Steve Lydenberg, a pioneer of responsible investing, says it’s time to focus on reforming systems.

In this week's fund news, firms bulk up their direct indexing capabilities, Vanguard merges target-date funds, DFA expands its SMAs and slashes minimums, and a new BlackRock tool helps advisors invest in private markets.

The Gen Z ETF, a joint venture between adviser Empowered Funds and Alkali Fintech, will track companies that Alkali deems most relevant to investors born between 1997 and the early 2010s.

Janus Henderson filed for the Janus Henderson B-BBB CLO exchange-traded fund (JBBB). If approved, it’ll invest at least 80% of assets in securities rated from BBB+ to B-.

Franklin Templeton joins a wave of deals in the direct or custom indexing space, with its plan to acquire O'Shaughnessy Asset Management and its custom indexing platform, Canvas.

MassMutual is debuting a crypto platform for RIAs, called Flourish Crypto, with third-party integrations to services from eMoney Advisor, Orion and Envestnet.