On July 7th, 2010, Legg Mason filed an amended 40-APP document with the SEC with the noticeable difference being the exclusion of derivative usage within the proposed “Initial Fund”. The 40-APP filing is one of the first steps in achieving exemptive relief from the SEC for actively-managed ETFs. The removal of that clause is clearly motivated by the SEC’s ongoing investigation into the use of derivatives in ETFs.
Legg Masson
As yet another major player from the mutual fund industry files for Active ETFs, it seems the big asset management firms have now seen enough to know that they might well be missing the boat if they don’t hop on now. Legg Masson, with $679 billion in assets under management as at Jan 31, 2010, filed with SEC on Feb 23rd to launch an initial “series” of actively-managed ETFs.
