According to Eric Balchunas, Mitsubishi has filed for a US-listed Japan small cap active ETF with an 85 basis point management fee. The relatively high expense ratio poses a competitive challenge, especially as investors increasingly seek lower-cost ETF options for exposure to Japanese equities. However, Balchunas notes that Mitsubishi may have a Bring Your Own Assets (BYOA) strategy, potentially mitigating the need for broad retail uptake. For traders, this filing signals Mitsubishi's intent to capture US investor interest in Japan's small cap market, but the high fee may limit liquidity and trading volumes compared to lower-cost alternatives (source: Eric Balchunas on Twitter, April 25, 2025).