Furthermore, the Smart Growth Mutual Fund family run by portfolio manager Kevin Mahn of Hennion and Walsh is another set of offerings in the ETF mutual fund arena, including Conservative (LPCAX), Moderate (LPMAX), and Growth (LPGAX) funds. According to Mahn, Hennion and Walsh has an exclusive arrangement with Lipper Optimal Indices, where Lipper actually picks the ETFs and ETNs within the portfolios and the fund manager aligns these ETFs in such a way in the portfolios in order to provide for optimal growth while staying within a certain band of risk measured by standard deviation.

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