iM RBA Responsible Global Allocation ETF
IRBA
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- iM RBA Responsible Global Allocation ETF (IRBA) is an actively managed exchange-traded fund that seeks long-term capital appreciation through a responsible global allocation strategy. The fund invests at least 80% of its total assets in a diversified portfolio of exchange-traded funds (ETFs), equity securities, fixed income instruments, and cash equivalents, with a focus on macroeconomic analysis, quantitative portfolio construction, and responsible investment principles emphasizing environmental, social, and governance (ESG) factors. Its holdings typically include allocations across global equities (emphasizing U.S. small caps, cyclicals, non-U.S. and emerging markets, industrials), fixed income (such as mortgages offset by underweight Treasuries), and sectors like financial services, technology, industrials, healthcare, and consumer defensive; the portfolio maintains a high concentration with 100% of assets in the top 10 holdings, which are predominantly other ETFs. The ETF operates in the diversified portfolio allocation segment, targeting institutional investors, financial advisors, and individual portfolios seeking global diversification with reduced security selection risk through top-down macro research. IRBA was launched in early 2023 through a strategic partnership between iM Global Partner Fund Management LLC, the fund sponsor and a global multi-boutique asset management platform founded in 2015 and headquartered in Stamford, Connecticut, and Richard Bernstein Advisors LLC (RBA), the sub-adviser founded in 2009 and based in New York City. iM Global Partner provides distribution, capital solutions, and access to platforms like Merrill Lynch, Morgan Stanley, Ameriprise, UBS, and Envestnet, while RBA applies its proprietary indicators for asset allocation across countries, sectors, sizes, and styles. The fund trades on the NYSE Arca exchange in the United States market. In a significant operational change, the Board of Trustees approved the liquidation and closure of IRBA on February 12, 2024, with shareholders able to sell shares on the NYSE until the close date; no subsequent relaunches, acquisitions, funding rounds, or new product offerings related to IRBA have been announced as of late 2025. Prior to closure, the fund posted quarterly returns such as 9.05% in Q4 2023 (underperforming its benchmark of 65% MSCI ACWI/35% Bloomberg U.S. Aggregate Bond Index), with positioning overweight equities at 65.6%, underweight fixed income at 33.8%, and themes anticipating a "Lost Decade" replay favoring overlooked sectors. The ETF's expense ratio and dividend yield of approximately 2.34% supported its role as a portfolio diversifier amid shifting market dynamics.