TY - JOUR T1 - Actively Managed Exchange-Traded Funds JF - ETFs and Indexing SP - 86 LP - 87 VL - 2005 IS - 1 AU - Charles Tony Baker Y1 - 2005/09/21 UR - http://guides.pm-research.com/content/2005/1/86.abstract N2 - Until now, all exchange-traded funds have been based on index funds that trade throughout the day in almost the same way as individual stocks. These ETFs were designed to closely track the performance of an index or basket of stocks. They can be liquid and cost-effective investment vehicles. Although there has been interest in an actively managed ETF, intraday pricing and hedging of these ETFs without disclosing the underlying holdings has presented a problem. This is a discussion of techniques for handling this problem. ER -