Join us on Thursday 14 May 2026
The University of Melbourne
Exchange Traded Funds (ETF) have become a central part of modern investment markets. What began as a vehicle for low-cost access to broad market indices has evolved into a diverse eco-system spanning equities, fixed income, commodities, digital assets and active strategies. As the industry matures, attention is shifting from growth alone to technologies, market structure and liquidity mechanisms that will shape the next phase of development.
This conference will bring together academics and industry participants from across the ETF eco-system, including exchanges, issuers, market makers, investors, advisors and service providers. It will examine the forces shaping the sector. Combining frontier academic research with practitioner perspectives, the program will explore five key themes:
- Regional and global industry trends: how ETF markets are evolving across jurisdictions, including developments in fund structures, product design, model portfolios, 24/7 trading and volatility management;
- Technology and advice: how AI, automation and new technologies are likely to reshape financial advice, product creation and distribution and the ETF sector more broadly;
- Corporate bond ETFs and market liquidity: how illiquidity in underlying bond markets creates both opportunities and challenges for ETFs;
- ETF liquidity and trading mechanisms: how liquidity is sourced and delivered in ETF markets, including the growing role of Request of Quote Platforms.
- Active ETFs: the opportunities active ETFs create for investors and the commercial, operational and distribution challenges they present for issuers.
The program features research presentations by leading international scholars and panel discussions with industry experts. It is designed to foster informed discussion about innovation, liquidity, product design and market evolution at a time of rapid change for the ETF industry.
We welcome academics and participants from all parts of the ETF eco-system to join us on Thursday May 14 to discuss these evolving issues and trends.
Program Chair
Carole Comerton-Forde, Department of Finance, Faculty of Business and Economics
Contact
Conference Agenda
Click here to download a PDF version of the program
| Time | Session | ||
|---|---|---|---|
| 0830-0905 | Registration | ||
| 0905-0915 | Welcome | ||
| Time | ETFs across the region and globe: Global trends and emerging directions | ||
| 0915-1000 | ETF markets are evolving rapidly across the globe, shaped by innovation in product design, fund structures and trading models. This session will explore regional and global developments including new product growth, the rise of model portfolios, the implications of extended trading hours and how market participants are thinking about volatility management in a changing market environment. It will consider what these developments mean for the future direction of the ETF industry and for the institutions that support it. | ||
| Panel |
Duncan Burns Vanguard, Asia Pacific Head of Investment Management & Equity Indexing Stephen Ead BlackRock, Head of Global Product Solutions for Australia & New Zealand Alex Zaika Global X, Chief Executive Officer | ||
| Moderator |
Andrew Campion Independent Advisor | ||
| Time | Market Intelligence and Investor Behaviour Insights | ||
| 1000-1020 | Leveraging on its proprietary data MUFG Corporate Markets to reveal key findings and experiences from being the largest ETF registry provider in Australia. Rakitha will share how investors are allocating capital, shifting asset exposure and other insights across the ETF market. | ||
| Presenter |
Rakitha Amaranath MUFG Corporate Markets (Australia), Head of ETP Services | ||
| 1020-1050 | Morning Break | ||
| Time | AI, technology and the future of ETFs and advice | ||
| 1050-1205 | This session will examine how AI and new technologies are reshaping financial advice and the ETF sector. It will explore how technological change may influence investor engagement, product design, product distribution, advice delivery and competition, while also considering the practical limits of automation and the continuing role of trust, judgement and market structure in shaping outcomes. | ||
| Presenter |
Alberto Rossi Georgetown University | ||
| Panel | Evan Metcalf Arnie Selvarajah | ||
| Moderator |
Julian Cappe Investment Trends, Head of Research | ||
| 1205-1315 | Lunch | ||
| Time | Corporate bond ETFs: Liquidity, illiquidity and market function | ||
| 1315-1430 | Bond ETFs promise tradable liquidity in a market where the underlying securities are often illiquid, hard to value, and expensive to transact. Professor Zhou's talk will explore how that tension has fueled the rapid growth of corporate bond ETFs while also creating important challenges in portfolio construction, trading, and pricing. Drawing on his research and the broader ETF literature, he will examine the roles of liquidity transformation, representative sampling, principal trading, and valuation uncertainty in shaping ETF performance, market efficiency, and investor outcomes. The talk will offer a research-based perspective on what bond ETF mechanics reveal about the opportunities and risks of modern fixed income markets. The subsequent panel discussion with explore these themes in an Australian context. | ||
| Presenter |
Alex Zhou Southern Methodist University | ||
| Panel |
Morgan Potter Nine Mile Financial, Managing Director Michael Williams The Hopkins Group, Managing Director Dugald Higgins Zenith Group, Head of Responsible Investment & Real Assets Alex Zhou Southern Methodist University | ||
| Moderator |
Kanish Chugh PIMCO, Head of ETF Sales | ||
| 1430-1500 | Afternoon Break | ||
| Time | How ETF liquidity works: trading, market making and RFQ platforms | ||
| 1500-1550 | This session will examine how ETF liquidity is created, accessed and managed across different trading channels. It will explore the interaction between exchange trading, market making, authorised participants and underlying market liquidity, and will consider the role of RFQ platforms - including ASX's planned platform based on the Tokyo Stock Exchange's CONNEQTOR model - in supporting execution quality, transparency and market functioning, especially for institutional investors. | ||
| Panel |
Rory Cunningham ASX, Senior Manager, Investment Products Alex Chan State Street Investment Management, Head of ETF Capital Markets, Asia Pacific Rob Risk Susquehanna International Group, Business Development Manager | ||
| Moderator |
Carole Comerton-Forde The University of Melbourne, Professor of Finance | ||
| 1550-1555 | Mini Break | ||
| Time | Active ETFs: growth opportunities and issuer challenges | ||
| 1555-1645 | Active ETFs are an increasingly important source of innovation in the ETF market, offering investor access to professionally managed strategies in a structure that combines flexibility, transparency and ease of access. Their appeal lies in the potential for differentiated investment strategies, greater visibility over holdings than traditional active managed funds, and their growing use within the advice channels and model portfolios. The session will examine the opportunities active ETFs create for investors and advisors and explore the challenges issuers face in building scale, obtaining research coverage, securing platform inclusion and standing out in a crowded and fast-growing segment of the market. | ||
| Panel |
Damien Sherman JP Morgan Asset Management, ETF Capital Markets Charlie Wapshott Claremont Global, Head of Distribution Michelle Weber Macquarie Group, Head of Wrap Platform | ||
| Moderator |
Oran D'Arcy Cboe Australia, Head of Listings, Asia Pacific Region | ||
| 1645-1655 | Conference Close and Wrap-Up | ||
| 1655-1800 | Networking Drinks kindly sponsored by the ASX | ||
Speakers
Rakitha Amaranath
Head of ETP Services, MUFG Corporate Markets (Australia)
Rakitha Amaranath is the Head of ETP Services at MUFG Corporate Markets (Australia), where he leads the delivery of registry, investor services, and operational solutions for exchange-traded products (ETPs).
Based in Sydney, Rakitha is responsible for supporting ETF issuers across Australia’s rapidly evolving investment landscape.
He brings deep expertise in ETF market infrastructure, transfer agency operations, and investor servicing, with a strong focus on scaling registry platforms to meet the demands of modern capital markets. His experience spans client relationship management, operational strategy, and the implementation of technology and regulatory initiatives.
He previously held senior roles in client relationship management and business development at Link Market Services (now MUFG Corporate Markets), and is an active contributor to industry forums, sharing insights on ETF evolution, investor behaviour, and market infrastructure.
Alberto Rossi
Professor of Finance, Georgetown University
Alberto Rossi is the Hachigian Family Professor of Finance at the McDonough School of Business, Georgetown University. He is also the Director of the AI, Analytics, and Future of Work Initiative at Georgetown, a Visiting Fellow at Brookings, and a member of the Economic Advisory Committee (EAC) at FINRA. His research interests include FinTech, Household Finance, Machine Learning, and Asset Pricing. His recent work studies how robo-advisors can help individuals make better financial decisions and how to predict stock market returns using machine learning algorithms. He has worked extensively in analyzing big data, has collaborated with major brokerage houses, FinTech firms, and asset managers around the world.
Professor Rossi’s work has been published in leading academic journals such as the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics and Management Science.
Before McDonough, he was an Associate Professor with tenure at the R.H. Smith School of Business, University of Maryland. He also worked as an economist at the Board of Governors of the Federal Reserve System in Washington DC. He received his Ph.D. in Economics from the University of California, San Diego.
Alex Zhou
Professor of Finance, Southern Methodist University
Alex Zhou is the James M. Collins Chair in Finance and Professor of Finance at the SMU Cox School of Business. His research examines financial intermediation and market microstructure, with a focus on fixed income markets. His work has appeared in leading journals including the Journal of Financial Economics, Review of Financial Studies, and Management Science, and has been featured in the Wall Street Journal, Financial Times, Forbes, Bloomberg, and CNN. He previously served as a principal economist at the Federal Reserve Board of Governors and as a Research Fellow at the Office of Financial Research at the U.S. Treasury Department. He earned his Ph.D. from Cornell University.
Duncan Burns
Principal, APAC Head of Investment Management and Global Equity, Vanguard
Duncan is Vanguard’s head of investments and head of equities for the Asia-Pacific region. In this dual role, Duncan supports Vanguard’s regional investment teams, including equity and fixed income portfolio management, trading, and capital markets operations across Asia. He leads a team of more than 60 investment professionals: portfolio managers, traders, ETF and capital markets specialists, economists, and technologists.
Duncan brings to the team more than 25 years of Wall Street expertise, focusing on index and quant active portfolio management, electronic trading, ETFs, transaction cost analysis, market microstructure, superannuation, and multi-asset portfolio construction.
Before joining Vanguard in 2013, Duncan worked at Jacobs Levy Equity Management, a U.S. provider of quantitative equity strategies for institutional clients. Duncan started his career on Wall Street in 1996, working at Donaldson, Lufkin & Jenrette (DLJ), where he spent a number of years managing the agency trading desk of DLJ’s retail brokerage arm, DLJdirect. Duncan holds a B.A. in economics from Lafayette College and an M.B.A. from the Yale School of Management, and is also a CFA Charterholder.
Alex Chan
Head of ETF Capital Markets, Asia Pacific, State Street Investment Management
Alex Chan, CFA, is a member of State Street ETF Capital Markets leadership team based in APAC. He has extensive experience in the local and global funds management industry, with over 15 years dedicated to Exchange Traded Products (ETP) in APAC.
In his current role, he leads APAC SSIM ETF Capital Markets team which help clients including Institutional, intermediaries, wealth to execute ETP trades more efficiently, and improving trading qualities of their ETP. Also, he works closely with global liquidity providers and broker dealers to promote healthy primary and secondary markets of SSIM ETFs. He partners with exchanges and foster relationships to enhance ETP ecosystem in the region.
Prior to joining State Street Investment Management in 2023, Alex had spent 12 years at BlackRock’s iShares Capital Markets team in APAC and couple years among Morgan Stanley and SSIMS.
Rory Cunningham
Senior Manager, Investment Products, ASX
Rory Cunningham is a Senior Manager, Investment Products at ASX, working within the Listings and Markets group. He leads business initiatives to expand the range and adoption of investment products listed on ASX, including Exchange Traded Funds (ETFs), Listed Investment Companies and Trusts (LICs/LITs), Real Estate Investment Trusts (REITs), Warrants, and Retail Debt Securities.
With over 15 years of experience in Australia’s investment and financial markets, Rory brings deep expertise across the funds management ecosystem. His previous roles at Fidelity Investments and Perpetual Investments have equipped him with a strong foundation in asset management and investor engagement.
Rory holds a Bachelor of Commerce (Accounting and Finance) and a Master of Business Administration from the University of Sydney.
Stephen Ead
Head of Global Product Solutions for Australia and New Zealand, BlackRock
In this role Steve is responsible for the product strategy, innovation, and commercialisation for Blackrock investment products in the region. In relation to iShares ETFs, Steve oversees the ETF platform and has extensive experience in the ETF ecosystem in Australia.
Steve joined the firm in 2002 working in the European Business Development team in London. He moved to Australia in 2007 as a business analyst working on iShares ETFs and other operational processes, before moving to iShares product in 2012.
Steve has over 25 years industry experience and holds a BA in Economics from the University of Leeds.
Dugald Higgins
Head of Responsible Investment & Real Assets, Zenith Group
Dugald is Head of Responsible Investment & Real Assets for the broader Zenith Group. He has overall responsibility for the development and incorporation of key services across Zenith's and Chant West's investment and super fund research, portfolio solutions and corporate divisions regarding responsible investment practices, including the Group's own activities as a corporate citizen. He is also Chair of the Group's Responsible Investment Committee and a member of the FE fund info global ESG Committee. Dug also is the Sector Head for Real Assets, with 24 years of experience in private market real estate, infrastructure and natural capital.
Evan Metcalf
Executive Director, Savana Asset Management
Evan Metcalf is an Executive Director of Savana Asset Management, a fully-digital active ETF manager that uses proprietary algorithms to identify and exploit market mis-pricings. Alongside this role, Evan runs Axio ETF Consulting, providing independent strategic advice to asset managers on ETF product development and implementation.
Prior to that, Evan spent over 10 years at Global X ETFs Australia, including time as Co-Head of Portfolio Management, Head of Product and Chief Executive Officer. Before getting involved in ETFs, Evan spent 15 years in equity and FX derivative structuring roles at Credit Suisse in London as well as at ANZ and Westpac.
Evan is a CFA charter holder, holds a Masters in Financial Mathematics from King's College London, and a Bachelor of Commerce (Finance) and Bachelor of Science (Mathematics) from UNSW.
Morgan Potter
Managing Director, Nine Mile
Morgan co-founded ETF Market Making firm, Nine Mile, after 16 years as a managing director with Macquarie Group (Sydney, Hong Kong & New York) and Goldman Sachs (Australia). Prior to Nine Mile, Morgan was based in New York and Hong Kong with Macquarie as Global Head of ETF Trading. Morgan holds a B. Engineering (Structural).
Rob Risk
Business Development Manager, Susquehanna
Rob has over 25 years experience in both ETF and derivative markets having worked previously in trading and market making roles for Susquehanna and Citibank. He has also spent several years working in the funds management industry having worked for Denning Pryce Funds Management as a Portfolio Manager and as Head of Market Risk and Trading. As a Business Development Manager at Susquehanna, Rob works closely with the ETF and options trading desks and focuses on the expansion of the business into other markets in the Asia region.
Arnie Selvarajah
Co-Chief Executive Officer, Bell Financial Group
Arnie Selvarajah is the Co-Chief Executive Officer of Bell Financial Group. He was previously Chief Executive Officer of Third Party Platform Pty Ltd including its associated businesses Bell Direct, Desktop Broker and Bell Potter Online from 2008 to 2023. Arnie has more than 25 years' experience in financial services. In his time at Third Party Platform, he has driven growth through a focus on technology and customer service. Arnie is the Chairman of Third Party Platform Pty Ltd and is a Director of Bell Potter Securities Ltd. He holds a Bachelor of Commerce and Masters of Business Administration from the University of New South Wales.
Damien Sherman
Head of ETF Platform, APAC, JP Morgan Asset Management
Damien Sherman, Executive Director, joined JP Morgan Asset Management in July 2022 and is responsible for the strategic direction and implementation of the JP Morgan Asset Management ETF Platform in APAC.
Prior to this role, Damien was the ETF Specialist for the Australian ETF suite at JP Morgan, he had responsibility for ETF Capital Markets and as such, played a key role in the build out of the ETFs in AU. Previously Damien has held numerous positions with Vanguard and Janus Henders on across new product development, product management and ETF capital markets.
In a career spanning some 30 years, Damien has worked in Melbourne, London and Amsterdam and across a variety of industries including investment management, scientific publishing and identity management. He has a bachelor degree in Economics and Finance from RMIT University and a Masters of Applied Finance from Monash University.
Charlie Wapshott
Head of Distribution, Claremont Global
Charlie has over 15 years of experience split across the UK and Australia, where he played an integral role in investor relations teams for a number of highly regarded finance and fund management companies, including Financial Express, Morningstar & Australian Unity Investments.
Since 2020, he has been Head of Distribution for Claremont Global, a high-conviction global equity fund. With the main responsibility of managing strategic partnerships.
He holds a Bachelor of Science in Psychology from Oxford Brookes University and a Master of Science in Countering Organised Crime and Terrorism from University College London (UCL). He is also a Certified Investment Management Analyst (CIMA®).
Michelle Weber
Head of Macquarie Wrap, Macquarie Group
Michelle leads the Wrap Platform at Macquarie’s Banking and Financial Services division, which is the largest platform of its kind in Australia. Macquarie Wrap helps financial advisers securely manage their clients’ investment, superannuation and cash management products.
With almost 30 years’ experience in the Australian financial services industry, she is focused on and passionate about providing financial advisers with the technology they need to efficiently and sustainably serve their clients and grow their business.
Michael Williams
Managing Director, The Hopkins Group
Michael Williams is the Managing Director of The Hopkins Group (THG), a holistic financial and property advisory firm in Melbourne. Over his 23-year tenure, Michael has transformed the firm into an industry-leading provider of end-to-end wealth management solutions through strategic acquisitions, partnerships, mergers, and organic growth, from exceptional services tailored to his clients.
Michael had a simple yet powerful vision – to help his clients establish financial well-being and achieve a financially independent future. This was his vision when he first started as a financial advisor, which is still his vision today as the Managing Director of The Hopkins Group (THG).
Alex Zaika
Chief Executive Officer, Global X ETFs
Alex Zaika is Chief Executive Officer of Global X ETFs Australia. Since November 2024 he has led the firm’s strategic growth in Australia, focused on delivering differentiated, research‑driven ETF solutions aligned with long‑term investment trends.
With more than 20 years’ experience across investment management and Australian financial services, Alex brings deep expertise across ETFs, derivatives, and traditional and alternative asset class solutions. He has worked extensively with institutional, wholesale and retail investors, and has held senior leadership roles at GAM Investments, BlackRock, Barclays Capital, and Macquarie Bank, spanning product development, distribution, and client engagement.
Alex is a Chartered Alternative Investment Analyst (CAIA) and holds a Master of Applied Finance, a Diploma of Financial Planning, and a Bachelor of Teaching.
Andrew Campion
Independent Advisor
Andrew Campion is an independent adviser to investment and ETF businesses, focusing on product strategy, market structure and exchange-traded product development across global markets.
He was previously General Manager of Investment Products & Strategy at ASX, where he led the development and growth of the exchange’s listed investment products business, including ETFs and other exchange-traded vehicles.
Andrew has over two decades of experience in financial services across multiple asset classes and geographies, working with issuers, market makers, brokers and institutional investors. He played a key role in the expansion of the Australian ETF market and the evolution of the AQUA market, and continues to work with industry participants on product innovation and investor access.
Julian Cappe
Head of Research, Investment Trends
Julian Cappe is Head of Research at Investment Trends, where he leads a team of highly accomplished research analysts and professionals dedicated to delivering world-class insights to the financial services industry.
With more than 20 years of experience in financial services, Julian brings a unique blend of executive leadership, strategic advisory, and research expertise. His career includes senior executive roles at BT/Westpac and Citi, as well as extensive experience as a strategy consultant with McKinsey & Company, KPMG, and ICG. In these roles, he advised boards and senior executives across the Australian financial services market on growth, strategy, and transformation.
Julian specialises in combining data-driven insights, behavioural research, and strategic clarity to support executive decision-making. His deep understanding of the industry and ability to distil complex trends into actionable strategies make him a trusted adviser to leaders navigating a rapidly evolving financial landscape.
Carole Comerton-Forde
Professor of Finance, University of Melbourne
Carole Comerton-Forde is a Professor of Finance at the University of Melbourne. Her research in market structure examines how the mechanics of the market, such as regulation and technology, impact prices, liquidity and trader behaviour. Her research covers equities, corporate bonds and Exchange Traded Funds. Current research interests include dark pools, fragmentation, liquidity provision in ETFs and the connection between the cost of raising capital and secondary market liquidity.
Carole is an economic consultant for the Australian Securities and Investments Commission and an Academic Advisor to the Plato Partnership. She is a co-founder of the Women in Microstructure research group and a Research Fellow at the Centre for Economic Policy Research.
Kanish Chugh
Head of ETF Sales, PIMCO
Mr. Chugh is a senior vice president and account manager on the global wealth management team in the Sydney office, where he leads ETF sales. Prior to joining PIMCO in 2024, he worked at Global X ETFs, most recently as board director and head of distribution, responsible for marketing, distribution, and development of their ETF products. Previously, he held positions in the asset management businesses at ETF Securities, ANZ, Fidelity, and BlackRock. He has 16 years of investment experience and holds an undergraduate degree in finance and international business from the University of Sydney.
Oran D'Arcy
Head of Listing, APAC Region, Cboe Australia
Oran D’Arcy is Head of Listings, APAC at Cboe Global Markets, Inc. (Cboe). He is responsible for the strategic development of Cboe’s Listing business in the region, which includes Exchange Traded Products, Warrants and Corporate Listings.
Oran is an established leader with extensive experience in product development and distribution, funds management and securities lending in Australia and across Europe. He joined Cboe Australia in 2021 having previously held roles at ASX, Macquarie, Citigroup & Merrill Lynch.
Oran holds Master of Business Administration from Central Queensland University.
Sponsor
The conference is funded by the Faculty of Business and Economics at The University of Melbourne.
End of day networking drinks are sponsored by the ASX.
