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T. Rowe Price has filed with the Securities and Exchange Commission for approval to launch a line of actively-managed ETFs. In its filing for exemptive relief with the SEC, T. Rowe indicated that its initial fund would invest primarily in domestic fixed income securities, but that it could eventually launch domestic and international equity ETFs, as well global fixed income funds. [click to continue…]
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San Francisco-based Grail Advisors is set to expand its presence in the actively-managed ETF space, introducing four actively-managed ETFs later this week: RP Growth, RP Focused Large Cap Growth, RP Technology, and RP Financials. The new funds will join Grail’s existing actively-managed ETF, the Grail American Beacon Large Cap Value ETF (GVT), which launched earlier this year. Similar to GVT, the funds expected to be launched Thursday will be backed by investment teams that select individual holdings and weightings, a sharp departure from tactics used by the vast majority of exchange-traded products. [click to continue…]
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In the summer of 1992, Eugene Fama and Kenneth French published “The Cross-Section of Expected Stock Returns” in The Journal of Finance, a groundbreaking analysis that prompted financial presses to run headlines declaring “beta is dead.” While the death sentence may have been a bit severe, it struck a significant blow to a widely-accepted and [...]
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Over the past several years, exchange-traded funds have enjoyed a tremendous surge in popularity, passing many major milestones as they were embraced by retail and institutional investors alike. Once comprised solely of “plain vanilla” products tracking well-known equity indexes, the ETF industry has evolved at an incredible pace in recent years, and now offers investors [...]
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Pacific Investment Management Co. (Pimco), the world’s largest bond manager, is making a run at the actively-managed ETF business, less than two months after launching its first passively-indexed fund. According to a filing with the SEC, Pimco plans to launch five new actively-managed ETFs, three of which will focus on bonds maturing in less than [...]
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A study performed by New York-based research and consulting firm Novarica makes some bold predictions about the investment industry, painting a dismal picture for the future of traditional actively-managed mutual funds. The study predicts that nearly half of mutual funds will disappear by 2015, being replaced by low-cost ETF alternatives. Among the highlights of the [...]
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Although ETFs and mutual funds seem in many ways to be natural rivals, one of the most closely-watched trends in the “active vs. passive” debate has been the development of a hybrid type of investment option: actively-managed ETFs. While the space has mostly taken “baby steps” to this point, it appears to be poised for [...]
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Claymore Advisors, sponsor of 35 passively-managed ETFs, has filed for exemptive relief with the SEC to launch three actively-managed ETFs, the latest indication that these “hybrid” funds could fuel the next wave of the ETF industry boom. The three proposed funds are:
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Claymore Advisors has filed a request with the SEC to introduce three new ETFs, each of which would be actively managed. Among the proposed funds is the Claymore Delta Global Hard Assets ETF, which would be the first actively-managed commodity ETF.
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Last week, Grail Advisors launched the Grail American Beacon Large Cap Value ETF (GVT), the first true actively-managed ETF to hit the market. Prior to the launch of the fund, there was rampant skepticism regarding the ability of GVT to solve the dilemma posed by the stringent disclosure rules placed on ETFs. Although it has [...]
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For those of you interested in taking a look at the holdings of the Grail American Beacon Large Cap Value ETF (GVT), which launched yesterday, the information is available here. As of May 5, GVT held about 150 different stocks, with JPM (1.59%), CVX (1.45%), COP (1.45%), DVN (1.43%), and PM (1.41%) accounting for the [...]
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Had Jerry Seinfeld pursued a career in finance, I imagine he’d be having a field day around the water cooler with the launch of the Grail American Beacon Large Cap Value ETF (GVT) yesterday: “What’s the deal with actively managed ETFs…isn’t the whole point of an ETF that is isn’t actively managed?” Since one of [...]
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