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ARTICLE · 23 AUGUST 2011

A Compilation Of Enforcement And Non-Enforcement Actions - August 2011

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Since shares of exchange-traded funds (ETF Shares) are continuously offered and also are traded in secondary markets, various issues arise under the Securities Exchange Act of 1934. Issues also arise under the Securities Exchange Act because most ETF Shares are purchased and redeemed in-kind.

United StatesFinance and Banking
Peter Fetzer
Peter Fetzer
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Non-Enforcement Matters

Securities Exchange Act Issues for ETFs

Since shares of exchange-traded funds (ETF Shares) are continuously offered and also are traded in secondary markets, various issues arise under the Securities Exchange Act of 1934. Issues also arise under the Securities Exchange Act because most ETF Shares are purchased and redeemed in-kind. The following is a brief summary of issues under the Securities Exchange Act that are applicable to ETF Shares. It does not provide comprehensive advice or identify each rule, regulation, document, or action that an exchange-traded fund (ETF) should consider in addressing issues under the Securities Exchange Act.

Description of ETFs. ETF is an acronym for "exchange-traded fund." ETFs are open-ended investment companies whose securities are traded on national securities exchanges. Like mutual funds, they invest in a variety of securities or other financial instruments to form a pool of investments. Unlike mutual

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