J.P. Morgan Chase & Co. 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 U.S. Securities and Exchange Commission despite support from industry giants including BlackRock Inc., American Funds owner Capital Group Cos., and Legg Mason Inc., which owns a minority stake in Precidian. J.P. Morgan is expected to announce on Monday that it plans to license...
JP fund has assisted other major asset managers in backing a new type of exchange - traded fund that follows active disclosure but keeps the details of its investments confidential . The concept has n't yet been accepted by the US Securities and Exchange industry , even though it has the backing of industry leaders such as BlackRock , hedge Mason and Capital investors .