Nuveen Investments, which has been angling to get back into the exchange traded funds business after a lengthy absence, said Thursday that the Securities and Exchange Commission (SEC) is extending the review period for a pair of Nuveen commodities mutual funds the firm is looking to convert to exchange traded funds.
Last year, Nuveen revealed plans to convert some of its commodities mutual funds to ETFs as part of its effort to reenter the ETF business.[related_stories]
Last year, Nuveen said in a statement “shareholders of the Nuveen Diversified Commodity Fund (CFD), have approved the plan to convert the fund into an open-ended exchange-traded fund (ETF). The conversion plan is also contingent on customary regulatory approvals.”
Converting CFD to an ETF now requires regulatory and the fund could become an ETF by the fourth quarter. In May, Nuveen said shareholders of the Nuveen Long/Short Commodity Total Return Fund (NYSEArca: CTF), have approved the plan to convert the fund into open-ended exchange-traded fund (ETF). The conversion plan is also contingent on customary regulatory approvals, according to a statement.