XShares Out Of Target-Date Series – retirement exchange-traded funds?

TDX Independence Funds Inc., which is controlled by TD Ameritrade, is asking the Securities and Exchange Commission for permission to make Amerivest Investment Management the investment advisor to its series of five target-date retirement exchange-traded funds.

Amerivest is perhaps best-known by ETF investors for its commission-free trading accounts. The TD Ameritrade unit charges its ETF customers set fees based on asset levels in exchange for asset allocation advice.

In the request, dated April 10, current adviser XShares wouldn’t be immediately removed as adviser to the TDX Independence funds.

But the filing says that TDX believes “that is foreseeable that Amerivest may replace XShares as the investment adviser to TDX Funds.”

The filing states: “Applicants seek the relief so that, in the circumstance where XShares no longer serves as investment adviser to the funds, the TDX funds and Amerivest may rely on the order granted … ”

Full Story: http://www.indexuniverse.com/sections/newsinfocus/5690-filing-could-signal-xshares-out-of-target-date-series.html