Still, as long as the SEC shows no willingness to approve less transparent active ETFs, alpha-seeking index funds may continue to gain ground, said Mark Abssy, senior index and ETF manager for International Securities Exchange, a U.S. options exchange.

"If I want to create an ETF with an active strategy that I think will outperform the market and take it to the SEC, the review process may take a very long time," Abssy said. "But if I create a rules-based index to capture that strategy, there is already an existing framework for regulatory acceptance."

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