Investors have shown time and again that when it comes to exchange-traded funds, transparency and low costs trump management. For now, investors seeking active management are sticking with the mutual fund industry, but that's not stopping Wall Street firms from launching actively managed ETFs. However, as these newcomers enter the ETF game, many largely disregard the qualities that have made ETFs so successful.With over 900 products on the market and more than $1 trillion in assets, it is no wonder that an increasing number of dominant Wall Street players have announced plans to enter the expanding ETF arena. Some companies, such as Goldman Sachs ( GS), Eaton Vance ( EV) and T. Rowe Price, are still awaiting approval to launch their first products, while others, such as PIMCO and Schwab ( SCHW), have already released a number of products in the past year. On Thursday, JPMorgan ( JPM) joined the bandwagon when it announced its own plan to launch a collection of exchange-traded funds. The firm already offers the popular JPMorgan MLP Alerian Index ETN ( AMJ), a fund I have long promoted as a stable play on the natural gas industry. As evidenced by February's NSX data, the exchange-traded fund industry is still dominated by the likes of Blackrock ( BLK), State Street ( STT) and Vanguard, whose products largely reflect the original three tenants of these instruments: transparency, passivity and low costs. Despite seeing the past success of these traits, a common trend highlighted by this wave of ETF newcomers is the desire to launch actively managed products. Though long touted as the future of the exchange-traded fund industry, for the most part, actively managed ETFs have failed to develop much of a following. For instance, Grail Advisers, viewed as a pioneer in the industry, has seven different active ETFs currently available, but has only managed to accumulate a combined total of $25 million in assets. Grail's meager following leads one to wonder why so many of these newcomers are still confident that active instruments are a sure-fire way to gain a presence in the ETF industry.