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Event: IAFE Seminar Series
Date: Monday, August 19, 2013
Time: 5:45pm Registration, 6:00pm Seminar, 7:30pm Reception
NYU Kimmel Center
Room 914
60 Washington Square South
New York, NY 10012

The International Association of Financial Engineers is pleased to invite you to

IAFE Seminar Series:
The Liquidity and Value of the Exchange Traded Funds
A Talk by Alex Gurvich


Exchange Traded Funds have been in existence since early nineties and there has been an enormous growth in assets, products and investor acceptance. ETFs are next generation mutual funds, they are low cost, transparent, liquid and tax efficient investment vehicles. Nevertheless the marketplace still does not fully understand fundamental concepts of ETF liquidity. The ETF liquidity can be defined in several ways, more than simply traded value and bid ask spread. Because an ETF is a derivative instrument, its inherent/intrinsic value is based on the underlying assets. The ETF liquidity depends on the underlying assets.

Alex Gurvich is founding member and a Managing Partner at The Rockledge Group, where he is a Portfolio Manager. Rockledge is an investment advisory firm specializing in sector investing and alternative strategies using proprietary "Sector Scoring and Allocation Methodology" - SectorSAMâ„¢ is a robust quantitative sector selection and rotation analysis. Rockledge manages funds for the US and European individual and institutional investors.

Rockledge Advisors is the sub-advisor and Mr. Gurvich is the Portfolio Manager of the AdvisorShares Rockledge SectorSAM ETF Fund (NYSE: SSAM).The Rockledge Group is the sub-advisor and Mr. Gurvich is the Portfolio Manager of the Welzia Rockledge USA Equity Fund (BME Madrid: ES0184593004). Mr. Gurvich is a recognized expert in the Exchange Traded Funds and Alternative Strategies space and is a frequent speaker and panelists in the conferences worldwide. He is also a regular contributor to the TheStreet.com, Seeking Alpha and AdviceIQ websites.

Mr. Gurvich is an Adjunct Professor of Finance at Pace University Lubin School of Business. He is a mentor in the New York Society of Security Analysts program for the university teams competing in the CFA Institute Research Challenge. Mr. Gurvich serves on the Board of Directors and is the Treasurer of the New York City Montessori Charter School.

Prior to Rockledge, Mr. Gurvich was a venture capitalist with General Electric's GE Capital. Prior to GE, Mr. Gurvich started his business career as a management consultant, with Bain & Company. Prior to business school he was an engineer/physicist, with CAMECA, a high tech scientific instrumentation firm. Prior to CAMECA, he worked in the medical physics laboratory at the Harvard University.

Mr. Gurvich holds a BA in Physics from the University of Chicago, an MBA from INSEAD, and an MS in Financial Engineering from New York University Polytechnic Institute. He is currently a candidate in the PhD in Financial Engineering program


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