Cboe Global Markets announces listing for trading first semi-transparent ETFs in the United States

Maria Nikolova

Cboe has listed for trading the American Century Focused Dynamic Growth ETF and American Century Focused Large Cap Value ETF on the Cboe BZX Exchange.

Cboe Global Markets, Inc., one of the world’s leading exchange holding companies, today announces it has listed for trading the first actively managed, semi-transparent exchange-traded funds (ETFs) in the United States – the American Century Focused Dynamic Growth ETF and American Century Focused Large Cap Value ETF – on the Cboe BZX Exchange.

The Focused Dynamic Growth ETF is designed to invest in early stage, rapid growth companies with large market opportunities, whereas the Focused Large Cap Value ETF is designed to invest in large-cap, high-quality companies temporarily selling at a discount.

These ETFs utilize Precidian Investments’ ActiveShares® structure, which allows American Century to deliver its time-tested actively-managed investment strategies in an ETF vehicle without the daily holdings disclosure requirement of fully transparent ETFs. Semi-transparent ETFs also enable asset managers to take advantage of the liquidity and tax-advantage benefits of the ETF structure, while keeping their strategy hidden to protect shareholders.

In addition to Cboe as the primary listing venue, IHS Markit is the verified intraday indicative value (VIIV) calculation agent, Citadel Securities is the lead market maker (LMM), State Street Corporation is the custodian and State Street Global Markets, LLC and Cantor Fitzgerald & Co. are Authorized Participant Representatives (APRs).

Laura Morrison, Senior Vice President and Global Head of Listings at Cboe Global Markets, said: “We are proud to serve as the listing exchange for American Century’s ground-breaking ETFs. Cboe has led the effort with our regulators and industry partners to bring the Precidian ActiveShares ETF structure to U.S. investors, and pave the way for more semi-transparent ETFs in the future. The successful launch today marks a significant industry milestone and builds on Cboe’s proven track record in delivering products and services that bring unique value to the marketplace.”

At present, the Cboe BZX Exchange is the only U.S. equities exchange that has received approval from the SEC to list semi-transparent ETFs utilizing the ActiveShares® model. At the end of 2019, Cboe was the listing venue for more than 380 exchange-traded products (ETPs) from close to 50 unique issuers globally.

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