Non-Transparent Exchange Traded Products A Revolution 25 Years in the Making

In 1993, State Street launched the first Exchange Traded Fund (“ETF”) with the SPDR S&P 500 ETF (SPY), a fully transparent, passively managed fund. Twenty-five years later, six companies have sparked a revolution to revitalize the industry with a non-transparent, actively managed model that seeks to bridge the gap between mutual funds and ETFs. This ALPS whitepaper explores these structures and how they differ from one another.

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