SEC rules against non-transparent active ETFs

The SEC has rejected requests from BlackRock and Precidian that would allow active ETFs to bypass disclosure rules and protect active management strategies

Securities and Exchange Commission headquarters

The US Securities and Exchange Commission (SEC) has denied requests from New Jersey-based exchange-traded fund (ETF) provider Precidian and New York-based asset manager BlackRock that sought to exempt new actively managed ETFs from daily portfolio transparency rules.

Under current rules, all ETFs are required to disclose their underlying holdings on a daily basis. In September 2011 BlackRock asked for an exemption from this ruling so that it could operate actively managed ETFs without revealing

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