American Century Focused Dynamic Growth ETF(AMEX:FDG)

FDG is one of the first active, non-transparent ETFs to begin trading. The fund uses fundamental, bottom-up approach, focusing on company earnings, revenues and cash flow to select mid- and large-cap US growth stocks. The concentrated portfolio holds roughly 30-45 names that are expected to accelerate their growth rate relative to recent trends, market expectations, peers and historical data. Notably, American Century discloses FDG's holdings 15 days after the calendar quarter for the preceding three months, instead of daily. The fund provides a verified intraday indicative value (VIIV) calculated every second during the trading day, to provide enough information for an arbitrage mechanism intending to keep the funds share price close to the underlying net asset value. Authorized participants who create/redeem shares have less information regarding the portfolio on a daily basis which may result in wider spreads.