Active managers resisted launching ETFs for years due to concerns that disclosing their holdings daily would reveal their trade secrets. So, the year after the Securities and Exchange Commission approved non-transparent funds, American Century Investments launched two active, semi-transparent ETFs: the American Century Focused Dynamic Growth ETF (FDG) and the American Century Focused Large Cap Value ETF (FLV). The funds, which were launched on March 31, 2020, were part of the first wave of active, non-transparent ETFs to reach the market.
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