JP Morgan is joining a long line of asset managers backing a new type of exchange-traded fund that mimics active strategies but keeps its investments secret.

The concept, designed by Precidian Investments, has so far been rejected by the US Securities and Exchange Commission despite support from industry giants including BlackRock, American Funds owner Capital Group, and Legg Mason, which owns a minority stake in Precidian. JP Morgan is expected to announce on Monday that it plans to license Precidian’s ActiveShares model.