FYI (This is a follow-up article.)
Active managers have, by and large, watched the exchange-traded fund industry take off without them. After a decade, however, regulators have granted the fund industry what it’s been wheedling for—ETFs that don’t disclose their holdings on a daily basis, theoretically paving the way for an onslaught of actively managed ETFs that look awfully like actively managed mutual funds. Yet the industry’s reaction has been more one of consternation rather than triumph.
Regards,
Ted
