MarketsMuse blog update profiles asset manager Nuveen Investments quietly returning to the world of ETFs. This MarketsMuse blog update is courtesy of ETFTrends Tom Lydon’s article, “Nuveen Tiptoes Back Into ETFs“, with an excerpt below.
After departing the exchange traded funds business in 2002, Nuveen Investments has returned in quiet fashion. The Chicago-based firm said Monday shareholders of the Nuveen Long/Short Commodity Total Return Fund (NYSEArca: CTF), have approved the plan to convert the fund into open-ended exchange-traded fund (ETF). The conversion plan is also contingent on customary regulatory approvals, according to a statement. “The Annual Meeting of Shareholders for the Nuveen Diversified Commodity Fund (NYSE: CFD) has been adjourned to June 15, 2015, to allow additional solicitation of votes on the proposed plan to convert the fund into an ETF,” according to Nuveen. Nuveen said in December it was planning to convert CTF and CFD into ETFs. CFD invests in an array of commodity futures and forward contracts. As of the end of November, the mutual fund allocated a combined 26.5% of its weight to oil and gold,according to issuer data.
The fund’s annual expenses total 1.75%. To continue reading about Nuveen’s quiet return, click here.