CFTC Proposes Relief from Certain Disclosure, Reporting and Recordkeeping Requirements for CPOs of Commodity ETFs

The Commodity Futures Trading Commission ("CFTC") is proposing changes to its regulations as they affect certain CFTC-registered commodity pool operators ("CPOs") of pools whose units of participation are listed and traded on a national securities exchange.¹ The proposals would essentially codify relief from certain disclosure, reporting and recordkeeping requirements that the CFTC Staff has provided on a case-by-case basis to CPOs of Commodity ETFs ("Prior Relief Letters"). A "Commodity ETF" is an exchange-traded fund that passively seeks to track or replicate the performance of a specific commodity index through investment in commodity interests, or that may actively trade commodity interests without regard to an index or benchmark. The proposals would also provide exemptive relief from CPO registration for independent directors or trustees of actively-managed Commodity ETFs.