Kuppa traced the idea back to his earlier venture, Orowealth, the direct mutual fund platform he co-founded in 2016 along with Nitin Agrawal, Yogesh Powar and Swati Aggarwal. He said the conviction that technology could widen the adoption of investment products among Indians only grew stronger at InCred Money.

InCred Capital, the institutional and wealth management arm of the InCred Group, acquired Orowealth in an all-cash deal in early 2023, bringing in assets under management of more than Rs 1,100 crore along with its technology platform and team. Kuppa took over as CEO of the newly created InCred Money, which has since built out an integrated investment platform spanning bonds, fixed deposits, alternative assets and equity broking.

A mutual fund licence, or a Digital AMC as Kuppa termed it in his post, would extend that platform into fund manufacturing rather than just distribution. He argued that the eventual winners in the wealth-tech business will be firms that combine manufacturing with distribution under one roof, serving the full range of a client’s investment needs.

Kuppa credited the milestone to nearly six months of work led by Nitin Agrawal, his former Orowealth co-founder, who now serves as CEO of the mutual fund business at InCred Money.

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The approval places InCred Money among a growing list of fintech and brokerage platforms securing Sebi nod to enter fund management.
The push comes as India’s mutual fund industry has crossed Rs 75 lakh crore in assets under management, with Sebi’s new mutual funds rules, which took effect in April, aimed at easing entry for new players through routes such as MF Lite for passive strategies.In-principle approval allows InCred Money to proceed with setting up an asset management company and trustee structure, but it will still need to clear Sebi final registration requirements, including capital and governance norms, before launching schemes.

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Customers of Citizens Bank reported difficulties accessing online and mobile banking services Wednesday, with some users unable to log in, view balances or complete transactions amid ongoing technical issues tied to scheduled system maintenance.

The disruptions, which began affecting portions of the customer base early in the day, follow planned maintenance that started Tuesday evening and extended into Wednesday. Bank officials have advised patience as technical teams work to restore full functionality across digital platforms.

Citizens Bank’s Update Center and official communications confirmed the maintenance window, noting that digital banking access via browser and mobile app could be intermittently unavailable. The bank emphasized that core banking operations, including branch services and ATMs, remained largely unaffected.

Scope of the Outage and Customer Reports

Social media platforms and monitoring sites like Downdetector showed elevated reports of problems with the app, login processes and mobile banking throughout the morning. Users in multiple states, particularly in the Northeast where Citizens has a strong presence, described error messages, frozen dashboards and failed transfers.

One customer posted on social media: “Citizens Bank’s online banking is reportedly down for some users at the moment.” Similar complaints highlighted frustration during a busy midweek period when many rely on digital tools for bill payments and account management.

The bank has not issued a full outage declaration but acknowledged intermittent issues in its customer service alerts. Officials urged customers to use alternative channels such as branches, ATMs or telephone banking for urgent needs during the resolution period.

Maintenance Details and Expected Resolution

The scheduled work, which began around 8 p.m. Pacific Time on Tuesday and was set to conclude by early Wednesday morning in some time zones, involves critical system upgrades designed to improve long-term reliability and security. Such maintenance is routine for large financial institutions but can occasionally extend beyond initial estimates due to unforeseen complexities.

Citizens Bank, a major regional player with operations across the Northeast and beyond, serves millions of customers. Its digital platforms handle high volumes of daily transactions, making any disruption noticeable. The bank has invested heavily in technology in recent years to enhance user experience and cybersecurity defenses.

In past similar incidents, services typically resumed gradually as maintenance phases completed. Customers with pending transactions were advised to check their accounts once access returns, as confirmed items should process normally per standard banking protocols.

Impact on Customers and Alternatives

For many, the timing proved inconvenient, especially those managing payroll, bill payments or transfers mid-month. Small businesses and individuals relying on real-time access reported delays in daily operations. The bank encouraged use of its customer service lines at 800-656-6561 for assistance with account inquiries or urgent matters.

Branches remained open for in-person services, and ATMs continued to function for cash withdrawals and deposits in most locations. Mobile check deposit features and other tools may have limited availability until full restoration.

Citizens has a history of transparent communication during technical issues. Its Update Center provides real-time alerts on technology, operations and other disruptions, helping customers stay informed. Officials apologized for any inconvenience and assured that customer data and funds remain secure throughout the process.

Broader Context of Banking Technology Reliability

Financial institutions increasingly depend on robust digital infrastructure, making occasional maintenance necessary to prevent larger failures. Cybersecurity threats, system upgrades and growing transaction volumes contribute to the need for periodic downtime. Citizens, like peers such as Bank of America or Chase, aims to minimize impact through phased rollouts and backup systems.

This incident highlights ongoing challenges in delivering 24/7 digital banking. Regulators and consumer advocates emphasize the importance of clear communication and contingency plans. Customers are encouraged to set up alerts, maintain multiple access methods and monitor accounts regularly.

In response to past outages, many banks have enhanced redundancy and cloud-based solutions. Citizens has rolled out app improvements and security features in recent years, positioning its platforms competitively in a digital-first banking environment.

Advice for Affected Customers

Those experiencing issues should:

• Clear browser cache or update the mobile app.
• Try accessing via desktop if mobile is affected, or vice versa.
• Contact customer service for time-sensitive needs.
• Monitor official channels for restoration updates.

Company Background

Citizens Bank, part of Citizens Financial Group, operates as a major retail and commercial bank with a focus on the Northeast. It offers a full suite of personal and business banking products, including robust online and mobile platforms that millions use daily. The institution has emphasized digital innovation while maintaining a strong branch network.

As one of the larger regional banks in the U.S., Citizens serves diverse customer segments from individuals to small businesses. Its commitment to technology aims to deliver seamless experiences, though maintenance windows occasionally test customer patience.

Looking Ahead

Bank officials expect full restoration shortly after the maintenance window. Customers can check the official Update Center or social channels for the latest status. Citizens continues investing in infrastructure to reduce future disruptions and enhance overall digital resilience.

This episode serves as a reminder of the trade-offs in modern banking convenience. While digital tools provide round-the-clock access, periodic maintenance ensures long-term stability and security. Affected users are urged to exercise patience as teams work to resolve the matter promptly.

For the latest developments, customers should visit Citizens Bank’s website or contact support directly. The bank remains committed to minimizing impacts and restoring normal operations as quickly as possible.

Introduction to the iShares US Infrastructure ETF

The iShares US Infrastructure ETF (IFRA), which is backed by Blackrock (under its brand of ETFs-iShares), is a $4.25B product (in terms of assets under management) that has been in existence since April 2018. IFRA, which is priced at an expense ratio of 0.3%, pays dividends on a quarterly basis, with the annualized figure amounting to 1.57%.

How Is IFRA Built?

IFRA’s intention is to focus on stocks that stand to benefit from a boost in domestic (the US) infrastructure activities, and it goes about fulfilling its goal by tracking an index that is maintained by a third party called ICE Data Indices [IDI]. The index in question is the NYSE FactSet U.S. Infrastructure Index [NFUII], and it is constructed using a methodology developed by Fact Set (a global financial data comp).

NFUII which is reconstituted every March requires any potential constituent (which needs to be listed on the NYSE, NYSE American or the Nasdaq) to have a minimum market-cap of $300M (as well as an average 3-month daily traded value of $1M). Then, from this pack, all stocks that generate 50% or more of their revenue from infrastructure-related industries are considered. Basically, the goal is to procure either infrastructure enablers or infrastructure asset owners and operators, who generate 50% or more of their annual revenue from the US. Once the stocks are gathered (over 160 in total), they are then assigned equal weights, which get rebalanced four times per year.

What Are The Key Characteristics Of IFRA’s Portfolio?

We know that IFRA focuses on infrastructure enablers and infrastructure asset owners/operators, but from which sectors (as per the traditional definitions of the Global Industry Classification Standards, or GICS) are they procured? Well, two sectors in particular (industrials and utilities) dominate with an aggregate weight of over 75% of the entire portfolio. The rest of the portfolio comes from the materials sector, the energy sector, and the discretionary sector, with the latter contributing an insignificant stake of less than 0.5%.

Unlike a lot of products that track market-cap weighted indices (which ends up making them giant and large-cap heavy), IFRA’s target index follows an equally weighted policy. As a result, note that it isn’t giant or large-caps but the mid-cap bracket which dominates this portfolio with a 56% stake. Micro-cap exposure of around 2% is understandably low, as ICE Data Indices does not consider stocks with a free-float market-cap of less than $300M (at the time of construction).

Stylistically as well, it’s the mid-cap blended names which dominate this portfolio with an aggregate stake of one-third. For the uninitiated, blended stocks combine the best of both the value and growth style stocks (typically those with stable business models and high dividend payouts, in addition to strong growth prospects in terms of sales/earnings).

Who Is IFRA For?

IFRA represents a cost-effective vehicle (an expense ratio of 0.3% which is the lowest amongst pure play infrastructure ETFs, and 20bps lower than the ETF median of 0.5%) for those who want well-balanced and comprehensive coverage to stocks across the US infrastructure value chain. This portfolio not only includes traditional infrastructure stocks such as utilities and transportation plays (which tend to benefit from stable cash flows and high barriers to entry), but also those (like construction & engineering service firms, machinery and material providers) that are more cyclically themed, and are also favorably exposed to a growing impetus in US infrastructure spending appetite, are seeing a surge in backlogs. This balance between the two pockets, makes IFRA well positioned to thrive in both an upswing and a downswing of the broader economy.

IFRA would also be suitable for those who dislike the overcrowded large and giant-cap space (most ETFs follow market-cap weighted indices which end up focusing largely on these market-cap categories), and are more comfortable tilting towards the mid-cap space (which typically offers better growth prospects than giant and large-caps, and are also less volatile than small-caps).

What Are The Risks Associated With IFRA?

The stocks of IFRA are likely to be very sensitive to the shifting hues of Federal fiscal policy, particularly in light of the burdensome debt burden that the US government faces (government debt to GDP has been above 120% for multiple years, since the onset of the pandemic); if the ruling governments choose to turn more parsimonious and more fiscally responsible, or divert resources away from infrastructure projects to other areas of the economy, the stocks of IFRA could be adversely impacted. Needless to say, this is a cohort of stocks whose prospects are closely linked to the political climate of the country.

IFRA is a passively managed product, whose value is primarily derived from how effectively it tracks the NFUII. Rather than resorting to full replication, IFRA seeks to mirror the performance of NFUII through a more cost-efficient process known as ‘representative sampling’, where the former only owns a sample of stocks that in total have the same qualities as the latter. While IFRA may score on the efficiency front, it loses out on tracking capabilities (tracking errors are wider than those experienced by the median ETF), which appear to have gotten worse over the last three years and the last year alone.

Investors who own S&P 500-heavy portfolios, are unlikely to find IFRA as a apt diversifier, as it’s sensitivity to the movements of the US benchmark, are almost close to 1x. Put simply, for every 1% move in the S&P 500 (be it to the upside or downside), one can typically expect IFRA to move by around 0.9%.

The margins of businesses involved in the infrastructure space, also tend to be keenly impacted by commodity price volatility, tariff effects, and labor shortages.

Peers of IFRA

Two close peers of IFRA are the Global X U.S. Infrastructure Development ETF (PAVE), and the iShares Global Infrastructure ETF (IGF).

IGF, differs from the other two in that it is the only one which provides exposure to infrastructure stories beyond just America (US exposure which is still the largest is at 36%). This ETF, which is the oldest out of the lot, also offers the most concentrated infrastructure exposure (it only covers 78 stocks), with a heavy tilt towards transportation stocks (the other two are more spread out and tilt more towards the industrial sector. It also stands out for its high-yield (relative to the other two), and a predilection towards large-caps (as opposed to mid-caps).

PAVE, which is backed by Global X (unlike the other two), is a very industrial heavy portfolio (72% of the holdings). It is also the least cost efficient (an expense ratio of 0.47%), and also the least lucrative from a yield angle (not even half the yield of IFRA, which in turn lags IGF). Note that both alternatives to IFRA distribute less frequently than our ETF in focus. Out of the three IFRA appears to be the least portfolio prone to change (annual churn of only 10%)

Summary

IFRA represents a cost-efficient ETF for those who want access to a pool of stocks from across the US infrastructure value chain that could thrive in expansionary as well as defensive macro conditions. IFRA, which tilts more towards mid-caps, still moves in close tandem with the S&P 500 and may not represent a great portfolio diversifier.

This article answers three main questions about IFRA:

1. What are the key features of IFRA’s portfolio?
2. What type of investor is IFRA suitable for, and what are the risks associated with it?
3. Are there other passive ETF alternatives that offer exposure to infrastructure stocks?

The Swedish firm has taken a 42% stake in Kelda Holdings, joining two other overseas firms

One of the world’s largest private equity firms has completed its acquisition of a 42% stake in Yorkshire Water.

Swedish firm EQT has acquired the share in Kelda Holdings, the parent company of Yorkshire Water, joining two other overseas firms in owning the company. A new chair is to be appointed at the company, but has not been named in this morning’s announcement.

EQT was last year ranked as the second largest private equity firm worldwide based on funds raised and has a wide range of assets around the world in a number of different sectors. Its deal for a major stake in Yorkshire Water was first announced in March and has now completed.

Nicola Shaw, chief executive of Yorkshire Water said: “We are pleased to have EQT on board as we deliver our largest environmental investment programme. They are committed to our turnaround plans and our ambition to deliver improved performance for customers and the environment.

“Together with our other shareholders, we are working to strengthen the business, investing for the future and delivering the improvements our customers expect. We look forward to working together to build on this momentum and continue delivering against our plans.”

Kunal Koya, a partner at EQT, will join Yorkshire Water’s board. He said: “EQT is delighted to invest at a pivotal moment for Yorkshire Water and the wider sector.

“We bring long-term capital and deep infrastructure experience, and together with GIC and TCorp are committed to strengthening the company’s financial resilience and supporting the delivery of its investment program which will enable better service for customers and improved environmental performance.”

The deal comes as water companies around the UK remain under intense scrutiny over both their environmental records and overseas ownership. Earlier this week the Government objected to a rescue plan for Thames Water, raising the prospect of that firm coming under public ownership.

Housing association Hedyn is developing the 43 home scheme

Work has started transforming an empty industrial site in Newport into a new affordable residential scheme. The Factory Road development in Allt-yr-yn, from housing association Hedyn, will deliver 43 new homes.

The scheme has secured a Welsh Government social housing grant and will help address the shortage of affordable housing while supporting the ongoing regeneration of Newport.

Peter Crockett, group executive director of Growth at Hedyn, said: “Housing associations play a critical role in tackling the housing crisis, and that starts with working in partnership to unlock sites that deliver real benefits for communities.

“Factory Road is exactly the kind of opportunity we want to bring forward. By working closely with our local authority colleagues, we’re helping to rejuvenate underused land and support the wider regeneration of Newport.

“Sites like this can be transformed into homes, opportunities and brighter futures. With the scale and expertise to overcome barriers, we’re committed to delivering the homes communities need.

“Every home we build supports better health, stronger communities and greater opportunity. That’s why developments like Factory Road matter.”

Councillor Matthew Evan said: “Newport is an expanding city, and developments like Factory Road are vital to ensuring local people benefit from that growth.

Bringing a long-underused site back into productive use in this way is exactly the kind of regeneration we want to see, creating safe and sustainable homes for current residents and future generations, and making a real difference to people’s lives.”

The new homes are being developed in partnership with Castell Group. The development forms part of Hedyn’s wider programme following the merger of Melin Homes and Newport City Homes last year. Hedyn provides homes and services to customers across Southeast Wales.

With over 15,000 properties, it is the second largest housing association in Wales. Hedyn operates across five local authorities: Blaenau Gwent, Monmouthshire, Newport, Powys, and Torfaen.

Moreover, housing association Barcud has completed a £2.5m development of 10 energy efficient new homes in the centre of Llanidloes in Powys.

Working with Llanidloes based contractor, JJP Services, and with the support of a £1.7m Welsh Government social housing grant, Barcud has transformed the site of the former Sandringham Leather Goods factory on Eastgate Street.

The development, known as Cae’r Hen Ysgol, provides a mix of six one-bedroom houses and four two-bedroom houses

Jason Jones, chief executive of Barcud Group, said, “Barcud is focused on developing mixed tenure of affordable homes for rent. Investing in the communities where affordable housing is most needed is one of the group’s priorities and ensuring those homes meet the highest standards of quality and energy efficiency is a value we are all very proud of.

“This development in Llanidloes is yet another prime example of how committed we are to working with, and supporting local supply chain businesses, in providing exciting opportunities for locals who are keen to continue living locally in Powys.”

There’s a misconception that people need thousands and thousands of dollars before they can start investing. But in today’s world, brokerage accounts can be opened with no initial deposit required, and you can start by buying just one share. That means in many cases your investing journey can start with less than the cost of a DoorDash delivery!

Whether you’re looking to get started or add to an existing portfolio, ultra-low-cost index ETFs are usually the best choice. Many of these give you broad market coverage and make for great core long-term portfolio holdings.

Here are five of my favorites that combine low fees, diversification, smart index construction, and solid long-term track records.

COULD THE VANGUARD S&P 500 ETF BE YOUR TICKET TO BECOMING A STOCK MARKET MILLIONAIRE?

A trader works at his post on the floor at the New York Stock Exchange (NYSE) in New York City, on June 1, 2026.  (Brendan McDermid/Reuters)

1. Vanguard Total Stock Market ETF

The Vanguard Total Stock Market ETF is perhaps the best core ETF you can buy. It tracks an index that covers virtually the entire investable U.S. equity market. That’s roughly 3,500 stocks in total across all sizes and industries.

Many investors like to use the Vanguard S&P 500 ETF as the centerpiece of their portfolios. I prefer the Vanguard Total Stock Market ETF because I want coverage of the entire U.S. stock market. Mid- and small-cap stocks have different sector compositions and economic influences, along with higher growth potential. That works great from a diversification standpoint.

2. Schwab U.S. Dividend Equity ETF

The Schwab U.S. Dividend Equity ETF is my choice for the best dividend ETF because of its robust selection strategy that targets stocks with the best combination of balance sheet quality, long-term dividend growth, and yield.

1 UNDER-THE-RADAR ETF TO INVEST $1,000 IN RIGHT NOW THAT’S OUTPERFORMING MAJOR INDEXES THIS YEAR

A futures-options trader works on the floor at the New York Stock Exchange’s NYSE American (AMEX) in New York City, on June 8, 2026. (Brendan McDermid/Reuters / Reuters)

This fund holds the stocks of many durable companies built to withstand and thrive across multiple economic environments. Plus, its current yield of 3.3% is triple that of the S&P 500 right now and will appeal to folks seeking to draw income from their portfolios.

3. Invesco Nasdaq-100 ETF

The Invesco Nasdaq-100 ETF is one of the more commonly used proxies for the U.S. tech sector. While it’s actually only about two-thirds tech stocks, it includes all of the major tech and artificial intelligence (AI) names that are in favor right now.

Tech and growth stocks are obviously playing a major role in what’s driving U.S. stock market returns. But this segment of the market is usually where the innovation comes from, like we’re seeing with the AI boom right now. This always deserves a spot in long-term portfolios. Plus, the Invesco Nasdaq-100 ETF has a lower expense ratio than its sister fund, the Invesco QQQ ETF.

4. Vanguard Mid-Cap ETF

The Vanguard Mid-Cap ETF invests in the under-appreciated area that exists between large-cap and small-cap. Historically, this segment of the market has delivered competitive risk-adjusted returns and shouldn’t be ignored by investors.

ETF ASSETS ARE SURGING. HERE’S HOW THEY DIFFER FROM MUTUAL FUNDS

While mid-cap stocks have lagged their large-cap counterparts during the AI boom, they’re actually beating the Vanguard S&P 500 ETF by more than 1% year to date. As gains broaden beyond the “Magnificent Seven” names, mid-caps sit in the sweet spot of higher growth potential and lower volatility than smaller, more speculative companies.

5. Vanguard Small-Cap ETF

The Vanguard Small-Cap ETF covers more of a high-risk, high-potential area of the U.S. stock market. These companies may be less developed or unproven, but they’re often fast growers that can turn into home runs under the right circumstances.

This segment of the market tends to have a greater percentage of unprofitable companies. That’s understandable since many of them are still growing, but there’s also the risk that some of these companies don’t make it. Because this fund owns more than 1,300 stocks, the impact of any one company (or even a handful) failing is negligible. A diversified portfolio of these stocks makes the most sense.

All of these ETFs have the characteristics you want in a buy-and-hold fund. They cover different areas of the market, which means they pair well together if needed. They’re low-cost and diversified. For anybody who has even a small amount of money to be put to work, these are five to own.

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David Dierking has positions in Invesco NASDAQ 100 ETF, Schwab U.S. Dividend Equity ETF, and Vanguard Total Stock Market ETF. The Motley Fool has positions in and recommends DoorDash, Vanguard Mid-Cap ETF, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

This article was written by

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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