Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank

Causeway Capital Management put two actively managed U.S. exchange-traded funds in registration on Thursday, inside Tidal Investments' 2023 ETF Series Trust. The international series names the same eight portfolio managers who run Causeway International Value Fund; the emerging-markets series names the same four who run Causeway Emerging Markets Fund. Those mutual funds charge institutional shareholders 0.85% and 1.09%. The active ETFs that hold the assets in those categories charge 0.22% to 0.39%.

Causeway's fee table is empty, and the prospectus is still marked subject to completion.

Avantis and Dimensional already hold the active ground

Two active emerging-markets ETFs that began trading in March, T. Rowe Price Emerging Markets Equity Research ETF BTEMR (0.40%) and MFS Blended Research Emerging Markets Equity ETF CBREE (0.44%), still hold $24.2 million and $26.3 million. Causeway International Value's institutional shares (CIVIX) held $18.5 billion as of Thursday's close, with a contractual waiver keeping the net expense ratio at 0.85% through January 31, 2027. Emerging Markets Fund institutional shares (CEMIX) charge 1.09%. On the same Tidal trust, Brandes International ETF CBINV, an actively managed foreign large-cap fund, already charges 0.70%.

The scaled active names Causeway would stand next to are these:

Those six funds charge between 0.22% and 0.39%.

iShares Core MSCI Emerging Markets ETF AIEMG holds $160 billion at 0.09%. Vanguard FTSE Emerging Markets ETF AVWO holds $168.5 billion at 0.06%. iShares Core MSCI EAFE ETF AIEFA, the developed-ex-U.S. core, holds $193 billion at 0.07%.

State Street Investment Management wrote in July that emerging-market ETFs took in $38 billion in the first half of 2026, more than the $35 billion they collected in all of 2025, using data as of June 30.

The paper names Causeway's mutual-fund teams

The two proposed series are Causeway Emerging Markets Equity ETF and Causeway International Equity ETF. Tidal Investments LLC is the adviser; Causeway Capital Management LLC is the sub-adviser. Causeway is renting Tidal's trust rather than converting its own funds. Each series is described as using a unitary management fee, under which Tidal would pay ordinary operating expenses other than listed exclusions such as interest, taxes, brokerage, acquired-fund fees and extraordinary costs. Management fee, other expenses and total annual fund operating expenses are blank for both series.

Causeway Emerging Markets Equity ETF would seek long-term growth of capital. It would be actively managed, normally investing at least 80% of assets in emerging-market equities or other investments that provide economic exposure to emerging markets, and it would hold companies in ten or more emerging markets. The filing says the fund would generally hold 220 to 300 investments. Causeway's quantitative model, as described in the paper, scores valuation, growth, technical indicators, competitive strength, corporate events, macroeconomics, currency and country-sector aggregates. The four managers named, Joe Gubler, Arjun Jayaraman, MacDuff Kuhnert and Ryan Myers, are the same four named on Causeway Emerging Markets Fund in the firm's January 27, 2026 prospectus. Arjun Jayaraman is identified as head of the quantitative research group.

Causeway International Equity ETF would seek long-term growth of capital and income. It would invest primarily in common stocks of companies in developed markets outside the United States, normally putting at least 80% of assets in non-U.S. equities, with a large-cap emphasis and room for up to 20% of assets in emerging-market companies. The eight managers named, including co-founders Sarah Ketterer and Harry Hartford, are the same eight named on International Value Fund. That fund's January 27, 2026 prospectus allows up to 15% of assets in emerging markets. The ETF is not titled International Value, and the filing does not describe it as a share class of that fund or of Causeway Emerging Markets Fund. Thursday's amendment does not move those shareholders.

Causeway, founded in 2001 and based in Los Angeles, reported $78.9 billion in assets as of June 30. Its U.S. lineup remains five mutual funds. The trust it is joining already lists two emerging-markets equity series from other sub-advisers: Pacific North of South EM Equity Active ETF CGEME, at $366 million and 0.75%, and Pictet Emerging Markets Rising Economies ETF CRISE, at $22.5 million and 0.60%, plus Pictet Emerging Markets Debt ETF DEMFI. Causeway would be a third emerging-markets equity mandate on the same shelf.

A fee near 0.85% or 1.09% would keep the new series in Causeway's mutual-fund range, not with AAVEM at 0.33% or ADFEM at 0.39%. Thursday's amendment can become effective 75 days after filing unless the SEC comments or the trust amends. Until a later filing fills in the fee, this is a registration, not a fund.