Experience
Stradley Ronon Advises Invesco in Launch of QQQ Equal Weight ETF
Stradley Ronon represented Invesco Capital Management in the launch of the Invesco QQQ Equal Weight ETF (QEW on the Nasdaq), expanding Invesco’s QQQ Innovation Suite to 11 funds with approximately $456 billion in combined assets under management. The exchange-traded fund (ETF) tracks the Nasdaq-100 Equal Weighted Index, which provides investors with exposure to leading growth companies while reducing concentration in the largest holdings.
Stradley Ronon previously represented Invesco Capital Management in a first-of-its-kind conversion of the $400 billion Invesco QQQ Trust, Series 1.
Invesco Ltd. is one of the world's leading asset management firms with $2.2 trillion in assets under management as of December 31. Learn more in Invesco’s announcement.
Alan P. Goldberg, Mark R. Greer, Claire Olivar, Eric S. Purple, Wesley Davis and Alexa TzarnasStradley Ronon Advises Invesco in Novel Conversion of $400B QQQ Trust to Open-End ETF
Stradley Ronon represented Invesco Capital Management in a first-of-its-kind conversion of the $400 billion Invesco QQQ Trust, Series 1, from an exchange-traded fund (ETF) organized as a unit investment trust (UIT) to an ETF organized as an open-end management investment company.
As a result of the December 22 conversion, shareholders of QQQ will be able to enjoy the benefits of a modernized structure and will benefit from a reduced total expense ratio, resulting in a 10% fee reduction for shareholders. In addition, Invesco will be able to earn a profit from its management of the fund for the first time. Under the Investment Company Act of 1940, sponsors of a UIT are prohibited from charging a UIT any fees that include an element of profit, and the conversion has removed that limitation.
Invesco is an independent global investment firm managing $2.1 trillion in assets under management for both retail and institutional investors as of September 30.
Learn more in Invesco’s announcement.
Alan P. Goldberg, Mark R. Greer, Claire Olivar and Eric S. PurpleStradley Ronon Advises Dimensional Funds in Securing Exemptive Relief for ETF Share Class Structure
As counsel to the Dimensional funds, Stradley Ronon prepared the application for exemptive relief recently granted by the U.S. Securities and Exchange Commission (SEC) to Dimensional Fund Advisors to offer exchange-traded funds (ETFs) as a share class within a multiple share class structure (ETF share class). The SEC issued its order on November 17 after Dimensional filed its third amended application on September 26 for relief from certain provisions of the Investment Company Act of 1940 to operate such funds.
The ETF share class delivers potential tax efficiency to fund shareholders and promotes greater investor choice. Dimensional currently advises mutual funds and is also one of the largest active ETF sponsors ranked by assets under management.
Michael W. Mundt, Bruce G. Leto and Jana L. Cresswell
Stradley Ronon Advises Franklin Templeton on its Third Digital Asset ETP Launch in the Past Year
Stradley Ronon represents Franklin Templeton in expanding its digital asset ETP suite, providing counsel on the formation, registration, listing and launch of the Franklin Crypto Index ETF.
The Stradley team is led by partners Steve Feinour and Miranda Sturgis, and includes partner Kenneth Greenberg and associates Wesley Davis, Rachel Charamella, Sam Kishiyama and Jeremy Gottlieb. The tax team includes partners Dean Krishna and Rich Peterson.
J. Stephen Feinour Jr., Miranda L. Sturgis, Kenneth L. Greenberg, Wesley Davis, Rachel Charamella, Samuel Kishiyama, Dean V. Krishna and Richard E. Peterson
Stradley Ronon Advises Franklin Templeton on Historic Spot Ether ETF
Stradley Ronon served as counsel to Franklin Templeton on the formation, registration, listing and launch of a new exchange-traded product, Franklin Ethereum ETF — one of several spot ether ETFs to receive listing approval from the U.S. Securities and Exchange Commission. The Franklin Ethereum ETF offers investors exposure to ether, the second-largest digital asset by market capitalization, in an ETF wrapper.
J. Stephen Feinour Jr., Miranda L. Sturgis, Kenneth L. Greenberg, Joel D. Corriero, Thomas L. Hanley, Dean V. Krishna, Wesley Davis and Rachel Charamella
Stradley Ronon Advises Franklin Templeton on Industry-First Spot Bitcoin ETF
Stradley Ronon advised Franklin Templeton on the formation, registration, listing and launch of the Franklin Bitcoin ETF, one of 11 spot bitcoin exchange-traded funds (ETFs) to receive listing approval from the U.S. Securities and Exchange Commission (SEC) on January 10.
The Franklin Bitcoin ETF offers investors exposure to bitcoin in an ETF wrapper, thereby providing access through traditional securities brokerage accounts and avoiding the complexities of handling bitcoin directly. The Franklin Bitcoin ETF, which trades on Cboe, issues shares backed by bitcoin held by the fund’s custodian.J. Stephen Feinour Jr., Miranda L. Sturgis, Joel D. Corriero, Kenneth L. Greenberg, Thomas L. Hanley, Dean V. Krishna and Wesley DavisFranklin Templeton Launches Responsibly Sourced Gold ETF
Stradley Ronon advised Franklin Templeton in the launch of the Franklin Responsibly Sourced Gold ETF, a physically backed gold exchange-traded product (ETP) with an ESG focus. The product seeks to only hold gold bullion bars that were refined in accordance with the London Bullion Market Association’s (LBMA’s) Responsible Sourcing Program, a mandatory governance framework and audit program designed to promote the integrity of the global supply chain for the wholesale gold markets. This includes measures to address environmental and sustainability considerations (for example, management of harmful chemicals or pollutants associated with the gold mining process), avoid materials from conflict-afflicted areas, and combat money laundering, financing of terrorism, and human rights abuses, including child labor. Shares are registered under the Securities Act of 1933 and trade on NYSE Arca.
J. Stephen Feinour Jr., Miranda L. Sturgis, Thomas L. Hanley, Kenneth L. Greenberg, Amy C. Fitzsimmons and Joel D. CorrieroO’Shares ETFs Completes Strategic Transaction With SS&C ALPS Advisors
Stradley Ronon represented O’Shares ETFs in a strategic transaction with SS&C ALPS Advisors, a wholly owned subsidiary of SS&C Technologies Holdings. The transaction provides for a long-term collaboration between the providers and reorganized the O’Shares ETFs, with approximately $1.5 billion in assets under management, into new series of ALPS ETFs. O’Shares will continue to provide marketing support and index licensing.
Michael D. Mabry, Shawn A. Hendricks and Michael W. MundtDimensional Enters ETFs Space
Stradley Ronon’s investment management group represented Dimensional funds and its independent directors in the launch of Dimensional ETF (exchange-traded funds) Trust, three new activity managed, tax-efficient ETFs. The new ETFs will broaden Dimensional Fund Advisor’s existing suite of mutual funds, separate accounts and commingled trusts. Dimensional will be one of the first asset managers to launch active transparent ETFs using SEC Rule 6c-11 and convert mutual funds into ETFs in this fashion.
Bruce G. Leto, Jana L. Cresswell, Mark A. Sheehan, Michael W. Mundt, Brian Crowell, Miranda L. Sturgis, Joel D. Corriero, David W. Grim, Michael D. Mabry and J. Stephen Feinour Jr.Global Beta Launches Smart-Beta ETF
Stradley Ronon’s Investment Management Group represented Global Beta Advisors LLC in the launch of the index-based Global Beta Smart Income ETF (GBDV: NYSE Arca), the first ETF to list and launch on NYSE Arca in reliance on the recently adopted ETF exemptive Rule 6c-11.
Michael D. Mabry and J. Stephen Feinour Jr.O’Shares Investments ETF Reorganizations
Stradley Ronon’s Investment Management Group represented O’Shares Investments, Inc. in the reorganization of the O’Shares sponsored O’Shares FTSE U.S. Quality Dividend ETF (NYSE Arca, Inc.: OUSA), O’Shares FTSE Europe Quality Dividend ETF (NYSE Arca, Inc.: OEUR) and O’Shares FTSE Asia Pacific Quality Dividend ETF (NYSE Arca, Inc.: OASI) series of FQF Trust into corresponding newly created, identically named ETF series of O’Shares’ OSI ETF Trust, representing approximately $470 million in AUM. In connection with the reorganizations, O’Shares Investment Advisers, LLC assumed the role of investment adviser to the ETFs with the prior investment adviser now serving as sub-adviser to the ETFs.
O’Shares Investments was founded by ABC “Shark Tank” investor and CNBC contributor Kevin O’Leary and Connor O’Brien.
Michael D. Mabry, J. Stephen Feinour Jr., Shawn A. Hendricks and Miranda L. SturgisO'Shares Launches Smart-Beta ETF
Stradley Ronon’s Investment Management Group represented O'Shares Investments, a division of Montreal-based O’Leary Funds Management LP, in the launch of O’Shares FTSE US Quality Dividend ETF (OUSA: NYSE Arca), their sponsored O’Shares ETF through FQF Trust. The team also assisted the client with negotiating index licenses with FTSE and other intellectual property issues. O’Leary Funds, founded by ABC “Shark Tank” investor and CNBC contributor Kevin O'Leary and Connor O'Brien in 2008, has grown to more than $900 million in assets under management, including the Canadian O'Leary Funds.
Michael W. Mundt and Michael D. Mabry
