Kathleen Moriarty, partner at Katten Muchin Rosenman LLP, joined Asset TV’s Evan Cooper at ETF Trends’ inaugural ETF Boot Camp in New York to discuss trends in new ETF product development, including the possibility that active non-transparent ETFs could debut later this year.

Moriarty, who is working with Cameron and Tyler Winkelvoss to bring the Winkelvoss Bitcoin Trust to market, has been involved with ETFs since the industry’s infancy and helped bring the SPDR S&P 500 ETF (NYSEArca: SPY), the first U.S.-listed ETF and now the largest ETF in the world, to market.

Regarding the cost structure of non-transparent active ETFs, Moriarty notes that issue depends on whether issuers of those products remain true to in-kind redemptions or use cash. In-kind redemptions limit broker and transaction costs.

Watch the video below to see the full interview.

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