JOHCM files to add emerging-markets and international ETFs at Advisors' Inner Circle Fund II
On Friday, September 18, 2026, Advisors' Inner Circle Fund II filed a preliminary 485APOS proposing the JOHCM Emerging Markets ETF JEMP at a 0.75% advisory fee and the JOHCM International Opportunities ETF JOHI at 0.60%.
The paper Advisors' Inner Circle Fund II lodged with the SEC on Friday is Post-Effective Amendment No. 326, and it is still a draft. It is marked subject to completion, says the information is not complete and may be changed, and states that the securities may not be sold until the registration statement is effective. The trust has asked for effectiveness 75 days after filing under Rule 485(a)(2), a clock that would run into early December if the SEC does not stop it. No launch date appears. The listing exchange is a blank.
The amendment adds two new series for JOHCM (USA) Inc. and does not merge, liquidate, or reprice the trust's other funds. If the JOHCM International Opportunities ETF JOHI is declared effective at the 0.60% advisory fee filled in on Friday, it would list in the same vehicle as the Vontobel International Equity Active ETF VNIE, which came to market at 0.60% in May 2025 and now holds $8.82 million.
Two series, two objectives, incomplete fee tables
The JOHCM Emerging Markets ETF JEMP would seek long-term capital appreciation. Under normal market conditions, the draft says, the fund would invest at least 80% of net assets, plus borrowings for investment purposes, in equity securities of issuers economically tied to emerging markets, including frontier markets. That 80% policy could be changed on 60 days' prior written notice to shareholders.
JOHI would seek long-term total return. The filing assigns that fund to the portfolio managers of JOHCM's existing International Opportunities strategy.
Both investment objectives are non-fundamental: the board could change them without a shareholder vote.
Those advisory rates are the filled-in figures, charged on average daily net assets. They are not completed expense ratios. The annual operating-expense tables still show [XX]% placeholders for management fees, other expenses, acquired-fund fees, total expenses, waivers, and expenses after waivers.
For JEMP, the paper describes the management fee as a unitary fee, out of which the adviser would pay the fund's expenses, subject to exceptions the draft lists. For JOHI, it adds a management-fee waiver of 0.10% of average daily net assets. The waiver's expiration is left as "[____], 2028." The month is unfilled.
JOHCM would select; Vident would trade
JOHCM (USA) Inc. is named as investment adviser to both series. It would choose the securities. Vident Asset Management is named as sub-adviser, with responsibility for trading portfolio securities, selecting broker-dealers, and handling pre- and post-trade work, including in connection with any rebalancing of the portfolio. The adviser would pay Vident out of the management fee it receives. As of August 31, Vident had approximately $30.9 billion in assets under management. The series would sit in a multi-adviser trust rather than a JOHCM-branded ETF vehicle. That is a stock-picker-plus-trading-desk construction, not an index mandate.
The emerging-markets ETF's named managers are Emery Brewer, senior portfolio manager; Dr. Ivo Kovachev, senior portfolio manager; and Ladislav Sabo, portfolio manager.
The international fund's named managers are Ben Leyland, CFA, senior portfolio manager; Robert Lancastle, CFA, senior portfolio manager; and Jasmeet Munday, ACA, CFA, portfolio manager. The paper identifies Leyland, Lancastle, and Munday as managers of the JOHCM International Opportunities strategy and the JOHCM Global Opportunities strategy. It is the one place the document ties a proposed ETF to a strategy JOHCM already runs in mutual-fund form.
JOHCM already charges 0.75% for this strategy
JOHCM's International Opportunities mutual fund carries a 0.75% management fee. Institutional shares had a 0.94% gross and 0.51% net expense ratio as of February 1, and the fund held $544 million as of August 31. Friday's ETF draft fills in 0.60% for the same strategy, 0.15 percentage points below that management fee, then adds the 0.10% waiver through an unfilled month in 2028.
Those filled-in advisory rates are unitary fees. Unless the unfinished expense table adds costs the adviser does not cover, they are the floor on what a listed share would cost, and JOHI's waiver is the one stated cut from that floor.
JEMP would arrive at 0.75% against much larger emerging-markets books that already charge less. The JPMorgan ActiveBuilders Emerging Markets Equity ETF JEMA holds $1.76 billion at 0.33%. The Avantis Emerging Markets Equity ETF AVEM holds $28.4 billion at the same 0.33%.
Sixteen months after listing at the same 0.60%, VNIE holds $8.82 million. That is the scale already on this shelf at the rate Friday filled in for JOHCM's international series. The next filing to watch is the one that finishes the expense tables, names an exchange, and makes the registration effective.
Frequently asked
When could these ETFs launch?
No launch date appears in the draft; the trust asked for effectiveness 75 days after filing, a clock that would run into early December if the SEC does not stop it.
What would the funds cost?
The advisory fees are filled in at 0.75% for the emerging-markets fund and 0.60% for the international fund, but the full expense tables still show [XX]% placeholders.
Who would run the money?
JOHCM (USA) Inc. would pick the securities and Vident Asset Management would handle trading, broker-dealer selection and pre- and post-trade work, paid out of the management fee.
How do the fees compare with what's already out there?
The emerging-markets fund's 0.75% sits well above big rivals charging 0.33%, while the international fund's 0.60% is 0.15 percentage points below the management fee on JOHCM's own mutual fund running the same strategy.