The portfolio-shielding models had a strong start when they were approved in 2019, but have failed to gain traction
email rounding up the latestSecretive exchange traded funds that hide what they are holding from potential investors appear to be falling out of favour.
However, after initial enthusiasm growth of these novel structures has stalled as investors have largely shunned them and ETF issuers have become more comfortable with full transparency. Between year-end 2019 and the end of 2021 the assets of US-listed active non-transparent ETFs jumped from just $20mn to $5.6bn .
But the vehicles now account for just 4.7 per cent of the 1,160 US-listed active ETFs and 1.6 per cent of their $447bn of assets. Moreover $2.7bn, 38 per cent of that limited pot of money, is held by a single ETF, Nuveen Growth Opportunities . T Rowe told the FT that it was responding to “our clients’ diverse and evolving preferences”, and that its second tranche of ETFs were “new and distinct strategies”, whereas the initial quintet had been based on its existing mutual fund strategies.
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