State Street Global Advisors said its exchange-traded funds have received exemptive relief from the Securities and Exchange Commission.
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The relief, announced Monday, allows investment in excess of the limitations under the Investment Company Act of 1940. The law prohibits an investment company from acquiring more than 3% of the outstanding voting stock of another investment company, investing more than 5% of its total assets in a single investment company, and investing more than 10% of its total assets in two or more investment companies.
State Street had $110 billion of ETF assets under management as of Oct. 31. It had 66 ETFs and 21% of the world's market share, according to data from the Boston unit of State Street Corp.
