The company currently offers 73 actively managed mutual funds listed in the U.S. It also offers single-share class, actively managed ETFs listed in certain international markets.
Vanguard’s 2014 filing with the SEC is still pending. Hirt says the company’s two filings for transparent active ETFs are separate and don’t step on each other's toes. “The idea is they give us flexibility to offer the investment strategies best-suited for our investors,” she says, adding there could be a time where a stand-alone ETF not tied to its existing multi-share class structure would be the best vehicle for a particular investment strategy.
But don’t expect any transparent active ETFs from Vanguard coming anytime soon to a brokerage near you. There are no proposed funds in either of the two SEC filings, Hirt says, noting that it’s just the first of many phases the company must go through to launch a product.