MutualFundWire.com: In Gotham, a 40YO AM Will Transform a $139MM-AUM MF
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Tuesday, March 31, 2026

In Gotham, a 40YO AM Will Transform a $139MM-AUM MF


The folks at a 40-year-old, publicly traded, $98.4-billion-AUM*, Big Apple asset manager are preparing to transform a 12-year-old, non-diversified, open-end mutual fund into an actively managed exchange-traded fund. The move will expand the fund firm's ETF lineup to six funds and counting.

Joseph M. "Joe" Harvey
 Cohen & Steers, Inc.
CEO, Board Member
Earlier this month, the Cohen & Steers, Inc. [profile] team revealed plans to convert the Cohen & Steers Future of Energy Fund, Inc. into the Cohen & Steers Future of Energy Active ETF. New York City-based Cohen & Steers Capital Management, Inc. serves as investment advisor and administrator to the mutual fund, while Cohen & Steers Asia Limited (CNS Asia) and Cohen & Steers UK Limited (CNS UK) serve as subadvisors, roles that all three firms will also serve with the planned ETF.

The fund board approved the planned conversion on March 10. On March 11, Cohen & Steers made several updates:
  • they limited offerings of the mutual fund's R and Z shares;
  • they stopped offering new direct accounts for the fund;
  • they stopped charging contingent deferred sales charges (CDSC) on redemptions of A and C shares; and
  • they stopped charging sales loads on A shares.

    • Looking ahead, starting on June 1, 2026, the Cohen & Steers team plans to waive 12b-1 fees on all of the Future of Energy Fund's share classes. On June 5, they will consolidate its A, C, R, and Z shares into its I shares. June 10 will be the last day to buy shares of the mutual fund. And the ETF conversion is scheduled for June 12.

    The Cohen & Steers MLP & Energy Opportunity Fund, Inc. first launched on December 20, 2013. On March 29, 2024, the Cohen & Steers team tweaked the fund's strategy and renamed it as the Cohen & Steers Future of Energy Fund. The fund has since grown to about $138.65 million in AUM**.

    The new ETF will come with an expense ratio of 80 basis points, which is 10bps lower than that of the lowest cost share classes of the mutual fund. The mutual fund's share classes include:
  • A shares (MLOAX), with an expense ratio of 125bps;
  • C shares (MLOCX), with an expense ratio of 190bps;
  • F shares (MLOFX), with an expense ratio of 90bps (though F shares aren't currently available to investors);
  • I shares (MLOIX), with an expense ratio of 90bps;
  • R shares (MLORX), with an expense ratio of 140bps; and
  • Z shares (MLOZX), with an expense ratio of 90bps.
    • The I shares require a minimum initial investment of $100,000, but the other share classes have no such minimums. And all those expense ratios bake in a 31bps fee waiver.

    The Cohen & Steers Future of Energy Active ETF will list on the NYSE Arca. The Cohen & Steers team has not yet revealed a planned ticker for the ETF.

    Benjamin Morton, executive vice president at Cohen & Steers and portfolio manager of the fund since inception, and Tyler Rosenlicht, senior vice president and PM of the fund since 2015, will stay on to PM the ETF after the conversion.

    The Cohen & Steers team has not yet named the distributor for the planned ETF. Cohen & Steers Securities, LLC serves as the mutual fund's distributor.

    State Street Bank and Trust Company, which already serves as the mutual fund's custodian, will become the transfer agent for the ETF. SS&C GIDS, Inc. serves as dividend disbursing agent and transfer agent for the mutual fund. The Cohen & Steers team has not yet named a custodian for the ETF.

    PricewaterhouseCoopers LLP serves as independent accounting firm for the mutual fund and will continue in that role with the ETF. Ropes & Gray LLP will stay on as counsel, too.

    *As of February 28, 2026.

    **As of February 28, 2026.


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