Month: April 2023

Staff statement regarding the risk legend used by non-transparent exchange-traded funds operating in reliance of an exemptive order under the Investment Company Act of 1940

Division of Investment Management Staff To date, the Commission has granted exemptive relief to a number of sponsors to operate actively managed ETFs that do not provide daily portfolio transparency (non-transparent ETFs). Under the terms of its exemptive relief, each non-transparent ETF uses in its prospectus, fund website and any...