Featuring Christopher D. Carlson, Counsel in Seward & Kissel’s Investment Management Group

The Webinar, featuring Christopher D. Carlson, provided an overview on a subset of registered investment companies that operate as exchange-traded funds (“ETFs”), namely, non-transparent ETFs (“NT ETFs”). Specifically, the presentation summarized certain relevant aspects of ETFs generally (including the arbitrage mechanism), the need for special exemptive relief for NT ETFs, the differences between this type of exemptive relief and the rule that most ETFs will be required to operate under, and the differences between the versions of this type of exemptive relief that has been, or is likely to be, granted to a handful of NT ETF sponsors so far.