MutualFundWire.com: A $108B-AUM Alts AM Enters the ETF Biz

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Wednesday, February 18, 2026

A $108B-AUM Alts AM Enters the ETF Biz

A $108-billion-AUM, multinational, alternative asset manager with more than 600 employees is entering the exchange-traded fund business, with help from a serial ETF backer in the Midwest.

Late last month, Christopher Merrill, co-founder and global CEO of Harrison Street Asset Management, unveiled the launch of HSAM's first ETF; the Harrison Street Infrastructure Active ETF (NFRX on the Nasdaq). Chicago-based HSAM's Denver-based Harrison Street Private Wealth LLC (HSPW) serves as investment advisor to the new fund, while Milwaukee-based Tidal Investments LLC serves as subadvisor.

NFRX's inception date was January 29, and the new ETF comes with an expense ratio of 80 basis points (which bakes in a 5bps fee waiver promised through April 30, 2027). The new fund has grown to $114.04 million in AUM*.

A five-person team PMs NFRX. Those portfolio managers include:

Robert Becker, head of real assets and chief investment strategist of HSPW;

Qiao Duan, PM at Tidal;

Casey Frazier, chief investment officer of HSPW;

Hasan Goncu, managing director of listed investments, PM, and senior equity research analyst at HSPW; and

Andy Hicks, PM at Tidal.

Merrill calls the launch of NFRX "a natural evolution of [HSAM's] longstanding leadership in real assets." Mark Quam, CEO of HSPW, calls the new ETF "purpose-built for wealth managers and private wealth investors, who ... are increasingly looking for portfolio diversification through global listed infrastructure exposure, and access to the growth potential, income-generation, low volatility and downside risk mitigation that we've historically seen from the sector."

"With decades of experience investing in infrastructure and other real asset strategies, our team is committed to building innovative investment solutions that provide investors with efficient and meaningful exposure to essential assets across the infrastructure sector," Merrill states.

Becker adds that "infrastructure fundamentals are more attractive than ever."

"With an unprecedented global need for infrastructure development, a strong outlook for growth across infrastructure sub-sectors, and the underpinning from long-term secular trends such as AI, digitization, re-industrialization, electrification, and supply chain development, we are confident that our actively-managed infrastructure ETF will help investors take part in the growing market of global listed infrastructure," Becker states.

NFRX is an actively managed, non-diversified series of the 2023 Series Trust. The new ETF's other service providers include:

Brown Brothers Harriman & Co. (BBH) as administrator, custodian, dividend disbursing agent, and transfer agent;

Cohen & Company, Ltd. as independent accounting firm;

ACA's Foreside Fund Services, LLC as distributor;

Morgan, Lewis & Bockius LLP as counsel.