirement might consider for their portfolios. This week: Alternatives to traditional factor investing and a fund that aims to track the Cambria Trinity Index.

Janus Henderson Investors has launched Janus Henderson Mortgage-Backed Securities ETF(JMBS), a fund that buys primarily securities sold by federal agencies, such as Fannie Mae, Freddie Mac and Ginnie Mae.

"Why would we want to delve inside the mortgage-backed securities or MBS market?" asks Lee Munson, the president and chief investment officer of Portfolio Wealth Advisors. "I'm advising my retired clients to steer clear of exotic bonds or bond alts. Credit is already an issue with many investment grade bonds already trading like junk -- a sign that the ratings agencies haven't kept up with something I call reality."

According to Munson, MBSs are complicated, and just because they are backed by the government doesn't mean they are safe or special. "There is a reason they pay higher interest rates," he says. "There are higher risks, especially with liquidity."

Innovator Capital Management has launched the Innovator IBD Breakout Opportunities ETF(BOUT), which is designed to replicate the performance of the Investor's Business Daily Breakout Stocks Index, stocks on the verge of breakout.

For his part, Munson says, "the continued belief in hot stocks and the laziness of those that follow" never ceases to amaze him. So, he says, "I'm too busy to learn how to manage a portfolio or learn the futility of market timing, but not so lazy as to buy an ETF for breakouts?"

Invesco has launched Invesco Strategic US ETF (IUS); Invesco Strategic US Small Company ETF (IUSS); Invesco Strategic Developed ex-US ETF (ISDX); Invesco Strategic Developed ex-US Small Company ETF (ISDS); and the Invesco Strategic Emerging Markets ETF (ISEM). The funds are designed to replicate the returns of in-house indexes.

From his perch, Munson says he likes to see the weighting toward earnings quality and book value. "While I myself prefer DFA funds, Invesco is on the right track and this seems less a gimmick and more of an appeal to thoughtful investors that want alternatives to traditional factor investing," he says. "But if you are retired, I would caution getting too heavily involved with factor-styled funds. I have done this for years and many individual investors will cut and run when the performance trails the major indices. I know this because all I do is factor investing."

Cambria Funds has launched Cambria Trinity ETF(TRTY) seeks to track the performance, before fees and expenses, of the Cambria Trinity Index. The index employs a balanced, systematic approach to asset allocation, focusing on diversification, value investing, and trend following. The Cambria Trinity ETF uses a buy-and-hold strategy that aims to produce a balanced, low-turnover portfolio of investable assets.

According to Munson, this fund of funds is largely a momentum and managed futures ETF. "I would like to see the performance going forward," he says. "Bottom line: Anyone can say they are value-oriented investors, but if they are inventing an index with lots of momentum and esoteric futures positions, well, I'm going to just wait and see."

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