RegAlert2012-11-12
Added · Updated
SEC Division of Corporation Finance no-action letter: SSgA Active ETF Trust
SSgA Active ETF Trust requests exemptive and no-action relief from Rule 14e-5 under the Securities Exchange Act of 1934 to permit Authorized Participants to engage in secondary market transactions and redeem Creation Units during tender offers for securities held in the Funds' baskets. The request seeks to allow dealer-managers to purchase or arrange to purchase shares of Portfolio Securities in the secondary market for tendering them to purchase Creation Units, provided such transactions are not effected to facilitate the tender offer and are in the ordinary course of business. The Trust argues that applying Rule 14e-5 would impede valid market and arbitrage activity and that the proposed transactions would not result in the abuses the rule was designed to prevent.
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W. John McGuire
Partner
202-373-6799 john.mcguire@.bingham.com
November 12, 2012
Chief, Office of Mergers and Acquisitions
Division of Corporation Finance
U.S. Securities and Exchange Commission
100 F Street, N.E. Washington, D.C. 20549
Re: Request of SSgA Active ETF Trust for Exemptive, Interpretive or No-Action Relief from Rule 14e-5 and Rule 10b-17 under the Securities Exchange Act of 1934 Dear Ms. Anderson:
SSgA Active ETF Trust (the "Trust") is an open-end management investment company organized on March 30, 2011 as a Massachusetts business trust. The Trust is currently comprised ofmultiple series, including the SPDR SSgA Multi-Asset Real Return ETF ("Real Return ETF"), SPDR SSgA Income Allocation ETF ("Income Allocation ETF") and SPDR SSgA Global Allocation ETF ("Global ETF") (individually, a "Fund" and, collectively the "Funds"). The Funds will operate in a master-feeder structure, whereby each Fund will invest substantially all of its assets in a series of the SSgA Master Trust, whose investment objectives mirror those of the Funds.' The Trust and the For ease of understanding, when this letter refers to a Fund's investment objective, portfolio holdings, etc., the reference relates to the characteristics of the applicable master portfolio in which a Fund will invest substantially all of its assets.
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