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After five years, active ETFs get SEC approval

After sending Legg Mason affiliate back to the drawing board several times, US regulators finally approve an actively-managed ETF

The next wave of exchange-traded funds could be active and less transparent.

Precidian Investments filed to launch a new type of actively managed ETF called ActiveShares almost five years ago. On Monday, regulators finally gave the shop the nod, making it the first company to win approval for a nontransparent ETF.

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