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Monday, September 19, 2005|
Gastineau Makes Active ETF Bid
ETF-veteran Gary Gastineau is back with a new strategy to tackle the ETF business. Gastineau and partner Todd Broms have filed for an actively managed ETF application with the SEC and a patent application with the U.S. Patent Office, reports Morningstar.
The two, through their New Jersey-based firm Managed ETFs LLC, hope to eventually offer a value, growth and quantitative equity fund.
Managed ETFs has proposed a system where the firm will disclose each fund's NAV every hour, instead of every 15 seconds, like other ETFs. Every 15 seconds, the firm would provide a NAV with a mathematical adjustment.
A prior Gastineau effort was ETF Advisors, which Gastineau started with the remnants of Nuveen Investments' fixed income ETF business. ETF Advisors liquidated its funds and closed its doors in May of 2003.
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