(Bloomberg) -- Active managers have captured 18 percent of Canada’s ETF market compared with just 1 percent in the U.S., the result of a regulatory advantage that lets fund managers keep their strategies close to their vest.

Actively managed exchange-traded funds make up C$26 billion ($20.3 billion) of Canada’s C$141 billion ETF market.

In the U.S., active ETFs make up only $39 billion of the $3.25 trillion market, according to data compiled by Daniel Straus, vice-president of ETF and financial products research at National Bank Financial.

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