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"Nontransparent ETFs ... So far, only one firm has approval for this type of product. Rival Eaton Vance Corp. is planning to launch actively managed nontransparent funds next year, after getting a go-ahead from the SEC last year."
Bzzt. Wrong.
In its approval of EV's ETMFs, the SEC wrote: "Neither the Trusts nor any ETMF will be advertised or marketed as an open-end investment company, a mutual fund or an ETF."
These are really not ETFs in a few different ways. It's been awhile, I'll have to refresh my memory, but one of the differences as I recall is that the price you get is based on the closing price, much like an open end fund. I believe it is only the premium/discount that you get in real time, but relative to what price is determined at closing.
Don't know a thing about Blackrock's twist on ETFs, at least yet (haven't gone digging).
Comments
Bzzt. Wrong.
In its approval of EV's ETMFs, the SEC wrote: "Neither the Trusts nor any ETMF will be advertised or marketed as an open-end investment company, a mutual fund or an ETF."
These are really not ETFs in a few different ways. It's been awhile, I'll have to refresh my memory, but one of the differences as I recall is that the price you get is based on the closing price, much like an open end fund. I believe it is only the premium/discount that you get in real time, but relative to what price is determined at closing.
Don't know a thing about Blackrock's twist on ETFs, at least yet (haven't gone digging).