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The Securities and Exchange Commission (SEC) has received an application from Invesco Capital Management LLC and related entities to amend a previous order that allowed them certain exemptions for actively-managed exchange-traded funds (ETFs). The amendment seeks to provide more flexibility in the creation of "Creation Baskets," which are the collections of securities used to buy and sell ETF shares. Specifically, Invesco wants to include different securities or different weightings in these baskets compared to what the current Substitute Basket holds. The aim is to improve efficiency, reduce costs, and better manage the funds, provided that these changes do not harm the funds or their investors. The SEC will grant the exemption unless a hearing is requested by February 8, 2021.

The Securities and Exchange Commission published a notice for an application seeking exemption from certain requirements of the Investment Company Act of 1940. This exemption would allow ETF Series Solutions and Distillate Capital Partners LLC to make changes to sub-advisory agreements without needing shareholder approval and to consolidate fee disclosures. The goal is to enable the investment adviser to select and manage sub-advisers more efficiently, benefiting the shareholders by potentially reducing costs. Additionally, the application outlines conditions to protect shareholder interests and seeks to maintain transparency by informing shareholders of significant changes via a streamlined notification process.