By Grant Engelbart, CFA, CAIA – Senior Portfolio Manager
Just what the world needs, more acronyms. While there isn’t yet an industry-agreed upon term, the active non-transparent (ANT) ETF structure is fresh and new. Non-transparent Active (NTA) might flow better, but it’s not as fun. Either way, the ETF industry has been waiting for some time for the launch of these specific type of ETF after the launch of the Exchange-Traded Managed Fund (ETMF) to limited success in 2014. Let’s look at why or why not these could be game changers in the industry (ETF 2.0 as some call it) and then examine the current structures and products.