I'm having trouble wrapping my head around how it's possible to have these new active ETFs. How do they operate, realistically?
I mean, the point of ETFs (as a structure) is that arbitrageurs can wrap up $50K worth of an ETF's securities and exchange them for ETF shares, or vice versa, thus causing the price of the ETF to stick to the value of the index. (and making those arbitrageurs a nice safe little profit in the process)
So how on earth is that supposed to work when someone's changing what the ETF has in it all the time?