Actively run funds account for $4.2 billion of the $1.07 trillion in ETF assets in the U.S., according to Morningstar.

Liquid Markets

So far, actively managed ETFs, like others already run by Pimco, have focused on highly liquid markets, such as Treasuries, where other investors mimicking the trades are unlikely to affect prices. Fixed-income investments are also more difficult to copy because transactions don't occur on an open exchange.

"Bonds are less of an issue than equities, but it puts another nail in the coffin of the idea that active management has to be protected from daily disclosure," Dave Nadig, director of research at Index Universe, a San Francisco-based financial research company.

 

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