In mid-2019, the Securities and Exchange Commission (SEC) granted approval for a new fund structure pioneered by Precidian Investments known as ActiveShares. A simple way of defining ActiveShares funds is that these products will blend some of the best traits of both mutual funds and exchange traded funds (ETFs).
For example, ActiveShares funds will feature semi-transparent portfolios, a hallmark of many traditional, actively managed mutual funds; along with the intraday tradability and tax efficiencies of ETFs. ActiveShares are ETFs, but one way of viewing this new structure is an enhanced version of the traditional ETF structure or “ETF 2.0.”
As more active fund issuers look to get a slice of the ETF pie, ActiveShares could prove to be a better alternative for those companies than going the traditional ETF route. Beyond the obvious competitive aspects of the passive ETF landscape, there are other issues for fund companies to consider when mulling the ETF structure.
The structure ActiveShares offers is frequently referred to as “non-transparent active ETFs,” but that assessment is not accurate for a couple of reasons, including the fact that ActiveShares are beholden to the same reporting requirements as traditional, open-end mutual funds. Nor are all ActiveShares funds active ETFs in the truest sense of that wrapper. Additionally, Precidian is providing perfect per-share pricing transparency, giving users far more information than is available with standard mutual funds.
Click on the tabs below to see more information on ActiveShares ETFs, including historical performance, dividends, holdings, expense ratios, technical indicators, analysts reports and more. Click on an ETF ticker or name to go to its detail page, for in-depth news, financial data and graphs. By default the list is ordered by descending total market capitalization.
As of 09/22/20