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:

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
Fidelity Management & Research Company
Natixis Advisors, L.P.
T. Rowe Price Associates, Inc.


Exchange-Traded Funds (ETFs)