AER Advisors Inc. and XShares Advisors LLC -- two startups trying to crack the exchange-traded fund puzzle -- get the The Wall Street Journal Fund Track column spotlight for their recent filings. Both firms filed with the SEC for ETFs based on enhanced-indexed in May. In each case, they are creating rules to pick stocks for their portfolios rather than tracking an established benchmark. This makes the ETFs look more like an actively managed fund (their are now no actively managed ETFs). How the SEC reacts to the proposals is something the industry will see. 

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