A newly launched sub-plan of Aracon Super has officially launched, marketed to millennials with a PDS revealing relatively high fees, expensive insurance and big ambitions.

Elevate Super launched today, after Financial Standard revealed its plans last week.

The group insurer for the fund is Hannover Re and the fund managers mandated so far are Nanuk Asset Management and Alphinity. Aracon Superannuation is the trustee.

Rainmaker analysis of the Elevate product disclosure statement indicated product fees and total expense ratio are above the Rainmaker benchmark of 1.19% on a $50,000 balance for a personal product.

"This is a personal product, not a MySuper product. Elevate needs to raise FUM and revenue very quickly to survive a competitive landscape," Rainmaker head of research Jason Ross said.

"With the regulator's rhetoric focusing on less funds in the marketplace rather than more funds, it is a brave time to launch a new personal product."

Elevate is offering two investment options - Elevate Balanced and Elevate Growth. There is no MySuper option.

The balanced option charges an administration fee of 0.81% per annum plus $93.60 per annum.

For comparison, fellow start-up super fund Spaceship has an admin fee of $78 per annum plus 0.795%.

Elevate Balanced (TER 1.49%) and Elevate Growth (TER 1.58%) are a bit more expensive than the average of all super products (TER 1.11%) but compare favourably to the average of all products in the personal retail super space (TER 1.63%).

As for insurance, Rainmaker analysis found a 40-year-old male would be paying $900.55 annually for a standard Death & TPD cover of $310,000. For the same cover a female would be paying premiums of $734.39 annually.

This means that for every $1 per week paid in premiums a male gets $17,900 and a female gets $21,950 in cover. Rainmaker benchmarks the average cover per $ week at $48,883 meaning for a 40-year-old, Elevate super is only offering its' members half as much value as the industry averages.

The fund is claiming its investment strategy will align with the UN Sustainable Development Goals.

"Regarding benchmarking, we have an exclusive retail agreement with an independent third-party data provider, Sustainable Platform, to measure our portfolio against the SDGs and determine the impact of your super investment," a spokesperson for Elevate said.

"One component of the data collection process allows us to track a company's SDG contribution based on the revenue generated from products and services, as well as their research and development spend.

"For instance, companies which supply products and services such as organic food contribute to SDG 2: End Hunger; whereas water filtration equipment supports SDG 6: Clean Water and Sanitation."

Kent Kwan, Jade Ong and Kevin Hua are the co-founders of Elevate.

They also work together at AtlasTrend - a start-up global investment service.

Kwan spent several years at J.P. Morgan and Macquarie earlier in his career before becoming chief investment officer and executive director at Arowana International.

His LinkedIn makes the following claim: "Generated 180% returns (over $100m profit) for shareholders from 2012 to 2014. Kent was also the portfolio manager for a private pool of capital that invested in listed equities which returned 22% per year over a 3 year period."

Ong spent nine years at Macquarie Group in Sydney and London.

Hua also worked at J.P. Morgan and is most recently a member of the investment committee for Atrium Investment Management.

Elevate is targeting socially-aware millennials with its pitch.

"Australians, particularly younger Australians, tend to view super as an unimportant and ineffective asset," Kwan said in a press release.

"It is not currently mandatory for Australian super funds to provide enough detail to know whether the investment of your super aligns with your core values."

The release went on to say: "You are probably doing a lot already (riding a bike to work, using a reusable shopping bag or keep-cup etc.). It's our generation's turn to shape the world."