A NEW TECHNIQUE IN FUND MANAGEMENT

1/3
"conventional funds operate exclusively over their assets" 
"conventional asset trading, rolling, and rebalancing increases costs, impacts market prices, and limits strategies and returns"
“by using both assets and liabilities (a fund's shares) entirely new degrees of freedom in performance, trading, and indexing are created"

USING THE ETF ECO-SYSTEM

1/3
“ETFs now deliver an almost unlimited range of longs and shorts in most of the world's investable indices and strategies”
“the basic ETF design is over 20 years old, and many of the most popular underlyings were not designed for financial investors or ETF repackaging ”
"using the existing ETF eco-system, ETF investors can trade directly with each other, improving efficiency and transparency, expanding indexing opportunities, and addressing second order liquidity concerns"