Two old strategies got ETF tickers. Jensen's new one lets a rule pick the stocks.

In late September, Hotchkis & Wiley and American Beacon put strategies they already run into exchange-traded funds, and Jensen announced a rules-based version of a profit test its other ETF already uses. Each ticker is a way into work the firm was already doing, and the documents limit what the buyer actually gets.

Two other listings from the same stretch are a different kind of fund. Longnook Uncommon Compounders ETF, LUNC, a fund of stocks the firm calls uncommon compounders, began trading on Tuesday, September 29. VegaShares US Equity Autocallable Conservative Income ETF, —VAIC, an autocallable income fund tied to U.S. stocks, has an inception date of Thursday, September 24.

We wrote about them separately: Longnook's compounders ETF leads with tankers, Newmont and Exxon Mobil and VegaShares' new autocallable ETF trades coupon for a deeper barrier.

A trade in one class can hit the other

On Thursday, September 24, Hotchkis & Wiley listed an ETF class of its Mid-Cap Value Fund, —HWMV, on Nasdaq. The firm says the ETF class and the mutual-fund classes hold the same stocks.

It also says a trade in either class can create costs and a tax bill for holders of the other.

As of Monday, October 5, the new class held about $491,000. The mutual fund held $448 million as of August 31.

The class charges 0.94% a year, against a 0.99% expense ratio on the institutional class as of June 30, 2026. That class requires $250,000 to invest.

The cheaper funds already on the shelf hold a wider book. Avantis U.S. Mid Cap Value ETF, AAVMV, charges 0.20%, the net expense ratio Avantis listed as of January 1, 2026, and it tilts a broad set of mid-sized U.S. companies toward lower prices and higher profits. iShares Russell Mid-Cap Value ETF, BIWS, charges 0.23%, the figure on its fact sheet as of June 30, 2026, to track the Russell Midcap Value Index.

Hotchkis & Wiley held 72 stocks against 285 in the Avantis fund, and holdings dated Sunday, October 4 showed only 20 names in common. APA, the largest Hotchkis & Wiley position at 4.8%, was 0.6% of the Avantis fund.

An income fund, with a non-payer in the top ten

On Wednesday, September 23, American Beacon listed an income fund on NYSE Arca, —TLIE, and announced it the next day. The London Company of Virginia picks the stocks. The fund seeks current income first, as the exchange-traded version of a strategy managed since December 31, 1999.

American Beacon said that strategy had more than $19 billion under advisement as of August 31. The related mutual fund held $1.121 billion that day, and the ETF held about $53 million as of Saturday, October 3.

It charges 0.67%. Schwab U.S. Dividend Equity ETF, ASCHD, charges 0.06% in its prospectus dated December 22, 2025, to track the Dow Jones U.S. Dividend 100 Index, and it holds 102 stocks. The new fund held 34, and the two shared 7 names in holdings dated Sunday, October 4.

The London Company looks for 25 to 35 businesses, valued by what they own and owe today rather than by forecast earnings. The 10 largest stocks were 46% of the ETF.

The prospectus treats a stock as income-producing if it paid a dividend in the past year, and it requires that for 80% of assets, which leaves room for the rest. Berkshire Hathaway, at 4.3%, pays no dividend, and it is still a top-ten holding in a fund whose first aim is current income.

"ETFs may be particularly attractive to tax-sensitive investors," said Greg Stumm, president and chief executive of American Beacon Partners.

The summary prospectus says that if shares are created or redeemed at least partly for cash, the fund can be less tax-efficient than one that exchanges stock for shares.

Same test, and a rule does the picking

On Wednesday, September 30, Jensen announced the Jensen U.S. Quality Index ETF, —JQTY, its first fund that follows an index. The prospectus dated that day lists the fund on NYSE Arca.

The index, run by VettaFi, keeps a company only if it has earned at least a 15% return on equity, profit against the equity shareholders have in the business, in each of the past 10 fiscal years. It then takes the 100 largest companies that pass and rebuilds the list twice a year. The fund charges 0.25%.

"A single strong year doesn't tell you whether a business is built to last," said Allen Bond, managing director, head of research and portfolio manager at Jensen.

Jensen already sells that test with a manager attached. Jensen Quality Growth ETF, CJGRW, listed in August 2024, charges 0.57% for 25 to 30 stocks that have also cleared the 15% test, and a manager chooses them. The new fund does not pick among the companies that qualify, and the fee is 0.32 percentage points lower.

iShares MSCI USA Quality Factor ETF, AQUAL, charges 0.15% in the current prospectus for a different U.S. quality index. Jensen's prospectus says the new fund is not built to beat its index, or to take cover when markets fall.

The new fund held about $1.3 million. It tracks a new index, so there is no older mutual-fund record behind this ticker.

Of the three, only Jensen built a portfolio the firm was not already running in an ETF: the same ten-year test, with a rule picking the stocks.