Register for the Webinar

By completing this form you agree to the processing of your personal information submitted through this form in accordance with CFRA’s Privacy Notice located at and the receipt of communications about CFRA and CFRA’s services.

Are Bonds Different? Active Fixed Income ETFs

Active vs passive in fixed income ETFs. Why bonds are different and active management deserves a closer look.


Wednesday, July 10, 2019 at 11:00 am EDT | 4:00 pm GMT

While investors continue to pour record amounts into bond ETFs as they recognize the benefits of the ETF vehicle for fixed income, the active vs. passive debate is heating back up. Active fixed income managers have generated strong returns relative to passive investments – yet the flows are overwhelming going to passive fixed income ETFs. Are these allocations to passive intentional or inadvertent? Do investors realize how bonds are different than equities when it comes to indexing?

During CFRA’s webinar on July 10, we will explore the relative merits of active and passive approaches to fixed income. Todd Rosenbluth, CFRA Head of ETF & Mutual Fund Research and David Braun, Managing Director and Portfolio Manager for PIMCO, will discuss:

  • How have active managers fared versus passive in fixed income?
  • What makes bonds different than stocks when building a portfolio with ETFs?
  • How are actively managed bond ETFs positioned to help prepare portfolios for uncertain markets ahead?


Presented by:

  • Todd Rosenbluth, Head of ETF and Mutual Fund Research, CFRA
  • David Braun, Managing Director and Portfolio Manager, PIMCO


David Braun, CFA, FSA, FRM

Managing Director and Portfolio Manager, PIMCO

Mr. Braun is a managing director and generalist portfolio manager in the New York office. Mr. Braun joined PIMCO in 2009 and is head of the U.S. financial institutions group (FIG) and stable value portfolio management teams. He is also a senior member of both the liability-driven investment and the U.S. core portfolio management teams. He oversees management of fixed income investment portfolios for institutional and retail clients. Mr. Braun has 25 years of investment, risk management (including chief risk officer of a large investment company) and actuarial experience. He holds an undergraduate degree in mathematics from the University of Connecticut. He is also a Fellow of the Society of Actuaries and a certified Financial Risk Manager.



Todd Rosenbluth, Head of ETF and Mutual Fund Research, CFRA

Todd Rosenbluth is Senior Director of ETF and Mutual Fund Research at CFRA where he leads the firm’s holdings-based research efforts. Todd publishes regular thought leadership content on equity and fixed income products, supports the quantitative fund models and interacts with clients. He also serves as a member of CFRA’s Investment Policy Committee. Todd has frequently provided ETF education at Inside ETFs conferences and been quoted in media outlets, such as Barron’s, New York Times and the Wall Street Journal. Todd also held the position of Senior Director of ETF and Mutual Fund Research for S&P Global Market Intelligence.

Prior to joining CFRA, Todd previously served in other financial positions at S&P Global, such as International Mutual Fund Sector Specialist, Large Cap Value and Large Cap Growth Analyst and has served on the Fund Services Asset Allocation Committee. Prior to joining S&P Global in 2001, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He was also a Financial Advisor with Morgan Stanley.

Todd holds a B.G.S in Finance from the University of Michigan and an MBA in Finance from New York University.


Some or all of the non-CFRA speakers in these materials have compensated CFRA for the production of and the right to participate in the discussions captured in these materials.  Apart from the production of these materials, CFRA may license certain intellectual property or provide services to, or otherwise have a business relationship with, certain issuers of funds or securities that are the subject of or that have participated in the production of these materials.   Irrespective of CFRA’s relationship with any participant in these materials, no part of CFRA’s compensation is tied to any particular CFRA recommendation or rating. The views expressed in these materials by non-CFRA participants do not necessarily reflect the views of CFRA.  CFRA makes no warranty or representation that these materials are accurate, timely or complete, and references to any investment, fund or security are not a recommendation to buy, sell, or hold such investment, fund or security. These materials are only for authorized recipients and may not be redistributed or reproduced without the express consent of CFRA. Additional information on the legal disclosures for these materials is available at