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Surprisingly, I found the (relatively short) document interesting. Initially what caught my eye was that the Harbor HY Bond Fund (HYFIX / HYFAX / HYFRX / HNHYX) is being merged into Harbor Scientific Alpha High-Yield ETF (SIHY). Oooh, not just alpha, but scientific alpha. And despite identical objectives, the funds are managed by different management firms.
The mechanics of the merger are interesting. The old fund will continue to be a HY fund, but will gradually dispose of any securities that the ETF can't hold. And the two funds will coordinate in the transition.
This is not a conversion of an OEF into a (new) ETF, but rather an acquisition of an OEF by an ETF.
Comments
The mechanics of the merger are interesting. The old fund will continue to be a HY fund, but will gradually dispose of any securities that the ETF can't hold. And the two funds will coordinate in the transition.
This is not a conversion of an OEF into a (new) ETF, but rather an acquisition of an OEF by an ETF.