The SEC is partly lifting its nearly 3-year freeze on accepting filings for active ETFs that invest in derivatives. The SEC ceased approving exemptive applications filed by ETFs seeking to invest in derivatives in 2010, until it could complete a review of the issues raised by such ETFs. Most ETFs that use derivatives are actively managed. While the ban was in place, ETFs seeking exemptive relief to operate were required to represent that their actively-managed ETFs would not make any investments in options, futures or swaps. ETF sponsors who had obtained exemptive relief to offer actively-managed ETFs before the ban was imposed were allowed to continue offering actively-managed ETFs which utilized derivatives. Norman Champ, the Director of the SEC’s Division of Investment Management, made the announcement during a speech at an ETF industry conference.