XFUNDS Technology Income ETF is 99.1% the Vanguard Information Technology ETF

The XFUNDS Technology Income ETF, VGTX, held the Vanguard Information Technology ETF, AVGT, as 99.1% of a $501,000 portfolio at Friday's close, in holdings dated Sunday, October 11. Vanguard's fund holds $170.2 billion. The new fund listed on NYSE Arca on Thursday, October 8.

The only other positions were a put spread on the Vanguard fund, plus cash. The new fund was short November 20, 2026 puts struck at $125 and long November 20, 2026 puts struck at $122.50. The Vanguard fund traded at $126.77 at 11:57 a.m. Eastern time on Monday, October 12, $1.77 above the short strike.

Selling the $125 puts collects premium and loses money if the Vanguard fund finishes below $125. The puts bought at $122.50 are the other leg, there to limit that loss if the fund falls through both strikes.

An October 8 supplement to the prospectus dated August 23 sets the fund's own annual expenses at 0.75%. The figure is the management fee, and the table has no line for the cost of owning other funds. A footnote says Tidal Investments, the adviser, pays the fund's expenses except for a list that includes acquired-fund fees. Nicholas Wealth is the sub-adviser and runs the portfolio.

The summary prospectus dated October 7 had the same 0.75% management fee, plus 0.02% of other expenses and 0.02% of acquired-fund fees, for a 0.79% total. The supplement zeroed the other expenses and removed the acquired-fund line. It does not explain the change.

Vanguard charges 0.09%. Because the new fund owns the Vanguard fund, a shareholder bears that 0.09% inside its price and pays the 0.75% on top. The extra cost versus holding the Vanguard fund directly is the full 0.75 percentage points.

The August 23 prospectus makes capital appreciation the primary objective and current income the secondary one. Under normal circumstances at least 80% of assets goes into information-technology stocks, funds that track them, and options on either. Owning the Vanguard fund alone meets that test, and this portfolio did.

The prospectus also allows call spreads, short calls on securities the fund does not own, and cash-secured puts. Friday's book used none of those. Nothing requires the fund to keep the put spread.

"With VGTX, we're taking a familiar technology allocation and adding an options strategy designed to create another potential source of return through income," David Nicholas, XFUNDS' CEO, said in the firm's announcement on Friday, October 9.

The same announcement says the fund seeks current monthly income. It also says there is no assurance of a distribution in any given week, and that distributions will likely vary greatly from one to the next. The prospectus allows a distribution to include a return of capital, which reduces net asset value.

Russell writes its bond fund into the models

Russell Investments says the Russell Investments Multisector Bond ETF, RINK, commenced operations the same Thursday. The shares are listed on NYSE Arca and NYSE Texas. Russell Investment Management is the adviser, and Marathon Asset Management runs the bond portfolio.

Russell reported $37.5 million of net assets as of Friday, October 9. In a September 22 notice, the firm set new targets for its Active-Passive Model Strategies, the allocations it publishes for financial professionals to use with clients, effective Wednesday, October 14. The models are target weights, not a fund anyone can buy, and Russell says a financial professional may combine the funds differently.

RINK was at zero in every model. It goes to 13% of the conservative model and to zero in the equity growth model.

The same notice moves the models entirely into ETFs.

The August 16 prospectus lets the fund invest without limitation in high-yield bonds and in distressed debt, including securities in default, in bankruptcy, or in the lowest rating category, and without limitation in emerging-markets debt. It normally invests at least 80% of net assets in bonds. The fee is 0.49%, with no waiver.

The PIMCO Multisector Bond Active Exchange-Traded Fund, BPYLD, holds $15.9 billion. PIMCO's prospectus dated October 31, 2025 lists a 0.64% net expense ratio, after a waiver through October 31, 2026, against 0.74% gross. That net fee is 0.15 percentage points above RINK. The waiver renews for a year at a time unless PIMCO gives notice.

The Capital Group U.S. Multi-Sector Income ETF, ACGMS, charges 0.39% and invests at least 80% of its assets in U.S. issuers. The iShares Flexible Income Active ETF, BBINC, holds $16.5 billion and lists a 0.40% net expense ratio against 0.52% gross. Its prospectus, dated November 28, 2025, lets it own high-yield bonds without limit. As of October 7, iShares reported 16.65% of the fund in non-U.S. credit and 10.34% in emerging-markets debt.

RINK costs less than BPYLD and more than ACGMS and BBINC.