Non-Transparent ETFs Receive Approvals to List on an Exchange

Earlier this month, certain non-transparent ETFs (NT ETFs) received approval to be able to list on an exchange. On February 12 and 20, 2020, the SEC approved Cboe BZX Exchange, Inc.’s (Cboe) proposals to list and trade shares of American Century Focused Dynamic Growth ETF, American Century Focused Large Cap Value ETF and ClearBridge Focus Value ETF.

These are the first NT ETFs to obtain SEC approval to list on the Cboe since the Cboe received SEC approval in December 16, 2019 to adopt a rule tailored to NT ETFs. That rule (Rule 14.11(k)) requires the Cboe to submit separate applications under Rule 19b-4 under the Exchange Act for specific NT ETFs to be listed on the Cboe in reliance on that rule.

The American Century order is available at: Click Here and the ClearBridge order is available at: Click Here.

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