Launches and Reorganizations
Akre Focus Fund will be reorganized into an active ETF, pending shareholder approval. They vote in mid-August. If approved, this will be the largest fund-to-ETF conversion (at $12+ billion) ever. Read more in this month’s article, Enduring Principles, Evolving Markets.
ARK ETF Trust Crypto Active ETF is in registration. The fund is an actively managed exchange-traded fund that will invest in domestic and foreign equity securities of companies that invest in, or create investment exposure to one or more “Crypto Assets.” Cathie Wood will be the portfolio manager. Expenses have not been stated at this time.
Bahl & Gaynor Income Growth Fund will be reorganized into an ETF, with shareholder approval. If shareholders approve the reorganization, the reorganization will take effect in the fourth quarter of 2025.
Founders 100 ETF is in registration. The fund is an actively managed ETF that will sort of match the Founders 200 Index. The ETF will invest in a portfolio of 95 – 125 U.S. publicly traded “founder‑led” companies, meaning businesses where the founder still serves in a key executive role. The adviser believes founder‑led firms often outperform peers because founder CEOs tend to invest more heavily in research and development and can generate robust returns. It will be managed by Michael Monaghan.
Vanguard High-Yield Active ETF is in registration. The fund will invest primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit quality ratings. Michael Chang, CFA, will be the portfolio manager. Total annual fund operating expenses will be .22%.
In July, Vanguard launched Vanguard Government Securities Active ETF (VGVT), an actively managed ETF, and two index ETFs, Vanguard Total Treasury ETF (VTG) and Vanguard Total Inflation-Protected Securities ETF (VTP). The three ETFs will be managed by the Vanguard Fixed Income Group. VTG will have an expense ratio of .03%; VGVT will have an expense ratio of 0.10%; and VTP will have an expense ratio of 0.05%.
Small Wins for Investors
The Franklin Convertible Securities fund will reopen to new investors on September 2nd. The fund has been closed since August 29, 2018.
The Wavelength fund, a non-traditional bond fund, has lowered its initial minimum from $10,000 to $2,500, effective July 31st.
Closings (and related inconveniences)
Have you seen any? Not us!
Old Wine, New Bottles
Brookfield Global Renewables & Sustainable Infrastructure Fund will become Brookfield Next Generation Infrastructure Fund on September 25, 2025. Mostly, this purges the devil-word, “Sustainable,” from the name and investment strategies.
LifeX is correcting a bad idea. For reasons understood only by marketers, they sequenced their target-date funds annually (2026, 2027, 2028, 2029, and 2030, for instance) rather than following the normal industry practice of five-year intervals (2025, 2030, 2035 … ). The two arguments against one-year dating: (1) it makes no investment sense, and (2) it makes no business sense, since it requires the adviser to gather five times as many assets, since they’re hosting five times as many funds.
So, the following funds, most with about $1 million in assets, are being consolidated on September 15, 2025:
| Merging away … | The survivor |
| LifeX 2061, 62, 63, 64 Longevity Income ETFs | LifeX 2065 Longevity Income ETF |
| LifeX 2056, 57, 58, 59 Longevity Income ETFs | LifeX 2060 Longevity Income ETF |
| LifeX 2051, 52, 53, 54 Longevity Income ETFs | LifeX 2055 Longevity Income ETF |
| LifeX 2048 and 2049 Longevity Income ETFs | LifeX 2050 Longevity Income ETF |
Off to the Dustbin of History
The Board of Trustees has approved the liquidation and termination of the American Century Quality Convertible Securities ETF and the American Century Quality Preferred ETF on September 8, 2025
Arrow DWA Tactical: International ETF will be liquidated on or about July 30th.
Belmont Theta Income Fund will close effective as of August 27, 2025. The explanation: “The Fund’s investment adviser informed the Board that it no longer wished to manage the fund as a result of the planned acquisition of the investment adviser by another company.”
Fidelity Global Credit Fund is expected to liquidate on or about September 8, 2025.
On May 14, 2025, the Hartford Schroders Diversified Emerging Markets Fund announced that the Fund would be liquidated as of the close of business on July 18, 2025. The originally anticipated liquidation date of July 18, 2025, has been postponed to August 8, 2025 (although the liquidation date may be further delayed). Hmmm … $40 million fund, up 19% year-to-date through 7/31, making it one of the year’s top-performing EM funds.
Janus Henderson U.S. Sustainable Equity ETF will be liquidated on or about October 14th. Launched in September 2021, it’s had decent absolute performance (13.7% APR) and weak relative performance (bottom 10% of its peer group) with a very small asset base and the hated-and-feared “S-word” in the name, so …
Morgan Stanley Income Opportunities Fund (formerly, Morgan Stanley Global Fixed Income Opportunities Fund) will be merged into the Eaton Vance Income Opportunities ETF on November 7, 2025. Part of the transition was stripping the word “Global” from the fund’s name in May 2025 and beginning to align its portfolio with its acquirer’s.
