Introduction -
Earlier this year, the Securities and Exchange Commission (“SEC”) approved new rules proposed by Bats BZX Exchange, Inc. (“Bats”) and NYSE Arca, Inc. (“Arca”) that establish generic listing standards (“Active Generics”) for qualifying actively managed exchange-traded funds (“ETFs”). The Active Generics dramatically streamline and simplify the Exchanges’ listing process for firms looking to bring actively managed ETFs to market. Actively managed ETFs may list under the Active Generics if they satisfy the criteria described below.
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