The American Stock Exchange has patents for software that could lead to the launch of the first true actively managed exchange traded funds (ETFs) this year. John Spence for reports the patented software publishes a value for the fund throughout the trading day without the manager disclosing the portfolio holdings or trades.  The Exchange has a committed issuer already to launch the actively managed ETFs. Other companies are interested in listing actively managed ETFs, some of which have been under development for seven years.

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