A new kind of ETF is expected to allow active managers a way to offer their strategies without divulging their intellectual property.
ActiveShares, a product built by financial innovation firm Precidian Investments, received SEC indication that its so-called non-transparent ETFs should be approved.
A new kind of exchange-traded fund is expected to grant active money managers a way to offer their strategies without divulging their stock picks and methods, a key hang-up that's kept them from participating in the booming industry. Though Precidian is still awaiting a final order from the Securities and Exchange Commission, founding principal Stuart Thomas told CNBC that the product is the first of its kind and could someday impact the entire mutual fund industry.
ActiveShares could represent a big opportunity for a generation of active managers that have seen their assets evaporate at the hands of low-cost, passive alternatives drawing in big investor dollars. "Precidian's non-transparent ETF is a potentially crucial structure in the evolution of the actively managed mutual fund industry, as it holds the potential to deliver greater tax efficiency and meaningfully lower costs to fund investors," Worthington told clients in a note Thursday.Part of the reason ETFs are so popular is their tax advantages compared to the traditional mutual fund model.
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