Has the saviour of active management finally arrive? Will the non-transparent aspect of an ETF help active management to finally beat the market consistently?

Unlike most ETFs that reveal their holdings daily, with some reveals every month (cough cough Vanguard), a new ETF fund structure which got approved by the US SEC, called the ActiveShares, allows the ETFs’ holdings to be kept confidential. ActiveShares is created by Precidian Investments.

https://www.cnbc.com/2019/06/15/the-first-non-transparent-etf-gets-sec-approval-heres-how-it-works.html

In short, active fund managers who want the stealth aspect of mutual funds holdings and the benefits of operating ETFs.

The non-transparent aspect of the ActiveShares ETF structure means that it protects the intellectual property of the active fund managers. In other words, since the holdings are confidential, the fund managers do not have to worry about someone front-running or free-riding their portfolio decision.