Summary

• Actively managed ETFs have become a global topic for the whole fund industry and not only for the ETF promoters around the world.
• While the first active ETFs (in Europe and the Asia Pacific region) were so-called research-enhanced strategies, with a low tracking error to the parent index, we see now the launch of fully active ETFs where the securities in the portfolio are not determined by any index.
• While U.S. investors enjoy a tax benefit from owning the ETF compared to a respective mutual fund, investors in other parts of the world do not have such an incentive.

By Detlef Glow

Actively managed exchange-traded funds (ETFs) have become a global topic for the whole fund industry and not only for the ETF promoters around the world. When it comes to this, it is no surprise that an