Mutual Fund and ETF Wrap Program Assets definition
Mutual Fund and ETF Wrap Program Assets managed directly by the Platform Manager or using one or more investment models available under the Program that were created by one or more independent investment advisers (the “Model Providers”) consisting of mutual funds, ETFs and/or other securities and investments (the “Third Party Wrap Strategists and Investment Models Assets”); (iv) in a single account for a portfolio customized by Advisor and with overlay management provided by Platform Manager pursuant to the directions of one or more Model Providers (“UMA Program Assets”); (v) in mutual funds, ETFs and/or other securities and investments managed by Advisor (“Advisor Directed Model Assets”); or (vi) in PMC Select Portfolios, (“PMC Select Portfolios Assets”), a series of portfolios comprised of Envestnet’s proprietary sub-advised mutual funds (“PMC Funds”); or (vii) in alternative investment products available through the Program (“Alternative Investment Product Assets”). In connection with the Program Assets managed (i) using a model portfolio developed by a Model Provider or (ii) under an Advisor Directed Model, Platform Manager is providing only administrative services and is not responsible for the selection of the specific investment choices made with respect to such Program Assets (except that Platform Manager is responsible for determining the target asset mix in the case of Program Assets managed using a model developed by a Model Provider). Client agrees and acknowledges that Platform Manager shall have no liability relating to those specific investment selections. In connection with UMA Program Assets, Platform Manager is responsible for determining the target asset mix and providing overlay management. Advisor is responsible for selecting the specific, underlying investment vehicles in the appropriate model to meet the client’s needs. For this program, Client agrees and acknowledges that Platform Manager shall have no liability relating to specific investment vehicle selections. Client may select that Program Assets be invested in Envestnet’s proprietary sub-advised mutual funds, PMC Funds. Envestnet also serves as the investment adviser to PMC Funds and receives advisory fees paid by PMC Funds in addition to the fee that Client pays for services provided under this