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Invesco lists four active non-transparent ETFs on Cboe

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Invesco has listed four four active non-transparent ETFs on Cboe – the Invesco Focused Discovery Growth ETF ​(IVDG), Invesco Select Growth ETF​ (VSG), Invesco Real Assets ESG ETF​ (IVRA), and Invesco US Large Cap Core ESG ETF​ (IVLC).

Unlike traditional exchange-traded funds (ETFs) which disclose portfolio holdings on a daily basis, semi-transparent ETFs, also referred to as “non-transparent” ETFs, allow asset managers to deliver their actively managed investment strategies in an ETF vehicle, without the disclosure requirements of traditional ETFs. These ETFs typically enable asset managers to take advantage of the liquidity and tax-advantage benefits of the ETF structure, while keeping their strategy hidden to protect shareholders.

With the new listings from Invesco, Cboe BZX Exchange continues to maintain its position as the leading exchange for this new generation of actively managed ETFs, with products listed on its exchange accounting for approximately USD370 of the USD550 million in total assets under management for this ETF category. The addition of these four ETFs also brings the total number of Invesco ETFs listed on Cboe BZX Exchange to 21.

Laura Morrison, Global Head of Listings at Cboe Global Markets, says: “We are pleased to assist Invesco in bringing their latest ETF innovation to the market and look forward to supporting their continued success. Cboe has been laser focused on the evolution of this new class of active ETFs and is committed to providing best-in-class market quality and liquidity in the space.”

Cboe BZX Exchange boasts the tightest average quoted spread for all actively managed, semi-transparent ETFs industry-wide, outranking other listing exchanges by 14 basis points. As a result of this strong market quality, Cboe has accounted for roughly 68 per cent of on-exchange trading volumes in this category of ETFs in 2020.

Anna Paglia, Global Head of ETFs and Indexed Strategies at Invesco, says: “We are excited to collaborate with Cboe Global Markets as Invesco breaks new ground with the launch of our non-transparent active ETFs. Invesco has high conviction that our new ETFs will provide a unique investor solution that combines the strength of Invesco’s active managers within an ETF wrapper.”

The new Invesco active non-transparent ETF suite will utilise innovation from Invesco’s proprietary active non-transparent ETF model and Fidelity’s active equity ETF methodology. Detailed information about Invesco’s active non-transparent ETFs was announced in its press release earlier today. In addition to Cboe BZX Exchange as the primary listing venue, Citadel Securities has been named the lead market maker for these ETFs.

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