Two Semi-Transparent ETFs Listed for Trading on a U.S. Exchange

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 and webinar (available at

Cboe’s press release and T&M’s approval order to list FLV and FDG are available at the links below: