The unique design allows Vanguard to operate a mutual fund and a sister ETF as essentially the same vehicle, generating superior tax efficiency and economies of scale
But the fate of the filing may go some way to determining whether other rival fund groups will be permitted to copy it.
“We would assess each strategy based on its features and not everyone might be a good fit,” Mr. Kenyon says. Since giving Vanguard the green light in 2001, the SEC appears to have got cold feet. In 2019, it raised concerns about potential conflicts of interest among investors in a fund’s share classes.
There is precedent for just such a scenario, he adds – the SEC granted exemptive relief to three fund sponsors to issue leveraged and inverse ETFs in 2006, “then they had qualms and issued a moratorium, and did not issue [relief to others] for at least a decade.”
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