SEC Grants Exemptive Applications of Additional Non-Transparent ETF Sponsors

December 23, 2019

On December 10, 2019, the SEC issued orders to grant exemptive relief requested in applications filed by Blue Tractor Group, LLC, Fidelity Management & Research Company, Natixis Advisors, L.P., and T. Rowe Price Associates, Inc. to launch a type of non-transparent exchange-traded fund (NT ETF) that follows a proxy portfolio model. These orders granted relief under the 1940 Act.

NT ETFs require additional relief from the SEC to list their shares on an exchange. This S&K memorandum provides background on NT ETFs and an overview of the significant terms of the applications for exemptive relief that adopt a proxy portfolio model: https://www.sewkis.com/publications/sec-grants-exemptive-applications-of-additional-non-transparent-etf-sponsors/.

The orders granting the requested exemptive relief and related notices are available at the links in the table below.

NT ETF Sponsor Notice Order
Blue Tractor Group, LLC https://www.sec.gov/rules/ic/2019/ic-33682.pdf https://www.sec.gov/rules/ic/2019/ic-33710.pdf
Fidelity Management & Research Company https://www.sec.gov/rules/ic/2019/ic-33683.pdf https://www.sec.gov/rules/ic/2019/ic-33712.pdf
Natixis Advisors, L.P. https://www.sec.gov/rules/ic/2019/ic-33684.pdf https://www.sec.gov/rules/ic/2019/ic-33711.pdf
T. Rowe Price Associates, Inc. https://www.sec.gov/rules/ic/2019/ic-33685.pdf https://www.sec.gov/rules/ic/2019/ic-33713.pdf

Categories

Exchange-Traded Funds (ETFs)