Exchange Traded Concepts (ETC), the white-label ETF Advisor behind the ETF-In-A-Box turnkey solution to bring custom ETFs to market, has been granted Manager of Managers Relief by the Securities and Exchange Commission (SEC).
This Relief offers an ETF structural flexibility as well as improved operational efficiency and complements ETC's existing suite of exemptive relief.
The Manager of Managers relief allows ETC to retain an investment sub-advisor to serve a fund without the need for an expensive shareholder proxy, under certain conditions. Other Relief granted by the SEC to Exchange Traded Concepts allows the launch of Equity, Fixed Income, Active, Fund of Funds, Long/Short and 130/30 strategies.
"We are thrilled to add Manager of Managers relief to our current offerings as yet another opportunity to reach an even larger group of industry experts looking for a comprehensive and intuitive way to break into the ETF community," says Garrett Stevens, CEO of ETC. "This new Relief gives us the most flexibility in the marketplace to help our clients launch creative ETF products. It will be very helpful to mutual fund companies who currently use a Manager of Managers' approach and would like to bring an ETF to market."