“The funds are currently structured as actively managed closed-end commodity pools. After the conversion, the funds will remain actively managed commodity pools, but they will adopt an open-end ETF structure,” said Nuveen in the statement. “The funds are not currently, and after the conversion will not be, mutual funds or any other type of investment company within the meaning of the Investment Company Act of 1940.” [Nuveen to Convert Two Commodities Funds to ETFs]
A vote on the conversion of those mutual funds to the ETF structure could come as soon as the end of this month.
Nuveen has not been completely absent from the ETF business over the past 13 years. The firm partners with State Street’s (NYSE: STT) State Street Global Advisors unit on at least seven fixed income ETFs, including the SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEArca: HYMB), SPDR Nuveen Barclays Build America Bond ETF (NYSEArca: BABS) and the SPDR Nuveen Barclays Municipal Bond ETF (NYSEArca: TFI).
ETF Trends editorial team contributed to this post.