The Globe and Mail reports in its Thursday edition Pacific Investment Management Co. LLC can add an SEC investigation to the shocking departure of its chief executive officer, Mohamed El-Erian. The Globe's Tim Kiladze writes the Pimco portfolio under investigation by the Securities and Exchange Commission is an actively managed exchange traded fund, and the new probe may shine a light on growing problems with these types of products. Although ETFs were developed as low-cost, passive investment vehicles, their actively managed cousins are growing in stature because they offer investors the chance to beat the market, while paying lower management fees than those charged by traditional mutual funds. The problem is that actively managed ETFs are run in a way that may be at odds with the core values of traditional ETFs. Transparency is one of the key ETF values -- full disclosure of costs, of portfolio holdings, of fund prices -- yet active portfolio managers are inherently against full disclosure because it gives their competitors insight into what they are doing. The Pimco probe pertains to the way in which the fund valued its illiquid assets, but the core issue is applicable to all actively managed funds.