Monish Pabrai is already dissolving his new mutual funds and converting them into an ETF.

I do not invest in his funds, but I do follow him. I think he is a great storyteller and does a good job of explaining investing in layman’s terms. I like him for that reason, and I track his moves.

I recently discovered that he is dissolving his mutual fund this month and launching an ETF with the same holdings next month. One of the reasons he gives in his letter is lower costs, with fees dropping from over 1.25 percent to about 0.9 percent. These reasons are listed on letter page 1, not PDF page 1, with the new fee structure shown on page 4. The fund itself is very new, less than two years old, and the returns so far have not been great. He was undeforming since the start I think.

I wonder if there is an ulterior motive beyond lower costs, which is a valid reason on its own. The other justification he gives is greater flexibility for investors, since they can buy and sell throughout the trading day, whereas mutual funds trade only once per day. WHAT!? No way I buy this! That argument is weak. Daily trading cuts against the core idea of long term investing, something he has been perching for idk a decade?

It makes me suspicious that this move conveniently wipes away a poor early performance record and allows for a fresh start under a new wrapper. He gets talked about here often. What do you guys think?

[Link to his announcement letter.](https://wagonsfund.b-cdn.net/Combined%20Information%20Statement%20%26%20Prospectus%20dated%20December%2029%2C%202025.pdf)