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The Daily Brief

Invesco Debuts Four Nontransparent Active ETFs

Invesco will use its own proprietary nontransparent active model as well as Fidelity’s active equity model.

Invesco jumped on the active ETFs bandwagon Tuesday, listing four new so-called "nontransparent" actively managed funds on the Cboe BZX Exchange. The new funds include the Invesco Focused Discovery Growth ETF (Ticker: IVDG)Invesco Select Growth ETF (Ticker: IVSG)Invesco Real Assets ESG ETF (Ticker: IVRA) and Invesco U.S. Large Cap Core ESG ETF (Ticker: IVLC). 

In September, Invesco said it was pursuing the new active ETF structure, which doesn’t have the disclosure requirements of traditional ETFs. This allows active asset managers to keep their strategy hidden and avoid the risk of front-running.

The firm will use its own proprietary nontransparent active model, which uses a "substitute basket" to provide a view into the ETF’s portfolio value, as well as Fidelity’s active equity model, which uses a "tracking basket" methodology.

Cboe said the nontransparent active ETFs listed on its BZX Exchange account for $370 of the $550 million in assets in this ETF category.

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