The team at a $229.2-billion-AUMA*, 27-year-old asset manager in Illinois are preparing to roll out a pair of active ETFs sometime next year.

Today, the folks at Milliman Financial Risk Management LLC (a subsidiary of Milliman, Inc.) filed to create the Milliman Healthcare Inflation Guard ETF (MHIG) and the Milliman Health Inflation Plus ETF (MHIP). Chicago-based Milliman Financial Risk Management will serve as the ETFs' investment advisor, and Stradley Ronon Stevens & Young LLP will serve as counsel, but many other provider positions have not yet been officially filled.

More specifically, the filing does not reveal which exchange MHIP and MHIG will list on. Nor does the filing name which providers will serve the planned ETFs as administrator, custodian, distributor, independent accounting firm, and transfer agent.

The Milliman also has not yet revealed which portfolio managers will power the two ETFs, nor when in 2026 they will debut. Both ETFs will charge a management fee of 55 basis points, but their total expense ratios have not yet been revealed.

For MHIG, the Milliman team does reveal in the filing that they plan to merger an unnamed, existing SMA strategy's assets into the new ETF next year. (However, there is no mention of a predecessor SMA strategy for MHIP.)

MHIP and MHIG will each be actively managed, non-diversified series of Milliman Funds Trust.

As of September 30, 2025. 

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