By Charles Rotblut, CFA
There are winds of change blowing in the broader fund industry.
One of those winds is occurring within the exchange-traded fund arena. Last month, Davis Advisors launched three actively managed exchange-traded funds. The three ETFs—Davis Select U.S. Equity (DUSA), Davis Select Financial (DFNL) and Davis Select Worldwide (DWLD)—are fully transparent stock funds. They disclose their full holdings daily, just as traditional passively managed ETFs do.
Other actively managed ETFs had previously been launched. The four largest are bond ETFs from PIMCO and Doubleline. These funds account for $2 out every $5 invested in the 176 actively managed ETFs in existence as of December 31, 2016, based on data from Morningstar. Eaton Vance’s NextShares offer equity-focused exchange-traded managed funds (). Though ETMFs trade like ETFs, the transparency of their holdings is more opaque.
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