Morningstar plans six public-private model portfolios backed by ETFs and interval funds managed with Apollo, Franklin Templeton and JPMorgan

Morningstar is preparing to roll out six “public-private model portfolios” that combine exchange-traded funds, or ETFs, with interval funds, according to a report published by Yahoo Finance. The initiative is designed to give financial advisers and investors a packaged approach to strategies that span both publicly traded and less-liquid structures.

The portfolios are described as being composed of ETFs and interval funds, with interval funds managed by Apollo, Franklin Templeton and JPMorgan. Interval funds are closed-end funds that allow investors to redeem at specified intervals, typically making them neither fully liquid like daily-traded ETFs nor fully locked up like some traditional private funds.

While the report identifies the participant managers, it does not lay out how Morningstar will divide roles between the ETF sleeve and the interval-fund sleeve across the six models, nor does it specify the target allocations or the risk characteristics of each portfolio.

The plans also suggest Morningstar intends to package these strategies in a manner that can be implemented through model portfolios, which are pre-built combinations of underlying holdings meant to standardize portfolio construction for advisers. Model portfolios are often used to streamline implementation and to keep portfolios aligned with a stated investment approach.

JPMorgan’s role in the structure, as described in the report, is tied to its management of interval-fund strategies used within the models. Franklin Templeton and Apollo are identified the same way, as managers of interval funds included among the underlying holdings, but the report does not specify which particular funds or strategies from each manager will be used.

The arrangement highlights a broader trend in wealth and advisory markets: demand for “liquid-plus” solutions that can pair publicly traded exposure with private-market-like risk and return characteristics, without requiring investors to commit capital to traditional private vehicles for long lockups. Morningstar, as a ratings and portfolio construction firm, has positioned itself around making complex investment products easier for advisers to adopt.

Still, important implementation details remain unclear from the Yahoo Finance report. It does not disclose expected launch timing, fee structures, minimum investment requirements, or whether the portfolios will be available across multiple brokerage platforms or only through specific adviser channels. The post also does not state whether Morningstar will provide separate model versions for different time horizons or risk tolerances beyond the six total portfolios.

What to watch next is how Morningstar and the participating managers describe each portfolio’s investment objective, the specific interval funds selected, and how redemptions for the interval-fund component will work in practice for model-portfolio investors. Those details typically matter most for advisers assessing liquidity, valuation, and operational readiness.