The first exchange-traded fund whose managers pick its stocks is making its debut Monday.
Unlike other ETFs, which mainly track indexes, the "actively managed" Grail American Beacon Large Cap Value ETF will be comprised of names that the ETF's managers choose based on research aimed at finding good, cheap stocks.
A few other ETFs bill their portfolios as "actively managed," meaning the stocks aren't bought simply because they mirror those in an index such as the Standard & Poor's 500-stock index. But in those actively managed ETFs, offered by Invesco Ltd.'s PowerShares Capital Management LLC, managers buy stocks based on computer models
Unlike other ETFs, which mainly track indexes, the "actively managed" Grail American Beacon Large Cap Value ETF will be comprised of names that the ETF's managers choose based on research aimed at finding good, cheap stocks.
A few other ETFs bill their portfolios as "actively managed," meaning the stocks aren't bought simply because they mirror those in an index such as the Standard & Poor's 500-stock index. But in those actively managed ETFs, offered by Invesco Ltd.'s PowerShares Capital Management LLC, managers buy stocks based on computer models
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