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[(associated )1 (with )0.6 (trading )0.7 (shares of an )0.6 (ETF)80.2 (, such as brokerage )0.8 (commissions, )0.8 (bid-ask )0.5 (spread )0.5 (costs, and )0.5 (potential )1.4 (costs )]TJ
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[(attributable to premiums and discounts. )20.3 (The proposed Q&A)55.3 ( also would explain that the bid-ask spread can change )]TJ
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(throughout the day due to the supply of or demand for ETF shares, the qu\
antity of shares traded, and the time of )Tj
T*
[(day the trade is executed, among other factors. )57.8 (Additionally)65.8 (, the proposed amendments would require an ETF to )]TJ
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[(Finally)65.5 (, the new Q&A)55.3 ( section would be required to include a cross-reference to new website d\
isclosures required )]TJ
T*
[(under the proposal, including the new interactive calculator)59.1 (.)]TJ
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(The proposal also would eliminate certain ETF disclosures that the Commi\
ssion believes are no longer necessary )Tj
T*
(or are duplicative of disclosure contained in the proposed changes to It\
em 3.)Tj
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[(As discussed above, the operations of UIT)18.2 ( ETFs would continue to be governed by their respective exemptive relief\
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[(rather than the Rule. Nonetheless, the Commission believes it is importa\
nt for ETFs to provide consistent disclosure)-5.9 ( )]TJ
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[(The proposal also includes amendments to Form N-CEN, the structured form\
that requires registered funds to provide)-2.8 ( )]TJ
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[(census-type information to the Commission on an annual basis. Item C.7. \
of Form N-CEN requires management)-2.8 ( )]TJ
T*
[(companies to report whether they relied on certain rules under the 1940 \
)55.2 (Act during the reporting period. )18.1 (The)-2.8 ( )]TJ
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on the Rule. )18 (While Form N-CEN already)-3 ( )]TJ
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[(are relying on the Rule in order to better monitor reliance on the Rule \
and to support its accounting, auditing, and)-3 ( )]TJ
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(eliminate the need for future amendments if additional clearing agencies\
become registered with the Commission.)Tj
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(Based on their statements at the open meeting, the Commissioners seemed \
enthusiastic about the Rule, and the Commission )Tj
T*
[(unanimously approved the proposal. )19.3 (The Proposing Release was published in the Federal Register on July 31, \
2018, and )]TJ
T*
(comments on the Rule are due on or before October 1, 2018.)Tj
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[(Please let our ETF team know if you have any questions about the Rule or\
this Fund )58.4 (Alert.)]TJ
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[( S)-14 (e)-5 (e)6.1 (, e)6 (.g)-3 (., p)12 (r)13 (o)11 (p)-9 (os)-7.9 (e)-5 (d a)9 (m)4 (en)4 (dm)4 (en)19 (ts t)6.1 (o I)39 (t)6 (em)8 (s 6 a)9 (n)4 (d 11 o)12.1 (f F)19 (o)12 (r)-6 (m N-1A.)]TJ
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[( S)-14 (e)-5 (e p)12.1 (r)13 (o)11 (p)-9 (os)-8 (e)-5 (d a)9 (m)4.1 (en)4 (dm)4 (en)19 (t t)6 (o I)16 (n)8 (s)5 (t)-5 (r)-9.9 (uc)-7 (t)-5 (io)12 (n t)6 (o I)39 (t)6 (em E.2 o)12.1 (f F)19 (o)12 (r)-6 (m N-CEN.)]TJ
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