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Ed Rosenberg, American Century

American Century launches first two semi-transparent ETFs using Precidian structure

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The hotly anticipated launch of the first two semi-transparent ETFs has been announced, with American Century Investments using Precidian Investments’ ActiveShares methodology to launch the American Century Focused Dynamic Growth ETF (FDG)1, 4 and American Century Focused Large Cap Value ETF (FLV)1, 4.

American Century says the semi-transparent structure will allow it to deliver its actively managed investment strategies in an ETF vehicle, without the daily holdings’ disclosure requirement of fully transparent ETFs. 

The new funds will be available exclusively through Cboe BZX Exchange with Citadel Securities, LLC as the lead market maker, serviced by State Street, which is both Authorised Participant Representative (APR) and custodian, and with IHS Markit as the verified intraday indicative value (VIIV) calculator.

Read ETF Express’s interview with Ed Rosenberg, senior vice president and head of ETFs at American Century here:

“This new type of ETF gives American Century one of the most diverse platforms in the industry and allows us to introduce products with our unique insights,” says Rosenberg.

Read ETF Express’s interview with Precidian’s Dan McCabe here:

“We’re pleased to be the first firm to offer semi-transparent active ETFs to our clients,” says Jonathan Thomas, American Century Investments’ chief executive officer. “Our goal at American Century Investments has long been providing active management solutions that meet their evolving needs.”

Focused Dynamic Growth (FDG) invests in stocks of early and rapid stage large-cap growth companies with the potential to increase in value over time. The fund is managed by Keith Lee, senior vice president and senior portfolio manager; Michael Li, vice president and senior portfolio manager; Prabha Ram, portfolio manager, Henry He, portfolio manager and Rene Casis, ETF portfolio manager.

Focused Large Cap Value (FLV) invests in large-cap, high-quality companies the managers believe are temporarily selling at a discount. The fund is managed by Phillip Davidson, senior vice president and executive portfolio manager; Brian Woglom, vice president and senior portfolio manager, Phil Sundell, portfolio manager, Kevin Toney, chief investment officer, Global Value Equity and senior portfolio manager, Michael Liss, vice president and senior portfolio manager and Rene Casis, ETF portfolio manager.

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