A combination of low price-to-earnings valuation and high expected growth rates can set up good performance over the long term These companies are four of the top holdings of the Gabelli Financial Services Opportunities exchange-traded fund. The Gabelli Financial Services Opportunities Fund is an exchange-traded fund that is actively managed....
3 Years in Semitransparent Active ETFs Exhibit Strong Performance
The semitransparent active ETFs structure is already three years old. Several products that launched in late 2020 are nearing or passed their third birthdays. In investing, three years is a key milestone. Many investors wait to invest in actively managed strategies until they have a track record of at least...
Don’t Write Off Semi-Transparent Active ETFs Just Yet
It’s probably still too soon to dismiss their potential in the evolving financial landscape. The recent article in the Financial Times, "Secretive exchange-traded funds that hide what they are holding from potential investors appear to be falling out of favour," really got me thinking. As a passive investor who predominately holds...
Semi-Transparent ETFs Are Alive and Well
Active ETFs have gained in popularity in recent years. However, some pundits have prematurely taken out their shovels for some funds. Even as these products show signs of vitality. Last month, the Financial Times published a piece “Secretive active ETFs lose out to their fully transparent rivals” talking about the differences between...
Staff statement regarding the risk legend used by non-transparent exchange-traded funds operating in reliance of an exemptive order under the Investment Company Act of 1940
Division of Investment Management Staff To date, the Commission has granted exemptive relief to a number of sponsors to operate actively managed ETFs that do not provide daily portfolio transparency (non-transparent ETFs). Under the terms of its exemptive relief, each non-transparent ETF uses in its prospectus, fund website and any...
SEC Staff Clarifies Position on Disaggregation for Section 13(d) and 16(a) Reporting by Certain ETF Authorized Participants
The SEC’s Division of Corporation Finance recently posted new compliance and disclosure interpretations concluding that any registered broker-dealer acting as an authorized participant (AP) for any ActiveShares exchange-traded fund (ETF) may rely on the Commission’s disaggregation guidance to separately report ownership of securities acquired in a confidential brokerage account (Confidential...
GAMCO Investors to Offer Gabelli Financial Services Opportunities ETF (GABF)
GREENWICH, Conn.--(BUSINESS WIRE)--GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) will launch Gabelli Financial Services Opportunities ETF (NYSE: GABF), on or around May 10, 2022. GAMCO will offer a “loyalty” program under which the first $25 million of the Fund’s assets under management will incur no fees and expenses. GABF’s investment objective...
First Manhattan Co. Launches Inaugural Actively Managed ETF – FMC Excelsior Focus Equity ETF (Ticker: FMCX)
FMCX Seeks to Comprise a High-Conviction Portfolio from a Firm with Decades-Long Investing Experience FMCX’s Strategy Mirrors First Manhattan’s Fundamentals-Based, Research-Intensive Approach Across Sectors First Manhattan Pursues Impactful Engagement with Management Teams on Long-Term Strategy, Growth, and Governance NEW YORK - (BUSINESS WIRE) - First Manhattan Co. (“First Manhattan”), an...
DoubleLine Launches Its Own ETFs
DoubleLine Capital, an investment manager with $134 billion in assets under management founded by Jeffrey Gundlach, entered the ETF space today with two very different actively managed funds, the DoubleLine Shiller CAPE U.S. Equities ETF (DCPE) and the DoubleLine Opportunistic Bond ETF (DBND). The former comes with an expense ratio...
SEC’s Precidian Ruling is a Game Changer for Active ETF Space
With the Securities and Exchange Commission (SEC) pushing forward with non-transparent exchange traded funds, more money managers may enter the ETF space with their own active strategies without worrying about others stealing their secret sauce. “What it means for us is we can bring out strategies – true alpha generating...