Market operator Cboe Global Markets, Inc today announces it has listed for trading four active non-transparent ETFs from Invesco Ltd. These four ETFs include: the Invesco Focused Discovery Growth ETF (Ticker: IVDG), Invesco Select Growth ETF (Ticker: IVSG), Invesco Real Assets ESG ETF (Ticker: IVRA), and Invesco U.S. Large Cap Core ESG ETF (Ticker: 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 aims 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 $370 of the $550 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.

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% of on-exchange trading volumes in this category of ETFs in 2020.

The new Invesco active non-transparent ETF suite will utilize innovation from Invesco’s proprietary active non-transparent ETF model and Fidelity’s active equity ETF methodology. In addition to Cboe BZX Exchange as the primary listing venue, Citadel Securities has been named the lead market maker for these ETFs.