American Century Focused Large Cap Value ETF(AMEX:FLV)

FLV is one of the first two actively managed, non-transparent ETFs to begin trading. The fund selects undervalued US large-cap stocks. The fund managers select a concentrated portfolio of 30-50 stocks by focusing on fundamentals such as earning, cash flows and/or assets. Positions are initiated when they believe valuation is low and sell when they believe value is accurately reflected. American Century discloses FLV'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 to allow 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.