Miranda L. Sturgis

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.

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. 

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.

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.

Stradley Ronon represented UMB Financial in completing the sale of its institutional investment management subsidiary, Scout Investments, to Carillon Tower Advisors, a unit of Raymond James Financial, for $172.5 million in cash. The transaction involved the reorganization of the Scout mutual fund family over to CTA/Raymond James. Scout Investments is based in Kansas City, Missouri, and Columbus, Indiana, and had $27.3 billion in assets under management as of Dec. 31, 2016.

Stradley Ronon represented nine Invesco-sponsored municipal closed-end funds in connection with the extension of the term redemption date on approximately $1.95 billion in aggregate liquidation preference of the funds’ Variable Rate Muni Term Preferred Shares (VMTP Shares). In addition to the extensions, four of the funds sold in private placements additional VMTP Shares totaling $87.5 million in aggregate liquidation preference, and one of the funds redeemed $15 million worth of VMTP Shares.

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. For more information, please visit the Invesco website at www.invesco.com.