NYSE Arca Tweaks Rules for Managed Portfolio ETFs
Published Date: 7/17/2025
Notice
Summary
NYSE Arca just updated rules for certain Managed Portfolio Shares, like the FM Compounders Equity ETF and Gabelli Growth Innovators ETF, to reflect new exemptive relief. This change helps these ETFs trade more smoothly without extra regulatory hurdles, starting immediately. Investors and fund managers can expect a quicker, easier process with no new fees or delays.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
ETFs May Use Custom Creation Baskets
Certain Managed Portfolio Shares (including named FM and Gabelli series and the DoubleLine Shiller CAPE U.S. Equities ETF) are now permitted to use "Custom Baskets" that can include instruments not in, or in different weightings than, their prior Pro Rata Baskets. This change reflects the Amended Reference Order (issued December 10, 2024) and updates the Funds' listing representations to allow these alternate Creation Baskets.
Change Effective Immediately Upon Filing
The Exchange filed the proposed rule change on July 8, 2025 and the Commission waived the usual 30-day operative delay, making the rule change operative upon filing. Investors and fund managers in the affected series can rely on the Amended Reference Order and the updated listing representations immediately.
Exchange Says Change Could Boost ETF Competition
The Exchange states that permitting the Funds to operate consistent with the Amended Reference Order (allowing Custom Baskets) could promote competition among ETF products and be to the benefit of investors. The Exchange also states the proposed change does not impose a burden on competition.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-13377, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule of NYSE Texas, Inc. To Harmonize the Manner in Which the Exchange Charges for Ports That Provide Connectivity to the Exchange
NYSE Texas is updating its fee schedule to charge for connection ports the same way as its sister exchange, NYSE Arca. This change also adds a new fee for ports used for drop copies, which help share trade info. These updates took effect right away on July 1, 2025, so traders and firms using these ports should check their bills!
Next: 2025-13379, Sunshine Act Meetings
The Nuclear Regulatory Commission is holding a public teleconference meeting the week of July 14, 2025, to discuss important nuclear facility appeals and license renewals. This affects companies like Powertech and Pacific Gas and Electric, with decisions made quickly to keep things moving. The public can listen in live, and accommodations are available for those who need them.