April 2, 2020
Today, two semi-transparent ETFs following the Precidian ActiveShares model were listed for trading on a U.S. exchange. American Century Focused Large Cap Value ETF (FLV) and American Century Focused Dynamic Growth ETF (FDG), which are both listed on the Cboe BZX Exchange, Inc. (Cboe), are the first ETFs following a semi-transparent ETF structure to be listed for trading in the U.S., according to Cboe’s press release.
The SEC’s Division of Investment Management (IM) granted exemptive relief for five different semi-transparent ETF models last year. Cboe received approval from the SEC’s Division of Trading and Markets (T&M) to list FLV and FDG on February 12, 2020.
The exemptive relief from IM that semi-transparent ETFs require to operate is discussed in more detail in this Seward & Kissel memorandum (available at https://www.sewkis.com/publications/sec-grants-exemptive-applications-of-additional-non-transparent-etf-sponsors/) and webinar (available at https://seward1.s3.amazonaws.com/Non-Transparent+ETFs+11.19.19/Non-Transparent+ETFs+11.19.19/index.html).
Cboe’s press release and T&M’s approval order to list FLV and FDG are available at the links below:
April 7, 2022
February 24, 2022
February 17, 2022
December 17, 2021
November 8, 2021
September 30, 2021
May 26, 2021
March 24, 2021
March 15, 2021
March 15, 2021
March 8, 2021
The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.
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