Investment News, By David Hoffman -September 19, 2005 (NEW YORK) – The actively managed exchange traded fund, the Holy Grail of ETFs, is getting closer to reality.
Late last month, Managed ETFs LLC asked the Securities and Exchange Commission for an exemption that would let it launch a broad range of actively managed and "enhanced" index ETFs.
The Summit, N.J.-based company, which was co-founded by ETF pioneer Gary L. Gastineau in August, hopes to get the funds off the ground by aligning itself with one or more major financial services companies, according to sources close to the company.