Updates

Welcome to the casino! GraniteShares 3x Short AMD Daily ETP, a product marketed for European investors, recently pulled off the rare feat of going to zero. The fund, purely a speculator’s trading vehicle, was designed to rise by 3% for every 1% that AMD stock fell. Perfect opp for experienced sharks to dart in, tear off a chunk of carcass, and get out before anything bad can happen. Think of a holding time that might be measured in seconds, and you’re there.

The fund imploded when AMD announced a deal with OpenAI to deploy 6 gigawatts of AMD Instinct GPUs for OpenAI’s next-generation AI infrastructure. AMD’s stock surged up 37% before the market even opened. In consequence, the fund was structured to fall by more than 100% leading to an “index cancellation redemption event.”

Alternatively, it is a good reminder that in a casino, the house always wins.

Launches and Reorganizations

Akre Focus Fund completed its reorganization into the Akre Focus ETF effective October 27th. The reorganization will result in no changes to its investment objectives or fundamental investment approach. The ETF is expected to deliver the strategy in a more cost-effective, tax-efficient, and flexible format for shareholders.

ARK Bitcoin Yield ETF is in registration. Catherine D. Wood and William Scherer will oversee the daily operations of the ETF. Expenses have not been stated.

BBH Select Series Large Cap and Mid Cap funds will be reorganized into related ETFs. Existing fund shareholders will be shareholders of the ETFs before the commencement of trading on November 17th. BBH touts the ability to trade intraday, portfolio transparency, and potentially lower expenses and tax bills as reasons for considering the ETFs. The reorganization will be a tax-free event. The case for the fund, beyond that, is open to question. Each fund has about half a billion in assets and, by Morningstar’s measure, offers low relative risk but below-average returns. As measured by the Sharpe ratio, the funds are not compelling; each is below its benchmark and category over the past three years, with managers who have been on board for about four (Large Cap) and two years (Mid Cap).

Dimensional Funds Advisors has filed a registration statement for its first ETF share class of funds since Vanguard’s patent expired in 2023. The 13 incipient ETFs are:

U.S. Large Company,
U.S. Large Cap Equity,
U.S. Small Cap Value,
U.S. Targeted Value,
U.S. Core Equity 1,
U.S. Core Equity 2,
U.S. Vector Equity,
U.S. Small Cap,
U.S. Micro Cap,
U.S. High Relative Profitability,
DFA Real Estate Securities,
U.S. Large Cap Growth,
U.S. Small Cap Growth ETF

The SEC has stated that it is going to issue an order allowing the firm to have this type of structure.  

JP Morgan has completed its reorganization of its JP Morgan National Municipal Income Fund into the JP Morgan Municipal ETF effective October 27, 2025.

Lazard Emerging Markets Core Equity Portfolio Fund was converted into the Lazard Emerging Markets Opportunities ETF on October 27, 2025.

Pabrai Wagons ETF is in registration.  Mohnish Pabrai will be the portfolio manager; expenses have not been stated. Our colleague, Devesh Shah, profiled the estimable Mr. Pabrai and the open-end fund version in “The Pabrai Fund Overview and Interview with Mohnish Pabrai” (10/2024). Top 20% among global small- to mid-caps in 2024, bottom 10% YTD in 2025, much smaller and cheaper stocks than its peers, fully invested.

Thrivent Core Small Cap Value fund will be converted into an ETF, pending receipt of shareholder approval, on November 21, 2025.

Vanguard launched the Vanguard Emerging Markets ex-China ETF (VEXC). The portfolio managers for VEXC will be Michael Perre, Jeffrey Miller, and John Kraynak, CFA. The ETF will launch with an expected expense ratio of 0.07%. The ETF will offer exposure to emerging markets equities while excluding securities classified by FTSE as being based in China.

Small Wins for Investors

American Century Small Cap Value fund will reopen to new investors on December 9th. It has been closed since August 2021.

Effective December 1, 2025, Clearbridge Small Cap Growth Fund will reopen to purchases (and incoming exchanges!) from new investors.

Wasatch International Small Cap Value and Global Small Cap Value funds began to be offered to investors on October 1. 

Old Wine, New Bottles

Effective as of December 8, 2025, the AMG Montrusco Bolton Large Cap Growth Fund becomes the AMG GW&K Small Cap Growth Fund, (ii) make changes to its principal investment strategies and principal risks, (iii) changes from “non‑diversified” to “diversified”, (iv) replaces the S&P 500 Growth Index, one of its benchmark indices, with the Russell 2000 Growth Index and (v) gets a new management team. Other than that, all quiet.

Effective October 29, 2025, the CCM Global Equity ETF (CCMG) became the Sequoia Global Value ETF (SFGV). The fund launched in January 2024, modestly trails its peers and benchmark … and has drawn a billion in assets. Curious.

The Frontier MFG Core Infrastructure Fund was renamed the MFG Core Infrastructure Fund on October 31, 2025.

On or about December 15, 2025, the Gabelli Automation ETF will change to the Gabelli Global Technology Leaders ETF. Given that the fund has accumulated a tepid record and under $7 million AUM in nearly four years, I wouldn’t be rushing in.

On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Investments Funds Advisers, announced that it had entered into an agreement for Nomura Holding America Inc. to acquire Macquarie Asset Management’s US and European public investments business. The transaction closed on November 1, 2025. One consequence is that Macquarie funds will pick up the Nomura name.

Should the Board approve these name changes, they would become effective as of May 1, 2026.

On or around December 19, 2025, the Rayliant Quantamental Emerging Market ex-China Equity ETF will be succeeded by the Rayliant Wilshire NxtGen Emerging Markets Equity ETF. Among the … uhh, tweaks, accompanying the name change: “the Fund will transition from an actively-managed exchange-traded fund that invests primarily in equity securities of companies in emerging markets, excluding China, to a passively-managed ETF that seeks to track the performance of a machine learning-driven index that includes equity securities of companies in emerging markets, including China.”

Off to the Dustbin of History

Quick heads up for shoppers: no need to buy Christmas presents for the Alger Weatherbie Enduring Growth ETF, which will endure no more as of Christmas Eve, 2025.

ATAC US Rotation ETF departed on October 24, 2025. That’s separate from the older, more successful ATAC Rotation Fund, which remains. The ETF has $4 million, and the fund has about $50 million.

Azoria 500 Meritocracy ETF and Azoria TSLA Convexity ETF will be liquidated on December 15, 2025.

Apparently, the Fidelity Digital Health ETF has declared digitally terminal and is expected to liquidate on or about November 20, 2025.

Fidelity SAI Municipal Bond Index Fund is expected to liquidate on or about November 12, 2025. 

On October 16, 2025, the Board of Trustees of Fidelity Merrimack Street Trust approved the liquidation of the Fidelity Sustainable Core Plus Bond ETF on or about November 20, 2025.

The flames died out for the FIRE Funds Wealth Builder ETF and FIRE Funds™ Income Target ETF on October 30, 2025.

The Guardian Capital Fundamental Global Equity Fund and the Alta Quality Growth Fund will be liquidating their assets at the close of business on December 3, 2025.

Humankind US Stock ETF will be liquidated on or about December 8, 2025.

LeaderShares Activist Leaders ETF and LeaderShares Equity Skew ETF joined the ranks of former funds on October 30, 2025.

Otter Creek Long/Short Opportunity fund and the Otter Creek Focus Strategy ETF will be liquidated on October 30th. Keith Long was one of the portfolio managers and the founder of Otter Creek Management until he passed away in August 2023.

The Rayliant Quantamental China Equity ETF will be liquidated on December 5, 2025.

The Saratoga Funds, Energy & Basic Materials Portfolio, the Financial Services Portfolio, and the Municipal Bond Portfolio will be liquidated on December 17, 2025.

Sterling Capital Focus Equity ETF won’t be making it to Thanksgiving this year; the fund is slated to liquidate, terminate, evaporate, and eviscerate on November 24, 2025.

Thrivent Core Low Volatility Equity Fund and Thrivent Core Mid Cap Value Fund ceased their thriving on October 22, 2025.

Victory High Income Municipal Bond Fund will have its final opportunity to declare victory on or about December 22, 2025. Thereafter, it will be a former fund.