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|