The Securities and Exchange Commission adopted a new rule that will enable open-end exchange-traded funds that satisfy certain conditions to come directly to market without first obtaining certain relief from the Commission in order to operate as investment companies as currently required. As a condition of such ability, ETFs will be required to identify daily portfolio holdings, net asset value and market price, among other information, on their websites. Eligible ETFs will also have to daily identify on their website the ETF’s medium bid-ask spread over the prior 30 calendar days. Under the new rule, ETFs will be permitted to accept or release customized baskets of securities in connection with the creation or redemption of ETF shares by authorized participants that do not match the makeup of the ETF’s overall portfolio, provided they adopt policies and procedures that contain certain enumerated elements.