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Hi XXXXXX –
Thank you for reaching out regarding RSSB and its designation as an active ETF.
The distinction between "active" and "passive" ETFs is a defined regulatory concept. Basically, the SEC defines a passive ETF as one that seeks to track a specific index. As RSSB does not specifically track an index, it is, by definition, an active ETF.
As managed, the equity component of RSSB seeks to provide exposure to global equities in line with broad, passive benchmarks such as the MSCI ACWI or FTSE All World. Similarly, the bond strategy seeks to provide exposure to a (fairly static) ladder of U.S. Treasuries (via futures).
While we do not perform any active security selection or tactical timing, the ETF is still considered active from a regulatory perspective.
I hope this is helpful.
Best,
Corey Hoffstein
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