July 28 (Bloomberg) — Capital Group Cos., owners of the $1.17 trillion American Funds family, has joined a number of money managers in seeking regulatory approval for a new type of exchange-traded fund.
Capital Group filed today with the U.S. Securities and Exchange Commission to open a non-transparent, actively-managed ETF, a product that would clear the way for traditional stock-picking managers to offer their funds in an ETF package.
"We are filing so we can fully explore the possibility of offering a non-transparent ETF," Chuck Freadhoff, a spokesman for the Los Angeles-based company, said today in an interview. "We've made no final decision and have no timeframe."
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