Firm Requests Relief to Permit the Introduction of ETMFs

A registered open-end management investment company requested relief from various Securities Exchange Act and Regulation M rules. Relief from these rules would allow the firm to introduce 18 exchange-traded managed funds ("ETMF").

According to the firm's relief request letter, the SEC previously issued relief similar to that requested by the firm to actively managed exchange-traded funds ("ETF"). The firm notes that "the ETMF structure is similar to the actively managed ETF structure in that ETMFs will be investment companies that issue shares that individually trade on an Exchange, but can be purchased from and redeemed with the issuing investment company only in large aggregations. The principal difference between ETMFs and ETFs is that, unlike with the trading in ETF shares, the trading price of an ETMF's Shares will be directly linked to the ETMF's end-of-day net asset value ("NAV").