PORTFOLIO Online — Non-Transparent Active ETFs: How They Work and Why They Were Developed

JUN
23
Tuesday, 1:30 pm - 2:30 pm
 
Location:

Webinar

 
Speakers:

MODERATOR
Nichole M. Kramer — Manager of Distribution ETF Operations, SS&C ALPS

PANELISTS
Scott Livingston, CFA — Vice President and Global Head of ETF Product, T. Rowe Price
Ed Rosenberg — Senior Vice President, American Century
Stuart Thomas — Founding Principal, Precidian Investments

 
Time: 1:30 pm - 2:30 pm
 
Dress: Not Applicable
   
 
Add to Calendar 06/23/2020 1:30 PM 06/23/2020 2:30 PM America/Los_Angeles Non-Transparent Active ETFs: How They Work and Why They Were Developed Non-Transparent Active ETFs: How They Work and Why They Were Developed CFALA info@cfala.org false MM/DD/YYYY
PORTFOLIO Online is a series of webinars between May and July that will showcase much of the content and many of the speakers scheduled for the in-person PORTFOLIO 2020 Conference, which was cancelled due to the COVID-19 pandemic.

Could non-transparent active ETFs replace mutual funds? Major asset management firms are launching and licensing such ETFs and many are expected to be clones of existing mutual funds. Our panel will discuss how non-transparent active ETFs work, why they were developed, and whether they really are non-transparent. Semi- or non-transparent active ETFs, as they have been termed, are ETFs that report actual holdings less frequently than daily and instead report a form of a proxy portfolio that may have different holdings, different securities, or be lagged compared to the actual portfolio.

MODERATOR

Nichole M. Kramer | Nichole M. Kramer currently serves as Manager of Distribution ETF Operations for SS&C ALPS. She is responsible for the day-to-day operations and supervision of one of the seven core services performed by the distributor on behalf of 31 Exchange traded Fund trusts, 480 authorized participation agreements, over $510 billion in AUD and more than 20,000 orders annually across five transfer agencies and four different order platforms, including the award winning proprietary SS&C ALPS XPI order platform.  She regularly reports to the Board of Directors for various trusts regarding ETF activity and trends. She has authored the SS&C ALPS Whitepaper: Semi-Transparent Exchange Traded Funds: A Revolution in Active Management and the lead author of SS&C ALPS whitepaper: Non-Transparent Exchange-Traded Products: A Revolution 25 Years in the Making, and has published a series of blogs around semi-transparent active ETFs. She has also served as a Panelist and as a Moderator for ETF industry focused forums. Prior to SS&C ALPS in 2011, Nichole was instrumental in establishing operations, compliance and procedures for Mainline West LLC. Nichole received a Bachelor of Arts degree with a double major in English and Mathematics from Bethany College. Back To Top ^^

PANELISTS

Scott Livingston, CFA | Scott Livingston is the global head of ETF Product at T. Rowe Price and a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. Scott began his career at T. Rowe Price in 2003 and has held various positions across investments; prior to his current position, he managed a suite of quantitatively managed separate accounts as well as oversaw the management of various other global and large-cap equity accounts in Global Trading. Scott earned a B.B.A. in finance, with a minor in economics, from James Madison University and an M.S.F. from Loyola University Maryland. He also has earned the Chartered Financial Analyst designation.

Before joining American Century Investments in 2017, Ed was a senior vice president and head of ETF capital markets and analytics at Northern Trust’s FlexShares. Previously, he was director and head of capital markets and analytics at Russell Investments. Prior to that, Ed was an ETF product manager at Vanguard.

Ed holds a bachelor’s degree in business administration from Muhlenberg College, and a master's degree in business administration from Pennsylvania State University. Back To Top ^^

Ed Rosenberg | Ed Rosenberg is senior vice president and head of exchange traded funds for American Century Investments, a premier investment manager headquartered in Kansas City, Missouri.

Before joining American Century Investments in 2017, Ed was a senior vice president and head of ETF capital markets and analytics at Northern Trust’s FlexShares. Previously, he was director and head of capital markets and analytics at Russell Investments. Prior to that, Ed was an ETF product manager at Vanguard.

Ed holds a bachelor’s degree in business administration from Muhlenberg College, and a master's degree in business administration from Pennsylvania State University. Back To Top ^^

Stuart Thomas | Stuart Thomas began his career at Merrill Lynch, where he spent more than 10 years working as a U.S. International Equity Salesman, Senior Deal Manager on the Equity Syndicate Desk, and Manager of the Convertible Sales & Marketing Desk before moving to Morgan Stanley. While at Morgan Stanley, Mr. Thomas is widely credited with creating their retail exchange-traded fund business. He served as Manager of the ETF Sales and Trading Department until his promotion to First Vice President, Director of Equity Capital Markets Sales. On behalf of the World Gold Council, he started World Gold Trust Services in August 2002 to create, manage, and market the first U.S. commodity-backed equity traded on an exchange, SPDR Gold Shares (GLD). In 2005 Mr. Thomas co-founded M7 Ventures (now Precidian Investments) with his partners to create innovative IP in the ETF space. In 2006, Precidian developed the first “physically-backed” currency ETFs and, along with Rydex Investments, launched, CurrencyShares® on the NYSE. Since 2006, Precidian Investments has created a number of unique patent-protected ETF structures including ADRplus®, Managed Distribution ETFs, and the industry changing ActiveShares® ETF which was approved in May 2019. Back To Top ^^

Registration Fees
Free (Members) | $20 (Non-Members)

Payment Information
We accept the following:

*Credit card payments will only be accepted through the secure online registration, and not by phone or email.

Cancellations
Cancellations must be received in writing by 9:00 am the day prior to the event to receive a refund. No phone cancellations are accepted. Please e-mail info@cfala.org.
As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1 credit hour. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
 
 

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