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State Street planning ‘blind trust’ ETFs


State Street is planning to launch three actively-managed, non-transparent exchange-traded funds, according to a regulatory filing made with the US Securities and Exchange Commission (SEC).

The proposed funds – the SPDR SSgA Equity ETF, SPDR SSgA Emerging Markets ETF and SPDR SSgA Aggregate Bond ETF – will launch under a “blind trust” format, similar to the format of proposed funds from both BlackRock and Precidian.
According to the filing: “The ‘active’ management of the funds is the only substantive difference with regard to the prior relief granted by the Commission to index-based ETFs; however, the relief is similar to the recent relief granted by the Actively-Managed ETF Orders, 45 except that the funds will not make their holdings and trading activity known to market participants, except in accordance with normal disclosure requirements otherwise applicable to open-end investment companies registered under the Act.”

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