SEC Permits Fund to Operate as ETF of ETFs

The SEC granted exemptive relief to an exchange traded trust fund (the "Fund") from the notice requirements of SEA Rule 10b-17 and the prohibitions of Rules 101 and 102 of Regulation M. The Fund will operate as an ETF of ETFs by tracking the performance of its underlying index and investing at least 90% of its assets in up to five ETFs that comprise the index.