ANTs — Active Non-Transparent ETFs

Earlier this year the SEC approved a new ETF wrapper and several companies will be able to launch active ETFs or license the wrapper to asset managers.

Undoubtedly, the growth of low cost, indexing, passive ETFs has been supported by digital innovations in wealth management. However, it is the incumbents that own the lion`s share of the low cost, passive ETF market. Similarly, it is predominantly…