Nuveen Investments is continuing its efforts to get back into the exchange traded funds business and that includes an update on the company’s plan to convert a pair of commodities funds to the ETF structure.
In a statement issued last Friday, Nuveen said the “Securities and Exchange Commission (SEC) has extended the review period for the proposed new exchange rule pursuant to which shares of Nuveen Diversified Commodity Fund (NYSE: CFD) and Nuveen Long/Short Commodity Total Return Fund (NYSE: CTF) would be able to trade upon conversion of each respective fund into an exchange-traded fund (ETF).”
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 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.