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Nuveen agrees licence for Precidian’s ActiveShares ETF structure


Precidian Investments has licensed its proprietary ActiveShares actively-managed, exchange-traded funds (ETFs) structure to Nuveen, a TIAA company.

The Precidian model, subject to applicable regulatory approvals, would allow Nuveen to deliver actively-managed investment strategies in an ETF vehicle without disclosing holdings on a daily basis. Precidian is currently seeking approval for use of ActiveSharesSM from the SEC.
“As the actively-managed ETF market continues to grow, Nuveen is pleased to partner with Precidian to provide an innovative structure to offer myriad active investment strategies through an ETF,” says Martin Kremenstein, Senior Managing Director, Head of ETFs at Nuveen. “Our licence with Precidian adds another efficient structure for delivery of our strategies.”
“We are honoured to work with Nuveen in our collective effort to deliver an innovative investment solution in the form of an actively-managed, periodically-disclosed ETF,” says Precidian CEO Dan McCabe. The ActiveSharesSM ETF structure provides clients with expanded vehicle options while it also protects the integrity of the underlying portfolio thereby, serving the best interest of investors.”
Nuveen joins JP Morgan Asset Management, Blackrock, Capital Research, Legg Mason, American Century, GAMCO Investors, and Nationwide among others, in licensing Precidian’s intellectual property. Precidian’s ActiveShares structure seeks to combine the most beneficial aspects and protections of the traditional mutual fund with the efficiencies and flexibilities of an ETF. The patented ETF structure seeks to provide asset managers with the ability to generate alpha without daily disclosure of their proprietary strategies while simultaneously creating significant improvements in tax efficiency, manager flexibility and lower operating costs.

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