(Bloomberg) — One of Wall Street’s hottest innovations is being hailed as the potential key to luring trillions of actively managed dollars to the booming market for exchange-traded funds. Yet two of the industry’s biggest players want no part of it for now.
Vanguard Group and State Street Corp. say they’re in wait-and-see mode as active, non-transparent funds take their crucial first steps in the $4.3 trillion U.S. arena for ETFs.
These products come with many of the benefits of traditional ETFs but drastically reduced disclosure requirements. That makes so-called ANTs a likely conduit to bring stock-picking strategies to the