SEI files ANGS, a small-cap Ang ETF at a 0.20% fee

SEI Exchange Traded Funds filed Nov. 6 for a small-cap version of the Ang ETF it launched in August.

The preliminary prospectus proposes the SEI Ang Research Enhanced U.S. Small Cap ETF, ticker ANGS, for listing on the Nasdaq Stock Market. Ang is Andrew Ang, the economist whose name is on the indexes. On Aug. 6, SEI Investments, the Oaks, Pennsylvania firm, launched the SEI Ang Research Enhanced U.S. Large Cap ETF, ANGU, and called it "the first ETF in a planned suite of research-enhanced investment solutions."

The release said the large-cap index was developed with Ang and with STOXX, the index firm. Ang was previously head of factors at BlackRock and a professor at Columbia Business School.

On Oct. 28, a prospectus that took effect immediately registered two more large-cap Ang funds, the SEI Ang Research Enhanced U.S. Large Cap Growth ETF, ANGG, and the SEI Ang Research Enhanced U.S. Large Cap Value ETF, ANGV. As of that prospectus, neither had commenced operations. Each shows total annual fund operating expenses of 0.10%.

"Research-enhanced" is SEI's label for the design: an index that starts from a market-cap benchmark and tilts the stocks. The proposed fund would seek results that, before fees and expenses, track the iSTOXX Ang Research Enhanced U.S. Small Cap Index.

SEI Investments Management Corporation, the adviser, would run it as an index fund. The prospectus says the fund does not try to beat the index, and does not seek defensive positions when markets fall.

The Nov. 6 filing names the same portfolio managers as the large-cap fund, Joseph Busillo and Seth Allen. ANGU tracks the iSTOXX Ang Research Enhanced U.S. Large Cap Index, built with the same four factors from the broader STOXX US Universal Index.

What the index would do

The index would take its stocks from the STOXX US Universal Small Cap Index, a free-float market-cap benchmark the prospectus describes as covering about 15% of the investable U.S. equity market. An optimization would weight them on four factors: momentum, stocks with rising prices and earnings; quality, financially strong companies with durable profits; cyclical value, cheap on traditional valuation measures; and enhanced value, cheap on cash flow and other measures of economic value.

A timing framework can shift the emphasis from one factor to another as market conditions change. STOXX would generally rebalance the index quarterly.

The August release said the large-cap fund seeks to stay closely aligned with the broader U.S. large-cap market. The small-cap prospectus says this index may not move with its parent, or with other factor indexes, because of the optimization and the shifting weights.

A 0.20% fee

The fee table puts total annual fund operating expenses at 0.20%. That figure is the management fee. Other expenses are an estimate for the current fiscal year, rounded to 0.00%, and there is no distribution fee. In the prospectus example, which assumes a 5% return each year, a $10,000 investment would cost $20 in the first year.

The large-cap Ang funds charge half that. ANGU shows a 0.10% total annual operating expense in its June 30 summary prospectus, and the Oct. 28 prospectus shows the same 0.10% for ANGG and ANGV.

Some small-cap factor funds already trading charge less than 0.20%, and some charge more. iShares U.S. Small-Cap Equity Factor ETF, SMLF, lists an expense ratio of 0.15%. Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF, GSSC, charges 0.20%, the rate in a fee filing dated Dec. 29, 2025. JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPSE, lists an expense ratio of 0.29%. None of them tracks the Ang index.

SEI proposed that the filing become effective 75 days after Nov. 6, which would be Jan. 20, 2027. That is when the registration could take effect, not when shares would start trading. The prospectus sets no trading date, and the cover says the shares cannot be sold until the registration is effective.