First life-cycle ETFs debut

The first life-cycle exchange traded funds began trading today, TD Ameritrade Holding Corp. of Omaha, Neb., said in a statement. The five TDAX Independence ETFs, a joint venture between TD Ameritrade and XShares Advisors LLC of New York, seek to replicate life cycle indexes created by Zacks Investment Research of Chicago. The ETFs begin by focusing on asset growth through a higher weighting to stocks and shift to capital preservation over time through historically less risky allocations. “With one easy purchase, investors can access a diversified, asset-allocated portfolio that, over time, automatically adjusts its weighting across stocks and bonds,” Dave Kelley, a senior vice president with TD Ameritrade said in a statement.