This $6.6 billion actively managed ETF—considered by Ruane Cunniff to be one of the largest actively managed ETF launches to date—consolidates the Sequoia Fund with most of Ruane Cunniff’s taxable separate accounts into a single investment portfolio.
New York, October 19, 2026 /PRNewswire/ — Ruane Cunniff LP, a New York-based investment firm that has managed the Sequoia Fund mutual fund for over 56 years, today announced the launch of the Sequoia ETF (NYSE: SEQ), a milestone in the firm’s history. The Sequoia ETF is the successor to the Sequoia Fund, combining this historic mutual fund with the majority of the firm’s taxable separate accounts into a single ETF portfolio valued at approximately $6.6 billion.
Sequoia’s story began in 1970, when Bill Ruane and Rick Cunniff founded the fund on a simple idea: investors can reliably build wealth over the long term by purchasing a concentrated portfolio of high-quality businesses at reasonable prices and holding them patiently. This philosophy has remained unchanged through more than five decades of market evolution and three generations of management. The company states that this same philosophy will continue following today’s announcement of its transition to an ETF. The Sequoia ETF is managed by the Ruane Cunniff Investment Committee, consisting of Arman Gokgol-Kline, John Harris, and Trevor Magyar, who have managed the Sequoia strategy since June 30, 2016.
“Today is a proud day for Ruane Cunniff,” said John Harris, Managing Partner of the firm. “For 56 years, Sequoia has been built for patient holders, and we believe the ETF is the modern vehicle to serve these investors for decades to come. Its tax efficiency is a powerful advantage for long-term investors. We are deeply grateful to our clients who have trusted us, many of whom have been with us for decades.”
After the restructuring was completed following the close of trading on Friday, October 16, 2026, shareholders of the Sequoia Fund and clients of separate accounts became shareholders of the Sequoia ETF. As outlined in the merger proxy statement/prospectus, the ETF structure is expected to provide several potential benefits to shareholders, including tax efficiency advantages for many taxable investors, potentially allowing them to defer realization of certain capital gains, similar to investing in a single stock. ETF shares can be held in most brokerage accounts and traded throughout the trading day; portfolio holdings will be disclosed daily on the ETF’s website.
Ruane Cunniff LP states that the Sequoia ETF currently holds a concentrated portfolio of 22 companies that it believes possess durable competitive advantages, strong management teams, and attractive economic characteristics. From its inception on July 15, 1970, through September 30, 2026, the Sequoia Fund delivered an annualized return of 13.3% after fees, compared to 11.6% for the S&P 500 Index during the same period.
Fund information is available at www.sequoiaetf.com or by calling 1-844-737-3230.
About Ruane Cunniff
Ruane Cunniff LP is a registered investment adviser headquartered in New York, founded in 1969 by Bill Ruane and Rick Cunniff. It is best known for managing the Sequoia Fund, now known as the Sequoia ETF. The firm states that it adheres to a single guiding principle: owning high-quality businesses at reasonable prices and holding them as long as they remain attractive. Today, this philosophy is implemented in multiple forms. In addition to the Sequoia ETF, the firm and its affiliates manage several private partnership products, including Acacia, Poplar, Willow, and Wishbone—each employing distinct strategies but all grounded in the same approach. As of September 30, 2026, Ruane Cunniff managed approximately $15 billion in assets, serving individuals, financial advisors, and institutions. For more information, visit www.ruanecunniff.com.
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The performance data above represents historical results. Current performance may be lower or higher than the figures shown. Past performance does not guarantee future results. Investment returns and the value of your principal are subject to fluctuation, so the value of your shares upon redemption may be higher or lower than your original investment cost. For performance information as of the most recent month-end, please call the toll-free number 1-844-737-3230.
Important Information
Before investing, carefully consider the Sequoia ETF’s (“Sequoia ETF” or “the Fund”) investment objectives, risks, charges, and expenses. The prospectus and summary prospectus contain this and other information. The prospectus does not constitute an offer to sell shares of the Fund in any state where such offer or sale is not permitted, nor does it constitute an invitation to purchase. Investors may obtain the prospectus and summary prospectus by visiting www.sequoiaetf.com or calling 1-844-737-3230. Read the prospectus and summary prospectus carefully before investing. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk: This ETF primarily invests in equity securities and is therefore subject to fluctuations in stock market prices. This fund is non-diversified, meaning it may invest in a limited number of issuers, making it more susceptible to economic, political, and regulatory events compared to more diversified funds.
Investors buy and sell ETF shares on the secondary market at market price (not net asset value, or NAV) during trading hours. Shares cannot be directly purchased from or redeemed with the ETF by individuals. Broker commissions and bid-ask spreads will reduce returns.
ETF shares are created only by authorized participants in large blocks called "creation units," at net asset value. Individual shares trade on the secondary market at market price. Past performance does not guarantee future results. As with any investment, investing in an ETF may result in a loss.
The total expense ratio of this fund is 0.99%.
Sequoia ETF is one of the series of funds under Northern Lights Fund Trust II, distributed by Northern Lights Distributors, LLC; the latter has no affiliation with Ruane Cunniff LP.