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Archive » October 2021 » Active Etfs and Non-Transparent Active Etfs: structure and behavior during the pandemic shock

Active Etfs and Non-Transparent Active Etfs: structure and behavior during the pandemic shock

Milena Migliavacca, Andrea Paltrinieri, Matteo Pegoraro, Maurizio Polato
October 2021 - n. 10
Keywords: Etf attivi, Etf attivi non trasparenti, pandemia
Jel codes: G11, G15, I15

Exchange-Traded Funds are financial instruments that replicate a benchmark. Their main strengths are costeffectiveness, transparency and liquidity. The great success of Etfs has attracted new issuers and has prompted management companies to diversify by launching actively managed Etfs of increasing complexity, starting with the first Smart Beta Etfs in 2000 and then arriving at the first Active Etf in 2008 and, finally, the Non-Transparent Active Etfs in March 2020.The aim of this work is to illustrate the structure of Active Etfs, analyzing their possible evolutions in the light of the introduction of Non-Transparent Etfs, also considering the pandemic shock.

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