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Journal of risk and financial management· 2026Q2

Portfolio Optimization and Tail-Risk Analytics of Actively Managed ETFs

William W. Lamptey, Nicholas Appiah, Abootaleb Shirvani, Priscilla Ati-Tay et al.

Short summary

Actively managed ETFs exhibit substantial heterogeneity, offering diversification but also varied risk profiles; tangency-type portfolios generally outperform buy-and-hold, while minimum-variance and CVaR strategies offer better downside control.

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FinanceEconomics, Econometrics and Finance