Thornburg Investment Management has launched actively managed ETF share classes for two of its mutual funds, the Thornburg American Opportunities Fund (TAOZ) and the Thornburg Focus Growth Fund (TFGZ), on Nasdaq. This innovation marks the first listing of an actively managed dual-share-class structure on Nasdaq, following the SEC’s expansion of access to this model.
These new share classes allow investors to access the same underlying portfolio as both a mutual fund and an ETF, enhancing flexibility and reducing account management friction. Nasdaq’s Head of ETF Listings, Gabrielle Vennitti, emphasized that this development could attract more issuers in the future, particularly from traditional mutual fund managers looking to enter the ETF space.
The launch occurred last month, making it a notable step in the evolution of investment products, as portfolio managers make tactical decisions that may lead to better returns compared to passive indices.
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