GAL

GAL aims to provide capital appreciation with a multi-asset-class, top-down strategy using ETFs and ETNs — mostly from State Street. By rule, equities dominate the asset allocation as the fund aims to assign more than half of its portfolio's weight to equities. Roughly one-third of the fund will be invested in the international equity space, with another third to US equities, according to the issuer. Outside of equities, GAL also holds a lot of debt, reaching pretty far down the credit quality scale — over a third of its debt holdings are below investment grade. GAL uses proprietary quantitative models, as well as the fund adviser's fundamental views on qualitative factors, to allocate exposure to these asset classes via ETFs. Investors should watch out for capital gains distributions.