SEC’s exemptive relief opens up ETF market to active managers

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The SEC’s exemptive relief granted to non-transparent ETFs is a first but significant step for active managers and a boost to the ETF industry, says Rob Owens, Managing Director of SEI's Investment Manager Services division. 

On 20 May, the SEC issued the first exemptive order permitting the operation of actively managed exchange-traded funds that do not disclose their full holdings on a daily basis. Historically, exemptive orders to operate actively managed ETFs have required daily holdings disclosure.

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