Grail Advisors has filed to offer two actively managed exchange-traded funds, the Grail American Beacon Large Cap Value ETF and the Grail American Beacon International Equity ETF. Both will be sub-advised by American Beacon Advisors, a manager-of-managers.

“These funds are an enormous leap forward in the evolution of ETFs,” said Grail CEO William M. Thomas. “We’ve captured a unique opportunity to deliver real active portfolio management in an ETF structure that provides more transparency than traditional mutual funds.” The funds’ portfolio managers will not be subject to any investment restrictions, and the advisor will post the funds’ holdings daily.

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