The first commentator on the Securities and Exchange Commission’s proposal to ease exemptive approvals of new exchange-traded funds is asking for disclosure that if mutual funds invest in ETFs they “are creating an additional layer of fees” which cut investor returns. The writer of the April 9 letter, Ron DeLegge, is editor of an ETF Web Site, EFTGuide.com.
The main thrust of the SEC’s March 4 proposal would be to codify the exemptive process, which would save time for firms seeking to launch ETFs.
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