Exchange-Traded Products

Our ETF team monitors business trends and legal developments to help our clients remain competitive in a rapidly changing environment. Team members are well versed in the business, regulatory, and compliance issues surrounding ETF operations, including share creation and redemption process, marketing, seed capital arrangements, share trading, portfolio management and index construction, and licensing. They have also represented broker-dealers that serve as authorized participants of ETFs and assisted clients with cross-listings around the world.

The team has played a part in a number of firsts in the ETF industry, including:

• The first actively managed ETFs to use traditional, non-quantitative techniques;
• The first ETF sponsor to obtain manager of managers relief from the SEC;
• The first New York Stock Exchange Arca-listed physically backed platinum, palladium, and mixed precious metals exchange-traded products; and 
• The first IRS private letter ruling permitting gains derived from options and futures contracts on gold to constitute qualifying income for an ETF as a regulated investment company when the ETF entered into these contracts to hedge investments in securities of gold mining companies.