• Our lawyers have been at the forefront of the development and expansion of the ETF market – often advancing first-of-its-kind innovations. Their work in obtaining novel regulatory relief and forming innovative funds includes the:

    • First exemptive order from the SEC permitting actively-managed ETFs
    • First ETFs to convert from index to actively-managed
    • First ETF focused on investment in senior loans
    • First ETF of China A-Shares
    • First ETF of securities traded in the “Dim Sum” bond market
    • First ETF of master limited partnerships
    • First reverse convertible ETF
    • First ETFs of ETFs and of closed-end funds
    • First swap-based ETCs anywhere in the world (now recognized as a separate market segment on many major international stock exchanges)
    • First ETCs on platinum and palladium
    • First Bitcoin ETF regulated under the U.S. Investment Company Act (regulatory approval pending)
    • First post-moratorium 19b-4 order to permit an actively-managed ETF to invest in derivatives without limitation
    • First exemptive order allowing a more flexible framework for offering ETFs which track indexes provided by an affiliate
    • The first actively-managed ETF authorised by the Central Bank of Ireland
    • First cryptocurrency-linked ETP transaction facilitated by the SIX Swiss Exchange program