Despite only launching about two months ago, iShares Morningstar Multi-Asset Income Fund (BATS: IYLD) has already made its mark in attracting over $28 million in assets in a relatively short amount of time.

The ETF fits into the “Multi-Asset” or “Diversified Portfolio” categories and tracks an index developed by Morningstar.

The aim of the index methodology is to deliver high current income to the investor and simultaneously present the opportunity for long term capital appreciation. IYLD is actually a “fund of funds” ETF, in that it invests in other listed ETFs that may cover asset classes including equity, fixed income, and alternative assets. [Multi-Asset ETFs]

Charging 60 basis points currently as an expense ratio, most would consider this fund as an “actively managed” approach as well, aiming for out-sized returns from the benchmarks as well as potential risk mitigation and/or lowered portfolio volatility.