---
title: "Fiduciary Management is liquidating its global mutual fund as it lists a cheaper ETF"
url: "https://etf.net/news/fiduciary-management-closes-global-fund-2026-11-06"
published_at: "2026-11-06T17:14:19.695Z"
updated_at: "2026-11-06T17:14:19.695Z"
byline: "ETF.net Research"
---

# Fiduciary Management is liquidating its global mutual fund as it lists a cheaper ETF

Shareholders cannot exchange into the new fund, which can hold as little as 20% abroad, while American Century's new emerging-markets ETF costs more than that firm's own larger fund.

By ETF.net Research. Published Nov 6, 2026.

## FMI Global Equity ETF

Fiduciary Management listed the FMI Global Equity ETF, FMIG, on NYSE Arca on Nov. 5 and is liquidating the FMI Global Fund. Shareholders of that fund cannot exchange into the ETF.

An [Oct. 9 supplement](https://www.sec.gov/Archives/edgar/data/1023391/000089706926001827/fmifunds-supplementprospectu.htm) sets the timetable. New purchases stop after the close on Nov. 12. Shareholders can redeem, or exchange into another FMI mutual fund, through the close on **Nov. 18**. On Nov. 19 the fund starts selling what it still holds, and anyone left is paid the Nov. 23 net asset value.

They may exchange into the FMI Common Stock Fund, the FMI Large Cap Fund, the FMI International Fund or the FMI International Fund II: Currency Unhedged Fund. An exchange is treated as a sale. FMIG is not on the list.

The institutional class, FMIGX, is the only class on offer. It charges 0.90% and must keep at least 40% of its assets in non-U.S. companies in normal conditions, or 30% if the adviser decides conditions abroad are less favorable, its [Jan. 31, 2026 prospectus](https://www.sec.gov/Archives/edgar/data/1023391/000089418926003128/fmiglobalfundsummary.htm) says. The ETF charges 0.55% after a waiver. Its [Oct. 30 prospectus](https://www.sec.gov/Archives/edgar/data/1023391/000199937126024015/fmig-485bpos_103026.htm) requires at least 30% abroad in ordinary conditions, and at least **20%** if the adviser decides conditions are less favorable. A shareholder who wants the ETF has to buy it.

A [June 16 filing](https://www.sec.gov/Archives/edgar/data/1023391/000089706926001416/fmi485apos.htm) had set those floors at 40% and 30%, the same as the mutual fund, with the fee cap running through Jan. 31, 2027. The final prospectus cut both floors by 10 percentage points and extended the cap to at least Jan. 31, 2028. Only the board can end that agreement. Expenses before the waiver are 0.60%.

The fund invests mainly in a limited number of global large-cap stocks, generally companies of at least $4 billion, and keeps at least 80% of its assets in equities. The prospectus shows no performance history.

Harris Associates' Oakmark Global Large Cap ETF, OAKG, charges 0.62% after a waiver through Jan. 27, 2027, against a 0.67% gross fee, and held $40 million as of Nov. 2. It typically owns 30 to 60 issuers and usually keeps U.S. and foreign stocks each between 25% and 65%, its [April 2 summary prospectus](https://www.sec.gov/Archives/edgar/data/2035827/000110465926038914/tm269753d13_497k.htm) says.

Davis Selected Advisers' Davis Select Worldwide ETF, DWLD, charges 0.62% and held $567 million as of Sept. 30. Its [prospectus](https://www.davisetfs.com/documents/DWLDSummProsp.pdf) requires at least 40% outside the United States in normal conditions, or 30% when conditions are unfavorable.

On the net fee each document states, FMIG is cheaper than both.

Chart: **FMIG** undercuts the fund it replaces and two global peers

Its foreign floor is lower than Davis's, and it can fall below the foreign share Oakmark usually keeps.

Chart: **FMIG**'s floors sit 10 points below FMIGX and DWLD

## American Century Emerging Markets Insights ETF

American Century Investments listed the American Century Emerging Markets Insights ETF, ACEM, on Nasdaq on Nov. 5, the same day as FMIG.

The [Sept. 15 prospectus](https://www.sec.gov/Archives/edgar/data/1710607/000171060726000262/ck0001710607-20260914.htm) puts total annual operating expenses at 0.59%, with no waiver. American Century's own Avantis Emerging Markets Equity ETF, AVEM, charges 0.33% and held $28.3 billion as of Sept. 30. J.P. Morgan Asset Management's JPMorgan ActiveBuilders Emerging Markets Equity ETF, JEMA, charges the same 0.33% and held $1.75 billion as of Sept. 30. ACEM costs **0.26** percentage points more than either. It held $4.7 million on Nov. 5, its [fund page](https://www.americancentury.com/invest/funds/american-century-emerging-markets-insights-etf/) shows.

William Blair Investment Management's William Blair Emerging Markets Equity ETF, WBEM, listed on Oct. 15, charges 0.65% after a waiver through April 30, 2028, against a 0.90% gross fee, and held $9 million as of Oct. 30.

On Nov. 5, Taiwan Semiconductor was 14.81% of ACEM, Samsung Electronics 6.27% and SK hynix 3.66%, together 24.74%, the [holdings page](https://www.americancentury.com/invest/funds/total-holdings/9000/?type=etf) shows. Those three stocks were 24.2% of AVEM as of Sept. 30, its [fact sheet](https://res.americancentury.com/docs/avantis-emerging-markets-equity-avem-etf-fact-sheet.pdf) shows. The second-largest holding was Franklin Templeton's Franklin FTSE India ETF, FLIN, at 10.84%. That is another company's India index fund, and its July 27, 2026 filing shows a 0.19% expense ratio, which is not part of ACEM's 0.59%.

The prospectus requires at least 80% of net assets in emerging-market companies and says the fund may be significantly invested in one country. It does not track an index.

Two active global ETFs already listed charge a little more than 0.55% on the fees in their current documents. Harris Associates' Oakmark Global Large Cap ETF, OAKG, charges 0.62% after a waiver through Jan. 27, 2027, against a 0.67% gross fee, and held $40 million as of Nov. 2. Its [April 2 summary prospectus](https://www.sec.gov/Archives/edgar/data/2035827/000110465926038914/tm269753d13_497k.htm) says it typically owns 30 to 60 issuers and usually keeps U.S. and foreign stocks each between 25% and 65%. Davis Selected Advisers' Davis Select Worldwide ETF, DWLD, charges 0.62% and held $567 million as of Sept. 30. Its [prospectus](https://www.davisetfs.com/documents/DWLDSummProsp.pdf) requires at least 40% outside the United States in normal conditions, or 30% when conditions are unfavorable.

On the net fee each document states, FMIG is the cheaper of the three. On how much of the fund has to be invested abroad, it is allowed to hold the least. [Fiduciary Management](https://www.fmimgt.com/about-fmi/), founded in 1980, had about $8.4 billion under advisement as of Sept. 30, and says its equity work applies a value discipline rooted in fundamental research.

Source: etf.net, https://etf.net/news/fiduciary-management-closes-global-fund-2026-11-06. Please cite the page URL.