T. Rowe Price is asking the Securities and Exchange Commission to allow it to offer "non-transparent" active exchange traded funds, according to a regulatory filing on Tuesday.
The SEC early this year gave Price the thumbs to launch actively managed ETFs in which a professional picks the securities in the fund. ETFs often mimic an index, holding similar securities as the benchmark. But ETFs must disclose their holdings daily, instead of every month or so like a regular mutual fund.
The Baltimore-based money manager is seeking an exemption from this daily disclosure, concerned that others will trade on this information. The company added it still hasn't decided whether to offer ETFs.