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SEC grants Legg Mason permission to launch actively managed ETFs

The US Securities and Exchange Commission has granted Legg Mason permission to launch actively-managed exchange-traded funds.

The decision paves the way for Legg Mason to bring the three ETFs it has already filed for registration with the SEC to market, probably early in the New Year.

Legg Mason’s proposed actively-managed ETFs are:

Legg Mason Western Asset Ultra-Short Duration ETF – a clone of the popular actively managed bond ETF PIMCO Enhanced Short Maturity Strategy ETF (MINT); 
Legg Mason Capital Management Systematic Equity Fund; and
Legg Mason Equal-Weighted Equity Sector Fund

Legg Mason is the seventh firm to win SEC permission to launch actively managed ETFs this year following Northern Trust, Huntington Asset Advisors, Federated Investors, IndexIQ, Arrow Investment Advisors, and First Trust.

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