Exchange Traded Funds

(a) Units or shares of any exchange traded fund (ETF) established as an open-end investment management company or a unit investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended. Although ETFs may trade at prices established throughout the trading day, like any other listed equity security trading in the secondary market on an exchange, the units or shares described in this Subsection shall not be subject to the provisions of § 8157. Although ETFs are unit investment trusts, the units or shares described in this Subsection shall not be subject to the provisions of § 8158. (b) The investment in units or shares of any one exchange traded fund shall not exceed twenty percent (20%) of the Fund at cost. SOURCE: Added by P.L. 29-089:2 (July 18, 2006). Amended by P.L. 32-086:17 (Nov. 27, 2013).