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Fund Times

FMI Large Cap ETF Coming Soon

The move follows other active managers.


Milwaukee-based Fiduciary Management Inc. plans to debut its large-cap strategy as a semi-transparent exchange-traded fund, according to a May 5, 2021, regulatory filing. The roughly $9.5 billion strategy has been in outflows for years and is now 40% smaller than at its late-2014 peak.

FMI’s decision to enter the ETF marketplace comes in the wake of other active managers doing the same, including Capital Group and T. Rowe Price. The ETF wrapper comes with certain advantages relative to traditional open-end vehicles, most notably tax efficiency and lower fees. Capacity management is a disadvantage, though. Firms cannot close ETFs to new investors to preserve market-cap flexibility as they can with an open-end funds.

Alec Lucas has a position in the following securities mentioned above: FMIHX. Find out about Morningstar’s editorial policies.

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