CTF holds a “portfolio of exchange-traded commodity futures contracts that are among the most actively traded futures contracts in global commodity markets,” according to Nuveen. CTF charges 1.61% per year. [Nuveen to Convert two Mutual Funds Into ETFs]
Last month, the SEC said it is likely to approve plans by Nuveen for some actively managed ETFs. An order granting the application will be issued unless the Commission orders a hearing, according to the SEC.
Nuveen “first asked for permission to offer index-based ETFs in 2000, at the time developing proposals for what could have been the very first bond ETFs. Those products now enjoy tremendous popularity — ETFs are a $3 trillion market globally,” reports Trevor Hunnicutt for InvestmentNews, which broke the story on the SEC potentially clearing the way of Nuveen’s ETF return.
“CFD is not currently, and after the conversion will not be, a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940,” according to the statement.