What the fund was

Kevin passed the Series 65 in September 2022 and became a licensed investment adviser specifically to launch the Meet Kevin Pricing Power ETF, ticker PP, issued through the fund’s issuer. It went live November 29, 2022, an actively managed fund of 25 to 60 U.S. companies Kevin believed had pricing power, with heavy positions in Tesla, Nvidia and Intel. The expense ratio was 0.76%. 1

What the record says

The fund’s last trading day was February 25, 2025 and it terminated February 28, 2025. A terminated ETF sells its holdings and pays shareholders net asset value; that is what “liquidated” means here. Fund data sites report an average annual return since inception of about 13.01% and a final-year return of about -0.47%. Wikipedia summarizes the closure as following “performance woes and souring costs.” 125

Kevin’s account

Kevin’s account

The fund grew well, but I had concerns about the labor market rolling over, so I started hedging. Through much of 2024 the labor market weakened. Heading into late 2024 and early 2025 I moved the fund heavily into cash, a defensive position that was in place before the fund was closed. I closed it because managing it through a volatile market was distracting me from growing House Hack, now Reinvest. When the ETF closed, I also closed my broker licensing and investment adviser intentions. 3

One correction he wanted printed: the fund could not have hedged the April 3, 2025 Liberation Day selloff, because it no longer existed. Shareholders had their cash back five weeks earlier. His claim is narrower: the defensive positioning was already in place, and had the fund still been running it would have protected it through March and April 2025. That is his view of a counterfactual, not a record.

What the fund was not

Kevin’s account

I never had a hedge fund. Any commentary about “hedging” was simply about the ETF holding bond or high-cash positions during certain periods. 4

Three more ETFs were filed for in August 2022, the Moderate, Select and All In. They were abandoned; Pricing Power was the only one that launched. 1

Why it matters for Reinvest

Kevin’s stated reason for leaving fund management is the reason Reinvest exists in its current form. A fee-based fund marks to market every day and cannot hold a below-market real estate purchase as an unrealized cushion. A company can. Whether that thesis pays is a separate question, covered in the note on what the real estate is worth. What this page settles is narrower: the ETF closed by its manager’s choice, paid out at NAV, and posted positive returns over its life.

In his own videos

• May 16, 2025: the ETF was not delisted on him; he chose to close it and the advisory business to focus on HouseHack, and it returned over 24% to investors in under two and a half years with hedging. That is the cumulative figure the 13% annual average corresponds to. 6

• April 2025, to course members: haters brand the February closure a failure; he calls it the greatest success. 7

From the September 29, 2026 Q&A

Kevin’s account

Yes, over 24% total in 2.5 years, cumulatively. Yes, the hedges lowered returns. 8