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Legg Mason Joins Active ETF Club

Legg Mason has joined as one of a handful of firms to win approval from the Securities and Exchange Commission to launch active exchange-traded funds.

According to Morningstar, which reported on the approval, Legg Mason may bring some or all of its proposed ETFs, including: Legg Mason Western Asset Ultra-Short Duration ETF, Legg Mason Capital Management Systematic Equity Fund and Legg Mason Equal-Weighted Equity Sector Fund, to market early next year, if not sooner.

Legg Mason will join six other firms that have won active ETF approval this year, including: Northern Trust, Huntington Asset Advisors, Federated Investors, IndexIQ, Arrow Investment Advisors, and First Trust, according to Morningstar.