I am recently retired from a career in the Insurance and Mutual Fund industry. I wouldn’t touch the above funds.
It seems that every time the Financial Services Industry gets creative with products or product design it becomes expensive for investors and/or blows up. This is probably because the products tend to be complex, not easily understood by salesmen, buyers or regulators, and are based on weak assumptions. e.g. gov+ funds, high yield bonds, CMO’s, Variable Annuities, Universal life, Ultra Short Term Bond funds, Auction Rate Securities, mortgage backed securities, Senior Loan Funds, vanishing premium life, etc. Look no further than major endowments like Harvard that put too much money in hedge funds. You could tell hedge funds would blow up – lots of rewards for short term gains, not regulated, no information on investments, little control on what investments can be made. A lot of smart people lost their shirt in hedge funds and have trouble getting out.

Investments can be really simple: Low cost (usually index funds), invested US large Cap,and foreign stocks, bonds (incl TIPS), some cash. I read the Boglehead’s Guide to Investments and other related books on Modern Portfolio Theory. It really changed my view of investments. The low cost doesn’t excite the financial services industry so they keep trying to come up with “better” ideas – better for who?

Am enjoying your blog very much – very helpful. Thank you.