ETF attivi ed ETF attivi non trasparenti: struttura e comportamento durante lo shock pandemico

Exchange-Traded Funds are financial instruments that replicate a benchmark. Their main strengths are costeffectiveness,\r\ntransparency and liquidity. The great success of Etfs has attracted new issuers and has prompted\r\nmanagement companies to diversify by launching actively managed Etfs of increasing complexity, starting with the\r\nfirst Smart Beta Etfs in 2000 and then arriving at the first Active Etf in 2008 and, finally, the Non-Transparent Active\r\nEtfs in March 2020.The aim of this work is to illustrate the structure of Active Etfs, analyzing their possible evolutions\r\nin the light of the introduction of Non-Transparent Etfs, also considering the pandemic shock