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 Morgan has joined other major asset managers in backing a new type of exchange-traded fund that follows active strategies but keeps the details of its investments confidential. The concept hasn't yet been accepted by the US Securities and Exchange Commission, even though it has the support of industry leaders such as Capital Group, Legg Mason and BlackRock.