Which disclosure duty falls on actively managed ETFs but not on comparable mutual funds?

1. An index-based ETF has a public index that tells the market what it holds. 2. An actively managed ETF has no such reference point, because its adviser may trade the portfolio daily. 3. So actively managed ETFs are required to publish their holdings daily, which similar mutual funds are not. 4. Daily disclosure lets market participants engage in arbitrage that keeps the share price close to underlying value. 5. The statement of additional information is provided on request, not as an annual publishing duty. 6. Shareholder reports at sixty days after the fiscal year end and mid-year apply to mutual funds too, so they do not separate the two. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section Actively Managed Funds_