For years, active mutual funds sat and watched the boom in ETFs from the sidelines, unwilling to participate as it would mean showing their holdings every day. But now they can jump in thanks to a new type of structure that allow them to trade like an ETF but not have to show their holdings every day. These active non-transparent (ANT) ETFs are especially appealing to fund companies with trillions in assets. On this episode of Trillions, Eric and Joel speak with Greg Friedman, Head of ETF Management and Strategy at Fidelity, and Scott Livingston, Global Head of ETFs at T. Rowe Price. Bloomberg Intelligence analyst Morgan Barna joins to discuss how the ETFs work, how the companies plan to find investors, and what to make of mutual funds conversions.