Legg Mason today announced the launch of its first semi-transparent ETF using the Precidian ActiveShares structure.
Legg Mason and its affiliate, ClearBridge Investments, LLC, today announced the launch of Legg Mason’s first exchange-traded fund (ETF) using the semi-transparent technology of Precidian Investments LLC, ActiveShares®.
CFCV, a series of Legg Mason’s ActiveShares® ETF Trust, trades on the Chicago Board Options Exchange (Cboe) and seeks long-term capital appreciation. The ETF is backed by ClearBridge’s proven expertise in active management and through the use of Precidian’s ActiveShares® technology, its strategy is able to be delivered in a confidential format to safeguard both the ETF and its investors.
The launch represents the culmination of many years’ work in the development of the ActiveShares® ETF structure. The methodology seeks to bring the best of the ETF structure and active management together. The ActiveShares® ETF structure’s unique combination of cost and tax efficiencies, real-time pricing and confidential format can benefit both asset managers and investors.
“This ground-breaking ETF is part of our commitment to delivering active investment excellence in the vehicles our clients and investors demand. This is another exciting step in the development of ETFs, giving investors greater choice and more opportunities to invest in otherwise inaccessible active strategies in a highly efficient and confidential ETF wrapper,” said Terrence Murphy, CEO of ClearBridge Investments.
ClearBridge Investments and Legg Mason partnered with Precidian Investments to develop the ETF and all are excited to offer this investment opportunity to investors. “I want to thank Joe Sullivan for his foundational support, and the various teams at Legg Mason who worked tirelessly to make this evolution in product structure a reality. Additionally, I am pleased to partner with Terrence Murphy, who has the vision to realize the potential of what we believe to be a burgeoning marketplace,” said Dan McCabe, CEO of Precidian Investments.
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