ETF Breakfast Roundtable – Trading ETFs, Trading with the ETFs, and Underwriter Recharacterization Risks

Please join us for part one of an exclusive two-part exchange-traded fund (ETF) breakfast roundtable for legal and compliance personnel and their business colleagues at broker-dealers and market makers. Our first session is designed primarily for authorized participants (APs) and lead market makers, and focuses on institutional trading, clearing, hedging, and AP liability issues.

Topics to be discussed include:

• Large ownership positions in ETFs
• Issuer- and adviser-directed orders
• Potential for recharacterization of role as an underwriter and mitigation
• Prospectus delivery
• Issues when an ETF is a derivatives counterparty