The SEC granted to three exchange-traded funds ("ETFs") standard exemptive relief from Exchange Act Rule 10b-17(b)(1)(v)(a) and (b) ("untimely announcements of record dates"), as well as Rules 101 ("activities by distribution participants") and 102 ("activities by issuers and selling security holders during a distribution") of Regulation M. The ETFs are managed to track an index containing (i) preferred securities or (ii) a combination of preferred securities, hybrid securities and/or fixed income securities.

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