id	sid	tid	token	lemma	pos
cblr-9110	1	1	the	the	DET
cblr-9110	1	2	emergence	emergence	NOUN
cblr-9110	1	3	of	of	ADP
cblr-9110	1	4	the	the	DET
cblr-9110	1	5	actively	actively	ADV
cblr-9110	1	6	managed	manage	VERB
cblr-9110	1	7	etf	etf	PROPN
cblr-9110	1	8	kevin	kevin	PROPN
cblr-9110	1	9	s.	s.	PROPN
cblr-9110	1	10	haeberle	haeberle	PROPN
cblr-9110	1	11	*	*	PUNCT
cblr-9110	1	12	since	since	SCONJ
cblr-9110	1	13	the	the	DET
cblr-9110	1	14	first	first	ADJ
cblr-9110	1	15	exchange	exchange	NOUN
cblr-9110	1	16	-	-	PUNCT
cblr-9110	1	17	traded	trade	VERB
cblr-9110	1	18	fund	fund	NOUN
cblr-9110	1	19	began	begin	VERB
cblr-9110	1	20	trading	trade	VERB
cblr-9110	1	21	in	in	ADP
cblr-9110	1	22	1993	1993	NUM
cblr-9110	1	23	,	,	PUNCT
cblr-9110	1	24	the	the	DET
cblr-9110	1	25	etf	etf	NOUN
cblr-9110	1	26	form	form	NOUN
cblr-9110	1	27	has	have	AUX
cblr-9110	1	28	attracted	attract	VERB
cblr-9110	1	29	enormous	enormous	ADJ
cblr-9110	1	30	investment	investment	NOUN
cblr-9110	1	31	flows	flow	NOUN
cblr-9110	1	32	.	.	PUNCT
cblr-9110	2	1	however	however	ADV
cblr-9110	2	2	,	,	PUNCT
cblr-9110	2	3	this	this	DET
cblr-9110	2	4	triumph	triumph	NOUN
cblr-9110	2	5	of	of	ADP
cblr-9110	2	6	the	the	DET
cblr-9110	2	7	etf	etf	NOUN
cblr-9110	2	8	has	have	AUX
cblr-9110	2	9	been	be	AUX
cblr-9110	2	10	overwhelmingly	overwhelmingly	ADV
cblr-9110	2	11	limited	limit	VERB
cblr-9110	2	12	the	the	DET
cblr-9110	2	13	world	world	NOUN
cblr-9110	2	14	of	of	ADP
cblr-9110	2	15	passive	passive	ADJ
cblr-9110	2	16	investment	investment	NOUN
cblr-9110	2	17	.	.	PUNCT
cblr-9110	3	1	due	due	ADP
cblr-9110	3	2	to	to	ADP
cblr-9110	3	3	a	a	DET
cblr-9110	3	4	mix	mix	NOUN
cblr-9110	3	5	of	of	ADP
cblr-9110	3	6	recent	recent	ADJ
cblr-9110	3	7	market	market	NOUN
cblr-9110	3	8	innovation	innovation	NOUN
cblr-9110	3	9	and	and	CCONJ
cblr-9110	3	10	regulatory	regulatory	ADJ
cblr-9110	3	11	change	change	NOUN
cblr-9110	3	12	,	,	PUNCT
cblr-9110	3	13	this	this	DET
cblr-9110	3	14	state	state	NOUN
cblr-9110	3	15	of	of	ADP
cblr-9110	3	16	affairs	affair	NOUN
cblr-9110	3	17	is	be	AUX
cblr-9110	3	18	changing	change	VERB
cblr-9110	3	19	today	today	NOUN
cblr-9110	3	20	.	.	PUNCT
cblr-9110	4	1	as	as	SCONJ
cblr-9110	4	2	i	i	PRON
cblr-9110	4	3	explain	explain	VERB
cblr-9110	4	4	in	in	ADP
cblr-9110	4	5	this	this	DET
cblr-9110	4	6	article	article	NOUN
cblr-9110	4	7	,	,	PUNCT
cblr-9110	4	8	there	there	PRON
cblr-9110	4	9	is	be	VERB
cblr-9110	4	10	much	much	ADJ
cblr-9110	4	11	reason	reason	NOUN
cblr-9110	4	12	to	to	PART
cblr-9110	4	13	believe	believe	VERB
cblr-9110	4	14	that	that	SCONJ
cblr-9110	4	15	the	the	DET
cblr-9110	4	16	actively	actively	ADV
cblr-9110	4	17	managed	manage	VERB
cblr-9110	4	18	etf	etf	NOUN
cblr-9110	4	19	is	be	AUX
cblr-9110	4	20	now	now	ADV
cblr-9110	4	21	set	set	VERB
cblr-9110	4	22	to	to	PART
cblr-9110	4	23	emerge	emerge	VERB
cblr-9110	4	24	as	as	ADP
cblr-9110	4	25	a	a	DET
cblr-9110	4	26	significant	significant	ADJ
cblr-9110	4	27	feature	feature	NOUN
cblr-9110	4	28	of	of	ADP
cblr-9110	4	29	the	the	DET
cblr-9110	4	30	investment	investment	NOUN
cblr-9110	4	31	landscape	landscape	NOUN
cblr-9110	4	32	.	.	PUNCT
cblr-9110	5	1	and	and	CCONJ
cblr-9110	5	2	this	this	DET
cblr-9110	5	3	emergence	emergence	NOUN
cblr-9110	5	4	has	have	VERB
cblr-9110	5	5	important	important	ADJ
cblr-9110	5	6	implications	implication	NOUN
cblr-9110	5	7	for	for	ADP
cblr-9110	5	8	,	,	PUNCT
cblr-9110	5	9	among	among	ADP
cblr-9110	5	10	others	other	NOUN
cblr-9110	5	11	,	,	PUNCT
cblr-9110	5	12	the	the	DET
cblr-9110	5	13	main	main	ADJ
cblr-9110	5	14	parties	party	NOUN
cblr-9110	5	15	that	that	PRON
cblr-9110	5	16	play	play	VERB
cblr-9110	5	17	key	key	ADJ
cblr-9110	5	18	roles	role	NOUN
cblr-9110	5	19	in	in	ADP
cblr-9110	5	20	protecting	protect	VERB
cblr-9110	5	21	investors	investor	NOUN
cblr-9110	5	22	(	(	PUNCT
cblr-9110	5	23	namely	namely	ADV
cblr-9110	5	24	,	,	PUNCT
cblr-9110	5	25	the	the	DET
cblr-9110	5	26	securities	securities	PROPN
cblr-9110	5	27	and	and	CCONJ
cblr-9110	5	28	exchange	exchange	PROPN
cblr-9110	5	29	commission	commission	PROPN
cblr-9110	5	30	as	as	ADV
cblr-9110	5	31	well	well	ADV
cblr-9110	5	32	as	as	ADP
cblr-9110	5	33	investment	investment	NOUN
cblr-9110	5	34	intermediaries	intermediary	NOUN
cblr-9110	5	35	)	)	PUNCT
cblr-9110	5	36	.	.	PUNCT
cblr-9110	6	1	i.	i.	PROPN
cblr-9110	6	2	introduction	introduction	NOUN
cblr-9110	6	3	......................................................................	......................................................................	PUNCT
cblr-9110	6	4	1322	1322	NUM
cblr-9110	6	5	ii	ii	NOUN
cblr-9110	6	6	.	.	PUNCT
cblr-9110	7	1	a	a	DET
cblr-9110	7	2	primer	primer	NOUN
cblr-9110	7	3	on	on	ADP
cblr-9110	7	4	etfs	etfs	PROPN
cblr-9110	7	5	:	:	PUNCT
cblr-9110	7	6	innovation	innovation	NOUN
cblr-9110	7	7	accompanied	accompany	VERB
cblr-9110	7	8	by	by	ADP
cblr-9110	7	9	both	both	DET
cblr-9110	7	10	pros	pro	NOUN
cblr-9110	7	11	and	and	CCONJ
cblr-9110	7	12	cons	con	NOUN
cblr-9110	7	13	for	for	ADP
cblr-9110	7	14	investors	investor	NOUN
cblr-9110	7	15	..................................................	..................................................	PUNCT
cblr-9110	8	1	1324	1324	NUM
cblr-9110	8	2	a.	a.	NOUN
cblr-9110	8	3	the	the	DET
cblr-9110	8	4	core	core	NOUN
cblr-9110	8	5	innovation	innovation	NOUN
cblr-9110	8	6	and	and	CCONJ
cblr-9110	8	7	its	its	PRON
cblr-9110	8	8	basic	basic	ADJ
cblr-9110	8	9	liquidity	liquidity	NOUN
cblr-9110	8	10	advantage	advantage	NOUN
cblr-9110	8	11	.............................................................	.............................................................	PUNCT
cblr-9110	8	12	1324	1324	NUM
cblr-9110	8	13	b.	b.	NOUN
cblr-9110	8	14	further	further	ADJ
cblr-9110	8	15	advantages	advantage	NOUN
cblr-9110	8	16	beyond	beyond	ADP
cblr-9110	8	17	the	the	DET
cblr-9110	8	18	basic	basic	ADJ
cblr-9110	8	19	liquidity	liquidity	NOUN
cblr-9110	8	20	feature	feature	NOUN
cblr-9110	8	21	..................................................................	..................................................................	PUNCT
cblr-9110	9	1	1328	1328	NUM
cblr-9110	9	2	1	1	X
cblr-9110	9	3	.	.	PUNCT
cblr-9110	9	4	reduced	reduce	VERB
cblr-9110	9	5	costs	cost	NOUN
cblr-9110	9	6	associated	associate	VERB
cblr-9110	9	7	with	with	ADP
cblr-9110	9	8	operational	operational	ADJ
cblr-9110	9	9	savings	saving	NOUN
cblr-9110	9	10	for	for	ADP
cblr-9110	9	11	the	the	DET
cblr-9110	9	12	fund	fund	NOUN
cblr-9110	9	13	......................................	......................................	PUNCT
cblr-9110	9	14	1329	1329	NUM
cblr-9110	9	15	2	2	NUM
cblr-9110	9	16	.	.	PUNCT
cblr-9110	9	17	reduced	reduce	VERB
cblr-9110	9	18	costs	cost	NOUN
cblr-9110	9	19	associated	associate	VERB
cblr-9110	9	20	with	with	ADP
cblr-9110	9	21	favorable	favorable	ADJ
cblr-9110	9	22	tax	tax	NOUN
cblr-9110	9	23	treatment	treatment	NOUN
cblr-9110	9	24	................................................	................................................	PUNCT
cblr-9110	9	25	1331	1331	NUM
cblr-9110	9	26	c.	c.	PROPN
cblr-9110	9	27	two	two	NUM
cblr-9110	9	28	notable	notable	ADJ
cblr-9110	9	29	counterweights	counterweight	NOUN
cblr-9110	9	30	..............................	..............................	PUNCT
cblr-9110	10	1	1333	1333	NUM
cblr-9110	10	2	iii	iii	X
cblr-9110	10	3	.	.	PUNCT
cblr-9110	11	1	etf	etf	NOUN
cblr-9110	11	2	history	history	NOUN
cblr-9110	11	3	parts	part	NOUN
cblr-9110	11	4	i	i	PROPN
cblr-9110	11	5	and	and	CCONJ
cblr-9110	11	6	ii	ii	PROPN
cblr-9110	11	7	...........................................	...........................................	PROPN
cblr-9110	11	8	1334	1334	NUM
cblr-9110	11	9	*	*	PUNCT
cblr-9110	11	10	professor	professor	NOUN
cblr-9110	11	11	of	of	ADP
cblr-9110	11	12	law	law	NOUN
cblr-9110	11	13	and	and	CCONJ
cblr-9110	11	14	fellow	fellow	NOUN
cblr-9110	11	15	at	at	ADP
cblr-9110	11	16	the	the	DET
cblr-9110	11	17	center	center	NOUN
cblr-9110	11	18	for	for	ADP
cblr-9110	11	19	the	the	DET
cblr-9110	11	20	study	study	NOUN
cblr-9110	11	21	of	of	ADP
cblr-9110	11	22	law	law	NOUN
cblr-9110	11	23	and	and	CCONJ
cblr-9110	11	24	markets	market	NOUN
cblr-9110	11	25	william	william	PROPN
cblr-9110	11	26	and	and	CCONJ
cblr-9110	11	27	mary	mary	PROPN
cblr-9110	11	28	law	law	PROPN
cblr-9110	11	29	school	school	NOUN
cblr-9110	11	30	.	.	PUNCT
cblr-9110	12	1	the	the	DET
cblr-9110	12	2	author	author	NOUN
cblr-9110	12	3	is	be	AUX
cblr-9110	12	4	grateful	grateful	ADJ
cblr-9110	12	5	for	for	ADP
cblr-9110	12	6	the	the	DET
cblr-9110	12	7	comments	comment	NOUN
cblr-9110	12	8	and	and	CCONJ
cblr-9110	12	9	engagement	engagement	NOUN
cblr-9110	12	10	on	on	ADP
cblr-9110	12	11	this	this	DET
cblr-9110	12	12	article	article	NOUN
cblr-9110	12	13	provided	provide	VERB
cblr-9110	12	14	at	at	ADP
cblr-9110	12	15	the	the	DET
cblr-9110	12	16	columbia	columbia	PROPN
cblr-9110	12	17	law	law	PROPN
cblr-9110	12	18	school	school	PROPN
cblr-9110	12	19	and	and	CCONJ
cblr-9110	12	20	columbia	columbia	PROPN
cblr-9110	12	21	business	business	NOUN
cblr-9110	12	22	school	school	NOUN
cblr-9110	12	23	december	december	PROPN
cblr-9110	12	24	2021	2021	NUM
cblr-9110	12	25	future	future	NOUN
cblr-9110	12	26	of	of	ADP
cblr-9110	12	27	securities	security	NOUN
cblr-9110	12	28	regulation	regulation	NOUN
cblr-9110	12	29	conference	conference	NOUN
cblr-9110	12	30	.	.	PUNCT
cblr-9110	13	1	1322	1322	NUM
cblr-9110	13	2	columbia	columbia	PROPN
cblr-9110	13	3	business	business	NOUN
cblr-9110	13	4	law	law	PROPN
cblr-9110	13	5	review	review	NOUN
cblr-9110	13	6	[	[	X
cblr-9110	13	7	vol	vol	NOUN
cblr-9110	13	8	.	.	NOUN
cblr-9110	13	9	2021	2021	NUM
cblr-9110	13	10	a.	a.	NOUN
cblr-9110	13	11	etf	etf	PROPN
cblr-9110	13	12	history	history	NOUN
cblr-9110	13	13	part	part	NOUN
cblr-9110	13	14	i	i	PRON
cblr-9110	13	15	:	:	PUNCT
cblr-9110	13	16	the	the	DET
cblr-9110	13	17	passive	passive	ADJ
cblr-9110	13	18	age	age	NOUN
cblr-9110	13	19	(	(	PUNCT
cblr-9110	13	20	1993	1993	NUM
cblr-9110	13	21	through	through	ADP
cblr-9110	13	22	at	at	ADV
cblr-9110	13	23	least	least	ADJ
cblr-9110	13	24	mid-2020	mid-2020	ADJ
cblr-9110	13	25	)	)	PUNCT
cblr-9110	13	26	...............................................	...............................................	PUNCT
cblr-9110	14	1	1335	1335	NUM
cblr-9110	14	2	b.	b.	PROPN
cblr-9110	14	3	etf	etf	PROPN
cblr-9110	14	4	history	history	PROPN
cblr-9110	14	5	part	part	PROPN
cblr-9110	14	6	ii	ii	PROPN
cblr-9110	14	7	:	:	PUNCT
cblr-9110	14	8	the	the	DET
cblr-9110	14	9	varied	varied	ADJ
cblr-9110	14	10	age	age	NOUN
cblr-9110	14	11	(	(	PUNCT
cblr-9110	14	12	mid-2020	mid-2020	ADV
cblr-9110	14	13	forward	forward	ADV
cblr-9110	14	14	)	)	PUNCT
cblr-9110	14	15	................................................................	................................................................	PUNCT
cblr-9110	15	1	1339	1339	NUM
cblr-9110	15	2	iv	iv	NOUN
cblr-9110	15	3	.	.	PUNCT
cblr-9110	16	1	the	the	DET
cblr-9110	16	2	need	need	NOUN
cblr-9110	16	3	for	for	ADP
cblr-9110	16	4	the	the	DET
cblr-9110	16	5	sec	sec	PROPN
cblr-9110	16	6	and	and	CCONJ
cblr-9110	16	7	investment	investment	NOUN
cblr-9110	16	8	intermediaries	intermediary	NOUN
cblr-9110	16	9	to	to	PART
cblr-9110	16	10	keep	keep	VERB
cblr-9110	16	11	an	an	DET
cblr-9110	16	12	eye	eye	NOUN
cblr-9110	16	13	on	on	ADP
cblr-9110	16	14	nontransparent	nontransparent	ADJ
cblr-9110	16	15	actively	actively	ADV
cblr-9110	16	16	managed	manage	VERB
cblr-9110	16	17	etfs	etfs	PROPN
cblr-9110	16	18	.........................................................................................	.........................................................................................	PUNCT
cblr-9110	16	19	1350	1350	NUM
cblr-9110	16	20	a.	a.	NOUN
cblr-9110	16	21	the	the	DET
cblr-9110	16	22	main	main	ADJ
cblr-9110	16	23	relevant	relevant	ADJ
cblr-9110	16	24	investor	investor	NOUN
cblr-9110	16	25	-	-	PUNCT
cblr-9110	16	26	protection	protection	NOUN
cblr-9110	16	27	roles	role	NOUN
cblr-9110	16	28	for	for	ADP
cblr-9110	16	29	the	the	DET
cblr-9110	16	30	sec	sec	PROPN
cblr-9110	16	31	and	and	CCONJ
cblr-9110	16	32	investment	investment	NOUN
cblr-9110	16	33	intermediaries	intermediary	NOUN
cblr-9110	16	34	..................	..................	PUNCT
cblr-9110	16	35	1350	1350	NUM
cblr-9110	16	36	1	1	NUM
cblr-9110	16	37	.	.	PUNCT
cblr-9110	17	1	the	the	DET
cblr-9110	17	2	role	role	NOUN
cblr-9110	17	3	of	of	ADP
cblr-9110	17	4	the	the	DET
cblr-9110	17	5	sec	sec	PROPN
cblr-9110	17	6	........................................	........................................	PUNCT
cblr-9110	17	7	1351	1351	NUM
cblr-9110	17	8	2	2	NUM
cblr-9110	17	9	.	.	PUNCT
cblr-9110	18	1	the	the	DET
cblr-9110	18	2	role	role	NOUN
cblr-9110	18	3	of	of	ADP
cblr-9110	18	4	securities	security	NOUN
cblr-9110	18	5	brokers	broker	NOUN
cblr-9110	18	6	and	and	CCONJ
cblr-9110	18	7	investment	investment	NOUN
cblr-9110	18	8	advisers	adviser	NOUN
cblr-9110	18	9	......................................	......................................	PUNCT
cblr-9110	18	10	1355	1355	NUM
cblr-9110	18	11	b.	b.	PROPN
cblr-9110	18	12	illustration	illustration	NOUN
cblr-9110	18	13	:	:	PUNCT
cblr-9110	18	14	activeshares	activeshare	NOUN
cblr-9110	18	15	and	and	CCONJ
cblr-9110	18	16	the	the	DET
cblr-9110	18	17	robustness	robustness	NOUN
cblr-9110	18	18	of	of	ADP
cblr-9110	18	19	the	the	DET
cblr-9110	18	20	etf	etf	NOUN
cblr-9110	18	21	-	-	PUNCT
cblr-9110	18	22	arbitrage	arbitrage	NOUN
cblr-9110	18	23	mechanism	mechanism	NOUN
cblr-9110	18	24	...........................	...........................	PUNCT
cblr-9110	18	25	1356	1356	NUM
cblr-9110	18	26	v.	v.	ADP
cblr-9110	18	27	conclusion	conclusion	NOUN
cblr-9110	18	28	.......................................................................	.......................................................................	PUNCT
cblr-9110	18	29	1366	1366	NUM
cblr-9110	18	30	i.	i.	NOUN
cblr-9110	18	31	introduction	introduction	NOUN
cblr-9110	18	32	the	the	DET
cblr-9110	18	33	individual	individual	ADJ
cblr-9110	18	34	contributions	contribution	NOUN
cblr-9110	18	35	to	to	ADP
cblr-9110	18	36	this	this	DET
cblr-9110	18	37	symposium	symposium	NOUN
cblr-9110	18	38	on	on	ADP
cblr-9110	18	39	the	the	DET
cblr-9110	18	40	future	future	NOUN
cblr-9110	18	41	of	of	ADP
cblr-9110	18	42	securities	security	NOUN
cblr-9110	18	43	regulation	regulation	NOUN
cblr-9110	18	44	include	include	VERB
cblr-9110	18	45	thought	think	VERB
cblr-9110	18	46	-	-	PUNCT
cblr-9110	18	47	provoking	provoking	ADJ
cblr-9110	18	48	views	view	NOUN
cblr-9110	18	49	of	of	ADP
cblr-9110	18	50	what	what	PRON
cblr-9110	18	51	developments	development	NOUN
cblr-9110	18	52	are	be	AUX
cblr-9110	18	53	likely	likely	ADJ
cblr-9110	18	54	to	to	PART
cblr-9110	18	55	be	be	AUX
cblr-9110	18	56	on	on	ADP
cblr-9110	18	57	the	the	DET
cblr-9110	18	58	horizon	horizon	NOUN
cblr-9110	18	59	and	and	CCONJ
cblr-9110	18	60	how	how	SCONJ
cblr-9110	18	61	the	the	DET
cblr-9110	18	62	law	law	NOUN
cblr-9110	18	63	should	should	AUX
cblr-9110	18	64	approach	approach	VERB
cblr-9110	18	65	them	they	PRON
cblr-9110	18	66	.	.	PUNCT
cblr-9110	19	1	in	in	ADP
cblr-9110	19	2	this	this	DET
cblr-9110	19	3	article	article	NOUN
cblr-9110	19	4	,	,	PUNCT
cblr-9110	19	5	i	i	PRON
cblr-9110	19	6	add	add	VERB
cblr-9110	19	7	my	my	PRON
cblr-9110	19	8	contribution	contribution	NOUN
cblr-9110	19	9	along	along	ADP
cblr-9110	19	10	these	these	DET
cblr-9110	19	11	lines	line	NOUN
cblr-9110	19	12	,	,	PUNCT
cblr-9110	19	13	focusing	focus	VERB
cblr-9110	19	14	on	on	ADP
cblr-9110	19	15	niche	niche	NOUN
cblr-9110	19	16	issues	issue	NOUN
cblr-9110	19	17	relating	relate	VERB
cblr-9110	19	18	to	to	ADP
cblr-9110	19	19	investment	investment	NOUN
cblr-9110	19	20	through	through	ADP
cblr-9110	19	21	exchange	exchange	NOUN
cblr-9110	19	22	-	-	PUNCT
cblr-9110	19	23	traded	trade	VERB
cblr-9110	19	24	funds	fund	NOUN
cblr-9110	19	25	.	.	PUNCT
cblr-9110	20	1	in	in	ADP
cblr-9110	20	2	particular	particular	ADJ
cblr-9110	20	3	,	,	PUNCT
cblr-9110	20	4	i	i	PRON
cblr-9110	20	5	focus	focus	VERB
cblr-9110	20	6	on	on	ADP
cblr-9110	20	7	(	(	PUNCT
cblr-9110	20	8	1	1	X
cblr-9110	20	9	)	)	PUNCT
cblr-9110	20	10	why	why	SCONJ
cblr-9110	20	11	there	there	PRON
cblr-9110	20	12	is	be	VERB
cblr-9110	20	13	much	much	ADJ
cblr-9110	20	14	reason	reason	NOUN
cblr-9110	20	15	to	to	PART
cblr-9110	20	16	believe	believe	VERB
cblr-9110	20	17	the	the	DET
cblr-9110	20	18	actively	actively	ADV
cblr-9110	20	19	managed	manage	VERB
cblr-9110	20	20	exchange	exchange	NOUN
cblr-9110	20	21	-	-	PUNCT
cblr-9110	20	22	traded	trade	VERB
cblr-9110	20	23	fund	fund	NOUN
cblr-9110	20	24	(	(	PUNCT
cblr-9110	20	25	etf	etf	NOUN
cblr-9110	20	26	)	)	PUNCT
cblr-9110	20	27	is	be	AUX
cblr-9110	20	28	set	set	VERB
cblr-9110	20	29	to	to	PART
cblr-9110	20	30	emerge	emerge	VERB
cblr-9110	20	31	as	as	ADP
cblr-9110	20	32	a	a	DET
cblr-9110	20	33	significant	significant	ADJ
cblr-9110	20	34	feature	feature	NOUN
cblr-9110	20	35	of	of	ADP
cblr-9110	20	36	the	the	DET
cblr-9110	20	37	investment	investment	NOUN
cblr-9110	20	38	landscape	landscape	NOUN
cblr-9110	20	39	and	and	CCONJ
cblr-9110	20	40	(	(	PUNCT
cblr-9110	20	41	2	2	X
cblr-9110	20	42	)	)	PUNCT
cblr-9110	20	43	the	the	DET
cblr-9110	20	44	chief	chief	ADJ
cblr-9110	20	45	implications	implication	NOUN
cblr-9110	20	46	of	of	ADP
cblr-9110	20	47	that	that	DET
cblr-9110	20	48	emergence	emergence	NOUN
cblr-9110	20	49	for	for	ADP
cblr-9110	20	50	some	some	PRON
cblr-9110	20	51	of	of	ADP
cblr-9110	20	52	the	the	DET
cblr-9110	20	53	parties	party	NOUN
cblr-9110	20	54	that	that	PRON
cblr-9110	20	55	play	play	VERB
cblr-9110	20	56	a	a	DET
cblr-9110	20	57	key	key	ADJ
cblr-9110	20	58	role	role	NOUN
cblr-9110	20	59	in	in	ADP
cblr-9110	20	60	protecting	protect	VERB
cblr-9110	20	61	investors	investor	NOUN
cblr-9110	20	62	.	.	PUNCT
cblr-9110	21	1	in	in	ADP
cblr-9110	21	2	so	so	ADV
cblr-9110	21	3	doing	do	VERB
cblr-9110	21	4	,	,	PUNCT
cblr-9110	21	5	i	i	PRON
cblr-9110	21	6	primarily	primarily	ADV
cblr-9110	21	7	focus	focus	VERB
cblr-9110	21	8	on	on	ADP
cblr-9110	21	9	what	what	PRON
cblr-9110	21	10	should	should	AUX
cblr-9110	21	11	be	be	AUX
cblr-9110	21	12	the	the	DET
cblr-9110	21	13	main	main	ADJ
cblr-9110	21	14	concern	concern	NOUN
cblr-9110	21	15	in	in	ADP
cblr-9110	21	16	this	this	DET
cblr-9110	21	17	area	area	NOUN
cblr-9110	21	18	over	over	ADP
cblr-9110	21	19	the	the	DET
cblr-9110	21	20	coming	come	VERB
cblr-9110	21	21	years	year	NOUN
cblr-9110	21	22	:	:	PUNCT
cblr-9110	21	23	the	the	DET
cblr-9110	21	24	robustness	robustness	NOUN
cblr-9110	21	25	of	of	ADP
cblr-9110	21	26	the	the	DET
cblr-9110	21	27	etf	etf	NOUN
cblr-9110	21	28	arbitrage	arbitrage	NOUN
cblr-9110	21	29	mechanism	mechanism	NOUN
cblr-9110	21	30	that	that	PRON
cblr-9110	21	31	keeps	keep	VERB
cblr-9110	21	32	etf	etf	NOUN
cblr-9110	21	33	share	share	NOUN
cblr-9110	21	34	prices	price	NOUN
cblr-9110	21	35	aligned	align	VERB
cblr-9110	21	36	with	with	ADP
cblr-9110	21	37	their	their	PRON
cblr-9110	21	38	underlying	underlie	VERB
cblr-9110	21	39	fund	fund	NOUN
cblr-9110	21	40	’s	’s	PART
cblr-9110	21	41	per	per	ADP
cblr-9110	21	42	-	-	PUNCT
cblr-9110	21	43	share	share	NOUN
cblr-9110	21	44	net	net	ADJ
cblr-9110	21	45	asset	asset	NOUN
cblr-9110	21	46	value	value	NOUN
cblr-9110	21	47	(	(	PUNCT
cblr-9110	21	48	nav).1	nav).1	X
cblr-9110	21	49	1	1	NUM
cblr-9110	21	50	e.g.	e.g.	ADV
cblr-9110	21	51	,	,	PUNCT
cblr-9110	21	52	henry	henry	PROPN
cblr-9110	21	53	t.c	t.c	PROPN
cblr-9110	21	54	.	.	PROPN
cblr-9110	21	55	hu	hu	PROPN
cblr-9110	21	56	&	&	CCONJ
cblr-9110	21	57	john	john	PROPN
cblr-9110	21	58	d.	d.	PROPN
cblr-9110	21	59	morley	morley	PROPN
cblr-9110	21	60	,	,	PUNCT
cblr-9110	21	61	a	a	DET
cblr-9110	21	62	regulatory	regulatory	ADJ
cblr-9110	21	63	framework	framework	NOUN
cblr-9110	21	64	for	for	ADP
cblr-9110	21	65	exchange	exchange	NOUN
cblr-9110	21	66	-	-	PUNCT
cblr-9110	21	67	traded	trade	VERB
cblr-9110	21	68	funds	fund	NOUN
cblr-9110	21	69	,	,	PUNCT
cblr-9110	21	70	91	91	NUM
cblr-9110	21	71	s.	s.	PROPN
cblr-9110	21	72	cal	cal	PROPN
cblr-9110	21	73	.	.	PUNCT
cblr-9110	22	1	l.	l.	PROPN
cblr-9110	22	2	rev	rev	PROPN
cblr-9110	22	3	.	.	PROPN
cblr-9110	22	4	839	839	NUM
cblr-9110	22	5	,	,	PUNCT
cblr-9110	22	6	845	845	NUM
cblr-9110	22	7	(	(	PUNCT
cblr-9110	22	8	2018	2018	NUM
cblr-9110	22	9	)	)	PUNCT
cblr-9110	22	10	(	(	PUNCT
cblr-9110	22	11	“	"	PUNCT
cblr-9110	22	12	the	the	DET
cblr-9110	22	13	most	most	ADV
cblr-9110	22	14	distinctive	distinctive	ADJ
cblr-9110	22	15	feature	feature	NOUN
cblr-9110	22	16	of	of	ADP
cblr-9110	22	17	the	the	DET
cblr-9110	22	18	etf	etf	NOUN
cblr-9110	22	19	is	be	AUX
cblr-9110	22	20	its	its	PRON
cblr-9110	22	21	arbitrage	arbitrage	NOUN
cblr-9110	22	22	mechanism	mechanism	NOUN
cblr-9110	22	23	.	.	PUNCT
cblr-9110	23	1	the	the	DET
cblr-9110	23	2	purposes	purpose	NOUN
cblr-9110	23	3	of	of	ADP
cblr-9110	23	4	th[e	th[e	PROPN
cblr-9110	23	5	arbitrage	arbitrage	NOUN
cblr-9110	23	6	]	]	PUNCT
cblr-9110	23	7	mechanism	mechanism	NOUN
cblr-9110	23	8	is	be	AUX
cblr-9110	23	9	to	to	PART
cblr-9110	23	10	help	help	VERB
cblr-9110	23	11	bring	bring	VERB
cblr-9110	23	12	together	together	ADV
cblr-9110	23	13	the	the	DET
cblr-9110	23	14	price	price	NOUN
cblr-9110	23	15	at	at	ADP
cblr-9110	23	16	which	which	PRON
cblr-9110	23	17	an	an	DET
cblr-9110	23	18	etf	etf	NOUN
cblr-9110	23	19	’s	’s	PART
cblr-9110	23	20	shares	share	NOUN
cblr-9110	23	21	trade	trade	VERB
cblr-9110	23	22	on	on	ADP
cblr-9110	23	23	a	a	DET
cblr-9110	23	24	stock	stock	NOUN
cblr-9110	23	25	exchange	exchange	NOUN
cblr-9110	23	26	and	and	CCONJ
cblr-9110	23	27	the	the	DET
cblr-9110	23	28	pro	pro	ADJ
cblr-9110	23	29	rata	rata	ADJ
cblr-9110	23	30	value	value	NOUN
cblr-9110	23	31	of	of	ADP
cblr-9110	23	32	the	the	DET
cblr-9110	23	33	fund	fund	NOUN
cblr-9110	23	34	’s	’s	PART
cblr-9110	23	35	no	no	NOUN
cblr-9110	23	36	.	.	NOUN
cblr-9110	24	1	3:1321	3:1321	NUM
cblr-9110	24	2	]	]	X
cblr-9110	24	3	the	the	DET
cblr-9110	24	4	emergence	emergence	NOUN
cblr-9110	24	5	of	of	ADP
cblr-9110	24	6	the	the	DET
cblr-9110	24	7	actively	actively	ADV
cblr-9110	24	8	managed	manage	VERB
cblr-9110	24	9	etf	etf	NOUN
cblr-9110	24	10	1323	1323	NUM
cblr-9110	24	11	this	this	DET
cblr-9110	24	12	article	article	NOUN
cblr-9110	24	13	’s	’s	PART
cblr-9110	24	14	story	story	NOUN
cblr-9110	24	15	proceeds	proceed	NOUN
cblr-9110	24	16	as	as	SCONJ
cblr-9110	24	17	follows	follow	VERB
cblr-9110	24	18	.	.	PUNCT
cblr-9110	25	1	for	for	ADP
cblr-9110	25	2	decades	decade	NOUN
cblr-9110	25	3	,	,	PUNCT
cblr-9110	25	4	the	the	DET
cblr-9110	25	5	dominant	dominant	ADJ
cblr-9110	25	6	form	form	NOUN
cblr-9110	25	7	of	of	ADP
cblr-9110	25	8	pooled	pooled	ADJ
cblr-9110	25	9	investment	investment	NOUN
cblr-9110	25	10	for	for	ADP
cblr-9110	25	11	ordinary	ordinary	ADJ
cblr-9110	25	12	,	,	PUNCT
cblr-9110	25	13	individual	individual	ADJ
cblr-9110	25	14	investors	investor	NOUN
cblr-9110	25	15	had	have	AUX
cblr-9110	25	16	been	be	AUX
cblr-9110	25	17	that	that	PRON
cblr-9110	25	18	offered	offer	VERB
cblr-9110	25	19	by	by	ADP
cblr-9110	25	20	open	open	ADJ
cblr-9110	25	21	-	-	PUNCT
cblr-9110	25	22	end	end	NOUN
cblr-9110	25	23	mutual	mutual	ADJ
cblr-9110	25	24	funds	fund	NOUN
cblr-9110	25	25	.	.	PUNCT
cblr-9110	26	1	but	but	CCONJ
cblr-9110	26	2	as	as	SCONJ
cblr-9110	26	3	described	describe	VERB
cblr-9110	26	4	in	in	ADP
cblr-9110	26	5	part	part	PROPN
cblr-9110	26	6	ii	ii	PROPN
cblr-9110	26	7	’s	’s	PART
cblr-9110	26	8	primer	primer	NOUN
cblr-9110	26	9	on	on	ADP
cblr-9110	26	10	etf	etf	PROPN
cblr-9110	26	11	investing	investing	NOUN
cblr-9110	26	12	,	,	PUNCT
cblr-9110	26	13	things	thing	NOUN
cblr-9110	26	14	changed	change	VERB
cblr-9110	26	15	on	on	ADP
cblr-9110	26	16	this	this	DET
cblr-9110	26	17	front	front	NOUN
cblr-9110	26	18	in	in	ADP
cblr-9110	26	19	the	the	DET
cblr-9110	26	20	years	year	NOUN
cblr-9110	26	21	after	after	SCONJ
cblr-9110	26	22	the	the	DET
cblr-9110	26	23	first	first	ADJ
cblr-9110	26	24	etf	etf	NOUN
cblr-9110	26	25	came	come	VERB
cblr-9110	26	26	to	to	ADP
cblr-9110	26	27	market	market	NOUN
cblr-9110	26	28	in	in	ADP
cblr-9110	26	29	1993	1993	NUM
cblr-9110	26	30	.	.	PUNCT
cblr-9110	27	1	given	give	VERB
cblr-9110	27	2	the	the	DET
cblr-9110	27	3	extent	extent	NOUN
cblr-9110	27	4	of	of	ADP
cblr-9110	27	5	the	the	DET
cblr-9110	27	6	triumph	triumph	NOUN
cblr-9110	27	7	of	of	ADP
cblr-9110	27	8	the	the	DET
cblr-9110	27	9	etf	etf	NOUN
cblr-9110	27	10	as	as	ADP
cblr-9110	27	11	a	a	DET
cblr-9110	27	12	vehicle	vehicle	NOUN
cblr-9110	27	13	for	for	ADP
cblr-9110	27	14	passive	passive	ADJ
cblr-9110	27	15	investment	investment	NOUN
cblr-9110	27	16	described	describe	VERB
cblr-9110	27	17	in	in	ADP
cblr-9110	27	18	section	section	NOUN
cblr-9110	27	19	iii.a	iii.a	PROPN
cblr-9110	27	20	and	and	CCONJ
cblr-9110	27	21	the	the	DET
cblr-9110	27	22	recent	recent	ADJ
cblr-9110	27	23	regulatory	regulatory	ADJ
cblr-9110	27	24	approval	approval	NOUN
cblr-9110	27	25	of	of	ADP
cblr-9110	27	26	controversial	controversial	ADJ
cblr-9110	27	27	innovations	innovation	NOUN
cblr-9110	27	28	that	that	PRON
cblr-9110	27	29	allowed	allow	VERB
cblr-9110	27	30	for	for	SCONJ
cblr-9110	27	31	the	the	DET
cblr-9110	27	32	first	first	ADJ
cblr-9110	27	33	nontransparent	nontransparent	ADJ
cblr-9110	27	34	actively	actively	ADV
cblr-9110	27	35	managed	manage	VERB
cblr-9110	27	36	etfs	etfs	NOUN
cblr-9110	27	37	to	to	PART
cblr-9110	27	38	trade	trade	VERB
cblr-9110	27	39	in	in	ADP
cblr-9110	27	40	mid-2020	mid-2020	NOUN
cblr-9110	27	41	described	describe	VERB
cblr-9110	27	42	in	in	ADP
cblr-9110	27	43	section	section	NOUN
cblr-9110	27	44	iii.b	iii.b	PROPN
cblr-9110	27	45	,	,	PUNCT
cblr-9110	27	46	i	i	PRON
cblr-9110	27	47	make	make	VERB
cblr-9110	27	48	the	the	DET
cblr-9110	27	49	first	first	ADJ
cblr-9110	27	50	argument	argument	NOUN
cblr-9110	27	51	noted	note	VERB
cblr-9110	27	52	above	above	ADV
cblr-9110	27	53	on	on	ADP
cblr-9110	27	54	the	the	DET
cblr-9110	27	55	likely	likely	ADJ
cblr-9110	27	56	emergence	emergence	NOUN
cblr-9110	27	57	of	of	ADP
cblr-9110	27	58	the	the	DET
cblr-9110	27	59	actively	actively	ADV
cblr-9110	27	60	managed	manage	VERB
cblr-9110	27	61	etf	etf	NOUN
cblr-9110	27	62	.	.	PUNCT
cblr-9110	28	1	and	and	CCONJ
cblr-9110	28	2	given	give	VERB
cblr-9110	28	3	this	this	DET
cblr-9110	28	4	likely	likely	ADJ
cblr-9110	28	5	emergence	emergence	NOUN
cblr-9110	28	6	,	,	PUNCT
cblr-9110	28	7	the	the	DET
cblr-9110	28	8	final	final	ADJ
cblr-9110	28	9	part	part	NOUN
cblr-9110	28	10	focuses	focus	VERB
cblr-9110	28	11	on	on	ADP
cblr-9110	28	12	the	the	DET
cblr-9110	28	13	aforementioned	aforementioned	ADJ
cblr-9110	28	14	concern	concern	NOUN
cblr-9110	28	15	relating	relate	VERB
cblr-9110	28	16	to	to	ADP
cblr-9110	28	17	the	the	DET
cblr-9110	28	18	robustness	robustness	NOUN
cblr-9110	28	19	of	of	ADP
cblr-9110	28	20	the	the	DET
cblr-9110	28	21	etf	etf	NOUN
cblr-9110	28	22	arbitrage	arbitrage	NOUN
cblr-9110	28	23	mechanism	mechanism	NOUN
cblr-9110	28	24	as	as	ADV
cblr-9110	28	25	well	well	ADV
cblr-9110	28	26	as	as	ADP
cblr-9110	28	27	closely	closely	ADV
cblr-9110	28	28	related	relate	VERB
cblr-9110	28	29	concerns.2	concerns.2	PROPN
cblr-9110	28	30	underlying	underlie	VERB
cblr-9110	28	31	assets	asset	NOUN
cblr-9110	28	32	,	,	PUNCT
cblr-9110	28	33	which	which	PRON
cblr-9110	28	34	is	be	AUX
cblr-9110	28	35	known	know	VERB
cblr-9110	28	36	as	as	ADP
cblr-9110	28	37	its	its	PRON
cblr-9110	28	38	net	net	ADJ
cblr-9110	28	39	asset	asset	NOUN
cblr-9110	28	40	value	value	NOUN
cblr-9110	28	41	.	.	PUNCT
cblr-9110	28	42	)	)	PUNCT
cblr-9110	29	1	;	;	PUNCT
cblr-9110	29	2	see	see	AUX
cblr-9110	29	3	also	also	ADV
cblr-9110	29	4	actively	actively	ADV
cblr-9110	29	5	managed	manage	VERB
cblr-9110	29	6	exchange	exchange	NOUN
cblr-9110	29	7	-	-	PUNCT
cblr-9110	29	8	traded	trade	VERB
cblr-9110	29	9	funds	fund	NOUN
cblr-9110	29	10	,	,	PUNCT
cblr-9110	29	11	no	no	INTJ
cblr-9110	29	12	.	.	PUNCT
cblr-9110	30	1	investment	investment	NOUN
cblr-9110	30	2	company	company	NOUN
cblr-9110	30	3	act	act	AUX
cblr-9110	30	4	release	release	VERB
cblr-9110	30	5	no	no	PRON
cblr-9110	30	6	.	.	NOUN
cblr-9110	30	7	25,258	25,258	NUM
cblr-9110	30	8	,	,	PUNCT
cblr-9110	30	9	66	66	NUM
cblr-9110	30	10	fed	feed	VERB
cblr-9110	30	11	.	.	PUNCT
cblr-9110	31	1	reg	reg	PROPN
cblr-9110	31	2	.	.	PROPN
cblr-9110	32	1	57,614	57,614	NUM
cblr-9110	32	2	,	,	PUNCT
cblr-9110	32	3	57,618	57,618	NUM
cblr-9110	32	4	(	(	PUNCT
cblr-9110	32	5	nov	nov	PROPN
cblr-9110	32	6	.	.	PROPN
cblr-9110	32	7	15	15	NUM
cblr-9110	32	8	,	,	PUNCT
cblr-9110	32	9	2001	2001	NUM
cblr-9110	32	10	)	)	PUNCT
cblr-9110	32	11	(	(	PUNCT
cblr-9110	32	12	“	"	PUNCT
cblr-9110	32	13	the	the	DET
cblr-9110	32	14	unique	unique	ADJ
cblr-9110	32	15	structure	structure	NOUN
cblr-9110	32	16	of	of	ADP
cblr-9110	32	17	an	an	DET
cblr-9110	32	18	etf	etf	NOUN
cblr-9110	32	19	—	—	PUNCT
cblr-9110	32	20	in	in	ADP
cblr-9110	32	21	which	which	PRON
cblr-9110	32	22	[	[	PUNCT
cblr-9110	32	23	authorized	authorize	VERB
cblr-9110	32	24	participants	participant	NOUN
cblr-9110	32	25	]	]	PUNCT
cblr-9110	32	26	can	can	AUX
cblr-9110	32	27	buy	buy	VERB
cblr-9110	32	28	and	and	CCONJ
cblr-9110	32	29	redeem	redeem	VERB
cblr-9110	32	30	creation	creation	NOUN
cblr-9110	32	31	units	unit	NOUN
cblr-9110	32	32	at	at	ADP
cblr-9110	32	33	nav	nav	NOUN
cblr-9110	32	34	,	,	PUNCT
cblr-9110	32	35	and	and	CCONJ
cblr-9110	32	36	can	can	AUX
cblr-9110	32	37	sell	sell	VERB
cblr-9110	32	38	and	and	CCONJ
cblr-9110	32	39	purchase	purchase	VERB
cblr-9110	32	40	individual	individual	ADJ
cblr-9110	32	41	etf	etf	NOUN
cblr-9110	32	42	shares	share	NOUN
cblr-9110	32	43	in	in	ADP
cblr-9110	32	44	the	the	DET
cblr-9110	32	45	secondary	secondary	ADJ
cblr-9110	32	46	market	market	NOUN
cblr-9110	32	47	at	at	ADP
cblr-9110	32	48	market	market	NOUN
cblr-9110	32	49	price	price	NOUN
cblr-9110	32	50	—	—	PUNCT
cblr-9110	32	51	is	be	AUX
cblr-9110	32	52	designed	design	VERB
cblr-9110	32	53	,	,	PUNCT
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cblr-9110	32	55	other	other	ADJ
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cblr-9110	32	57	,	,	PUNCT
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cblr-9110	32	59	ensure	ensure	VERB
cblr-9110	32	60	arbitrage	arbitrage	NOUN
cblr-9110	32	61	opportunities	opportunity	NOUN
cblr-9110	32	62	that	that	PRON
cblr-9110	32	63	would	would	AUX
cblr-9110	32	64	reduce	reduce	VERB
cblr-9110	32	65	any	any	DET
cblr-9110	32	66	deviations	deviation	NOUN
cblr-9110	32	67	between	between	ADP
cblr-9110	32	68	the	the	DET
cblr-9110	32	69	nav	nav	NOUN
cblr-9110	32	70	and	and	CCONJ
cblr-9110	32	71	the	the	DET
cblr-9110	32	72	market	market	NOUN
cblr-9110	32	73	price	price	NOUN
cblr-9110	32	74	of	of	ADP
cblr-9110	32	75	etf	etf	NOUN
cblr-9110	32	76	shares	share	NOUN
cblr-9110	32	77	.	.	PUNCT
cblr-9110	32	78	”	"	PUNCT
cblr-9110	32	79	)	)	PUNCT
cblr-9110	32	80	.	.	PUNCT
cblr-9110	33	1	2	2	NUM
cblr-9110	33	2	in	in	ADP
cblr-9110	33	3	a	a	DET
cblr-9110	33	4	series	series	NOUN
cblr-9110	33	5	of	of	ADP
cblr-9110	33	6	public	public	ADJ
cblr-9110	33	7	comment	comment	NOUN
cblr-9110	33	8	letters	letter	NOUN
cblr-9110	33	9	in	in	ADP
cblr-9110	33	10	late	late	ADJ
cblr-9110	33	11	2017	2017	NUM
cblr-9110	33	12	and	and	CCONJ
cblr-9110	33	13	early	early	ADJ
cblr-9110	33	14	2018	2018	NUM
cblr-9110	33	15	,	,	PUNCT
cblr-9110	33	16	i	i	PRON
cblr-9110	33	17	raised	raise	VERB
cblr-9110	33	18	concerns	concern	NOUN
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cblr-9110	33	20	the	the	DET
cblr-9110	33	21	new	new	ADJ
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cblr-9110	33	23	of	of	ADP
cblr-9110	33	24	etfs	etfs	PROPN
cblr-9110	33	25	introduced	introduce	VERB
cblr-9110	33	26	above	above	ADV
cblr-9110	33	27	and	and	CCONJ
cblr-9110	33	28	studied	study	VERB
cblr-9110	33	29	in	in	ADP
cblr-9110	33	30	detail	detail	NOUN
cblr-9110	33	31	below	below	ADV
cblr-9110	33	32	in	in	ADP
cblr-9110	33	33	section	section	NOUN
cblr-9110	33	34	iii.b	iii.b	PROPN
cblr-9110	33	35	and	and	CCONJ
cblr-9110	33	36	part	part	NOUN
cblr-9110	33	37	iv	iv	NUM
cblr-9110	33	38	,	,	PUNCT
cblr-9110	33	39	infra	infra	NOUN
cblr-9110	33	40	.	.	PUNCT
cblr-9110	34	1	see	see	VERB
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cblr-9110	34	12	to	to	PART
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cblr-9110	34	26	shares	share	NOUN
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cblr-9110	34	29	.	.	PROPN
cblr-9110	34	30	15	15	NUM
cblr-9110	34	31	,	,	PUNCT
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cblr-9110	34	34	,	,	PUNCT
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cblr-9110	35	2	hereinafter	hereinafter	NOUN
cblr-9110	35	3	haeberle	haeberle	NOUN
cblr-9110	35	4	,	,	PUNCT
cblr-9110	35	5	2017	2017	NUM
cblr-9110	35	6	comment	comment	NOUN
cblr-9110	35	7	letter	letter	NOUN
cblr-9110	35	8	on	on	ADP
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cblr-9110	35	14	;	;	PUNCT
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cblr-9110	35	21	on	on	ADP
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cblr-9110	35	36	and	and	CCONJ
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cblr-9110	35	38	shares	share	NOUN
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cblr-9110	35	43	,	,	PUNCT
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cblr-9110	37	1	[	[	X
cblr-9110	37	2	hereinafter	hereinafter	NOUN
cblr-9110	37	3	haeberle	haeberle	NOUN
cblr-9110	37	4	,	,	PUNCT
cblr-9110	37	5	2018	2018	NUM
cblr-9110	37	6	comment	comment	NOUN
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cblr-9110	38	1	as	as	SCONJ
cblr-9110	38	2	noted	note	VERB
cblr-9110	38	3	in	in	ADP
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cblr-9110	38	6	,	,	PUNCT
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cblr-9110	38	14	(	(	PUNCT
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cblr-9110	38	21	spent	spend	VERB
cblr-9110	38	22	on	on	ADP
cblr-9110	38	23	research	research	NOUN
cblr-9110	38	24	and	and	CCONJ
cblr-9110	38	25	writing	writing	NOUN
cblr-9110	38	26	associated	associate	VERB
cblr-9110	38	27	with	with	ADP
cblr-9110	38	28	those	those	DET
cblr-9110	38	29	letters	letter	NOUN
cblr-9110	38	30	.	.	PUNCT
cblr-9110	39	1	i	i	PRON
cblr-9110	39	2	have	have	AUX
cblr-9110	39	3	not	not	PART
cblr-9110	39	4	discussed	discuss	VERB
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cblr-9110	39	6	current	current	ADJ
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cblr-9110	39	16	have	have	AUX
cblr-9110	39	17	not	not	PART
cblr-9110	39	18	talked	talk	VERB
cblr-9110	39	19	with	with	ADP
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cblr-9110	39	21	at	at	ADP
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cblr-9110	39	24	in	in	ADP
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cblr-9110	39	26	four	four	NUM
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cblr-9110	39	28	.	.	PUNCT
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cblr-9110	40	2	,	,	PUNCT
cblr-9110	40	3	since	since	SCONJ
cblr-9110	40	4	even	even	ADV
cblr-9110	40	5	before	before	ADP
cblr-9110	40	6	the	the	DET
cblr-9110	40	7	initial	initial	ADJ
cblr-9110	40	8	may	may	PROPN
cblr-9110	40	9	2019	2019	NUM
cblr-9110	40	10	sec	sec	PROPN
cblr-9110	40	11	approval	approval	NOUN
cblr-9110	40	12	of	of	ADP
cblr-9110	40	13	the	the	DET
cblr-9110	40	14	type	type	NOUN
cblr-9110	40	15	of	of	ADP
cblr-9110	40	16	etfs	etfs	NOUN
cblr-9110	40	17	i	i	PRON
cblr-9110	40	18	had	have	AUX
cblr-9110	40	19	questioned	question	VERB
cblr-9110	40	20	,	,	PUNCT
cblr-9110	40	21	eaton	eaton	PROPN
cblr-9110	40	22	vance	vance	PROPN
cblr-9110	40	23	filed	file	VERB
cblr-9110	40	24	for	for	ADP
cblr-9110	40	25	sec	sec	PROPN
cblr-9110	40	26	approval	approval	NOUN
cblr-9110	40	27	for	for	ADP
cblr-9110	40	28	a	a	DET
cblr-9110	40	29	related	relate	VERB
cblr-9110	40	30	1324	1324	NUM
cblr-9110	40	31	columbia	columbia	PROPN
cblr-9110	40	32	business	business	NOUN
cblr-9110	40	33	law	law	PROPN
cblr-9110	40	34	review	review	NOUN
cblr-9110	40	35	[	[	X
cblr-9110	40	36	vol	vol	NOUN
cblr-9110	40	37	.	.	PUNCT
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cblr-9110	40	40	.	.	PUNCT
cblr-9110	41	1	a	a	DET
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cblr-9110	41	3	on	on	ADP
cblr-9110	41	4	etfs	etfs	PROPN
cblr-9110	41	5	:	:	PUNCT
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cblr-9110	41	7	accompanied	accompany	VERB
cblr-9110	41	8	by	by	ADP
cblr-9110	41	9	both	both	DET
cblr-9110	41	10	pros	pro	NOUN
cblr-9110	41	11	and	and	CCONJ
cblr-9110	41	12	cons	con	NOUN
cblr-9110	41	13	for	for	ADP
cblr-9110	41	14	investors	investor	NOUN
cblr-9110	41	15	as	as	SCONJ
cblr-9110	41	16	explained	explain	VERB
cblr-9110	41	17	in	in	ADP
cblr-9110	41	18	this	this	DET
cblr-9110	41	19	part	part	NOUN
cblr-9110	41	20	,	,	PUNCT
cblr-9110	41	21	the	the	DET
cblr-9110	41	22	etf	etf	NOUN
cblr-9110	41	23	represents	represent	VERB
cblr-9110	41	24	a	a	DET
cblr-9110	41	25	relatively	relatively	ADV
cblr-9110	41	26	new	new	ADJ
cblr-9110	41	27	financial	financial	ADJ
cblr-9110	41	28	innovation	innovation	NOUN
cblr-9110	41	29	that	that	PRON
cblr-9110	41	30	brings	bring	VERB
cblr-9110	41	31	both	both	DET
cblr-9110	41	32	advantages	advantage	NOUN
cblr-9110	41	33	and	and	CCONJ
cblr-9110	41	34	disadvantages	disadvantage	NOUN
cblr-9110	41	35	to	to	PART
cblr-9110	41	36	,	,	PUNCT
cblr-9110	41	37	among	among	ADP
cblr-9110	41	38	others	other	NOUN
cblr-9110	41	39	,	,	PUNCT
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cblr-9110	41	41	who	who	PRON
cblr-9110	41	42	traditionally	traditionally	ADV
cblr-9110	41	43	would	would	AUX
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cblr-9110	41	45	via	via	ADP
cblr-9110	41	46	mutual	mutual	ADJ
cblr-9110	41	47	funds	fund	NOUN
cblr-9110	41	48	.	.	PUNCT
cblr-9110	42	1	the	the	DET
cblr-9110	42	2	core	core	NOUN
cblr-9110	42	3	innovation	innovation	NOUN
cblr-9110	42	4	is	be	AUX
cblr-9110	42	5	one	one	NUM
cblr-9110	42	6	that	that	PRON
cblr-9110	42	7	results	result	VERB
cblr-9110	42	8	in	in	ADP
cblr-9110	42	9	improved	improved	ADJ
cblr-9110	42	10	liquidity	liquidity	NOUN
cblr-9110	42	11	for	for	ADP
cblr-9110	42	12	investors	investor	NOUN
cblr-9110	42	13	,	,	PUNCT
cblr-9110	42	14	even	even	ADV
cblr-9110	42	15	if	if	SCONJ
cblr-9110	42	16	only	only	ADV
cblr-9110	42	17	in	in	ADP
cblr-9110	42	18	marginal	marginal	ADJ
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cblr-9110	43	4	further	further	ADJ
cblr-9110	43	5	notable	notable	ADJ
cblr-9110	43	6	investor	investor	NOUN
cblr-9110	43	7	advantages	advantage	NOUN
cblr-9110	43	8	—	—	PUNCT
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cblr-9110	43	10	,	,	PUNCT
cblr-9110	43	11	reduced	reduce	VERB
cblr-9110	43	12	costs	cost	NOUN
cblr-9110	43	13	associated	associate	VERB
cblr-9110	43	14	with	with	ADP
cblr-9110	43	15	both	both	DET
cblr-9110	43	16	savings	saving	NOUN
cblr-9110	43	17	for	for	ADP
cblr-9110	43	18	the	the	DET
cblr-9110	43	19	fund	fund	NOUN
cblr-9110	43	20	and	and	CCONJ
cblr-9110	43	21	tax	tax	NOUN
cblr-9110	43	22	efficiencies	efficiency	NOUN
cblr-9110	43	23	.	.	PUNCT
cblr-9110	44	1	that	that	PRON
cblr-9110	44	2	said	say	VERB
cblr-9110	44	3	,	,	PUNCT
cblr-9110	44	4	etfs	etfs	PROPN
cblr-9110	44	5	also	also	ADV
cblr-9110	44	6	come	come	VERB
cblr-9110	44	7	along	along	ADP
cblr-9110	44	8	with	with	ADP
cblr-9110	44	9	notable	notable	ADJ
cblr-9110	44	10	counterweights	counterweight	NOUN
cblr-9110	44	11	for	for	ADP
cblr-9110	44	12	investors	investor	NOUN
cblr-9110	44	13	—	—	PUNCT
cblr-9110	44	14	namely	namely	ADV
cblr-9110	44	15	,	,	PUNCT
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cblr-9110	44	17	associated	associate	VERB
cblr-9110	44	18	with	with	ADP
cblr-9110	44	19	spreads	spread	NOUN
cblr-9110	44	20	between	between	ADP
cblr-9110	44	21	both	both	DET
cblr-9110	44	22	(	(	PUNCT
cblr-9110	44	23	1	1	X
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cblr-9110	44	25	bid	bid	NOUN
cblr-9110	44	26	and	and	CCONJ
cblr-9110	44	27	ask	ask	VERB
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cblr-9110	44	30	(	(	PUNCT
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cblr-9110	44	44	value	value	NOUN
cblr-9110	44	45	of	of	ADP
cblr-9110	44	46	the	the	DET
cblr-9110	44	47	fund	fund	NOUN
cblr-9110	44	48	.	.	PUNCT
cblr-9110	45	1	a.	a.	NOUN
cblr-9110	46	1	the	the	DET
cblr-9110	46	2	core	core	NOUN
cblr-9110	46	3	innovation	innovation	NOUN
cblr-9110	46	4	and	and	CCONJ
cblr-9110	46	5	its	its	PRON
cblr-9110	46	6	basic	basic	ADJ
cblr-9110	46	7	liquidity	liquidity	NOUN
cblr-9110	46	8	advantage	advantage	NOUN
cblr-9110	46	9	traditionally	traditionally	ADV
cblr-9110	46	10	,	,	PUNCT
cblr-9110	46	11	mutual	mutual	ADJ
cblr-9110	46	12	fund	fund	NOUN
cblr-9110	46	13	investment	investment	NOUN
cblr-9110	46	14	was	be	AUX
cblr-9110	46	15	the	the	DET
cblr-9110	46	16	dominant	dominant	ADJ
cblr-9110	46	17	form	form	NOUN
cblr-9110	46	18	of	of	ADP
cblr-9110	46	19	pooled	pooled	ADJ
cblr-9110	46	20	investment	investment	NOUN
cblr-9110	46	21	for	for	ADP
cblr-9110	46	22	ordinary	ordinary	ADJ
cblr-9110	46	23	investors	investor	NOUN
cblr-9110	46	24	.	.	PUNCT
cblr-9110	47	1	but	but	CCONJ
cblr-9110	47	2	buying	buy	VERB
cblr-9110	47	3	and	and	CCONJ
cblr-9110	47	4	selling	sell	VERB
cblr-9110	47	5	mutual	mutual	ADJ
cblr-9110	47	6	fund	fund	NOUN
cblr-9110	47	7	shares	share	NOUN
cblr-9110	47	8	means	mean	VERB
cblr-9110	47	9	transacting	transact	VERB
cblr-9110	47	10	opposite	opposite	ADP
cblr-9110	47	11	the	the	DET
cblr-9110	47	12	fund	fund	NOUN
cblr-9110	47	13	itself	itself	PRON
cblr-9110	47	14	.	.	PUNCT
cblr-9110	48	1	these	these	DET
cblr-9110	48	2	purchases	purchase	NOUN
cblr-9110	48	3	and	and	CCONJ
cblr-9110	48	4	sales	sale	NOUN
cblr-9110	48	5	are	be	AUX
cblr-9110	48	6	executed	execute	VERB
cblr-9110	48	7	at	at	ADP
cblr-9110	48	8	a	a	DET
cblr-9110	48	9	single	single	ADJ
cblr-9110	48	10	price	price	NOUN
cblr-9110	48	11	per	per	ADP
cblr-9110	48	12	share	share	NOUN
cblr-9110	48	13	:	:	PUNCT
cblr-9110	48	14	the	the	DET
cblr-9110	48	15	current	current	ADJ
cblr-9110	48	16	per	per	ADP
cblr-9110	48	17	-	-	PUNCT
cblr-9110	48	18	share	share	NOUN
cblr-9110	48	19	nav	nav	NOUN
cblr-9110	48	20	of	of	ADP
cblr-9110	48	21	the	the	DET
cblr-9110	48	22	fund.3	fund.3	PROPN
cblr-9110	48	23	this	this	DET
cblr-9110	48	24	value	value	NOUN
cblr-9110	48	25	is	be	AUX
cblr-9110	48	26	calculated	calculate	VERB
cblr-9110	48	27	at	at	ADP
cblr-9110	48	28	the	the	DET
cblr-9110	48	29	end	end	NOUN
cblr-9110	48	30	of	of	ADP
cblr-9110	48	31	each	each	DET
cblr-9110	48	32	trading	trading	NOUN
cblr-9110	48	33	day,4	day,4	NOUN
cblr-9110	48	34	and	and	CCONJ
cblr-9110	48	35	etf	etf	NOUN
cblr-9110	48	36	form	form	NOUN
cblr-9110	48	37	.	.	PUNCT
cblr-9110	49	1	see	see	VERB
cblr-9110	49	2	nichole	nichole	PROPN
cblr-9110	49	3	m.	m.	PROPN
cblr-9110	49	4	kramer	kramer	PROPN
cblr-9110	49	5	,	,	PUNCT
cblr-9110	49	6	semi	semi	ADJ
cblr-9110	49	7	-	-	ADJ
cblr-9110	49	8	transparent	transparent	ADJ
cblr-9110	49	9	exchange	exchange	NOUN
cblr-9110	49	10	-	-	PUNCT
cblr-9110	49	11	traded	trade	VERB
cblr-9110	49	12	funds	fund	NOUN
cblr-9110	49	13	:	:	PUNCT
cblr-9110	49	14	a	a	DET
cblr-9110	49	15	revolution	revolution	NOUN
cblr-9110	49	16	in	in	ADP
cblr-9110	49	17	active	active	ADJ
cblr-9110	49	18	management	management	NOUN
cblr-9110	49	19	,	,	PUNCT
cblr-9110	49	20	invs	invs	PROPN
cblr-9110	49	21	.	.	PROPN
cblr-9110	49	22	&	&	CCONJ
cblr-9110	49	23	wealth	wealth	PROPN
cblr-9110	49	24	monitor	monitor	PROPN
cblr-9110	49	25	,	,	PUNCT
cblr-9110	49	26	jan./feb	jan./feb	PROPN
cblr-9110	49	27	.	.	PROPN
cblr-9110	49	28	2020	2020	NUM
cblr-9110	49	29	,	,	PUNCT
cblr-9110	49	30	at	at	ADP
cblr-9110	49	31	33	33	NUM
cblr-9110	49	32	,	,	PUNCT
cblr-9110	49	33	36	36	NUM
cblr-9110	49	34	,	,	PUNCT
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cblr-9110	50	1	[	[	X
cblr-9110	51	1	https://perma.cc/g2uj-wjsy	https://perma.cc/g2uj-wjsy	X
cblr-9110	51	2	]	]	X
cblr-9110	51	3	.	.	PUNCT
cblr-9110	52	1	in	in	ADP
cblr-9110	52	2	part	part	NOUN
cblr-9110	52	3	iv	iv	ADP
cblr-9110	52	4	below	below	ADV
cblr-9110	52	5	,	,	PUNCT
cblr-9110	52	6	i	i	PRON
cblr-9110	52	7	question	question	VERB
cblr-9110	52	8	the	the	DET
cblr-9110	52	9	extent	extent	NOUN
cblr-9110	52	10	to	to	PART
cblr-9110	52	11	which	which	PRON
cblr-9110	52	12	the	the	DET
cblr-9110	52	13	sec	sec	PROPN
cblr-9110	52	14	and	and	CCONJ
cblr-9110	52	15	investment	investment	NOUN
cblr-9110	52	16	intermediaries	intermediary	NOUN
cblr-9110	52	17	should	should	AUX
cblr-9110	52	18	be	be	AUX
cblr-9110	52	19	supporting	support	VERB
cblr-9110	52	20	all	all	PRON
cblr-9110	52	21	of	of	ADP
cblr-9110	52	22	these	these	DET
cblr-9110	52	23	new	new	ADJ
cblr-9110	52	24	types	type	NOUN
cblr-9110	52	25	of	of	ADP
cblr-9110	52	26	etfs	etfs	PROPN
cblr-9110	52	27	.	.	PUNCT
cblr-9110	53	1	3	3	NUM
cblr-9110	53	2	e.g.	e.g.	ADV
cblr-9110	53	3	,	,	PUNCT
cblr-9110	53	4	17	17	NUM
cblr-9110	53	5	c.f.r	c.f.r	NOUN
cblr-9110	53	6	.	.	PUNCT
cblr-9110	54	1	§	§	PROPN
cblr-9110	54	2	270.22c-1(a	270.22c-1(a	NUM
cblr-9110	54	3	)	)	PUNCT
cblr-9110	54	4	(	(	PUNCT
cblr-9110	54	5	2021	2021	NUM
cblr-9110	54	6	)	)	PUNCT
cblr-9110	54	7	;	;	PUNCT
cblr-9110	54	8	net	net	ADJ
cblr-9110	54	9	asset	asset	NOUN
cblr-9110	54	10	value	value	NOUN
cblr-9110	54	11	,	,	PUNCT
cblr-9110	54	12	u.s	u.s	PROPN
cblr-9110	54	13	.	.	PROPN
cblr-9110	54	14	sec	sec	PROPN
cblr-9110	54	15	.	.	PROPN
cblr-9110	54	16	&	&	CCONJ
cblr-9110	54	17	exch	exch	PROPN
cblr-9110	54	18	.	.	PUNCT
cblr-9110	55	1	comm’n	comm’n	PROPN
cblr-9110	55	2	,	,	PUNCT
cblr-9110	55	3	https://www.investor.gov/introduction-investing/investingbasics/glossary/net-asset-value	https://www.investor.gov/introduction-investing/investingbasics/glossary/net-asset-value	NOUN
cblr-9110	55	4	[	[	X
cblr-9110	55	5	https://perma.cc/jr7y-ryw8	https://perma.cc/jr7y-ryw8	PROPN
cblr-9110	55	6	]	]	X
cblr-9110	55	7	(	(	PUNCT
cblr-9110	55	8	last	last	ADV
cblr-9110	55	9	visited	visit	VERB
cblr-9110	55	10	dec	dec	PROPN
cblr-9110	55	11	.	.	PROPN
cblr-9110	55	12	6	6	NUM
cblr-9110	55	13	,	,	PUNCT
cblr-9110	55	14	2021	2021	NUM
cblr-9110	55	15	)	)	PUNCT
cblr-9110	55	16	.	.	PUNCT
cblr-9110	56	1	4	4	NUM
cblr-9110	56	2	e.g.	e.g.	ADV
cblr-9110	56	3	,	,	PUNCT
cblr-9110	56	4	inv	inv	ADJ
cblr-9110	56	5	.	.	PUNCT
cblr-9110	56	6	co.	co.	PROPN
cblr-9110	56	7	inst	inst	PROPN
cblr-9110	56	8	.	.	PROPN
cblr-9110	56	9	,	,	PUNCT
cblr-9110	56	10	2021	2021	NUM
cblr-9110	56	11	investment	investment	NOUN
cblr-9110	56	12	company	company	NOUN
cblr-9110	56	13	fact	fact	NOUN
cblr-9110	56	14	book	book	NOUN
cblr-9110	56	15	:	:	PUNCT
cblr-9110	56	16	a	a	DET
cblr-9110	56	17	review	review	NOUN
cblr-9110	56	18	of	of	ADP
cblr-9110	56	19	trends	trend	NOUN
cblr-9110	56	20	and	and	CCONJ
cblr-9110	56	21	activities	activity	NOUN
cblr-9110	56	22	in	in	ADP
cblr-9110	56	23	the	the	DET
cblr-9110	56	24	investment	investment	NOUN
cblr-9110	56	25	company	company	NOUN
cblr-9110	56	26	industry	industry	NOUN
cblr-9110	56	27	96	96	NUM
cblr-9110	56	28	(	(	PUNCT
cblr-9110	56	29	2021	2021	NUM
cblr-9110	56	30	)	)	PUNCT
cblr-9110	57	1	no	no	INTJ
cblr-9110	57	2	.	.	NOUN
cblr-9110	58	1	3:1321	3:1321	NUM
cblr-9110	58	2	]	]	X
cblr-9110	58	3	the	the	DET
cblr-9110	58	4	emergence	emergence	NOUN
cblr-9110	58	5	of	of	ADP
cblr-9110	58	6	the	the	DET
cblr-9110	58	7	actively	actively	ADV
cblr-9110	58	8	managed	manage	VERB
cblr-9110	58	9	etf	etf	PROPN
cblr-9110	58	10	1325	1325	NUM
cblr-9110	58	11	all	all	DET
cblr-9110	58	12	investor	investor	NOUN
cblr-9110	58	13	transactions	transaction	NOUN
cblr-9110	58	14	to	to	PART
cblr-9110	58	15	buy	buy	VERB
cblr-9110	58	16	or	or	CCONJ
cblr-9110	58	17	sell	sell	VERB
cblr-9110	58	18	shares	share	NOUN
cblr-9110	58	19	submitted	submit	VERB
cblr-9110	58	20	after	after	ADP
cblr-9110	58	21	the	the	DET
cblr-9110	58	22	previous	previous	ADJ
cblr-9110	58	23	end	end	NOUN
cblr-9110	58	24	-	-	PUNCT
cblr-9110	58	25	of	of	ADP
cblr-9110	58	26	-	-	PUNCT
cblr-9110	58	27	day	day	NOUN
cblr-9110	58	28	calculation	calculation	NOUN
cblr-9110	58	29	of	of	ADP
cblr-9110	58	30	nav	nav	NOUN
cblr-9110	58	31	and	and	CCONJ
cblr-9110	58	32	before	before	ADP
cblr-9110	58	33	that	that	DET
cblr-9110	58	34	next	next	ADJ
cblr-9110	58	35	one	one	NUM
cblr-9110	58	36	are	be	AUX
cblr-9110	58	37	executed	execute	VERB
cblr-9110	58	38	at	at	ADP
cblr-9110	58	39	the	the	DET
cblr-9110	58	40	latter.5	latter.5	PROPN
cblr-9110	58	41	thus	thus	ADV
cblr-9110	58	42	,	,	PUNCT
cblr-9110	58	43	if	if	SCONJ
cblr-9110	58	44	a	a	DET
cblr-9110	58	45	mutual	mutual	ADJ
cblr-9110	58	46	fund	fund	NOUN
cblr-9110	58	47	investor	investor	NOUN
cblr-9110	58	48	redeems	redeem	VERB
cblr-9110	58	49	her	her	PRON
cblr-9110	58	50	shares	share	NOUN
cblr-9110	58	51	to	to	ADP
cblr-9110	58	52	the	the	DET
cblr-9110	58	53	fund	fund	NOUN
cblr-9110	58	54	at	at	ADP
cblr-9110	58	55	3:30	3:30	NUM
cblr-9110	58	56	p.m.	p.m.	NOUN
cblr-9110	58	57	on	on	ADP
cblr-9110	58	58	a	a	DET
cblr-9110	58	59	tuesday	tuesday	NOUN
cblr-9110	58	60	,	,	PUNCT
cblr-9110	58	61	she	she	PRON
cblr-9110	58	62	receives	receive	VERB
cblr-9110	58	63	the	the	DET
cblr-9110	58	64	cash	cash	NOUN
cblr-9110	58	65	value	value	NOUN
cblr-9110	58	66	of	of	ADP
cblr-9110	58	67	the	the	DET
cblr-9110	58	68	nav	nav	NOUN
cblr-9110	58	69	/	/	SYM
cblr-9110	58	70	share	share	NOUN
cblr-9110	58	71	calculated	calculate	VERB
cblr-9110	58	72	at	at	ADP
cblr-9110	58	73	the	the	DET
cblr-9110	58	74	4:00	4:00	NUM
cblr-9110	58	75	p.m.	p.m.	NOUN
cblr-9110	58	76	close	close	ADJ
cblr-9110	58	77	of	of	ADP
cblr-9110	58	78	trading	trading	NOUN
cblr-9110	58	79	on	on	ADP
cblr-9110	58	80	that	that	DET
cblr-9110	58	81	day	day	NOUN
cblr-9110	58	82	.	.	PUNCT
cblr-9110	59	1	any	any	DET
cblr-9110	59	2	such	such	ADJ
cblr-9110	59	3	investor	investor	NOUN
cblr-9110	59	4	who	who	PRON
cblr-9110	59	5	redeems	redeem	VERB
cblr-9110	59	6	shares	share	NOUN
cblr-9110	59	7	after	after	ADP
cblr-9110	59	8	4:00	4:00	NUM
cblr-9110	59	9	p.m.	p.m.	NOUN
cblr-9110	59	10	on	on	ADP
cblr-9110	59	11	that	that	DET
cblr-9110	59	12	same	same	ADJ
cblr-9110	59	13	day	day	NOUN
cblr-9110	59	14	does	do	VERB
cblr-9110	59	15	so	so	ADV
cblr-9110	59	16	in	in	ADP
cblr-9110	59	17	return	return	NOUN
cblr-9110	59	18	for	for	ADP
cblr-9110	59	19	the	the	DET
cblr-9110	59	20	nav	nav	NOUN
cblr-9110	59	21	/	/	SYM
cblr-9110	59	22	share	share	NOUN
cblr-9110	59	23	calculated	calculate	VERB
cblr-9110	59	24	at	at	ADP
cblr-9110	59	25	the	the	DET
cblr-9110	59	26	end	end	NOUN
cblr-9110	59	27	of	of	ADP
cblr-9110	59	28	the	the	DET
cblr-9110	59	29	next	next	ADJ
cblr-9110	59	30	trading	trading	NOUN
cblr-9110	59	31	day	day	NOUN
cblr-9110	59	32	.	.	PUNCT
cblr-9110	60	1	it	it	PRON
cblr-9110	60	2	follows	follow	VERB
cblr-9110	60	3	that	that	SCONJ
cblr-9110	60	4	investment	investment	NOUN
cblr-9110	60	5	via	via	ADP
cblr-9110	60	6	mutual	mutual	ADJ
cblr-9110	60	7	fund	fund	NOUN
cblr-9110	60	8	means	mean	VERB
cblr-9110	60	9	a	a	DET
cblr-9110	60	10	degree	degree	NOUN
cblr-9110	60	11	of	of	ADP
cblr-9110	60	12	illiquidity	illiquidity	NOUN
cblr-9110	60	13	for	for	ADP
cblr-9110	60	14	investors	investor	NOUN
cblr-9110	60	15	.	.	PUNCT
cblr-9110	61	1	for	for	ADP
cblr-9110	61	2	information	information	NOUN
cblr-9110	61	3	-	-	PUNCT
cblr-9110	61	4	driven	drive	VERB
cblr-9110	61	5	investors	investor	NOUN
cblr-9110	61	6	,	,	PUNCT
cblr-9110	61	7	this	this	PRON
cblr-9110	61	8	can	can	AUX
cblr-9110	61	9	mean	mean	VERB
cblr-9110	61	10	an	an	DET
cblr-9110	61	11	inability	inability	NOUN
cblr-9110	61	12	to	to	PART
cblr-9110	61	13	act	act	VERB
cblr-9110	61	14	on	on	ADP
cblr-9110	61	15	their	their	PRON
cblr-9110	61	16	time	time	NOUN
cblr-9110	61	17	-	-	PUNCT
cblr-9110	61	18	sensitive	sensitive	ADJ
cblr-9110	61	19	informational	informational	ADJ
cblr-9110	61	20	asset	asset	NOUN
cblr-9110	61	21	.	.	PUNCT
cblr-9110	62	1	for	for	ADP
cblr-9110	62	2	diversification	diversification	NOUN
cblr-9110	62	3	-	-	PUNCT
cblr-9110	62	4	driven	drive	VERB
cblr-9110	62	5	investors	investor	NOUN
cblr-9110	62	6	,	,	PUNCT
cblr-9110	62	7	it	it	PRON
cblr-9110	62	8	can	can	AUX
cblr-9110	62	9	mean	mean	VERB
cblr-9110	62	10	less	less	ADV
cblr-9110	62	11	efficient	efficient	ADJ
cblr-9110	62	12	portfolio	portfolio	NOUN
cblr-9110	62	13	rebalancing	rebalancing	NOUN
cblr-9110	62	14	,	,	PUNCT
cblr-9110	62	15	as	as	SCONJ
cblr-9110	62	16	by	by	ADP
cblr-9110	62	17	the	the	DET
cblr-9110	62	18	time	time	NOUN
cblr-9110	62	19	the	the	DET
cblr-9110	62	20	fund	fund	NOUN
cblr-9110	62	21	calculates	calculate	VERB
cblr-9110	62	22	and	and	CCONJ
cblr-9110	62	23	shares	share	VERB
cblr-9110	62	24	its	its	PRON
cblr-9110	62	25	nav	nav	NOUN
cblr-9110	62	26	,	,	PUNCT
cblr-9110	62	27	it	it	PRON
cblr-9110	62	28	is	be	AUX
cblr-9110	62	29	too	too	ADV
cblr-9110	62	30	late	late	ADJ
cblr-9110	62	31	for	for	SCONJ
cblr-9110	62	32	investors	investor	NOUN
cblr-9110	62	33	to	to	PART
cblr-9110	62	34	transact	transact	VERB
cblr-9110	62	35	at	at	ADP
cblr-9110	62	36	that	that	DET
cblr-9110	62	37	price	price	NOUN
cblr-9110	62	38	.	.	PUNCT
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cblr-9110	63	2	,	,	PUNCT
cblr-9110	63	3	etfs	etfs	PROPN
cblr-9110	63	4	,	,	PUNCT
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cblr-9110	63	7	by	by	ADP
cblr-9110	63	8	their	their	PRON
cblr-9110	63	9	name	name	NOUN
cblr-9110	63	10	,	,	PUNCT
cblr-9110	63	11	have	have	VERB
cblr-9110	63	12	shares	share	NOUN
cblr-9110	63	13	of	of	ADP
cblr-9110	63	14	their	their	PRON
cblr-9110	63	15	pooled	pool	VERB
cblr-9110	63	16	-	-	PUNCT
cblr-9110	63	17	investment	investment	NOUN
cblr-9110	63	18	funds	fund	NOUN
cblr-9110	63	19	trading	trade	VERB
cblr-9110	63	20	on	on	ADP
cblr-9110	63	21	exchanges	exchange	NOUN
cblr-9110	63	22	throughout	throughout	ADP
cblr-9110	63	23	the	the	DET
cblr-9110	63	24	trading	trading	NOUN
cblr-9110	63	25	day.6	day.6	NOUN
cblr-9110	63	26	since	since	SCONJ
cblr-9110	63	27	the	the	DET
cblr-9110	63	28	first	first	ADJ
cblr-9110	63	29	etf	etf	NOUN
cblr-9110	63	30	began	begin	VERB
cblr-9110	63	31	trading	trade	VERB
cblr-9110	63	32	in	in	ADP
cblr-9110	63	33	1993,7	1993,7	NUM
cblr-9110	63	34	investors	investor	NOUN
cblr-9110	63	35	have	have	AUX
cblr-9110	63	36	been	be	AUX
cblr-9110	63	37	able	able	ADJ
cblr-9110	63	38	to	to	PART
cblr-9110	63	39	buy	buy	VERB
cblr-9110	63	40	and	and	CCONJ
cblr-9110	63	41	sell	sell	VERB
cblr-9110	63	42	shares	share	NOUN
cblr-9110	63	43	of	of	ADP
cblr-9110	63	44	this	this	DET
cblr-9110	63	45	form	form	NOUN
cblr-9110	63	46	of	of	ADP
cblr-9110	63	47	pooled	pool	VERB
cblr-9110	63	48	investment	investment	NOUN
cblr-9110	63	49	fund	fund	NOUN
cblr-9110	63	50	in	in	ADP
cblr-9110	63	51	the	the	DET
cblr-9110	63	52	open	open	ADJ
cblr-9110	63	53	market	market	NOUN
cblr-9110	63	54	in	in	ADP
cblr-9110	63	55	real	real	ADJ
cblr-9110	63	56	time	time	NOUN
cblr-9110	63	57	when	when	SCONJ
cblr-9110	63	58	the	the	DET
cblr-9110	63	59	market	market	NOUN
cblr-9110	63	60	is	be	AUX
cblr-9110	63	61	open.8	open.8	ADJ
cblr-9110	63	62	more	more	ADJ
cblr-9110	63	63	(	(	PUNCT
cblr-9110	63	64	“	"	PUNCT
cblr-9110	63	65	most	most	ADJ
cblr-9110	63	66	mutual	mutual	ADJ
cblr-9110	63	67	funds	fund	NOUN
cblr-9110	63	68	calculate	calculate	VERB
cblr-9110	63	69	their	their	PRON
cblr-9110	63	70	nav	nav	NOUN
cblr-9110	63	71	as	as	ADP
cblr-9110	63	72	of	of	ADP
cblr-9110	63	73	4:00	4:00	NUM
cblr-9110	63	74	p.m.	p.m.	NOUN
cblr-9110	63	75	eastern	eastern	ADJ
cblr-9110	63	76	time	time	NOUN
cblr-9110	63	77	because	because	SCONJ
cblr-9110	63	78	that	that	PRON
cblr-9110	63	79	is	be	AUX
cblr-9110	63	80	the	the	DET
cblr-9110	63	81	time	time	NOUN
cblr-9110	63	82	us	us	PROPN
cblr-9110	63	83	stock	stock	NOUN
cblr-9110	63	84	exchanges	exchange	NOUN
cblr-9110	63	85	typically	typically	ADV
cblr-9110	63	86	close	close	VERB
cblr-9110	63	87	.	.	PUNCT
cblr-9110	63	88	”	"	PUNCT
cblr-9110	63	89	)	)	PUNCT
cblr-9110	63	90	.	.	PUNCT
cblr-9110	64	1	5	5	NUM
cblr-9110	65	1	i	i	PRON
cblr-9110	65	2	d.	d.	PROPN
cblr-9110	65	3	6	6	NUM
cblr-9110	65	4	e.g.	e.g.	ADV
cblr-9110	65	5	,	,	PUNCT
cblr-9110	65	6	exchange	exchange	NOUN
cblr-9110	65	7	-	-	PUNCT
cblr-9110	65	8	traded	trade	VERB
cblr-9110	65	9	funds	fund	NOUN
cblr-9110	65	10	,	,	PUNCT
cblr-9110	65	11	finra	finra	NOUN
cblr-9110	65	12	,	,	PUNCT
cblr-9110	65	13	https://www.finra.org/investors/learn-to-invest/typesinvestments/investment-funds/exchange-traded-fund	https://www.finra.org/investors/learn-to-invest/typesinvestments/investment-funds/exchange-traded-fund	NOUN
cblr-9110	65	14	[	[	X
cblr-9110	65	15	https://perma.cc/4kjm-ptlg	https://perma.cc/4kjm-ptlg	X
cblr-9110	65	16	]	]	X
cblr-9110	65	17	(	(	PUNCT
cblr-9110	65	18	last	last	ADV
cblr-9110	65	19	visited	visit	VERB
cblr-9110	65	20	dec	dec	PROPN
cblr-9110	65	21	.	.	PROPN
cblr-9110	65	22	6	6	NUM
cblr-9110	65	23	,	,	PUNCT
cblr-9110	65	24	2021	2021	NUM
cblr-9110	65	25	)	)	PUNCT
cblr-9110	65	26	(	(	PUNCT
cblr-9110	65	27	“	"	PUNCT
cblr-9110	65	28	like	like	ADP
cblr-9110	65	29	a	a	DET
cblr-9110	65	30	mutual	mutual	ADJ
cblr-9110	65	31	fund	fund	NOUN
cblr-9110	65	32	,	,	PUNCT
cblr-9110	65	33	an	an	DET
cblr-9110	65	34	etf	etf	NOUN
cblr-9110	65	35	is	be	AUX
cblr-9110	65	36	a	a	DET
cblr-9110	65	37	pooled	pooled	ADJ
cblr-9110	65	38	investment	investment	NOUN
cblr-9110	65	39	fund	fund	NOUN
cblr-9110	65	40	that	that	PRON
cblr-9110	65	41	offers	offer	VERB
cblr-9110	65	42	an	an	DET
cblr-9110	65	43	investor	investor	NOUN
cblr-9110	65	44	an	an	DET
cblr-9110	65	45	interest	interest	NOUN
cblr-9110	65	46	in	in	ADP
cblr-9110	65	47	a	a	DET
cblr-9110	65	48	professionally	professionally	ADV
cblr-9110	65	49	managed	manage	VERB
cblr-9110	65	50	,	,	PUNCT
cblr-9110	65	51	diversified	diversified	ADJ
cblr-9110	65	52	portfolio	portfolio	NOUN
cblr-9110	65	53	of	of	ADP
cblr-9110	65	54	investments	investment	NOUN
cblr-9110	65	55	.	.	PUNCT
cblr-9110	66	1	but	but	CCONJ
cblr-9110	66	2	unlike	unlike	ADP
cblr-9110	66	3	mutual	mutual	ADJ
cblr-9110	66	4	funds	fund	NOUN
cblr-9110	66	5	,	,	PUNCT
cblr-9110	66	6	etf	etf	NOUN
cblr-9110	66	7	shares	share	NOUN
cblr-9110	66	8	trade	trade	VERB
cblr-9110	66	9	like	like	ADP
cblr-9110	66	10	stocks	stock	NOUN
cblr-9110	66	11	on	on	ADP
cblr-9110	66	12	stock	stock	NOUN
cblr-9110	66	13	exchanges	exchange	NOUN
cblr-9110	66	14	and	and	CCONJ
cblr-9110	66	15	can	can	AUX
cblr-9110	66	16	be	be	AUX
cblr-9110	66	17	bought	buy	VERB
cblr-9110	66	18	or	or	CCONJ
cblr-9110	66	19	sold	sell	VERB
cblr-9110	66	20	throughout	throughout	ADP
cblr-9110	66	21	the	the	DET
cblr-9110	66	22	trading	trading	NOUN
cblr-9110	66	23	day	day	NOUN
cblr-9110	66	24	at	at	ADP
cblr-9110	66	25	fluctuating	fluctuate	VERB
cblr-9110	66	26	prices	price	NOUN
cblr-9110	66	27	.	.	PUNCT
cblr-9110	66	28	”	"	PUNCT
cblr-9110	66	29	)	)	PUNCT
cblr-9110	66	30	;	;	PUNCT
cblr-9110	66	31	inv	inv	PROPN
cblr-9110	66	32	.	.	PROPN
cblr-9110	66	33	co.	co.	PROPN
cblr-9110	66	34	inst	inst	PROPN
cblr-9110	66	35	.	.	PROPN
cblr-9110	66	36	,	,	PUNCT
cblr-9110	66	37	supra	supra	PROPN
cblr-9110	66	38	note	note	NOUN
cblr-9110	66	39	4	4	NUM
cblr-9110	66	40	,	,	PUNCT
cblr-9110	66	41	at	at	ADP
cblr-9110	66	42	96	96	NUM
cblr-9110	66	43	(	(	PUNCT
cblr-9110	66	44	“	"	PUNCT
cblr-9110	66	45	in	in	ADP
cblr-9110	66	46	contrast	contrast	NOUN
cblr-9110	66	47	[	[	X
cblr-9110	66	48	to	to	ADP
cblr-9110	66	49	mutual	mutual	ADJ
cblr-9110	66	50	-	-	PUNCT
cblr-9110	66	51	fund	fund	NOUN
cblr-9110	66	52	pricing	pricing	NOUN
cblr-9110	66	53	]	]	PUNCT
cblr-9110	66	54	,	,	PUNCT
cblr-9110	66	55	the	the	DET
cblr-9110	66	56	market	market	NOUN
cblr-9110	66	57	price	price	NOUN
cblr-9110	66	58	of	of	ADP
cblr-9110	66	59	an	an	DET
cblr-9110	66	60	etf	etf	NOUN
cblr-9110	66	61	share	share	NOUN
cblr-9110	66	62	is	be	AUX
cblr-9110	66	63	continuously	continuously	ADV
cblr-9110	66	64	determined	determine	VERB
cblr-9110	66	65	on	on	ADP
cblr-9110	66	66	a	a	DET
cblr-9110	66	67	stock	stock	NOUN
cblr-9110	66	68	exchange	exchange	NOUN
cblr-9110	66	69	.	.	PUNCT
cblr-9110	66	70	”	"	PUNCT
cblr-9110	66	71	)	)	PUNCT
cblr-9110	66	72	.	.	PUNCT
cblr-9110	67	1	7	7	NUM
cblr-9110	67	2	see	see	VERB
cblr-9110	67	3	actively	actively	ADV
cblr-9110	67	4	managed	manage	VERB
cblr-9110	67	5	exchange	exchange	NOUN
cblr-9110	67	6	-	-	PUNCT
cblr-9110	67	7	traded	trade	VERB
cblr-9110	67	8	funds	fund	NOUN
cblr-9110	67	9	,	,	PUNCT
cblr-9110	67	10	investment	investment	NOUN
cblr-9110	67	11	company	company	NOUN
cblr-9110	67	12	act	act	VERB
cblr-9110	67	13	release	release	VERB
cblr-9110	67	14	no	no	PRON
cblr-9110	67	15	.	.	NOUN
cblr-9110	67	16	25,258	25,258	NUM
cblr-9110	67	17	,	,	PUNCT
cblr-9110	67	18	66	66	NUM
cblr-9110	67	19	fed	feed	VERB
cblr-9110	67	20	.	.	PUNCT
cblr-9110	68	1	reg	reg	PROPN
cblr-9110	68	2	.	.	PROPN
cblr-9110	69	1	57,614	57,614	NUM
cblr-9110	69	2	,	,	PUNCT
cblr-9110	69	3	57,615	57,615	NUM
cblr-9110	69	4	(	(	PUNCT
cblr-9110	69	5	nov	nov	PROPN
cblr-9110	69	6	.	.	PROPN
cblr-9110	69	7	15	15	NUM
cblr-9110	69	8	,	,	PUNCT
cblr-9110	69	9	2001	2001	NUM
cblr-9110	69	10	)	)	PUNCT
cblr-9110	70	1	(	(	PUNCT
cblr-9110	70	2	noting	note	VERB
cblr-9110	70	3	the	the	DET
cblr-9110	70	4	debut	debut	NOUN
cblr-9110	70	5	of	of	ADP
cblr-9110	70	6	the	the	DET
cblr-9110	70	7	first	first	ADJ
cblr-9110	70	8	etf	etf	NOUN
cblr-9110	70	9	)	)	PUNCT
cblr-9110	70	10	.	.	PUNCT
cblr-9110	71	1	8	8	NUM
cblr-9110	71	2	see	see	VERB
cblr-9110	71	3	i	i	PROPN
cblr-9110	71	4	d.	d.	PROPN
cblr-9110	71	5	;	;	PUNCT
cblr-9110	71	6	etfs	etfs	PROPN
cblr-9110	71	7	vs.	vs.	ADP
cblr-9110	71	8	mutual	mutual	ADJ
cblr-9110	71	9	funds	fund	NOUN
cblr-9110	71	10	,	,	PUNCT
cblr-9110	71	11	charles	charles	PROPN
cblr-9110	71	12	schwab	schwab	PROPN
cblr-9110	71	13	,	,	PUNCT
cblr-9110	71	14	https://www.schwab.com/etfs/mutual-funds-vs-etfs	https://www.schwab.com/etfs/mutual-funds-vs-etfs	PROPN
cblr-9110	72	1	[	[	X
cblr-9110	72	2	https://perma.cc/gxd7hp6n	https://perma.cc/gxd7hp6n	PROPN
cblr-9110	72	3	]	]	X
cblr-9110	72	4	(	(	PUNCT
cblr-9110	72	5	last	last	ADV
cblr-9110	72	6	visited	visit	VERB
cblr-9110	72	7	dec	dec	PROPN
cblr-9110	72	8	.	.	PROPN
cblr-9110	72	9	6	6	NUM
cblr-9110	72	10	,	,	PUNCT
cblr-9110	72	11	2021	2021	NUM
cblr-9110	72	12	)	)	PUNCT
cblr-9110	72	13	.	.	PUNCT
cblr-9110	73	1	1326	1326	NUM
cblr-9110	73	2	columbia	columbia	PROPN
cblr-9110	73	3	business	business	NOUN
cblr-9110	73	4	law	law	PROPN
cblr-9110	73	5	review	review	NOUN
cblr-9110	73	6	[	[	X
cblr-9110	73	7	vol	vol	NOUN
cblr-9110	73	8	.	.	PUNCT
cblr-9110	73	9	2021	2021	NUM
cblr-9110	73	10	specifically	specifically	ADV
cblr-9110	73	11	,	,	PUNCT
cblr-9110	73	12	like	like	ADP
cblr-9110	73	13	with	with	ADP
cblr-9110	73	14	ordinary	ordinary	ADJ
cblr-9110	73	15	stocks	stock	NOUN
cblr-9110	73	16	,	,	PUNCT
cblr-9110	73	17	etfs	etfs	PROPN
cblr-9110	73	18	trade	trade	NOUN
cblr-9110	73	19	in	in	ADP
cblr-9110	73	20	open	open	ADJ
cblr-9110	73	21	limit	limit	NOUN
cblr-9110	73	22	order	order	NOUN
cblr-9110	73	23	books	book	NOUN
cblr-9110	73	24	where	where	SCONJ
cblr-9110	73	25	market	market	NOUN
cblr-9110	73	26	makers	maker	NOUN
cblr-9110	73	27	place	place	VERB
cblr-9110	73	28	bid	bid	NOUN
cblr-9110	73	29	quotes	quote	NOUN
cblr-9110	73	30	and	and	CCONJ
cblr-9110	73	31	ask	ask	VERB
cblr-9110	73	32	quotes	quote	NOUN
cblr-9110	73	33	around	around	ADP
cblr-9110	73	34	current	current	ADJ
cblr-9110	73	35	market	market	NOUN
cblr-9110	73	36	values.9	values.9	NOUN
cblr-9110	73	37	investors	investor	NOUN
cblr-9110	73	38	can	can	AUX
cblr-9110	73	39	then	then	ADV
cblr-9110	73	40	enter	enter	VERB
cblr-9110	73	41	the	the	DET
cblr-9110	73	42	market	market	NOUN
cblr-9110	73	43	and	and	CCONJ
cblr-9110	73	44	transact	transact	VERB
cblr-9110	73	45	against	against	ADP
cblr-9110	73	46	those	those	DET
cblr-9110	73	47	quotes	quote	NOUN
cblr-9110	73	48	on	on	ADP
cblr-9110	73	49	demand	demand	NOUN
cblr-9110	73	50	,	,	PUNCT
cblr-9110	73	51	buying	buy	VERB
cblr-9110	73	52	against	against	ADP
cblr-9110	73	53	the	the	DET
cblr-9110	73	54	ask	ask	NOUN
cblr-9110	73	55	quotes	quote	NOUN
cblr-9110	73	56	(	(	PUNCT
cblr-9110	73	57	generally	generally	ADV
cblr-9110	73	58	slightly	slightly	ADV
cblr-9110	73	59	above	above	ADP
cblr-9110	73	60	the	the	DET
cblr-9110	73	61	current	current	ADJ
cblr-9110	73	62	market	market	NOUN
cblr-9110	73	63	value	value	NOUN
cblr-9110	73	64	)	)	PUNCT
cblr-9110	73	65	or	or	CCONJ
cblr-9110	73	66	selling	sell	VERB
cblr-9110	73	67	opposite	opposite	ADP
cblr-9110	73	68	the	the	DET
cblr-9110	73	69	bid	bid	NOUN
cblr-9110	73	70	quotes	quote	NOUN
cblr-9110	73	71	(	(	PUNCT
cblr-9110	73	72	generally	generally	ADV
cblr-9110	73	73	just	just	ADV
cblr-9110	73	74	below	below	ADP
cblr-9110	73	75	the	the	DET
cblr-9110	73	76	current	current	ADJ
cblr-9110	73	77	market	market	NOUN
cblr-9110	73	78	value).10	value).10	NOUN
cblr-9110	73	79	basic	basic	ADJ
cblr-9110	73	80	liquidity	liquidity	NOUN
cblr-9110	73	81	advantages	advantage	NOUN
cblr-9110	73	82	follow	follow	VERB
cblr-9110	73	83	.	.	PUNCT
cblr-9110	74	1	for	for	ADP
cblr-9110	74	2	information	information	NOUN
cblr-9110	74	3	-	-	PUNCT
cblr-9110	74	4	driven	drive	VERB
cblr-9110	74	5	traders	trader	NOUN
cblr-9110	74	6	,	,	PUNCT
cblr-9110	74	7	this	this	DET
cblr-9110	74	8	structure	structure	NOUN
cblr-9110	74	9	allows	allow	VERB
cblr-9110	74	10	for	for	ADP
cblr-9110	74	11	trades	trade	NOUN
cblr-9110	74	12	that	that	PRON
cblr-9110	74	13	immediately	immediately	ADV
cblr-9110	74	14	capture	capture	VERB
cblr-9110	74	15	profits	profit	NOUN
cblr-9110	74	16	based	base	VERB
cblr-9110	74	17	on	on	ADP
cblr-9110	74	18	information	information	NOUN
cblr-9110	74	19	that	that	PRON
cblr-9110	74	20	is	be	AUX
cblr-9110	74	21	not	not	PART
cblr-9110	74	22	yet	yet	ADV
cblr-9110	74	23	fully	fully	ADV
cblr-9110	74	24	incorporated	incorporate	VERB
cblr-9110	74	25	into	into	ADP
cblr-9110	74	26	market	market	NOUN
cblr-9110	74	27	prices	price	NOUN
cblr-9110	74	28	.	.	PUNCT
cblr-9110	75	1	for	for	ADP
cblr-9110	75	2	diversification	diversification	NOUN
cblr-9110	75	3	-	-	PUNCT
cblr-9110	75	4	driven	drive	VERB
cblr-9110	75	5	traders	trader	NOUN
cblr-9110	75	6	,	,	PUNCT
cblr-9110	75	7	the	the	DET
cblr-9110	75	8	structure	structure	NOUN
cblr-9110	75	9	allows	allow	VERB
cblr-9110	75	10	for	for	SCONJ
cblr-9110	75	11	rebalancing	rebalancing	NOUN
cblr-9110	75	12	trades	trade	NOUN
cblr-9110	75	13	to	to	PART
cblr-9110	75	14	be	be	AUX
cblr-9110	75	15	completed	complete	VERB
cblr-9110	75	16	with	with	ADP
cblr-9110	75	17	similar	similar	ADJ
cblr-9110	75	18	immediacy	immediacy	NOUN
cblr-9110	75	19	.	.	PUNCT
cblr-9110	76	1	however	however	ADV
cblr-9110	76	2	,	,	PUNCT
cblr-9110	76	3	the	the	DET
cblr-9110	76	4	etf	etf	NOUN
cblr-9110	76	5	structure	structure	NOUN
cblr-9110	76	6	and	and	CCONJ
cblr-9110	76	7	this	this	DET
cblr-9110	76	8	improved	improve	VERB
cblr-9110	76	9	liquidity	liquidity	NOUN
cblr-9110	76	10	to	to	PART
cblr-9110	76	11	which	which	PRON
cblr-9110	76	12	it	it	PRON
cblr-9110	76	13	leads	lead	VERB
cblr-9110	76	14	requires	require	VERB
cblr-9110	76	15	a	a	DET
cblr-9110	76	16	mechanism	mechanism	NOUN
cblr-9110	76	17	to	to	PART
cblr-9110	76	18	tie	tie	VERB
cblr-9110	76	19	the	the	DET
cblr-9110	76	20	prices	price	NOUN
cblr-9110	76	21	at	at	ADP
cblr-9110	76	22	which	which	PRON
cblr-9110	76	23	etf	etf	NOUN
cblr-9110	76	24	shares	share	NOUN
cblr-9110	76	25	trade	trade	VERB
cblr-9110	76	26	in	in	ADP
cblr-9110	76	27	the	the	DET
cblr-9110	76	28	open	open	ADJ
cblr-9110	76	29	market	market	NOUN
cblr-9110	76	30	to	to	ADP
cblr-9110	76	31	the	the	DET
cblr-9110	76	32	per	per	ADP
cblr-9110	76	33	-	-	PUNCT
cblr-9110	76	34	share	share	NOUN
cblr-9110	76	35	nav	nav	NOUN
cblr-9110	76	36	of	of	ADP
cblr-9110	76	37	the	the	DET
cblr-9110	76	38	underlying	underlying	ADJ
cblr-9110	76	39	fund	fund	NOUN
cblr-9110	76	40	.	.	PUNCT
cblr-9110	77	1	this	this	PRON
cblr-9110	77	2	is	be	AUX
cblr-9110	77	3	accomplished	accomplish	VERB
cblr-9110	77	4	through	through	ADP
cblr-9110	77	5	the	the	DET
cblr-9110	77	6	core	core	NOUN
cblr-9110	77	7	innovation	innovation	NOUN
cblr-9110	77	8	of	of	ADP
cblr-9110	77	9	the	the	DET
cblr-9110	77	10	etf	etf	NOUN
cblr-9110	77	11	—	—	PUNCT
cblr-9110	77	12	the	the	DET
cblr-9110	77	13	introduction	introduction	NOUN
cblr-9110	77	14	of	of	ADP
cblr-9110	77	15	authorized	authorized	ADJ
cblr-9110	77	16	participants	participant	NOUN
cblr-9110	77	17	(	(	PUNCT
cblr-9110	77	18	aps	aps	PROPN
cblr-9110	77	19	)	)	PUNCT
cblr-9110	77	20	into	into	ADP
cblr-9110	77	21	the	the	DET
cblr-9110	77	22	process	process	NOUN
cblr-9110	77	23	in	in	ADP
cblr-9110	77	24	which	which	PRON
cblr-9110	77	25	etf	etf	NOUN
cblr-9110	77	26	shares	share	NOUN
cblr-9110	77	27	are	be	AUX
cblr-9110	77	28	created	create	VERB
cblr-9110	77	29	and	and	CCONJ
cblr-9110	77	30	redeemed.11	redeemed.11	ADJ
cblr-9110	77	31	aps	ap	NOUN
cblr-9110	77	32	are	be	AUX
cblr-9110	77	33	authorized	authorize	VERB
cblr-9110	77	34	to	to	PART
cblr-9110	77	35	transact	transact	VERB
cblr-9110	77	36	opposite	opposite	ADP
cblr-9110	77	37	the	the	DET
cblr-9110	77	38	etf	etf	NOUN
cblr-9110	77	39	—	—	PUNCT
cblr-9110	77	40	specifically	specifically	ADV
cblr-9110	77	41	,	,	PUNCT
cblr-9110	77	42	to	to	PART
cblr-9110	77	43	engage	engage	VERB
cblr-9110	77	44	in	in	ADP
cblr-9110	77	45	“	"	PUNCT
cblr-9110	77	46	creation	creation	NOUN
cblr-9110	77	47	-	-	PUNCT
cblr-9110	77	48	unit	unit	NOUN
cblr-9110	77	49	transactions”12	transactions”12	PROPN
cblr-9110	77	50	and	and	CCONJ
cblr-9110	77	51	“	"	PUNCT
cblr-9110	77	52	redemption	redemption	NOUN
cblr-9110	77	53	-	-	PUNCT
cblr-9110	77	54	unit	unit	NOUN
cblr-9110	77	55	transactions	transaction	NOUN
cblr-9110	77	56	.	.	PUNCT
cblr-9110	78	1	”13	”13	NOUN
cblr-9110	78	2	aps	ap	NOUN
cblr-9110	78	3	do	do	AUX
cblr-9110	78	4	not	not	PART
cblr-9110	78	5	engage	engage	VERB
cblr-9110	78	6	in	in	ADP
cblr-9110	78	7	these	these	DET
cblr-9110	78	8	transactions	transaction	NOUN
cblr-9110	78	9	based	base	VERB
cblr-9110	78	10	on	on	ADP
cblr-9110	78	11	legal	legal	ADJ
cblr-9110	78	12	compulsion	compulsion	NOUN
cblr-9110	78	13	,	,	PUNCT
cblr-9110	78	14	but	but	CCONJ
cblr-9110	78	15	instead	instead	ADV
cblr-9110	78	16	due	due	ADP
cblr-9110	78	17	to	to	ADP
cblr-9110	78	18	9	9	NUM
cblr-9110	78	19	kevin	kevin	PROPN
cblr-9110	78	20	s.	s.	PROPN
cblr-9110	78	21	haeberle	haeberle	PROPN
cblr-9110	78	22	,	,	PUNCT
cblr-9110	78	23	marginal	marginal	ADJ
cblr-9110	78	24	benefits	benefit	NOUN
cblr-9110	78	25	of	of	ADP
cblr-9110	78	26	the	the	DET
cblr-9110	78	27	core	core	NOUN
cblr-9110	78	28	securities	security	NOUN
cblr-9110	78	29	law	law	NOUN
cblr-9110	78	30	,	,	PUNCT
cblr-9110	78	31	7	7	NUM
cblr-9110	78	32	j.	j.	PROPN
cblr-9110	78	33	fin	fin	PROPN
cblr-9110	78	34	.	.	PUNCT
cblr-9110	79	1	reg	reg	PROPN
cblr-9110	79	2	.	.	PROPN
cblr-9110	80	1	254	254	NUM
cblr-9110	80	2	,	,	PUNCT
cblr-9110	80	3	262–64	262–64	PROPN
cblr-9110	80	4	(	(	PUNCT
cblr-9110	80	5	2021	2021	NUM
cblr-9110	80	6	)	)	PUNCT
cblr-9110	81	1	(	(	PUNCT
cblr-9110	81	2	discussing	discuss	VERB
cblr-9110	81	3	these	these	DET
cblr-9110	81	4	general	general	ADJ
cblr-9110	81	5	dynamics	dynamic	NOUN
cblr-9110	81	6	of	of	ADP
cblr-9110	81	7	stock	stock	NOUN
cblr-9110	81	8	trading	trading	NOUN
cblr-9110	81	9	)	)	PUNCT
cblr-9110	81	10	.	.	PUNCT
cblr-9110	82	1	10	10	NUM
cblr-9110	82	2	see	see	VERB
cblr-9110	82	3	i	i	PRON
cblr-9110	82	4	d.	d.	PROPN
cblr-9110	82	5	11	11	NUM
cblr-9110	82	6	see	see	VERB
cblr-9110	82	7	,	,	PUNCT
cblr-9110	82	8	e.g.	e.g.	ADV
cblr-9110	82	9	,	,	PUNCT
cblr-9110	82	10	hu	hu	PROPN
cblr-9110	82	11	&	&	CCONJ
cblr-9110	82	12	morley	morley	PROPN
cblr-9110	82	13	,	,	PUNCT
cblr-9110	82	14	supra	supra	PROPN
cblr-9110	82	15	note	note	NOUN
cblr-9110	82	16	1	1	NUM
cblr-9110	82	17	.	.	NOUN
cblr-9110	82	18	12	12	NUM
cblr-9110	82	19	inv	inv	PROPN
cblr-9110	82	20	.	.	PUNCT
cblr-9110	82	21	co.	co.	PROPN
cblr-9110	82	22	inst	inst	PROPN
cblr-9110	82	23	.	.	PROPN
cblr-9110	82	24	,	,	PUNCT
cblr-9110	82	25	supra	supra	PROPN
cblr-9110	82	26	note	note	NOUN
cblr-9110	82	27	4	4	NUM
cblr-9110	82	28	,	,	PUNCT
cblr-9110	82	29	at	at	ADP
cblr-9110	82	30	99	99	NUM
cblr-9110	82	31	(	(	PUNCT
cblr-9110	82	32	“	"	PUNCT
cblr-9110	82	33	etf	etf	NOUN
cblr-9110	82	34	shares	share	NOUN
cblr-9110	82	35	are	be	AUX
cblr-9110	82	36	created	create	VERB
cblr-9110	82	37	when	when	SCONJ
cblr-9110	82	38	an	an	DET
cblr-9110	82	39	authorized	authorized	ADJ
cblr-9110	82	40	participant	participant	NOUN
cblr-9110	82	41	.	.	PUNCT
cblr-9110	82	42	.	.	PUNCT
cblr-9110	83	1	.	.	PUNCT
cblr-9110	83	2	submits	submit	VERB
cblr-9110	83	3	an	an	DET
cblr-9110	83	4	order	order	NOUN
cblr-9110	83	5	for	for	ADP
cblr-9110	83	6	one	one	NUM
cblr-9110	83	7	or	or	CCONJ
cblr-9110	83	8	more	more	ADJ
cblr-9110	83	9	creation	creation	NOUN
cblr-9110	83	10	units	unit	NOUN
cblr-9110	83	11	.	.	PUNCT
cblr-9110	84	1	a	a	DET
cblr-9110	84	2	creation	creation	NOUN
cblr-9110	84	3	unit	unit	NOUN
cblr-9110	84	4	consists	consist	VERB
cblr-9110	84	5	of	of	ADP
cblr-9110	84	6	a	a	DET
cblr-9110	84	7	specified	specified	ADJ
cblr-9110	84	8	number	number	NOUN
cblr-9110	84	9	of	of	ADP
cblr-9110	84	10	etf	etf	NOUN
cblr-9110	84	11	shares	share	NOUN
cblr-9110	84	12	,	,	PUNCT
cblr-9110	84	13	generally	generally	ADV
cblr-9110	84	14	ranging	range	VERB
cblr-9110	84	15	from	from	ADP
cblr-9110	84	16	25,000	25,000	NUM
cblr-9110	84	17	to	to	PART
cblr-9110	84	18	250,000	250,000	NUM
cblr-9110	84	19	shares	share	NOUN
cblr-9110	84	20	.	.	PUNCT
cblr-9110	85	1	the	the	DET
cblr-9110	85	2	etf	etf	NOUN
cblr-9110	85	3	shares	share	NOUN
cblr-9110	85	4	are	be	AUX
cblr-9110	85	5	delivered	deliver	VERB
cblr-9110	85	6	to	to	ADP
cblr-9110	85	7	the	the	DET
cblr-9110	85	8	ap	ap	PROPN
cblr-9110	85	9	when	when	SCONJ
cblr-9110	85	10	the	the	DET
cblr-9110	85	11	specified	specified	ADJ
cblr-9110	85	12	creation	creation	NOUN
cblr-9110	85	13	basket	basket	NOUN
cblr-9110	85	14	is	be	AUX
cblr-9110	85	15	transferred	transfer	VERB
cblr-9110	85	16	to	to	ADP
cblr-9110	85	17	the	the	DET
cblr-9110	85	18	fund	fund	NOUN
cblr-9110	85	19	.	.	PUNCT
cblr-9110	85	20	”	"	PUNCT
cblr-9110	85	21	)	)	PUNCT
cblr-9110	85	22	.	.	PUNCT
cblr-9110	86	1	13	13	NUM
cblr-9110	87	1	i	i	PRON
cblr-9110	87	2	d.	d.	PROPN
cblr-9110	87	3	at	at	ADP
cblr-9110	87	4	100	100	NUM
cblr-9110	87	5	(	(	PUNCT
cblr-9110	87	6	“	"	PUNCT
cblr-9110	87	7	the	the	DET
cblr-9110	87	8	redemption	redemption	NOUN
cblr-9110	87	9	process	process	NOUN
cblr-9110	87	10	in	in	ADP
cblr-9110	87	11	the	the	DET
cblr-9110	87	12	primary	primary	ADJ
cblr-9110	87	13	market	market	NOUN
cblr-9110	87	14	is	be	AUX
cblr-9110	87	15	simply	simply	ADV
cblr-9110	87	16	the	the	DET
cblr-9110	87	17	reverse	reverse	NOUN
cblr-9110	87	18	of	of	ADP
cblr-9110	87	19	the	the	DET
cblr-9110	87	20	creation	creation	NOUN
cblr-9110	87	21	process	process	NOUN
cblr-9110	87	22	.	.	PUNCT
cblr-9110	88	1	a	a	DET
cblr-9110	88	2	creation	creation	NOUN
cblr-9110	88	3	unit	unit	NOUN
cblr-9110	88	4	is	be	AUX
cblr-9110	88	5	redeemed	redeem	VERB
cblr-9110	88	6	when	when	SCONJ
cblr-9110	88	7	an	an	DET
cblr-9110	88	8	ap	ap	PROPN
cblr-9110	88	9	acquires	acquire	VERB
cblr-9110	88	10	the	the	DET
cblr-9110	88	11	number	number	NOUN
cblr-9110	88	12	of	of	ADP
cblr-9110	88	13	etf	etf	NOUN
cblr-9110	88	14	shares	share	NOUN
cblr-9110	88	15	specified	specify	VERB
cblr-9110	88	16	in	in	ADP
cblr-9110	88	17	the	the	DET
cblr-9110	88	18	etf	etf	NOUN
cblr-9110	88	19	’s	’s	PART
cblr-9110	88	20	creation	creation	NOUN
cblr-9110	88	21	unit	unit	NOUN
cblr-9110	88	22	and	and	CCONJ
cblr-9110	88	23	returns	return	VERB
cblr-9110	88	24	the	the	DET
cblr-9110	88	25	creation	creation	NOUN
cblr-9110	88	26	unit	unit	NOUN
cblr-9110	88	27	to	to	ADP
cblr-9110	88	28	the	the	DET
cblr-9110	88	29	fund	fund	NOUN
cblr-9110	88	30	.	.	PUNCT
cblr-9110	89	1	in	in	ADP
cblr-9110	89	2	return	return	NOUN
cblr-9110	89	3	,	,	PUNCT
cblr-9110	89	4	the	the	DET
cblr-9110	89	5	ap	ap	PROPN
cblr-9110	89	6	receives	receive	VERB
cblr-9110	89	7	the	the	DET
cblr-9110	89	8	daily	daily	ADJ
cblr-9110	89	9	redemption	redemption	NOUN
cblr-9110	89	10	basket	basket	NOUN
cblr-9110	89	11	of	of	ADP
cblr-9110	89	12	securities	security	NOUN
cblr-9110	89	13	,	,	PUNCT
cblr-9110	89	14	cash	cash	NOUN
cblr-9110	89	15	,	,	PUNCT
cblr-9110	89	16	and/or	and/or	CCONJ
cblr-9110	89	17	other	other	ADJ
cblr-9110	89	18	assets	asset	NOUN
cblr-9110	89	19	.	.	PUNCT
cblr-9110	89	20	”	"	PUNCT
cblr-9110	89	21	)	)	PUNCT
cblr-9110	89	22	.	.	PUNCT
cblr-9110	90	1	no	no	INTJ
cblr-9110	90	2	.	.	NOUN
cblr-9110	91	1	3:1321	3:1321	NUM
cblr-9110	91	2	]	]	X
cblr-9110	91	3	the	the	DET
cblr-9110	91	4	emergence	emergence	NOUN
cblr-9110	91	5	of	of	ADP
cblr-9110	91	6	the	the	DET
cblr-9110	91	7	actively	actively	ADV
cblr-9110	91	8	managed	manage	VERB
cblr-9110	91	9	etf	etf	NOUN
cblr-9110	91	10	1327	1327	NUM
cblr-9110	91	11	market	market	NOUN
cblr-9110	91	12	-	-	PUNCT
cblr-9110	91	13	based	base	VERB
cblr-9110	91	14	incentives.14	incentives.14	NOUN
cblr-9110	91	15	these	these	DET
cblr-9110	91	16	market	market	NOUN
cblr-9110	91	17	incentives	incentive	NOUN
cblr-9110	91	18	,	,	PUNCT
cblr-9110	91	19	along	along	ADP
cblr-9110	91	20	with	with	ADP
cblr-9110	91	21	the	the	DET
cblr-9110	91	22	traditional	traditional	ADJ
cblr-9110	91	23	transparency	transparency	NOUN
cblr-9110	91	24	into	into	ADP
cblr-9110	91	25	etfs	etfs	PROPN
cblr-9110	91	26	’	'	PUNCT
cblr-9110	91	27	holdings	holding	NOUN
cblr-9110	91	28	,	,	PUNCT
cblr-9110	91	29	drive	drive	VERB
cblr-9110	91	30	ap	ap	PROPN
cblr-9110	91	31	trading	trading	NOUN
cblr-9110	91	32	that	that	PRON
cblr-9110	91	33	increases	increase	VERB
cblr-9110	91	34	and	and	CCONJ
cblr-9110	91	35	decreases	decrease	VERB
cblr-9110	91	36	the	the	DET
cblr-9110	91	37	number	number	NOUN
cblr-9110	91	38	of	of	ADP
cblr-9110	91	39	etf	etf	NOUN
cblr-9110	91	40	shares	share	NOUN
cblr-9110	91	41	in	in	ADP
cblr-9110	91	42	the	the	DET
cblr-9110	91	43	market	market	NOUN
cblr-9110	91	44	in	in	ADP
cblr-9110	91	45	a	a	DET
cblr-9110	91	46	way	way	NOUN
cblr-9110	91	47	that	that	PRON
cblr-9110	91	48	keeps	keep	VERB
cblr-9110	91	49	their	their	PRON
cblr-9110	91	50	market	market	NOUN
cblr-9110	91	51	prices	price	NOUN
cblr-9110	91	52	aligned	align	VERB
cblr-9110	91	53	with	with	ADP
cblr-9110	91	54	nav.15	nav.15	NOUN
cblr-9110	91	55	more	more	ADV
cblr-9110	91	56	specifically	specifically	ADV
cblr-9110	91	57	,	,	PUNCT
cblr-9110	91	58	when	when	SCONJ
cblr-9110	91	59	etf	etf	NOUN
cblr-9110	91	60	shares	share	NOUN
cblr-9110	91	61	are	be	AUX
cblr-9110	91	62	overpriced	overprice	VERB
cblr-9110	91	63	in	in	ADP
cblr-9110	91	64	the	the	DET
cblr-9110	91	65	market	market	NOUN
cblr-9110	91	66	,	,	PUNCT
cblr-9110	91	67	aps	ap	NOUN
cblr-9110	91	68	have	have	VERB
cblr-9110	91	69	the	the	DET
cblr-9110	91	70	incentive	incentive	NOUN
cblr-9110	91	71	to	to	PART
cblr-9110	91	72	create	create	VERB
cblr-9110	91	73	more	more	ADJ
cblr-9110	91	74	of	of	ADP
cblr-9110	91	75	them	they	PRON
cblr-9110	91	76	—	—	PUNCT
cblr-9110	91	77	thereby	thereby	ADV
cblr-9110	91	78	driving	drive	VERB
cblr-9110	91	79	their	their	PRON
cblr-9110	91	80	market	market	NOUN
cblr-9110	91	81	price	price	NOUN
cblr-9110	91	82	back	back	ADV
cblr-9110	91	83	in	in	ADP
cblr-9110	91	84	line	line	NOUN
cblr-9110	91	85	with	with	ADP
cblr-9110	91	86	their	their	PRON
cblr-9110	91	87	nav.16	nav.16	NOUN
cblr-9110	91	88	for	for	ADP
cblr-9110	91	89	example	example	NOUN
cblr-9110	91	90	,	,	PUNCT
cblr-9110	91	91	imagine	imagine	VERB
cblr-9110	91	92	that	that	SCONJ
cblr-9110	91	93	the	the	DET
cblr-9110	91	94	per	per	ADP
cblr-9110	91	95	-	-	PUNCT
cblr-9110	91	96	share	share	NOUN
cblr-9110	91	97	value	value	NOUN
cblr-9110	91	98	of	of	ADP
cblr-9110	91	99	the	the	DET
cblr-9110	91	100	investments	investment	NOUN
cblr-9110	91	101	in	in	ADP
cblr-9110	91	102	an	an	DET
cblr-9110	91	103	etf	etf	NOUN
cblr-9110	91	104	adds	add	VERB
cblr-9110	91	105	up	up	ADP
cblr-9110	91	106	to	to	ADP
cblr-9110	91	107	$	$	SYM
cblr-9110	91	108	10.00	10.00	NUM
cblr-9110	91	109	,	,	PUNCT
cblr-9110	91	110	but	but	CCONJ
cblr-9110	91	111	that	that	SCONJ
cblr-9110	91	112	the	the	DET
cblr-9110	91	113	shares	share	NOUN
cblr-9110	91	114	of	of	ADP
cblr-9110	91	115	this	this	DET
cblr-9110	91	116	etf	etf	NOUN
cblr-9110	91	117	are	be	AUX
cblr-9110	91	118	trading	trade	VERB
cblr-9110	91	119	at	at	ADP
cblr-9110	91	120	$	$	SYM
cblr-9110	91	121	10.50	10.50	NUM
cblr-9110	91	122	in	in	ADP
cblr-9110	91	123	the	the	DET
cblr-9110	91	124	open	open	ADJ
cblr-9110	91	125	market	market	NOUN
cblr-9110	91	126	.	.	PUNCT
cblr-9110	92	1	in	in	ADP
cblr-9110	92	2	this	this	DET
cblr-9110	92	3	situation	situation	NOUN
cblr-9110	92	4	,	,	PUNCT
cblr-9110	92	5	an	an	DET
cblr-9110	92	6	ap	ap	PROPN
cblr-9110	92	7	has	have	VERB
cblr-9110	92	8	the	the	DET
cblr-9110	92	9	incentive	incentive	NOUN
cblr-9110	92	10	to	to	PART
cblr-9110	92	11	purchase	purchase	VERB
cblr-9110	92	12	the	the	DET
cblr-9110	92	13	underlying	underlie	VERB
cblr-9110	92	14	basket	basket	NOUN
cblr-9110	92	15	of	of	ADP
cblr-9110	92	16	securities	security	NOUN
cblr-9110	92	17	that	that	PRON
cblr-9110	92	18	composes	compose	VERB
cblr-9110	92	19	an	an	DET
cblr-9110	92	20	etf	etf	NOUN
cblr-9110	92	21	share	share	NOUN
cblr-9110	92	22	that	that	PRON
cblr-9110	92	23	14	14	NUM
cblr-9110	92	24	see	see	VERB
cblr-9110	92	25	i	i	PRON
cblr-9110	92	26	d.	d.	PROPN
cblr-9110	92	27	at	at	ADP
cblr-9110	92	28	102	102	NUM
cblr-9110	92	29	(	(	PUNCT
cblr-9110	92	30	“	"	PUNCT
cblr-9110	92	31	aps	aps	PROPN
cblr-9110	92	32	.	.	PUNCT
cblr-9110	92	33	.	.	PUNCT
cblr-9110	93	1	.	.	PUNCT
cblr-9110	94	1	have	have	VERB
cblr-9110	94	2	no	no	DET
cblr-9110	94	3	legal	legal	ADJ
cblr-9110	94	4	obligation	obligation	NOUN
cblr-9110	94	5	to	to	PART
cblr-9110	94	6	create	create	VERB
cblr-9110	94	7	or	or	CCONJ
cblr-9110	94	8	redeem	redeem	VERB
cblr-9110	94	9	the	the	DET
cblr-9110	94	10	etf	etf	NOUN
cblr-9110	94	11	’s	’s	PART
cblr-9110	94	12	shares	share	NOUN
cblr-9110	94	13	.	.	PUNCT
cblr-9110	94	14	”	"	PUNCT
cblr-9110	94	15	)	)	PUNCT
cblr-9110	94	16	.	.	PUNCT
cblr-9110	95	1	15	15	NUM
cblr-9110	95	2	see	see	VERB
cblr-9110	95	3	,	,	PUNCT
cblr-9110	95	4	e.g.	e.g.	ADV
cblr-9110	95	5	,	,	PUNCT
cblr-9110	95	6	i	i	PRON
cblr-9110	95	7	d.	d.	VERB
cblr-9110	95	8	at	at	ADP
cblr-9110	95	9	99	99	NUM
cblr-9110	95	10	,	,	PUNCT
cblr-9110	95	11	101	101	NUM
cblr-9110	95	12	(	(	PUNCT
cblr-9110	95	13	“	"	PUNCT
cblr-9110	95	14	the	the	DET
cblr-9110	95	15	creation	creation	NOUN
cblr-9110	95	16	and	and	CCONJ
cblr-9110	95	17	redemption	redemption	NOUN
cblr-9110	95	18	mechanism	mechanism	NOUN
cblr-9110	95	19	in	in	ADP
cblr-9110	95	20	the	the	DET
cblr-9110	95	21	etf	etf	NOUN
cblr-9110	95	22	structure	structure	NOUN
cblr-9110	95	23	allows	allow	VERB
cblr-9110	95	24	the	the	DET
cblr-9110	95	25	number	number	NOUN
cblr-9110	95	26	of	of	ADP
cblr-9110	95	27	shares	share	NOUN
cblr-9110	95	28	outstanding	outstanding	ADJ
cblr-9110	95	29	in	in	ADP
cblr-9110	95	30	an	an	DET
cblr-9110	95	31	etf	etf	NOUN
cblr-9110	95	32	to	to	PART
cblr-9110	95	33	expand	expand	VERB
cblr-9110	95	34	or	or	CCONJ
cblr-9110	95	35	contract	contract	NOUN
cblr-9110	95	36	based	base	VERB
cblr-9110	95	37	on	on	ADP
cblr-9110	95	38	demand	demand	NOUN
cblr-9110	95	39	.	.	PUNCT
cblr-9110	95	40	.	.	PUNCT
cblr-9110	95	41	.	.	PUNCT
cblr-9110	95	42	.	.	PUNCT
cblr-9110	96	1	two	two	NUM
cblr-9110	96	2	primary	primary	ADJ
cblr-9110	96	3	features	feature	NOUN
cblr-9110	96	4	of	of	ADP
cblr-9110	96	5	an	an	DET
cblr-9110	96	6	etf	etf	NOUN
cblr-9110	96	7	’s	’s	PART
cblr-9110	96	8	structure	structure	NOUN
cblr-9110	96	9	promote	promote	VERB
cblr-9110	96	10	trading	trading	NOUN
cblr-9110	96	11	of	of	ADP
cblr-9110	96	12	its	its	PRON
cblr-9110	96	13	shares	share	NOUN
cblr-9110	96	14	at	at	ADP
cblr-9110	96	15	a	a	DET
cblr-9110	96	16	price	price	NOUN
cblr-9110	96	17	that	that	PRON
cblr-9110	96	18	approximates	approximate	VERB
cblr-9110	96	19	its	its	PRON
cblr-9110	96	20	underlying	underlie	VERB
cblr-9110	96	21	value	value	NOUN
cblr-9110	96	22	:	:	PUNCT
cblr-9110	96	23	portfolio	portfolio	NOUN
cblr-9110	96	24	transparency	transparency	NOUN
cblr-9110	96	25	and	and	CCONJ
cblr-9110	96	26	the	the	DET
cblr-9110	96	27	ability	ability	NOUN
cblr-9110	96	28	for	for	SCONJ
cblr-9110	96	29	aps	ap	NOUN
cblr-9110	96	30	to	to	PART
cblr-9110	96	31	create	create	VERB
cblr-9110	96	32	or	or	CCONJ
cblr-9110	96	33	redeem	redeem	VERB
cblr-9110	96	34	etf	etf	NOUN
cblr-9110	96	35	shares	share	NOUN
cblr-9110	96	36	at	at	ADP
cblr-9110	96	37	the	the	DET
cblr-9110	96	38	nav	nav	NOUN
cblr-9110	96	39	at	at	ADP
cblr-9110	96	40	the	the	DET
cblr-9110	96	41	end	end	NOUN
cblr-9110	96	42	of	of	ADP
cblr-9110	96	43	each	each	DET
cblr-9110	96	44	trading	trading	NOUN
cblr-9110	96	45	day	day	NOUN
cblr-9110	96	46	.	.	PUNCT
cblr-9110	97	1	transparency	transparency	NOUN
cblr-9110	97	2	of	of	ADP
cblr-9110	97	3	an	an	DET
cblr-9110	97	4	etf	etf	NOUN
cblr-9110	97	5	’s	’s	PART
cblr-9110	97	6	holdings	holding	NOUN
cblr-9110	97	7	—	—	PUNCT
cblr-9110	97	8	either	either	CCONJ
cblr-9110	97	9	through	through	ADP
cblr-9110	97	10	full	full	ADJ
cblr-9110	97	11	disclosure	disclosure	NOUN
cblr-9110	97	12	of	of	ADP
cblr-9110	97	13	the	the	DET
cblr-9110	97	14	portfolio	portfolio	NOUN
cblr-9110	97	15	or	or	CCONJ
cblr-9110	97	16	other	other	ADJ
cblr-9110	97	17	information	information	NOUN
cblr-9110	97	18	on	on	ADP
cblr-9110	97	19	the	the	DET
cblr-9110	97	20	value	value	NOUN
cblr-9110	97	21	of	of	ADP
cblr-9110	97	22	the	the	DET
cblr-9110	97	23	securities	security	NOUN
cblr-9110	97	24	—	—	PUNCT
cblr-9110	97	25	enables	enable	VERB
cblr-9110	97	26	investors	investor	NOUN
cblr-9110	97	27	to	to	PART
cblr-9110	97	28	observe	observe	VERB
cblr-9110	97	29	and	and	CCONJ
cblr-9110	97	30	attempt	attempt	VERB
cblr-9110	97	31	to	to	PART
cblr-9110	97	32	profit	profit	VERB
cblr-9110	97	33	from	from	ADP
cblr-9110	97	34	discrepancies	discrepancy	NOUN
cblr-9110	97	35	between	between	ADP
cblr-9110	97	36	the	the	DET
cblr-9110	97	37	etf	etf	NOUN
cblr-9110	97	38	’s	’s	PART
cblr-9110	97	39	share	share	NOUN
cblr-9110	97	40	price	price	NOUN
cblr-9110	97	41	and	and	CCONJ
cblr-9110	97	42	its	its	PRON
cblr-9110	97	43	underlying	underlie	VERB
cblr-9110	97	44	value	value	NOUN
cblr-9110	97	45	during	during	ADP
cblr-9110	97	46	the	the	DET
cblr-9110	97	47	trading	trading	NOUN
cblr-9110	97	48	day	day	NOUN
cblr-9110	97	49	.	.	PUNCT
cblr-9110	97	50	”	"	PUNCT
cblr-9110	97	51	)	)	PUNCT
cblr-9110	97	52	;	;	PUNCT
cblr-9110	97	53	actively	actively	ADV
cblr-9110	97	54	managed	manage	VERB
cblr-9110	97	55	exchange	exchange	NOUN
cblr-9110	97	56	-	-	PUNCT
cblr-9110	97	57	traded	trade	VERB
cblr-9110	97	58	funds	fund	NOUN
cblr-9110	97	59	,	,	PUNCT
cblr-9110	97	60	no	no	INTJ
cblr-9110	97	61	.	.	PUNCT
cblr-9110	98	1	investment	investment	NOUN
cblr-9110	98	2	company	company	NOUN
cblr-9110	98	3	act	act	AUX
cblr-9110	98	4	release	release	VERB
cblr-9110	98	5	no	no	PRON
cblr-9110	98	6	.	.	NOUN
cblr-9110	98	7	25,258	25,258	NUM
cblr-9110	98	8	,	,	PUNCT
cblr-9110	98	9	66	66	NUM
cblr-9110	98	10	fed	feed	VERB
cblr-9110	98	11	.	.	PUNCT
cblr-9110	99	1	reg	reg	PROPN
cblr-9110	99	2	.	.	PROPN
cblr-9110	99	3	57,614	57,614	NUM
cblr-9110	99	4	,	,	PUNCT
cblr-9110	99	5	57,618–19	57,618–19	PROPN
cblr-9110	99	6	(	(	PUNCT
cblr-9110	99	7	nov	nov	PROPN
cblr-9110	99	8	.	.	PROPN
cblr-9110	99	9	15	15	NUM
cblr-9110	99	10	,	,	PUNCT
cblr-9110	99	11	2001	2001	NUM
cblr-9110	99	12	)	)	PUNCT
cblr-9110	99	13	(	(	PUNCT
cblr-9110	99	14	“	"	PUNCT
cblr-9110	99	15	the	the	DET
cblr-9110	99	16	unique	unique	ADJ
cblr-9110	99	17	structure	structure	NOUN
cblr-9110	99	18	of	of	ADP
cblr-9110	99	19	an	an	DET
cblr-9110	99	20	etf	etf	NOUN
cblr-9110	99	21	—	—	PUNCT
cblr-9110	99	22	in	in	ADP
cblr-9110	99	23	which	which	PRON
cblr-9110	99	24	investors	investor	NOUN
cblr-9110	99	25	can	can	AUX
cblr-9110	99	26	buy	buy	VERB
cblr-9110	99	27	and	and	CCONJ
cblr-9110	99	28	redeem	redeem	VERB
cblr-9110	99	29	creation	creation	NOUN
cblr-9110	99	30	units	unit	NOUN
cblr-9110	99	31	at	at	ADP
cblr-9110	99	32	nav	nav	NOUN
cblr-9110	99	33	,	,	PUNCT
cblr-9110	99	34	and	and	CCONJ
cblr-9110	99	35	can	can	AUX
cblr-9110	99	36	sell	sell	VERB
cblr-9110	99	37	and	and	CCONJ
cblr-9110	99	38	purchase	purchase	VERB
cblr-9110	99	39	individual	individual	ADJ
cblr-9110	99	40	etf	etf	NOUN
cblr-9110	99	41	shares	share	NOUN
cblr-9110	99	42	in	in	ADP
cblr-9110	99	43	the	the	DET
cblr-9110	99	44	secondary	secondary	ADJ
cblr-9110	99	45	market	market	NOUN
cblr-9110	99	46	at	at	ADP
cblr-9110	99	47	market	market	NOUN
cblr-9110	99	48	price	price	NOUN
cblr-9110	99	49	—	—	PUNCT
cblr-9110	99	50	is	be	AUX
cblr-9110	99	51	designed	design	VERB
cblr-9110	99	52	,	,	PUNCT
cblr-9110	99	53	among	among	ADP
cblr-9110	99	54	other	other	ADJ
cblr-9110	99	55	things	thing	NOUN
cblr-9110	99	56	,	,	PUNCT
cblr-9110	99	57	to	to	PART
cblr-9110	99	58	ensure	ensure	VERB
cblr-9110	99	59	arbitrage	arbitrage	NOUN
cblr-9110	99	60	opportunities	opportunity	NOUN
cblr-9110	99	61	that	that	PRON
cblr-9110	99	62	would	would	AUX
cblr-9110	99	63	reduce	reduce	VERB
cblr-9110	99	64	any	any	DET
cblr-9110	99	65	deviations	deviation	NOUN
cblr-9110	99	66	between	between	ADP
cblr-9110	99	67	the	the	DET
cblr-9110	99	68	nav	nav	NOUN
cblr-9110	99	69	and	and	CCONJ
cblr-9110	99	70	the	the	DET
cblr-9110	99	71	market	market	NOUN
cblr-9110	99	72	price	price	NOUN
cblr-9110	99	73	of	of	ADP
cblr-9110	99	74	etf	etf	NOUN
cblr-9110	99	75	shares	share	NOUN
cblr-9110	99	76	.	.	PUNCT
cblr-9110	99	77	.	.	PUNCT
cblr-9110	99	78	.	.	PUNCT
cblr-9110	100	1	.	.	PUNCT
cblr-9110	101	1	this	this	DET
cblr-9110	101	2	high	high	ADJ
cblr-9110	101	3	degree	degree	NOUN
cblr-9110	101	4	of	of	ADP
cblr-9110	101	5	transparency	transparency	NOUN
cblr-9110	101	6	in	in	ADP
cblr-9110	101	7	the	the	DET
cblr-9110	101	8	investment	investment	NOUN
cblr-9110	101	9	operations	operation	NOUN
cblr-9110	101	10	of	of	ADP
cblr-9110	101	11	an	an	DET
cblr-9110	101	12	etf	etf	NOUN
cblr-9110	101	13	helps	help	VERB
cblr-9110	101	14	arbitrageurs	arbitrageur	NOUN
cblr-9110	101	15	determine	determine	VERB
cblr-9110	101	16	whether	whether	SCONJ
cblr-9110	101	17	to	to	PART
cblr-9110	101	18	purchase	purchase	VERB
cblr-9110	101	19	or	or	CCONJ
cblr-9110	101	20	redeem	redeem	VERB
cblr-9110	101	21	creation	creation	NOUN
cblr-9110	101	22	units	unit	NOUN
cblr-9110	101	23	based	base	VERB
cblr-9110	101	24	on	on	ADP
cblr-9110	101	25	the	the	DET
cblr-9110	101	26	relative	relative	ADJ
cblr-9110	101	27	values	value	NOUN
cblr-9110	101	28	of	of	ADP
cblr-9110	101	29	the	the	DET
cblr-9110	101	30	etf	etf	NOUN
cblr-9110	101	31	shares	share	NOUN
cblr-9110	101	32	in	in	ADP
cblr-9110	101	33	the	the	DET
cblr-9110	101	34	secondary	secondary	ADJ
cblr-9110	101	35	market	market	NOUN
cblr-9110	101	36	and	and	CCONJ
cblr-9110	101	37	the	the	DET
cblr-9110	101	38	securities	security	NOUN
cblr-9110	101	39	contained	contain	VERB
cblr-9110	101	40	in	in	ADP
cblr-9110	101	41	the	the	DET
cblr-9110	101	42	etf	etf	NOUN
cblr-9110	101	43	’s	’s	PART
cblr-9110	101	44	portfolio	portfolio	NOUN
cblr-9110	101	45	.	.	PUNCT
cblr-9110	101	46	”	"	PUNCT
cblr-9110	101	47	)	)	PUNCT
cblr-9110	101	48	.	.	PUNCT
cblr-9110	102	1	16	16	NUM
cblr-9110	102	2	in	in	ADP
cblr-9110	102	3	both	both	PRON
cblr-9110	102	4	redemption	redemption	NOUN
cblr-9110	102	5	and	and	CCONJ
cblr-9110	102	6	creation	creation	NOUN
cblr-9110	102	7	transactions	transaction	NOUN
cblr-9110	102	8	,	,	PUNCT
cblr-9110	102	9	the	the	DET
cblr-9110	102	10	aps	ap	NOUN
cblr-9110	102	11	are	be	AUX
cblr-9110	102	12	often	often	ADV
cblr-9110	102	13	buying	buy	VERB
cblr-9110	102	14	or	or	CCONJ
cblr-9110	102	15	redeeming	redeem	VERB
cblr-9110	102	16	etf	etf	NOUN
cblr-9110	102	17	shares	share	NOUN
cblr-9110	102	18	on	on	ADP
cblr-9110	102	19	behalf	behalf	NOUN
cblr-9110	102	20	of	of	ADP
cblr-9110	102	21	distinct	distinct	ADJ
cblr-9110	102	22	market	market	NOUN
cblr-9110	102	23	participants	participant	NOUN
cblr-9110	102	24	that	that	PRON
cblr-9110	102	25	are	be	AUX
cblr-9110	102	26	interested	interested	ADJ
cblr-9110	102	27	in	in	ADP
cblr-9110	102	28	engaging	engage	VERB
cblr-9110	102	29	in	in	ADP
cblr-9110	102	30	etf	etf	NOUN
cblr-9110	102	31	-	-	PUNCT
cblr-9110	102	32	arbitrage	arbitrage	NOUN
cblr-9110	102	33	transactions	transaction	NOUN
cblr-9110	102	34	.	.	PUNCT
cblr-9110	103	1	to	to	PART
cblr-9110	103	2	limit	limit	VERB
cblr-9110	103	3	unnecessary	unnecessary	ADJ
cblr-9110	103	4	complication	complication	NOUN
cblr-9110	103	5	,	,	PUNCT
cblr-9110	103	6	i	i	PRON
cblr-9110	103	7	focus	focus	VERB
cblr-9110	103	8	almost	almost	ADV
cblr-9110	103	9	exclusively	exclusively	ADV
cblr-9110	103	10	on	on	ADP
cblr-9110	103	11	the	the	DET
cblr-9110	103	12	ap	ap	PROPN
cblr-9110	103	13	trading	trading	NOUN
cblr-9110	103	14	described	describe	VERB
cblr-9110	103	15	in	in	ADP
cblr-9110	103	16	the	the	DET
cblr-9110	103	17	text	text	NOUN
cblr-9110	103	18	.	.	PUNCT
cblr-9110	104	1	but	but	CCONJ
cblr-9110	104	2	given	give	VERB
cblr-9110	104	3	the	the	DET
cblr-9110	104	4	important	important	ADJ
cblr-9110	104	5	role	role	NOUN
cblr-9110	104	6	of	of	ADP
cblr-9110	104	7	these	these	DET
cblr-9110	104	8	non	non	ADJ
cblr-9110	104	9	-	-	ADJ
cblr-9110	104	10	ap	ap	ADJ
cblr-9110	104	11	arbitrageurs	arbitrageur	NOUN
cblr-9110	104	12	in	in	ADP
cblr-9110	104	13	etf	etf	NOUN
cblr-9110	104	14	arbitrage	arbitrage	NOUN
cblr-9110	104	15	,	,	PUNCT
cblr-9110	104	16	this	this	DET
cblr-9110	104	17	additional	additional	ADJ
cblr-9110	104	18	layer	layer	NOUN
cblr-9110	104	19	of	of	ADP
cblr-9110	104	20	complication	complication	NOUN
cblr-9110	104	21	is	be	AUX
cblr-9110	104	22	worth	worth	ADJ
cblr-9110	104	23	formally	formally	ADV
cblr-9110	104	24	recognizing	recognize	VERB
cblr-9110	104	25	at	at	ADP
cblr-9110	104	26	this	this	DET
cblr-9110	104	27	point	point	NOUN
cblr-9110	104	28	in	in	ADP
cblr-9110	104	29	the	the	DET
cblr-9110	104	30	article	article	NOUN
cblr-9110	104	31	.	.	PUNCT
cblr-9110	105	1	1328	1328	NUM
cblr-9110	105	2	columbia	columbia	PROPN
cblr-9110	105	3	business	business	PROPN
cblr-9110	105	4	law	law	PROPN
cblr-9110	105	5	review	review	NOUN
cblr-9110	105	6	[	[	X
cblr-9110	105	7	vol	vol	NOUN
cblr-9110	105	8	.	.	PUNCT
cblr-9110	105	9	2021	2021	NUM
cblr-9110	105	10	(	(	PUNCT
cblr-9110	105	11	transaction	transaction	NOUN
cblr-9110	105	12	costs	cost	VERB
cblr-9110	105	13	aside	aside	ADV
cblr-9110	105	14	)	)	PUNCT
cblr-9110	105	15	costs	cost	VERB
cblr-9110	105	16	$	$	SYM
cblr-9110	105	17	10.00	10.00	NUM
cblr-9110	105	18	.	.	PUNCT
cblr-9110	106	1	this	this	PRON
cblr-9110	106	2	allows	allow	VERB
cblr-9110	106	3	the	the	DET
cblr-9110	106	4	ap	ap	PROPN
cblr-9110	106	5	to	to	PART
cblr-9110	106	6	accumulate	accumulate	VERB
cblr-9110	106	7	and	and	CCONJ
cblr-9110	106	8	then	then	ADV
cblr-9110	106	9	deliver	deliver	VERB
cblr-9110	106	10	the	the	DET
cblr-9110	106	11	relevant	relevant	ADJ
cblr-9110	106	12	amount	amount	NOUN
cblr-9110	106	13	of	of	ADP
cblr-9110	106	14	securities	security	NOUN
cblr-9110	106	15	in	in	ADP
cblr-9110	106	16	-	-	PUNCT
cblr-9110	106	17	kind	kind	NOUN
cblr-9110	106	18	to	to	ADP
cblr-9110	106	19	the	the	DET
cblr-9110	106	20	fund	fund	NOUN
cblr-9110	106	21	in	in	ADP
cblr-9110	106	22	return	return	NOUN
cblr-9110	106	23	for	for	ADP
cblr-9110	106	24	each	each	PRON
cblr-9110	106	25	(	(	PUNCT
cblr-9110	106	26	currently	currently	ADV
cblr-9110	106	27	overpriced	overpriced	ADJ
cblr-9110	106	28	)	)	PUNCT
cblr-9110	106	29	etf	etf	NOUN
cblr-9110	106	30	share	share	NOUN
cblr-9110	106	31	sought	seek	VERB
cblr-9110	106	32	.	.	PUNCT
cblr-9110	107	1	this	this	DET
cblr-9110	107	2	new	new	ADJ
cblr-9110	107	3	supply	supply	NOUN
cblr-9110	107	4	of	of	ADP
cblr-9110	107	5	etf	etf	NOUN
cblr-9110	107	6	shares	share	NOUN
cblr-9110	107	7	from	from	ADP
cblr-9110	107	8	the	the	DET
cblr-9110	107	9	fund	fund	NOUN
cblr-9110	107	10	thus	thus	ADV
cblr-9110	107	11	results	result	VERB
cblr-9110	107	12	in	in	ADP
cblr-9110	107	13	ap	ap	PROPN
cblr-9110	107	14	selling	sell	VERB
cblr-9110	107	15	activity	activity	NOUN
cblr-9110	107	16	in	in	ADP
cblr-9110	107	17	the	the	DET
cblr-9110	107	18	open	open	ADJ
cblr-9110	107	19	market	market	NOUN
cblr-9110	107	20	that	that	PRON
cblr-9110	107	21	places	place	VERB
cblr-9110	107	22	downward	downward	ADJ
cblr-9110	107	23	pressure	pressure	NOUN
cblr-9110	107	24	on	on	ADP
cblr-9110	107	25	the	the	DET
cblr-9110	107	26	overpriced	overpriced	ADJ
cblr-9110	107	27	etf	etf	NOUN
cblr-9110	107	28	shares	share	NOUN
cblr-9110	107	29	.	.	PUNCT
cblr-9110	108	1	continuing	continue	VERB
cblr-9110	108	2	to	to	PART
cblr-9110	108	3	ignore	ignore	VERB
cblr-9110	108	4	transaction	transaction	NOUN
cblr-9110	108	5	costs	cost	NOUN
cblr-9110	108	6	,	,	PUNCT
cblr-9110	108	7	the	the	DET
cblr-9110	108	8	ap	ap	PROPN
cblr-9110	108	9	has	have	VERB
cblr-9110	108	10	the	the	DET
cblr-9110	108	11	incentive	incentive	NOUN
cblr-9110	108	12	to	to	PART
cblr-9110	108	13	create	create	VERB
cblr-9110	108	14	etf	etf	NOUN
cblr-9110	108	15	shares	share	NOUN
cblr-9110	108	16	in	in	ADP
cblr-9110	108	17	this	this	DET
cblr-9110	108	18	way	way	NOUN
cblr-9110	108	19	at	at	ADP
cblr-9110	108	20	$	$	SYM
cblr-9110	108	21	10.00	10.00	NUM
cblr-9110	108	22	/	/	SYM
cblr-9110	108	23	share	share	NOUN
cblr-9110	108	24	and	and	CCONJ
cblr-9110	108	25	sell	sell	VERB
cblr-9110	108	26	them	they	PRON
cblr-9110	108	27	off	off	ADP
cblr-9110	108	28	in	in	ADP
cblr-9110	108	29	the	the	DET
cblr-9110	108	30	open	open	ADJ
cblr-9110	108	31	market	market	NOUN
cblr-9110	108	32	at	at	ADP
cblr-9110	108	33	higher	high	ADJ
cblr-9110	108	34	prices	price	NOUN
cblr-9110	108	35	(	(	PUNCT
cblr-9110	108	36	starting	start	VERB
cblr-9110	108	37	at	at	ADP
cblr-9110	108	38	$	$	SYM
cblr-9110	108	39	10.50	10.50	NUM
cblr-9110	108	40	/	/	SYM
cblr-9110	108	41	share	share	NOUN
cblr-9110	108	42	)	)	PUNCT
cblr-9110	108	43	,	,	PUNCT
cblr-9110	108	44	until	until	SCONJ
cblr-9110	108	45	the	the	DET
cblr-9110	108	46	market	market	NOUN
cblr-9110	108	47	price	price	NOUN
cblr-9110	108	48	of	of	ADP
cblr-9110	108	49	those	those	DET
cblr-9110	108	50	shares	share	NOUN
cblr-9110	108	51	reflects	reflect	VERB
cblr-9110	108	52	the	the	DET
cblr-9110	108	53	fund	fund	NOUN
cblr-9110	108	54	’s	’s	PART
cblr-9110	108	55	nav	nav	NOUN
cblr-9110	108	56	(	(	PUNCT
cblr-9110	108	57	here	here	ADV
cblr-9110	108	58	,	,	PUNCT
cblr-9110	108	59	$	$	SYM
cblr-9110	108	60	10.00	10.00	NUM
cblr-9110	108	61	)	)	PUNCT
cblr-9110	108	62	.	.	PUNCT
cblr-9110	109	1	when	when	SCONJ
cblr-9110	109	2	etf	etf	NOUN
cblr-9110	109	3	shares	share	NOUN
cblr-9110	109	4	are	be	AUX
cblr-9110	109	5	underpriced	underprice	VERB
cblr-9110	109	6	in	in	ADP
cblr-9110	109	7	the	the	DET
cblr-9110	109	8	market	market	NOUN
cblr-9110	109	9	,	,	PUNCT
cblr-9110	109	10	aps	aps	PROPN
cblr-9110	109	11	likewise	likewise	ADV
cblr-9110	109	12	have	have	VERB
cblr-9110	109	13	a	a	DET
cblr-9110	109	14	market	market	NOUN
cblr-9110	109	15	incentive	incentive	NOUN
cblr-9110	109	16	to	to	PART
cblr-9110	109	17	correct	correct	VERB
cblr-9110	109	18	mispricing	misprice	VERB
cblr-9110	109	19	.	.	PUNCT
cblr-9110	110	1	in	in	ADP
cblr-9110	110	2	this	this	DET
cblr-9110	110	3	situation	situation	NOUN
cblr-9110	110	4	,	,	PUNCT
cblr-9110	110	5	aps	aps	PROPN
cblr-9110	110	6	can	can	AUX
cblr-9110	110	7	buy	buy	VERB
cblr-9110	110	8	etf	etf	NOUN
cblr-9110	110	9	shares	share	NOUN
cblr-9110	110	10	in	in	ADP
cblr-9110	110	11	the	the	DET
cblr-9110	110	12	open	open	ADJ
cblr-9110	110	13	market	market	NOUN
cblr-9110	110	14	and	and	CCONJ
cblr-9110	110	15	redeem	redeem	VERB
cblr-9110	110	16	them	they	PRON
cblr-9110	110	17	to	to	ADP
cblr-9110	110	18	the	the	DET
cblr-9110	110	19	fund	fund	NOUN
cblr-9110	110	20	in	in	ADP
cblr-9110	110	21	return	return	NOUN
cblr-9110	110	22	for	for	ADP
cblr-9110	110	23	a	a	DET
cblr-9110	110	24	basket	basket	NOUN
cblr-9110	110	25	of	of	ADP
cblr-9110	110	26	securities	security	NOUN
cblr-9110	110	27	that	that	PRON
cblr-9110	110	28	is	be	AUX
cblr-9110	110	29	,	,	PUNCT
cblr-9110	110	30	by	by	ADP
cblr-9110	110	31	definition	definition	NOUN
cblr-9110	110	32	in	in	ADP
cblr-9110	110	33	this	this	DET
cblr-9110	110	34	situation	situation	NOUN
cblr-9110	110	35	,	,	PUNCT
cblr-9110	110	36	worth	worth	ADJ
cblr-9110	110	37	more	more	ADJ
cblr-9110	110	38	.	.	PUNCT
cblr-9110	111	1	in	in	ADP
cblr-9110	111	2	such	such	ADJ
cblr-9110	111	3	transactions	transaction	NOUN
cblr-9110	111	4	,	,	PUNCT
cblr-9110	111	5	the	the	DET
cblr-9110	111	6	ap	ap	PROPN
cblr-9110	111	7	buys	buy	VERB
cblr-9110	111	8	the	the	DET
cblr-9110	111	9	underpriced	underpriced	ADJ
cblr-9110	111	10	etf	etf	NOUN
cblr-9110	111	11	shares	share	NOUN
cblr-9110	111	12	in	in	ADP
cblr-9110	111	13	the	the	DET
cblr-9110	111	14	open	open	ADJ
cblr-9110	111	15	market	market	NOUN
cblr-9110	111	16	(	(	PUNCT
cblr-9110	111	17	$	$	SYM
cblr-9110	111	18	9.50	9.50	NUM
cblr-9110	111	19	/	/	SYM
cblr-9110	111	20	share	share	NOUN
cblr-9110	111	21	)	)	PUNCT
cblr-9110	111	22	and	and	CCONJ
cblr-9110	111	23	sells	sell	VERB
cblr-9110	111	24	them	they	PRON
cblr-9110	111	25	to	to	ADP
cblr-9110	111	26	the	the	DET
cblr-9110	111	27	fund	fund	NOUN
cblr-9110	111	28	in	in	ADP
cblr-9110	111	29	return	return	NOUN
cblr-9110	111	30	for	for	ADP
cblr-9110	111	31	the	the	DET
cblr-9110	111	32	basket	basket	NOUN
cblr-9110	111	33	containing	contain	VERB
cblr-9110	111	34	assets	asset	NOUN
cblr-9110	111	35	that	that	PRON
cblr-9110	111	36	can	can	AUX
cblr-9110	111	37	be	be	AUX
cblr-9110	111	38	sold	sell	VERB
cblr-9110	111	39	for	for	ADP
cblr-9110	111	40	a	a	DET
cblr-9110	111	41	higher	high	ADJ
cblr-9110	111	42	price	price	NOUN
cblr-9110	111	43	(	(	PUNCT
cblr-9110	111	44	$	$	SYM
cblr-9110	111	45	10.00	10.00	NUM
cblr-9110	111	46	/	/	SYM
cblr-9110	111	47	share).17	share).17	PROPN
cblr-9110	111	48	the	the	DET
cblr-9110	111	49	ap	ap	PROPN
cblr-9110	111	50	is	be	AUX
cblr-9110	111	51	thus	thus	ADV
cblr-9110	111	52	incentivized	incentivize	VERB
cblr-9110	111	53	to	to	PART
cblr-9110	111	54	buy	buy	VERB
cblr-9110	111	55	etf	etf	NOUN
cblr-9110	111	56	shares	share	NOUN
cblr-9110	111	57	at	at	ADP
cblr-9110	111	58	$	$	SYM
cblr-9110	111	59	9.50	9.50	NUM
cblr-9110	111	60	/	/	SYM
cblr-9110	111	61	share	share	NOUN
cblr-9110	111	62	in	in	ADP
cblr-9110	111	63	the	the	DET
cblr-9110	111	64	open	open	ADJ
cblr-9110	111	65	market	market	NOUN
cblr-9110	111	66	and	and	CCONJ
cblr-9110	111	67	sell	sell	VERB
cblr-9110	111	68	them	they	PRON
cblr-9110	111	69	back	back	ADV
cblr-9110	111	70	to	to	ADP
cblr-9110	111	71	the	the	DET
cblr-9110	111	72	fund	fund	NOUN
cblr-9110	111	73	in	in	ADP
cblr-9110	111	74	return	return	NOUN
cblr-9110	111	75	for	for	ADP
cblr-9110	111	76	a	a	DET
cblr-9110	111	77	basket	basket	NOUN
cblr-9110	111	78	of	of	ADP
cblr-9110	111	79	financial	financial	ADJ
cblr-9110	111	80	instruments	instrument	NOUN
cblr-9110	111	81	that	that	PRON
cblr-9110	111	82	it	it	PRON
cblr-9110	111	83	expects	expect	VERB
cblr-9110	111	84	to	to	PART
cblr-9110	111	85	be	be	AUX
cblr-9110	111	86	able	able	ADJ
cblr-9110	111	87	to	to	PART
cblr-9110	111	88	sell	sell	VERB
cblr-9110	111	89	at	at	ADP
cblr-9110	111	90	prices	price	NOUN
cblr-9110	111	91	beginning	begin	VERB
cblr-9110	111	92	at	at	ADP
cblr-9110	111	93	$	$	SYM
cblr-9110	111	94	10.00	10.00	NUM
cblr-9110	111	95	/	/	SYM
cblr-9110	111	96	share	share	NOUN
cblr-9110	111	97	.	.	PUNCT
cblr-9110	112	1	this	this	DET
cblr-9110	112	2	buying	buying	NOUN
cblr-9110	112	3	of	of	ADP
cblr-9110	112	4	underpriced	underpriced	ADJ
cblr-9110	112	5	etf	etf	NOUN
cblr-9110	112	6	shares	share	NOUN
cblr-9110	112	7	in	in	ADP
cblr-9110	112	8	the	the	DET
cblr-9110	112	9	open	open	ADJ
cblr-9110	112	10	market	market	NOUN
cblr-9110	112	11	by	by	ADP
cblr-9110	112	12	aps	aps	PROPN
cblr-9110	112	13	drives	drive	VERB
cblr-9110	112	14	the	the	DET
cblr-9110	112	15	price	price	NOUN
cblr-9110	112	16	of	of	ADP
cblr-9110	112	17	those	those	DET
cblr-9110	112	18	shares	share	NOUN
cblr-9110	112	19	up	up	ADP
cblr-9110	112	20	.	.	PUNCT
cblr-9110	113	1	transaction	transaction	NOUN
cblr-9110	113	2	costs	cost	NOUN
cblr-9110	113	3	aside	aside	ADV
cblr-9110	113	4	,	,	PUNCT
cblr-9110	113	5	aps	ap	NOUN
cblr-9110	113	6	have	have	VERB
cblr-9110	113	7	the	the	DET
cblr-9110	113	8	incentive	incentive	NOUN
cblr-9110	113	9	to	to	PART
cblr-9110	113	10	continue	continue	VERB
cblr-9110	113	11	buying	buy	VERB
cblr-9110	113	12	and	and	CCONJ
cblr-9110	113	13	redeeming	redeem	VERB
cblr-9110	113	14	etf	etf	NOUN
cblr-9110	113	15	shares	share	NOUN
cblr-9110	113	16	for	for	ADP
cblr-9110	113	17	the	the	DET
cblr-9110	113	18	per	per	ADP
cblr-9110	113	19	-	-	PUNCT
cblr-9110	113	20	share	share	NOUN
cblr-9110	113	21	fund	fund	NOUN
cblr-9110	113	22	basket	basket	NOUN
cblr-9110	113	23	(	(	PUNCT
cblr-9110	113	24	worth	worth	ADJ
cblr-9110	113	25	$	$	SYM
cblr-9110	113	26	10.00	10.00	NUM
cblr-9110	113	27	in	in	ADP
cblr-9110	113	28	the	the	DET
cblr-9110	113	29	above	above	ADJ
cblr-9110	113	30	example	example	NOUN
cblr-9110	113	31	)	)	PUNCT
cblr-9110	113	32	until	until	SCONJ
cblr-9110	113	33	the	the	DET
cblr-9110	113	34	etf	etf	NOUN
cblr-9110	113	35	shares	share	NOUN
cblr-9110	113	36	are	be	AUX
cblr-9110	113	37	priced	price	VERB
cblr-9110	113	38	at	at	ADP
cblr-9110	113	39	the	the	DET
cblr-9110	113	40	value	value	NOUN
cblr-9110	113	41	of	of	ADP
cblr-9110	113	42	that	that	DET
cblr-9110	113	43	basket	basket	NOUN
cblr-9110	113	44	.	.	PUNCT
cblr-9110	114	1	b.	b.	PROPN
cblr-9110	114	2	further	further	ADJ
cblr-9110	114	3	advantages	advantage	NOUN
cblr-9110	114	4	beyond	beyond	ADP
cblr-9110	114	5	the	the	DET
cblr-9110	114	6	basic	basic	ADJ
cblr-9110	114	7	liquidity	liquidity	NOUN
cblr-9110	114	8	feature	feature	NOUN
cblr-9110	114	9	etfs	etfs	PROPN
cblr-9110	114	10	also	also	ADV
cblr-9110	114	11	introduced	introduce	VERB
cblr-9110	114	12	two	two	NUM
cblr-9110	114	13	related	related	ADJ
cblr-9110	114	14	,	,	PUNCT
cblr-9110	114	15	yet	yet	ADV
cblr-9110	114	16	conceptually	conceptually	ADV
cblr-9110	114	17	distinct	distinct	ADJ
cblr-9110	114	18	,	,	PUNCT
cblr-9110	114	19	categories	category	NOUN
cblr-9110	114	20	of	of	ADP
cblr-9110	114	21	advantages	advantage	NOUN
cblr-9110	114	22	for	for	ADP
cblr-9110	114	23	investors	investor	NOUN
cblr-9110	114	24	:	:	PUNCT
cblr-9110	114	25	(	(	PUNCT
cblr-9110	114	26	1	1	X
cblr-9110	114	27	)	)	PUNCT
cblr-9110	114	28	reduced	reduce	VERB
cblr-9110	114	29	17	17	NUM
cblr-9110	114	30	see	see	NOUN
cblr-9110	114	31	,	,	PUNCT
cblr-9110	114	32	e.g.	e.g.	ADV
cblr-9110	114	33	,	,	PUNCT
cblr-9110	114	34	jeffrey	jeffrey	PROPN
cblr-9110	114	35	colon	colon	NOUN
cblr-9110	114	36	,	,	PUNCT
cblr-9110	114	37	the	the	DET
cblr-9110	114	38	great	great	ADJ
cblr-9110	114	39	etf	etf	NOUN
cblr-9110	114	40	tax	tax	NOUN
cblr-9110	114	41	swindle	swindle	NOUN
cblr-9110	114	42	:	:	PUNCT
cblr-9110	114	43	the	the	DET
cblr-9110	114	44	taxation	taxation	NOUN
cblr-9110	114	45	of	of	ADP
cblr-9110	114	46	in	in	ADP
cblr-9110	114	47	-	-	PUNCT
cblr-9110	114	48	kind	kind	NOUN
cblr-9110	114	49	redemptions	redemption	NOUN
cblr-9110	114	50	,	,	PUNCT
cblr-9110	114	51	122	122	NUM
cblr-9110	114	52	pa	pa	PROPN
cblr-9110	114	53	.	.	PROPN
cblr-9110	114	54	st	st	PROPN
cblr-9110	114	55	.	.	PROPN
cblr-9110	114	56	l.	l.	PROPN
cblr-9110	114	57	rev	rev	PROPN
cblr-9110	114	58	.	.	PROPN
cblr-9110	114	59	1	1	NUM
cblr-9110	114	60	,	,	PUNCT
cblr-9110	114	61	14	14	NUM
cblr-9110	114	62	(	(	PUNCT
cblr-9110	114	63	2017	2017	NUM
cblr-9110	114	64	)	)	PUNCT
cblr-9110	114	65	(	(	PUNCT
cblr-9110	114	66	“	"	PUNCT
cblr-9110	114	67	etfs	etfs	PROPN
cblr-9110	114	68	permit	permit	NOUN
cblr-9110	114	69	redemptions	redemption	NOUN
cblr-9110	114	70	,	,	PUNCT
cblr-9110	114	71	but	but	CCONJ
cblr-9110	114	72	the	the	DET
cblr-9110	114	73	redemptions	redemption	NOUN
cblr-9110	114	74	are	be	AUX
cblr-9110	114	75	generally	generally	ADV
cblr-9110	114	76	paid	pay	VERB
cblr-9110	114	77	in	in	ADP
cblr-9110	114	78	kind	kind	NOUN
cblr-9110	114	79	—	—	PUNCT
cblr-9110	114	80	that	that	ADV
cblr-9110	114	81	is	is	ADV
cblr-9110	114	82	,	,	PUNCT
cblr-9110	114	83	with	with	ADP
cblr-9110	114	84	securities	security	NOUN
cblr-9110	114	85	of	of	ADP
cblr-9110	114	86	the	the	DET
cblr-9110	114	87	etf	etf	NOUN
cblr-9110	114	88	,	,	PUNCT
cblr-9110	114	89	and	and	CCONJ
cblr-9110	114	90	not	not	PART
cblr-9110	114	91	in	in	ADP
cblr-9110	114	92	cash	cash	NOUN
cblr-9110	114	93	.	.	PUNCT
cblr-9110	114	94	)	)	PUNCT
cblr-9110	114	95	.	.	PUNCT
cblr-9110	115	1	no	no	INTJ
cblr-9110	115	2	.	.	NOUN
cblr-9110	116	1	3:1321	3:1321	NUM
cblr-9110	116	2	]	]	X
cblr-9110	116	3	the	the	DET
cblr-9110	116	4	emergence	emergence	NOUN
cblr-9110	116	5	of	of	ADP
cblr-9110	116	6	the	the	DET
cblr-9110	116	7	actively	actively	ADV
cblr-9110	116	8	managed	manage	VERB
cblr-9110	116	9	etf	etf	NOUN
cblr-9110	116	10	1329	1329	NUM
cblr-9110	116	11	costs	cost	NOUN
cblr-9110	116	12	associated	associate	VERB
cblr-9110	116	13	with	with	ADP
cblr-9110	116	14	operational	operational	ADJ
cblr-9110	116	15	savings	saving	NOUN
cblr-9110	116	16	for	for	ADP
cblr-9110	116	17	the	the	DET
cblr-9110	116	18	fund	fund	NOUN
cblr-9110	116	19	and	and	CCONJ
cblr-9110	116	20	(	(	PUNCT
cblr-9110	116	21	2	2	X
cblr-9110	116	22	)	)	PUNCT
cblr-9110	116	23	reduced	reduce	VERB
cblr-9110	116	24	costs	cost	NOUN
cblr-9110	116	25	associated	associate	VERB
cblr-9110	116	26	with	with	ADP
cblr-9110	116	27	favorable	favorable	ADJ
cblr-9110	116	28	tax	tax	NOUN
cblr-9110	116	29	treatment	treatment	NOUN
cblr-9110	116	30	.	.	PUNCT
cblr-9110	117	1	for	for	ADP
cblr-9110	117	2	most	most	ADJ
cblr-9110	117	3	investors	investor	NOUN
cblr-9110	117	4	,	,	PUNCT
cblr-9110	117	5	it	it	PRON
cblr-9110	117	6	is	be	AUX
cblr-9110	117	7	these	these	DET
cblr-9110	117	8	advantages	advantage	NOUN
cblr-9110	117	9	that	that	PRON
cblr-9110	117	10	make	make	VERB
cblr-9110	117	11	the	the	DET
cblr-9110	117	12	etf	etf	NOUN
cblr-9110	117	13	form	form	NOUN
cblr-9110	117	14	and	and	CCONJ
cblr-9110	117	15	its	its	PRON
cblr-9110	117	16	core	core	NOUN
cblr-9110	117	17	innovation	innovation	NOUN
cblr-9110	117	18	so	so	ADV
cblr-9110	117	19	appealing	appealing	ADJ
cblr-9110	117	20	.	.	PUNCT
cblr-9110	118	1	1	1	X
cblr-9110	118	2	.	.	X
cblr-9110	118	3	reduced	reduce	VERB
cblr-9110	118	4	costs	cost	NOUN
cblr-9110	118	5	associated	associate	VERB
cblr-9110	118	6	with	with	ADP
cblr-9110	118	7	operational	operational	ADJ
cblr-9110	118	8	savings	saving	NOUN
cblr-9110	118	9	for	for	ADP
cblr-9110	118	10	the	the	DET
cblr-9110	118	11	fund	fund	NOUN
cblr-9110	118	12	pooled	pool	VERB
cblr-9110	118	13	-	-	PUNCT
cblr-9110	118	14	investment	investment	NOUN
cblr-9110	118	15	funds	fund	NOUN
cblr-9110	118	16	of	of	ADP
cblr-9110	118	17	course	course	NOUN
cblr-9110	118	18	incur	incur	NOUN
cblr-9110	118	19	costs	cost	NOUN
cblr-9110	118	20	associated	associate	VERB
cblr-9110	118	21	with	with	ADP
cblr-9110	118	22	pooling	pool	VERB
cblr-9110	118	23	investor	investor	NOUN
cblr-9110	118	24	capital	capital	NOUN
cblr-9110	118	25	and	and	CCONJ
cblr-9110	118	26	deploying	deploy	VERB
cblr-9110	118	27	it	it	PRON
cblr-9110	118	28	toward	toward	ADP
cblr-9110	118	29	productive	productive	ADJ
cblr-9110	118	30	use.18	use.18	NOUN
cblr-9110	118	31	but	but	CCONJ
cblr-9110	118	32	etfs	etfs	PROPN
cblr-9110	118	33	generally	generally	ADV
cblr-9110	118	34	incur	incur	VERB
cblr-9110	118	35	fewer	few	ADJ
cblr-9110	118	36	such	such	ADJ
cblr-9110	118	37	costs	cost	NOUN
cblr-9110	118	38	relative	relative	ADJ
cblr-9110	118	39	to	to	ADP
cblr-9110	118	40	mutual	mutual	ADJ
cblr-9110	118	41	funds.19	funds.19	NOUN
cblr-9110	118	42	in	in	ADP
cblr-9110	118	43	particular	particular	ADJ
cblr-9110	118	44	,	,	PUNCT
cblr-9110	118	45	mutual	mutual	ADJ
cblr-9110	118	46	funds	fund	NOUN
cblr-9110	118	47	incur	incur	VERB
cblr-9110	118	48	the	the	DET
cblr-9110	118	49	administrative	administrative	ADJ
cblr-9110	118	50	costs	cost	NOUN
cblr-9110	118	51	associated	associate	VERB
cblr-9110	118	52	with	with	ADP
cblr-9110	118	53	transacting	transact	VERB
cblr-9110	118	54	in	in	ADP
cblr-9110	118	55	the	the	DET
cblr-9110	118	56	way	way	NOUN
cblr-9110	118	57	described	describe	VERB
cblr-9110	118	58	above	above	ADV
cblr-9110	118	59	(	(	PUNCT
cblr-9110	118	60	i.e.	i.e.	X
cblr-9110	118	61	,	,	PUNCT
cblr-9110	118	62	directly	directly	ADV
cblr-9110	118	63	with	with	ADP
cblr-9110	118	64	investors	investor	NOUN
cblr-9110	118	65	)	)	PUNCT
cblr-9110	118	66	,	,	PUNCT
cblr-9110	118	67	whereas	whereas	SCONJ
cblr-9110	118	68	etfs	etfs	NOUN
cblr-9110	118	69	bypass	bypass	VERB
cblr-9110	118	70	these	these	DET
cblr-9110	118	71	costs	cost	NOUN
cblr-9110	118	72	by	by	ADP
cblr-9110	118	73	trading	trade	VERB
cblr-9110	118	74	in	in	ADP
cblr-9110	118	75	the	the	DET
cblr-9110	118	76	way	way	NOUN
cblr-9110	118	77	described	describe	VERB
cblr-9110	118	78	above	above	ADV
cblr-9110	118	79	(	(	PUNCT
cblr-9110	118	80	i.e.	i.e.	X
cblr-9110	118	81	,	,	PUNCT
cblr-9110	118	82	only	only	ADV
cblr-9110	118	83	opposite	opposite	ADJ
cblr-9110	118	84	aps	ap	NOUN
cblr-9110	118	85	in	in	ADP
cblr-9110	118	86	large	large	ADJ
cblr-9110	118	87	blocks20).21	blocks20).21	NOUN
cblr-9110	118	88	at	at	ADP
cblr-9110	118	89	the	the	DET
cblr-9110	118	90	extreme	extreme	NOUN
cblr-9110	118	91	,	,	PUNCT
cblr-9110	118	92	the	the	DET
cblr-9110	118	93	issuers	issuer	NOUN
cblr-9110	118	94	of	of	ADP
cblr-9110	118	95	a	a	DET
cblr-9110	118	96	mutual	mutual	ADJ
cblr-9110	118	97	fund	fund	NOUN
cblr-9110	118	98	must	must	AUX
cblr-9110	118	99	transact	transact	VERB
cblr-9110	118	100	directly	directly	ADV
cblr-9110	118	101	with	with	ADP
cblr-9110	118	102	a	a	DET
cblr-9110	118	103	long	long	ADJ
cblr-9110	118	104	line	line	NOUN
cblr-9110	118	105	of	of	ADP
cblr-9110	118	106	individual	individual	ADJ
cblr-9110	118	107	investors	investor	NOUN
cblr-9110	118	108	in	in	ADP
cblr-9110	118	109	amounts	amount	NOUN
cblr-9110	118	110	as	as	ADV
cblr-9110	118	111	little	little	ADJ
cblr-9110	118	112	as	as	ADP
cblr-9110	118	113	a	a	DET
cblr-9110	118	114	share.22	share.22	NOUN
cblr-9110	118	115	as	as	ADP
cblr-9110	118	116	mutual	mutual	ADJ
cblr-9110	118	117	funds	fund	NOUN
cblr-9110	118	118	complete	complete	VERB
cblr-9110	118	119	these	these	DET
cblr-9110	118	120	transactions	transaction	NOUN
cblr-9110	118	121	with	with	ADP
cblr-9110	118	122	their	their	PRON
cblr-9110	118	123	investors	investor	NOUN
cblr-9110	118	124	,	,	PUNCT
cblr-9110	118	125	the	the	DET
cblr-9110	118	126	funds	fund	NOUN
cblr-9110	118	127	must	must	AUX
cblr-9110	118	128	complete	complete	VERB
cblr-9110	118	129	a	a	DET
cblr-9110	118	130	variety	variety	NOUN
cblr-9110	118	131	of	of	ADP
cblr-9110	118	132	administrative	administrative	ADJ
cblr-9110	118	133	18	18	NUM
cblr-9110	118	134	see	see	NOUN
cblr-9110	118	135	actively	actively	ADV
cblr-9110	118	136	managed	manage	VERB
cblr-9110	118	137	exchange	exchange	NOUN
cblr-9110	118	138	-	-	PUNCT
cblr-9110	118	139	traded	trade	VERB
cblr-9110	118	140	funds	fund	NOUN
cblr-9110	118	141	,	,	PUNCT
cblr-9110	118	142	66	66	NUM
cblr-9110	118	143	fed	feed	VERB
cblr-9110	118	144	.	.	PUNCT
cblr-9110	119	1	reg	reg	PROPN
cblr-9110	119	2	.	.	PUNCT
cblr-9110	120	1	at	at	ADP
cblr-9110	120	2	57,617	57,617	NUM
cblr-9110	120	3	.	.	PUNCT
cblr-9110	121	1	19	19	NUM
cblr-9110	121	2	see	see	VERB
cblr-9110	121	3	i	i	PRON
cblr-9110	121	4	d.	d.	PROPN
cblr-9110	121	5	20	20	NUM
cblr-9110	121	6	see	see	VERB
cblr-9110	121	7	supra	supra	PROPN
cblr-9110	121	8	note	note	PROPN
cblr-9110	121	9	13	13	NUM
cblr-9110	121	10	and	and	CCONJ
cblr-9110	121	11	accompanying	accompany	VERB
cblr-9110	121	12	text	text	NOUN
cblr-9110	121	13	(	(	PUNCT
cblr-9110	121	14	noting	note	VERB
cblr-9110	121	15	the	the	DET
cblr-9110	121	16	typical	typical	ADJ
cblr-9110	121	17	size	size	NOUN
cblr-9110	121	18	of	of	ADP
cblr-9110	121	19	creation	creation	NOUN
cblr-9110	121	20	-	-	PUNCT
cblr-9110	121	21	unit	unit	NOUN
cblr-9110	121	22	and	and	CCONJ
cblr-9110	121	23	redemption	redemption	NOUN
cblr-9110	121	24	-	-	PUNCT
cblr-9110	121	25	unit	unit	NOUN
cblr-9110	121	26	transactions	transaction	NOUN
cblr-9110	121	27	by	by	ADP
cblr-9110	121	28	aps	ap	NOUN
cblr-9110	121	29	)	)	PUNCT
cblr-9110	121	30	.	.	PUNCT
cblr-9110	122	1	21	21	NUM
cblr-9110	122	2	actively	actively	ADV
cblr-9110	122	3	managed	manage	VERB
cblr-9110	122	4	exchange	exchange	NOUN
cblr-9110	122	5	-	-	PUNCT
cblr-9110	122	6	traded	trade	VERB
cblr-9110	122	7	funds	fund	NOUN
cblr-9110	122	8	,	,	PUNCT
cblr-9110	122	9	66	66	NUM
cblr-9110	122	10	fed	feed	VERB
cblr-9110	122	11	.	.	PUNCT
cblr-9110	123	1	reg	reg	PROPN
cblr-9110	123	2	.	.	PUNCT
cblr-9110	124	1	at	at	ADP
cblr-9110	124	2	57,617	57,617	NUM
cblr-9110	124	3	(	(	PUNCT
cblr-9110	124	4	“	"	PUNCT
cblr-9110	124	5	etf	etf	NOUN
cblr-9110	124	6	expenses	expense	NOUN
cblr-9110	124	7	are	be	AUX
cblr-9110	124	8	often	often	ADV
cblr-9110	124	9	lower	low	ADJ
cblr-9110	124	10	than	than	ADP
cblr-9110	124	11	the	the	DET
cblr-9110	124	12	expenses	expense	NOUN
cblr-9110	124	13	of	of	ADP
cblr-9110	124	14	index	index	NOUN
cblr-9110	124	15	[	[	X
cblr-9110	124	16	mutual	mutual	ADJ
cblr-9110	124	17	]	]	PUNCT
cblr-9110	124	18	funds	fund	NOUN
cblr-9110	124	19	.	.	PUNCT
cblr-9110	125	1	because	because	SCONJ
cblr-9110	125	2	most	most	ADJ
cblr-9110	125	3	etf	etf	NOUN
cblr-9110	125	4	shareholders	shareholder	NOUN
cblr-9110	125	5	purchase	purchase	VERB
cblr-9110	125	6	and	and	CCONJ
cblr-9110	125	7	sell	sell	VERB
cblr-9110	125	8	etf	etf	NOUN
cblr-9110	125	9	shares	share	NOUN
cblr-9110	125	10	through	through	ADP
cblr-9110	125	11	secondary	secondary	ADJ
cblr-9110	125	12	market	market	NOUN
cblr-9110	125	13	transactions	transaction	NOUN
cblr-9110	125	14	rather	rather	ADV
cblr-9110	125	15	than	than	ADP
cblr-9110	125	16	through	through	ADP
cblr-9110	125	17	transactions	transaction	NOUN
cblr-9110	125	18	with	with	ADP
cblr-9110	125	19	the	the	DET
cblr-9110	125	20	etf	etf	NOUN
cblr-9110	125	21	,	,	PUNCT
cblr-9110	125	22	etfs	etfs	PROPN
cblr-9110	125	23	do	do	AUX
cblr-9110	125	24	not	not	PART
cblr-9110	125	25	have	have	VERB
cblr-9110	125	26	the	the	DET
cblr-9110	125	27	same	same	ADJ
cblr-9110	125	28	degree	degree	NOUN
cblr-9110	125	29	of	of	ADP
cblr-9110	125	30	shareholder	shareholder	NOUN
cblr-9110	125	31	recordkeeping	recordkeeping	NOUN
cblr-9110	125	32	and	and	CCONJ
cblr-9110	125	33	service	service	NOUN
cblr-9110	125	34	expenses	expense	NOUN
cblr-9110	125	35	as	as	ADP
cblr-9110	125	36	index	index	NOUN
cblr-9110	125	37	funds	fund	NOUN
cblr-9110	125	38	.	.	PUNCT
cblr-9110	125	39	”	"	PUNCT
cblr-9110	125	40	)	)	PUNCT
cblr-9110	125	41	.	.	PUNCT
cblr-9110	126	1	22	22	NUM
cblr-9110	126	2	birdthistle	birdthistle	NOUN
cblr-9110	126	3	,	,	PUNCT
cblr-9110	126	4	supra	supra	PROPN
cblr-9110	126	5	note	note	NOUN
cblr-9110	126	6	22	22	NUM
cblr-9110	126	7	(	(	PUNCT
cblr-9110	126	8	“	"	PUNCT
cblr-9110	126	9	etfs	etfs	NOUN
cblr-9110	126	10	do	do	AUX
cblr-9110	126	11	not	not	PART
cblr-9110	126	12	conduct	conduct	VERB
cblr-9110	126	13	anything	anything	PRON
cblr-9110	126	14	close	close	ADV
cblr-9110	126	15	to	to	ADP
cblr-9110	126	16	the	the	DET
cblr-9110	126	17	number	number	NOUN
cblr-9110	126	18	of	of	ADP
cblr-9110	126	19	transactions	transaction	NOUN
cblr-9110	126	20	with	with	ADP
cblr-9110	126	21	retail	retail	ADJ
cblr-9110	126	22	investors	investor	NOUN
cblr-9110	126	23	that	that	SCONJ
cblr-9110	126	24	mutual	mutual	ADJ
cblr-9110	126	25	funds	fund	NOUN
cblr-9110	126	26	do	do	VERB
cblr-9110	126	27	.	.	PUNCT
cblr-9110	127	1	mutual	mutual	ADJ
cblr-9110	127	2	funds	fund	NOUN
cblr-9110	127	3	must	must	AUX
cblr-9110	127	4	process	process	VERB
cblr-9110	127	5	all	all	DET
cblr-9110	127	6	the	the	DET
cblr-9110	127	7	purchases	purchase	NOUN
cblr-9110	127	8	and	and	CCONJ
cblr-9110	127	9	redemptions	redemption	NOUN
cblr-9110	127	10	of	of	ADP
cblr-9110	127	11	every	every	DET
cblr-9110	127	12	single	single	ADJ
cblr-9110	127	13	investor	investor	NOUN
cblr-9110	127	14	in	in	ADP
cblr-9110	127	15	their	their	PRON
cblr-9110	127	16	fund	fund	NOUN
cblr-9110	127	17	,	,	PUNCT
cblr-9110	127	18	large	large	ADJ
cblr-9110	127	19	or	or	CCONJ
cblr-9110	127	20	small	small	ADJ
cblr-9110	127	21	;	;	PUNCT
cblr-9110	127	22	those	those	DET
cblr-9110	127	23	transactions	transaction	NOUN
cblr-9110	127	24	generate	generate	VERB
cblr-9110	127	25	significant	significant	ADJ
cblr-9110	127	26	costs	cost	NOUN
cblr-9110	127	27	associated	associate	VERB
cblr-9110	127	28	with	with	ADP
cblr-9110	127	29	shareholder	shareholder	NOUN
cblr-9110	127	30	recordkeeping	recordkeeping	NOUN
cblr-9110	127	31	and	and	CCONJ
cblr-9110	127	32	managing	manage	VERB
cblr-9110	127	33	accounts	account	NOUN
cblr-9110	127	34	.	.	PUNCT
cblr-9110	128	1	etfs	etfs	PROPN
cblr-9110	128	2	,	,	PUNCT
cblr-9110	128	3	on	on	ADP
cblr-9110	128	4	the	the	DET
cblr-9110	128	5	other	other	ADJ
cblr-9110	128	6	hand	hand	NOUN
cblr-9110	128	7	,	,	PUNCT
cblr-9110	128	8	conduct	conduct	VERB
cblr-9110	128	9	far	far	ADV
cblr-9110	128	10	fewer	few	ADJ
cblr-9110	128	11	large	large	ADJ
cblr-9110	128	12	-	-	PUNCT
cblr-9110	128	13	scale	scale	NOUN
cblr-9110	128	14	transactions	transaction	NOUN
cblr-9110	128	15	,	,	PUNCT
cblr-9110	128	16	with	with	ADP
cblr-9110	128	17	investors	investor	NOUN
cblr-9110	128	18	wealthy	wealthy	ADJ
cblr-9110	128	19	and	and	CCONJ
cblr-9110	128	20	sophisticated	sophisticated	ADJ
cblr-9110	128	21	enough	enough	ADV
cblr-9110	128	22	to	to	PART
cblr-9110	128	23	traffic	traffic	VERB
cblr-9110	128	24	in	in	ADP
cblr-9110	128	25	creation	creation	NOUN
cblr-9110	128	26	units	unit	NOUN
cblr-9110	128	27	,	,	PUNCT
cblr-9110	128	28	portfolio	portfolio	NOUN
cblr-9110	128	29	deposits	deposit	NOUN
cblr-9110	128	30	,	,	PUNCT
cblr-9110	128	31	and	and	CCONJ
cblr-9110	128	32	redemption	redemption	NOUN
cblr-9110	128	33	baskets	basket	NOUN
cblr-9110	128	34	.	.	PUNCT
cblr-9110	128	35	”	"	PUNCT
cblr-9110	129	1	(	(	PUNCT
cblr-9110	129	2	footnote	footnote	NOUN
cblr-9110	129	3	omitted	omit	VERB
cblr-9110	129	4	)	)	PUNCT
cblr-9110	129	5	)	)	PUNCT
cblr-9110	129	6	.	.	PUNCT
cblr-9110	130	1	1330	1330	NUM
cblr-9110	130	2	columbia	columbia	PROPN
cblr-9110	130	3	business	business	NOUN
cblr-9110	130	4	law	law	PROPN
cblr-9110	130	5	review	review	NOUN
cblr-9110	130	6	[	[	X
cblr-9110	130	7	vol	vol	NOUN
cblr-9110	130	8	.	.	NOUN
cblr-9110	130	9	2021	2021	NUM
cblr-9110	130	10	tasks	task	NOUN
cblr-9110	130	11	in	in	ADP
cblr-9110	130	12	a	a	DET
cblr-9110	130	13	highly	highly	ADV
cblr-9110	130	14	regulated	regulate	VERB
cblr-9110	130	15	environment.23	environment.23	PROPN
cblr-9110	130	16	the	the	DET
cblr-9110	130	17	costs	cost	NOUN
cblr-9110	130	18	of	of	ADP
cblr-9110	130	19	these	these	DET
cblr-9110	130	20	tasks	task	NOUN
cblr-9110	130	21	can	can	AUX
cblr-9110	130	22	manifest	manifest	VERB
cblr-9110	130	23	themselves	themselves	PRON
cblr-9110	130	24	in	in	ADP
cblr-9110	130	25	a	a	DET
cblr-9110	130	26	number	number	NOUN
cblr-9110	130	27	of	of	ADP
cblr-9110	130	28	fees	fee	NOUN
cblr-9110	130	29	for	for	ADP
cblr-9110	130	30	mutual	mutual	ADJ
cblr-9110	130	31	fund	fund	NOUN
cblr-9110	130	32	investors.24	investors.24	NOUN
cblr-9110	130	33	moreover	moreover	ADV
cblr-9110	130	34	,	,	PUNCT
cblr-9110	130	35	to	to	PART
cblr-9110	130	36	reduce	reduce	VERB
cblr-9110	130	37	the	the	DET
cblr-9110	130	38	extent	extent	NOUN
cblr-9110	130	39	to	to	PART
cblr-9110	130	40	which	which	PRON
cblr-9110	130	41	they	they	PRON
cblr-9110	130	42	must	must	AUX
cblr-9110	130	43	trade	trade	VERB
cblr-9110	130	44	opposite	opposite	ADJ
cblr-9110	130	45	individual	individual	ADJ
cblr-9110	130	46	investors	investor	NOUN
cblr-9110	130	47	in	in	ADP
cblr-9110	130	48	small	small	ADJ
cblr-9110	130	49	amounts	amount	NOUN
cblr-9110	130	50	,	,	PUNCT
cblr-9110	130	51	mutual	mutual	ADJ
cblr-9110	130	52	funds	fund	NOUN
cblr-9110	130	53	often	often	ADV
cblr-9110	130	54	have	have	VERB
cblr-9110	130	55	minimum	minimum	ADJ
cblr-9110	130	56	-	-	PUNCT
cblr-9110	130	57	purchase	purchase	NOUN
cblr-9110	130	58	amounts	amount	NOUN
cblr-9110	130	59	and	and	CCONJ
cblr-9110	130	60	“	"	PUNCT
cblr-9110	130	61	loads”—additional	loads”—additional	ADJ
cblr-9110	130	62	unattractive	unattractive	ADJ
cblr-9110	130	63	features	feature	NOUN
cblr-9110	130	64	from	from	ADP
cblr-9110	130	65	the	the	DET
cblr-9110	130	66	investor	investor	NOUN
cblr-9110	130	67	perspective25	perspective25	NOUN
cblr-9110	130	68	that	that	PRON
cblr-9110	130	69	are	be	AUX
cblr-9110	130	70	not	not	PART
cblr-9110	130	71	present	present	ADJ
cblr-9110	130	72	in	in	ADP
cblr-9110	130	73	the	the	DET
cblr-9110	130	74	etf	etf	NOUN
cblr-9110	130	75	context.26	context.26	ADJ
cblr-9110	130	76	mutual	mutual	ADJ
cblr-9110	130	77	funds	fund	NOUN
cblr-9110	130	78	also	also	ADV
cblr-9110	130	79	have	have	VERB
cblr-9110	130	80	greater	great	ADJ
cblr-9110	130	81	“	"	PUNCT
cblr-9110	130	82	cash	cash	NOUN
cblr-9110	130	83	drag	drag	NOUN
cblr-9110	130	84	”	"	PUNCT
cblr-9110	130	85	than	than	SCONJ
cblr-9110	130	86	etfs.27	etfs.27	PRON
cblr-9110	130	87	mutual	mutual	ADJ
cblr-9110	130	88	funds	fund	NOUN
cblr-9110	130	89	have	have	VERB
cblr-9110	130	90	to	to	PART
cblr-9110	130	91	hold	hold	VERB
cblr-9110	130	92	cash	cash	NOUN
cblr-9110	130	93	on	on	ADP
cblr-9110	130	94	hand	hand	NOUN
cblr-9110	130	95	so	so	SCONJ
cblr-9110	130	96	that	that	SCONJ
cblr-9110	130	97	they	they	PRON
cblr-9110	130	98	can	can	AUX
cblr-9110	130	99	be	be	AUX
cblr-9110	130	100	sure	sure	ADJ
cblr-9110	130	101	that	that	SCONJ
cblr-9110	130	102	they	they	PRON
cblr-9110	130	103	can	can	AUX
cblr-9110	130	104	meet	meet	VERB
cblr-9110	130	105	redemption	redemption	NOUN
cblr-9110	130	106	requests	request	NOUN
cblr-9110	130	107	in	in	ADP
cblr-9110	130	108	a	a	DET
cblr-9110	130	109	timely	timely	ADJ
cblr-9110	130	110	manner.28	manner.28	NOUN
cblr-9110	130	111	after	after	ADV
cblr-9110	130	112	all	all	ADV
cblr-9110	130	113	,	,	PUNCT
cblr-9110	130	114	they	they	PRON
cblr-9110	130	115	generally	generally	ADV
cblr-9110	130	116	complete	complete	VERB
cblr-9110	130	117	redemption	redemption	NOUN
cblr-9110	130	118	transactions	transaction	NOUN
cblr-9110	130	119	by	by	ADP
cblr-9110	130	120	providing	provide	VERB
cblr-9110	130	121	redeeming	redeem	VERB
cblr-9110	130	122	shareholders	shareholder	NOUN
cblr-9110	130	123	with	with	ADP
cblr-9110	130	124	cash.29	cash.29	NOUN
cblr-9110	130	125	but	but	CCONJ
cblr-9110	130	126	that	that	PRON
cblr-9110	130	127	means	mean	VERB
cblr-9110	130	128	leaving	leave	VERB
cblr-9110	130	129	an	an	DET
cblr-9110	130	130	often	often	ADV
cblr-9110	130	131	not	not	PART
cblr-9110	130	132	insignificant	insignificant	ADJ
cblr-9110	130	133	amount	amount	NOUN
cblr-9110	130	134	of	of	ADP
cblr-9110	130	135	the	the	DET
cblr-9110	130	136	money	money	NOUN
cblr-9110	130	137	under	under	ADP
cblr-9110	130	138	management	management	NOUN
cblr-9110	130	139	in	in	ADP
cblr-9110	130	140	cash.30	cash.30	ADP
cblr-9110	130	141	this	this	DET
cblr-9110	130	142	cash	cash	NOUN
cblr-9110	130	143	23	23	NUM
cblr-9110	131	1	i	i	PRON
cblr-9110	131	2	d.	d.	PROPN
cblr-9110	131	3	at	at	ADP
cblr-9110	131	4	104	104	NUM
cblr-9110	131	5	(	(	PUNCT
cblr-9110	131	6	“	"	PUNCT
cblr-9110	131	7	because	because	SCONJ
cblr-9110	131	8	mutual	mutual	ADJ
cblr-9110	131	9	funds	fund	NOUN
cblr-9110	131	10	handle	handle	VERB
cblr-9110	131	11	a	a	DET
cblr-9110	131	12	variety	variety	NOUN
cblr-9110	131	13	of	of	ADP
cblr-9110	131	14	administrative	administrative	ADJ
cblr-9110	131	15	tasks	task	NOUN
cblr-9110	131	16	associated	associate	VERB
cblr-9110	131	17	with	with	ADP
cblr-9110	131	18	their	their	PRON
cblr-9110	131	19	funds	fund	NOUN
cblr-9110	131	20	’	'	PUNCT
cblr-9110	131	21	investors	investor	NOUN
cblr-9110	131	22	,	,	PUNCT
cblr-9110	131	23	they	they	PRON
cblr-9110	131	24	charge	charge	VERB
cblr-9110	131	25	a	a	DET
cblr-9110	131	26	variety	variety	NOUN
cblr-9110	131	27	of	of	ADP
cblr-9110	131	28	fees	fee	NOUN
cblr-9110	131	29	.	.	PUNCT
cblr-9110	132	1	mutual	mutual	ADJ
cblr-9110	132	2	funds	fund	NOUN
cblr-9110	132	3	or	or	CCONJ
cblr-9110	132	4	their	their	PRON
cblr-9110	132	5	agents	agent	NOUN
cblr-9110	132	6	are	be	AUX
cblr-9110	132	7	responsible	responsible	ADJ
cblr-9110	132	8	for	for	ADP
cblr-9110	132	9	tracking	track	VERB
cblr-9110	132	10	the	the	DET
cblr-9110	132	11	purchase	purchase	NOUN
cblr-9110	132	12	and	and	CCONJ
cblr-9110	132	13	sale	sale	NOUN
cblr-9110	132	14	of	of	ADP
cblr-9110	132	15	all	all	DET
cblr-9110	132	16	fund	fund	NOUN
cblr-9110	132	17	shares	share	NOUN
cblr-9110	132	18	,	,	PUNCT
cblr-9110	132	19	for	for	ADP
cblr-9110	132	20	generating	generate	VERB
cblr-9110	132	21	statements	statement	NOUN
cblr-9110	132	22	to	to	ADP
cblr-9110	132	23	investors	investor	NOUN
cblr-9110	132	24	,	,	PUNCT
cblr-9110	132	25	for	for	ADP
cblr-9110	132	26	maintaining	maintain	VERB
cblr-9110	132	27	safe	safe	ADJ
cblr-9110	132	28	custody	custody	NOUN
cblr-9110	132	29	of	of	ADP
cblr-9110	132	30	the	the	DET
cblr-9110	132	31	fund	fund	NOUN
cblr-9110	132	32	’s	’s	PART
cblr-9110	132	33	assets	asset	NOUN
cblr-9110	132	34	,	,	PUNCT
cblr-9110	132	35	and	and	CCONJ
cblr-9110	132	36	for	for	ADP
cblr-9110	132	37	promoting	promote	VERB
cblr-9110	132	38	the	the	DET
cblr-9110	132	39	sale	sale	NOUN
cblr-9110	132	40	of	of	ADP
cblr-9110	132	41	fund	fund	NOUN
cblr-9110	132	42	shares	share	NOUN
cblr-9110	132	43	to	to	ADP
cblr-9110	132	44	intermediaries	intermediary	NOUN
cblr-9110	132	45	such	such	ADJ
cblr-9110	132	46	as	as	ADP
cblr-9110	132	47	brokers	broker	NOUN
cblr-9110	132	48	and	and	CCONJ
cblr-9110	132	49	dealers	dealer	NOUN
cblr-9110	132	50	.	.	PUNCT
cblr-9110	132	51	”	"	PUNCT
cblr-9110	133	1	(	(	PUNCT
cblr-9110	133	2	footnotes	footnote	NOUN
cblr-9110	133	3	omitted	omit	VERB
cblr-9110	133	4	)	)	PUNCT
cblr-9110	133	5	)	)	PUNCT
cblr-9110	133	6	.	.	PUNCT
cblr-9110	134	1	24	24	NUM
cblr-9110	134	2	i	i	PRON
cblr-9110	134	3	d.	d.	PROPN
cblr-9110	134	4	(	(	PUNCT
cblr-9110	134	5	“	"	PUNCT
cblr-9110	134	6	for	for	ADP
cblr-9110	134	7	each	each	PRON
cblr-9110	134	8	of	of	ADP
cblr-9110	134	9	these	these	DET
cblr-9110	134	10	services	service	NOUN
cblr-9110	134	11	,	,	PUNCT
cblr-9110	134	12	mutual	mutual	ADJ
cblr-9110	134	13	funds	fund	NOUN
cblr-9110	134	14	charge	charge	NOUN
cblr-9110	134	15	transfer	transfer	NOUN
cblr-9110	134	16	agency	agency	NOUN
cblr-9110	134	17	fees	fee	NOUN
cblr-9110	134	18	,	,	PUNCT
cblr-9110	134	19	account	account	NOUN
cblr-9110	134	20	maintenance	maintenance	NOUN
cblr-9110	134	21	fees	fee	NOUN
cblr-9110	134	22	,	,	PUNCT
cblr-9110	134	23	custodian	custodian	ADJ
cblr-9110	134	24	fees	fee	NOUN
cblr-9110	134	25	,	,	PUNCT
cblr-9110	134	26	12b-1	12b-1	NUM
cblr-9110	134	27	fees	fee	NOUN
cblr-9110	134	28	,	,	PUNCT
cblr-9110	134	29	and	and	CCONJ
cblr-9110	134	30	more	more	ADJ
cblr-9110	134	31	.	.	PUNCT
cblr-9110	134	32	”	"	PUNCT
cblr-9110	134	33	(	(	PUNCT
cblr-9110	134	34	footnote	footnote	NOUN
cblr-9110	134	35	omitted	omit	VERB
cblr-9110	134	36	)	)	PUNCT
cblr-9110	134	37	)	)	PUNCT
cblr-9110	134	38	.	.	PUNCT
cblr-9110	135	1	25	25	NUM
cblr-9110	135	2	fees	fee	NOUN
cblr-9110	135	3	charged	charge	VERB
cblr-9110	135	4	by	by	ADP
cblr-9110	135	5	funds	fund	NOUN
cblr-9110	135	6	when	when	SCONJ
cblr-9110	135	7	an	an	DET
cblr-9110	135	8	investor	investor	NOUN
cblr-9110	135	9	purchases	purchase	VERB
cblr-9110	135	10	or	or	CCONJ
cblr-9110	135	11	sells	sell	VERB
cblr-9110	135	12	shares	share	NOUN
cblr-9110	135	13	of	of	ADP
cblr-9110	135	14	the	the	DET
cblr-9110	135	15	funds	fund	NOUN
cblr-9110	135	16	are	be	AUX
cblr-9110	135	17	known	know	VERB
cblr-9110	135	18	as	as	ADP
cblr-9110	135	19	“	"	PUNCT
cblr-9110	135	20	sales	sale	NOUN
cblr-9110	135	21	loads	load	NOUN
cblr-9110	135	22	”	"	PUNCT
cblr-9110	135	23	or	or	CCONJ
cblr-9110	135	24	“	"	PUNCT
cblr-9110	135	25	sales	sale	NOUN
cblr-9110	135	26	charges	charge	NOUN
cblr-9110	135	27	.	.	PUNCT
cblr-9110	135	28	”	"	PUNCT
cblr-9110	136	1	investor	investor	NOUN
cblr-9110	136	2	bulletin	bulletin	NOUN
cblr-9110	136	3	:	:	PUNCT
cblr-9110	136	4	mutual	mutual	ADJ
cblr-9110	136	5	fund	fund	NOUN
cblr-9110	136	6	classes	class	NOUN
cblr-9110	136	7	,	,	PUNCT
cblr-9110	136	8	u.s	u.s	PROPN
cblr-9110	136	9	.	.	PROPN
cblr-9110	136	10	sec	sec	PROPN
cblr-9110	136	11	.	.	PROPN
cblr-9110	136	12	&	&	CCONJ
cblr-9110	136	13	exch	exch	PROPN
cblr-9110	136	14	.	.	PUNCT
cblr-9110	137	1	comm’n	comm’n	PROPN
cblr-9110	137	2	,	,	PUNCT
cblr-9110	137	3	https://www.sec.gov/oiea/investor-alertsbulletins/ib_mutualfundclasses.html	https://www.sec.gov/oiea/investor-alertsbulletins/ib_mutualfundclasses.html	PROPN
cblr-9110	137	4	[	[	X
cblr-9110	137	5	https://perma.cc/85jq-wwwp	https://perma.cc/85jq-wwwp	X
cblr-9110	137	6	]	]	X
cblr-9110	137	7	(	(	PUNCT
cblr-9110	137	8	last	last	ADJ
cblr-9110	137	9	updated	update	VERB
cblr-9110	137	10	feb	feb	PROPN
cblr-9110	137	11	.	.	PROPN
cblr-9110	137	12	6	6	NUM
cblr-9110	137	13	,	,	PUNCT
cblr-9110	137	14	2017	2017	NUM
cblr-9110	137	15	)	)	PUNCT
cblr-9110	137	16	.	.	PUNCT
cblr-9110	138	1	26	26	NUM
cblr-9110	138	2	finra	finra	NOUN
cblr-9110	138	3	,	,	PUNCT
cblr-9110	138	4	supra	supra	PROPN
cblr-9110	138	5	note	note	NOUN
cblr-9110	138	6	6	6	NUM
cblr-9110	138	7	(	(	PUNCT
cblr-9110	138	8	“	"	PUNCT
cblr-9110	138	9	etfs	etfs	NOUN
cblr-9110	138	10	do	do	AUX
cblr-9110	138	11	not	not	PART
cblr-9110	138	12	have	have	VERB
cblr-9110	138	13	loads	load	NOUN
cblr-9110	138	14	[	[	X
cblr-9110	138	15	.	.	X
cblr-9110	138	16	]	]	X
cblr-9110	138	17	”	"	PUNCT
cblr-9110	138	18	)	)	PUNCT
cblr-9110	138	19	.	.	PUNCT
cblr-9110	139	1	27	27	NUM
cblr-9110	139	2	birdthistle	birdthistle	NOUN
cblr-9110	139	3	,	,	PUNCT
cblr-9110	139	4	supra	supra	PROPN
cblr-9110	139	5	note	note	NOUN
cblr-9110	139	6	22	22	NUM
cblr-9110	139	7	,	,	PUNCT
cblr-9110	139	8	at	at	ADP
cblr-9110	139	9	90	90	NUM
cblr-9110	139	10	.	.	PUNCT
cblr-9110	139	11	28	28	NUM
cblr-9110	140	1	i	i	PRON
cblr-9110	140	2	d.	d.	PROPN
cblr-9110	140	3	29	29	NUM
cblr-9110	140	4	see	see	VERB
cblr-9110	140	5	colon	colon	NOUN
cblr-9110	140	6	,	,	PUNCT
cblr-9110	140	7	supra	supra	PROPN
cblr-9110	140	8	note	note	NOUN
cblr-9110	140	9	17	17	NUM
cblr-9110	140	10	,	,	PUNCT
cblr-9110	140	11	at	at	ADP
cblr-9110	140	12	20	20	NUM
cblr-9110	140	13	(	(	PUNCT
cblr-9110	140	14	“	"	PUNCT
cblr-9110	140	15	in	in	ADP
cblr-9110	140	16	-	-	PUNCT
cblr-9110	140	17	kind	kind	NOUN
cblr-9110	140	18	redemptions	redemption	NOUN
cblr-9110	140	19	of	of	ADP
cblr-9110	140	20	securities	security	NOUN
cblr-9110	140	21	were	be	AUX
cblr-9110	140	22	clearly	clearly	ADV
cblr-9110	140	23	contemplated	contemplate	VERB
cblr-9110	140	24	from	from	ADP
cblr-9110	140	25	the	the	DET
cblr-9110	140	26	genesis	genesis	NOUN
cblr-9110	140	27	of	of	ADP
cblr-9110	140	28	the	the	DET
cblr-9110	140	29	federal	federal	ADJ
cblr-9110	140	30	regulation	regulation	NOUN
cblr-9110	140	31	of	of	ADP
cblr-9110	140	32	mutual	mutual	ADJ
cblr-9110	140	33	funds	fund	NOUN
cblr-9110	140	34	in	in	ADP
cblr-9110	140	35	the	the	DET
cblr-9110	140	36	1940	1940	NUM
cblr-9110	140	37	act	act	NOUN
cblr-9110	140	38	,	,	PUNCT
cblr-9110	140	39	although	although	SCONJ
cblr-9110	140	40	mutual	mutual	ADJ
cblr-9110	140	41	funds	fund	NOUN
cblr-9110	140	42	almost	almost	ADV
cblr-9110	140	43	always	always	ADV
cblr-9110	140	44	redeemed	redeem	VERB
cblr-9110	140	45	shareholders	shareholder	NOUN
cblr-9110	140	46	with	with	ADP
cblr-9110	140	47	cash	cash	NOUN
cblr-9110	140	48	.	.	PUNCT
cblr-9110	140	49	”	"	PUNCT
cblr-9110	141	1	(	(	PUNCT
cblr-9110	141	2	footnote	footnote	NOUN
cblr-9110	141	3	omitted	omit	VERB
cblr-9110	141	4	)	)	PUNCT
cblr-9110	141	5	)	)	PUNCT
cblr-9110	141	6	.	.	PUNCT
cblr-9110	142	1	30	30	NUM
cblr-9110	142	2	see	see	VERB
cblr-9110	142	3	,	,	PUNCT
cblr-9110	142	4	e.g.	e.g.	ADV
cblr-9110	142	5	,	,	PUNCT
cblr-9110	142	6	i	i	PRON
cblr-9110	142	7	d.	d.	VERB
cblr-9110	142	8	at	at	ADP
cblr-9110	142	9	11–12	11–12	NUM
cblr-9110	142	10	;	;	PUNCT
cblr-9110	142	11	birdthistle	birdthistle	NOUN
cblr-9110	142	12	,	,	PUNCT
cblr-9110	142	13	supra	supra	PROPN
cblr-9110	142	14	note	note	NOUN
cblr-9110	142	15	22	22	NUM
cblr-9110	142	16	,	,	PUNCT
cblr-9110	142	17	at	at	ADP
cblr-9110	142	18	90	90	NUM
cblr-9110	142	19	(	(	PUNCT
cblr-9110	142	20	“	"	PUNCT
cblr-9110	142	21	[	[	X
cblr-9110	142	22	i]n	i]n	PRON
cblr-9110	142	23	comparison	comparison	NOUN
cblr-9110	142	24	to	to	ADP
cblr-9110	142	25	mutual	mutual	ADJ
cblr-9110	142	26	funds	fund	NOUN
cblr-9110	142	27	,	,	PUNCT
cblr-9110	142	28	etfs	etfs	PROPN
cblr-9110	142	29	can	can	AUX
cblr-9110	142	30	operate	operate	VERB
cblr-9110	142	31	with	with	ADP
cblr-9110	142	32	far	far	ADV
cblr-9110	142	33	lower	low	ADJ
cblr-9110	142	34	cash	cash	NOUN
cblr-9110	142	35	reserves	reserve	NOUN
cblr-9110	142	36	on	on	ADP
cblr-9110	142	37	hand	hand	NOUN
cblr-9110	142	38	.	.	PUNCT
cblr-9110	143	1	mutual	mutual	ADJ
cblr-9110	143	2	funds	fund	NOUN
cblr-9110	143	3	typically	typically	ADV
cblr-9110	143	4	maintain	maintain	VERB
cblr-9110	143	5	a	a	DET
cblr-9110	143	6	significant	significant	ADJ
cblr-9110	143	7	cash	cash	NOUN
cblr-9110	143	8	reserve	reserve	NOUN
cblr-9110	143	9	of	of	ADP
cblr-9110	143	10	up	up	ADP
cblr-9110	143	11	to	to	PART
cblr-9110	143	12	5	5	NUM
cblr-9110	143	13	%	%	NOUN
cblr-9110	143	14	to	to	PART
cblr-9110	143	15	use	use	VERB
cblr-9110	143	16	in	in	ADP
cblr-9110	143	17	redeeming	redeem	VERB
cblr-9110	143	18	any	any	DET
cblr-9110	143	19	investor	investor	NOUN
cblr-9110	143	20	who	who	PRON
cblr-9110	143	21	wishes	wish	VERB
cblr-9110	143	22	to	to	PART
cblr-9110	143	23	sell	sell	VERB
cblr-9110	143	24	shares	share	NOUN
cblr-9110	143	25	back	back	ADV
cblr-9110	143	26	to	to	ADP
cblr-9110	143	27	the	the	DET
cblr-9110	143	28	fund	fund	NOUN
cblr-9110	143	29	.	.	PUNCT
cblr-9110	143	30	”	"	PUNCT
cblr-9110	143	31	)	)	PUNCT
cblr-9110	143	32	.	.	PUNCT
cblr-9110	144	1	no	no	INTJ
cblr-9110	144	2	.	.	NOUN
cblr-9110	145	1	3:1321	3:1321	NUM
cblr-9110	145	2	]	]	X
cblr-9110	145	3	the	the	DET
cblr-9110	145	4	emergence	emergence	NOUN
cblr-9110	145	5	of	of	ADP
cblr-9110	145	6	the	the	DET
cblr-9110	145	7	actively	actively	ADV
cblr-9110	145	8	managed	manage	VERB
cblr-9110	145	9	etf	etf	NOUN
cblr-9110	145	10	1331	1331	NUM
cblr-9110	145	11	will	will	AUX
cblr-9110	145	12	generally	generally	ADV
cblr-9110	145	13	have	have	VERB
cblr-9110	145	14	an	an	DET
cblr-9110	145	15	expected	expect	VERB
cblr-9110	145	16	return	return	NOUN
cblr-9110	145	17	that	that	PRON
cblr-9110	145	18	is	be	AUX
cblr-9110	145	19	significantly	significantly	ADV
cblr-9110	145	20	lower	low	ADJ
cblr-9110	145	21	than	than	ADP
cblr-9110	145	22	that	that	PRON
cblr-9110	145	23	of	of	ADP
cblr-9110	145	24	the	the	DET
cblr-9110	145	25	mutual	mutual	ADJ
cblr-9110	145	26	fund	fund	NOUN
cblr-9110	145	27	’s	’s	PART
cblr-9110	145	28	main	main	ADJ
cblr-9110	145	29	holdings	holding	NOUN
cblr-9110	145	30	.	.	PUNCT
cblr-9110	146	1	for	for	ADP
cblr-9110	146	2	this	this	DET
cblr-9110	146	3	reason	reason	NOUN
cblr-9110	146	4	,	,	PUNCT
cblr-9110	146	5	for	for	ADP
cblr-9110	146	6	at	at	ADP
cblr-9110	146	7	least	least	ADJ
cblr-9110	146	8	funds	fund	NOUN
cblr-9110	146	9	that	that	PRON
cblr-9110	146	10	produce	produce	VERB
cblr-9110	146	11	sufficiently	sufficiently	ADV
cblr-9110	146	12	positive	positive	ADJ
cblr-9110	146	13	returns	return	NOUN
cblr-9110	146	14	,	,	PUNCT
cblr-9110	146	15	the	the	DET
cblr-9110	146	16	cash	cash	NOUN
cblr-9110	146	17	holdings	holding	NOUN
cblr-9110	146	18	reduce	reduce	VERB
cblr-9110	146	19	investment	investment	NOUN
cblr-9110	146	20	return.31	return.31	ADJ
cblr-9110	146	21	etfs	etfs	NOUN
cblr-9110	146	22	need	need	AUX
cblr-9110	146	23	not	not	PART
cblr-9110	146	24	maintain	maintain	VERB
cblr-9110	146	25	these	these	DET
cblr-9110	146	26	cash	cash	NOUN
cblr-9110	146	27	reserves	reserve	NOUN
cblr-9110	146	28	,	,	PUNCT
cblr-9110	146	29	as	as	SCONJ
cblr-9110	146	30	they	they	PRON
cblr-9110	146	31	instead	instead	ADV
cblr-9110	146	32	generally	generally	ADV
cblr-9110	146	33	complete	complete	VERB
cblr-9110	146	34	redemption	redemption	NOUN
cblr-9110	146	35	transactions	transaction	NOUN
cblr-9110	146	36	by	by	ADP
cblr-9110	146	37	distributing	distribute	VERB
cblr-9110	146	38	securities	security	NOUN
cblr-9110	146	39	(	(	PUNCT
cblr-9110	146	40	or	or	CCONJ
cblr-9110	146	41	some	some	DET
cblr-9110	146	42	mix	mix	NOUN
cblr-9110	146	43	of	of	ADP
cblr-9110	146	44	securities	security	NOUN
cblr-9110	146	45	and	and	CCONJ
cblr-9110	146	46	cash	cash	NOUN
cblr-9110	146	47	)	)	PUNCT
cblr-9110	146	48	rather	rather	ADV
cblr-9110	146	49	than	than	ADP
cblr-9110	146	50	just	just	ADV
cblr-9110	146	51	cash.32	cash.32	PROPN
cblr-9110	146	52	two	two	NUM
cblr-9110	146	53	final	final	ADJ
cblr-9110	146	54	points	point	NOUN
cblr-9110	146	55	on	on	ADP
cblr-9110	146	56	these	these	DET
cblr-9110	146	57	reduced	reduce	VERB
cblr-9110	146	58	costs	cost	NOUN
cblr-9110	146	59	for	for	ADP
cblr-9110	146	60	etf	etf	NOUN
cblr-9110	146	61	investors	investor	NOUN
cblr-9110	146	62	associated	associate	VERB
cblr-9110	146	63	with	with	ADP
cblr-9110	146	64	operational	operational	ADJ
cblr-9110	146	65	savings	saving	NOUN
cblr-9110	146	66	for	for	ADP
cblr-9110	146	67	the	the	DET
cblr-9110	146	68	fund	fund	NOUN
cblr-9110	146	69	bear	bear	NOUN
cblr-9110	146	70	mentioning	mention	VERB
cblr-9110	146	71	.	.	PUNCT
cblr-9110	147	1	first	first	ADV
cblr-9110	147	2	,	,	PUNCT
cblr-9110	147	3	mutual	mutual	ADJ
cblr-9110	147	4	funds	fund	NOUN
cblr-9110	147	5	have	have	AUX
cblr-9110	147	6	been	be	AUX
cblr-9110	147	7	more	more	ADV
cblr-9110	147	8	costly	costly	ADJ
cblr-9110	147	9	to	to	ADP
cblr-9110	147	10	investors	investor	NOUN
cblr-9110	147	11	because	because	SCONJ
cblr-9110	147	12	they	they	PRON
cblr-9110	147	13	and	and	CCONJ
cblr-9110	147	14	their	their	PRON
cblr-9110	147	15	once	once	ADV
cblr-9110	147	16	-	-	PUNCT
cblr-9110	147	17	a	a	DET
cblr-9110	147	18	-	-	PUNCT
cblr-9110	147	19	day	day	NOUN
cblr-9110	147	20	pricing	pricing	NOUN
cblr-9110	147	21	have	have	AUX
cblr-9110	147	22	been	be	AUX
cblr-9110	147	23	more	more	ADV
cblr-9110	147	24	susceptible	susceptible	ADJ
cblr-9110	147	25	to	to	ADP
cblr-9110	147	26	market	market	NOUN
cblr-9110	147	27	-	-	PUNCT
cblr-9110	147	28	timing	timing	NOUN
cblr-9110	147	29	and	and	CCONJ
cblr-9110	147	30	late	late	ADJ
cblr-9110	147	31	-	-	PUNCT
cblr-9110	147	32	trading	trading	NOUN
cblr-9110	147	33	abuses.33	abuses.33	ADJ
cblr-9110	147	34	second	second	NOUN
cblr-9110	147	35	,	,	PUNCT
cblr-9110	147	36	etfs	etfs	PROPN
cblr-9110	147	37	generally	generally	ADV
cblr-9110	147	38	offer	offer	VERB
cblr-9110	147	39	cost	cost	NOUN
cblr-9110	147	40	simplicity	simplicity	NOUN
cblr-9110	147	41	by	by	ADP
cblr-9110	147	42	charging	charge	VERB
cblr-9110	147	43	investors	investor	NOUN
cblr-9110	147	44	only	only	ADV
cblr-9110	147	45	a	a	DET
cblr-9110	147	46	single	single	ADJ
cblr-9110	147	47	management	management	NOUN
cblr-9110	147	48	fee.34	fee.34	NOUN
cblr-9110	147	49	2	2	X
cblr-9110	147	50	.	.	PUNCT
cblr-9110	147	51	reduced	reduce	VERB
cblr-9110	147	52	costs	cost	NOUN
cblr-9110	147	53	associated	associate	VERB
cblr-9110	147	54	with	with	ADP
cblr-9110	147	55	favorable	favorable	ADJ
cblr-9110	147	56	tax	tax	NOUN
cblr-9110	147	57	treatment	treatment	NOUN
cblr-9110	147	58	for	for	ADP
cblr-9110	147	59	mutual	mutual	ADJ
cblr-9110	147	60	funds	fund	NOUN
cblr-9110	147	61	(	(	PUNCT
cblr-9110	147	62	and	and	CCONJ
cblr-9110	147	63	therefore	therefore	ADV
cblr-9110	147	64	mutual	mutual	ADJ
cblr-9110	147	65	-	-	PUNCT
cblr-9110	147	66	fund	fund	NOUN
cblr-9110	147	67	investors	investor	NOUN
cblr-9110	147	68	)	)	PUNCT
cblr-9110	147	69	,	,	PUNCT
cblr-9110	147	70	redemptions	redemption	NOUN
cblr-9110	147	71	generally	generally	ADV
cblr-9110	147	72	mean	mean	VERB
cblr-9110	147	73	capital	capital	NOUN
cblr-9110	147	74	-	-	PUNCT
cblr-9110	147	75	gains	gain	NOUN
cblr-9110	147	76	tax	tax	NOUN
cblr-9110	147	77	when	when	SCONJ
cblr-9110	147	78	the	the	DET
cblr-9110	147	79	fund	fund	NOUN
cblr-9110	147	80	’s	’s	PART
cblr-9110	147	81	investments	investment	NOUN
cblr-9110	147	82	rise	rise	VERB
cblr-9110	147	83	in	in	ADP
cblr-9110	147	84	value	value	NOUN
cblr-9110	147	85	.	.	PUNCT
cblr-9110	148	1	in	in	ADP
cblr-9110	148	2	redemption	redemption	NOUN
cblr-9110	148	3	transactions	transaction	NOUN
cblr-9110	148	4	,	,	PUNCT
cblr-9110	148	5	mutual	mutual	ADJ
cblr-9110	148	6	funds	fund	NOUN
cblr-9110	148	7	generally	generally	ADV
cblr-9110	148	8	provide	provide	VERB
cblr-9110	148	9	shareholders	shareholder	NOUN
cblr-9110	148	10	with	with	ADP
cblr-9110	148	11	the	the	DET
cblr-9110	148	12	dollar	dollar	NOUN
cblr-9110	148	13	value	value	NOUN
cblr-9110	148	14	of	of	ADP
cblr-9110	148	15	their	their	PRON
cblr-9110	148	16	shares	share	NOUN
cblr-9110	148	17	at	at	ADP
cblr-9110	148	18	the	the	DET
cblr-9110	148	19	end	end	NOUN
cblr-9110	148	20	of	of	ADP
cblr-9110	148	21	the	the	DET
cblr-9110	148	22	trading	trading	NOUN
cblr-9110	148	23	day.35	day.35	NOUN
cblr-9110	148	24	so	so	ADV
cblr-9110	148	25	if	if	SCONJ
cblr-9110	148	26	a	a	DET
cblr-9110	148	27	mutual	mutual	ADJ
cblr-9110	148	28	fund	fund	NOUN
cblr-9110	148	29	buys	buy	VERB
cblr-9110	148	30	company	company	NOUN
cblr-9110	148	31	xyz	xyz	PROPN
cblr-9110	148	32	shares	share	NOUN
cblr-9110	148	33	at	at	ADP
cblr-9110	148	34	$	$	SYM
cblr-9110	148	35	10	10	NUM
cblr-9110	148	36	/	/	SYM
cblr-9110	148	37	share	share	NOUN
cblr-9110	148	38	and	and	CCONJ
cblr-9110	148	39	then	then	ADV
cblr-9110	148	40	sells	sell	VERB
cblr-9110	148	41	some	some	PRON
cblr-9110	148	42	of	of	ADP
cblr-9110	148	43	those	those	DET
cblr-9110	148	44	shares	share	NOUN
cblr-9110	148	45	for	for	ADP
cblr-9110	148	46	$	$	SYM
cblr-9110	148	47	30	30	NUM
cblr-9110	148	48	/	/	SYM
cblr-9110	148	49	share	share	NOUN
cblr-9110	148	50	five	five	NUM
cblr-9110	148	51	years	year	NOUN
cblr-9110	148	52	later	later	ADV
cblr-9110	148	53	to	to	PART
cblr-9110	148	54	fulfill	fulfill	VERB
cblr-9110	148	55	a	a	DET
cblr-9110	148	56	redemption	redemption	NOUN
cblr-9110	148	57	request	request	NOUN
cblr-9110	148	58	,	,	PUNCT
cblr-9110	148	59	it	it	PRON
cblr-9110	148	60	has	have	AUX
cblr-9110	148	61	generated	generate	VERB
cblr-9110	148	62	$	$	SYM
cblr-9110	148	63	20	20	NUM
cblr-9110	148	64	of	of	ADP
cblr-9110	148	65	taxable	taxable	ADJ
cblr-9110	148	66	capital	capital	NOUN
cblr-9110	148	67	gains	gain	NOUN
cblr-9110	148	68	per	per	ADP
cblr-9110	148	69	share	share	NOUN
cblr-9110	148	70	.	.	PUNCT
cblr-9110	149	1	this	this	PRON
cblr-9110	149	2	is	be	AUX
cblr-9110	149	3	because	because	SCONJ
cblr-9110	149	4	the	the	DET
cblr-9110	149	5	law	law	NOUN
cblr-9110	149	6	understandably	understandably	ADV
cblr-9110	149	7	31	31	NUM
cblr-9110	149	8	see	see	VERB
cblr-9110	149	9	colon	colon	NOUN
cblr-9110	149	10	,	,	PUNCT
cblr-9110	149	11	supra	supra	PROPN
cblr-9110	149	12	note	note	NOUN
cblr-9110	149	13	17	17	NUM
cblr-9110	149	14	,	,	PUNCT
cblr-9110	149	15	at	at	ADP
cblr-9110	149	16	11–12	11–12	NUM
cblr-9110	149	17	,	,	PUNCT
cblr-9110	149	18	14	14	NUM
cblr-9110	149	19	(	(	PUNCT
cblr-9110	149	20	“	"	PUNCT
cblr-9110	149	21	holding	hold	VERB
cblr-9110	149	22	cash	cash	NOUN
cblr-9110	149	23	can	can	AUX
cblr-9110	149	24	cause	cause	VERB
cblr-9110	149	25	a	a	DET
cblr-9110	149	26	fund	fund	NOUN
cblr-9110	149	27	’s	’s	PART
cblr-9110	149	28	return	return	NOUN
cblr-9110	149	29	to	to	PART
cblr-9110	149	30	lag	lag	VERB
cblr-9110	149	31	behind	behind	ADP
cblr-9110	149	32	the	the	DET
cblr-9110	149	33	relevant	relevant	ADJ
cblr-9110	149	34	benchmark	benchmark	NOUN
cblr-9110	149	35	if	if	SCONJ
cblr-9110	149	36	the	the	DET
cblr-9110	149	37	return	return	NOUN
cblr-9110	149	38	on	on	ADP
cblr-9110	149	39	cash	cash	NOUN
cblr-9110	149	40	is	be	AUX
cblr-9110	149	41	less	less	ADJ
cblr-9110	149	42	than	than	ADP
cblr-9110	149	43	the	the	DET
cblr-9110	149	44	return	return	NOUN
cblr-9110	149	45	on	on	ADP
cblr-9110	149	46	the	the	DET
cblr-9110	149	47	fund	fund	NOUN
cblr-9110	149	48	’s	’s	PART
cblr-9110	149	49	securities	security	NOUN
cblr-9110	149	50	.	.	PUNCT
cblr-9110	150	1	the	the	DET
cblr-9110	150	2	lag	lag	NOUN
cblr-9110	150	3	can	can	AUX
cblr-9110	150	4	be	be	AUX
cblr-9110	150	5	quite	quite	ADV
cblr-9110	150	6	pronounced	pronounce	VERB
cblr-9110	150	7	if	if	SCONJ
cblr-9110	150	8	the	the	DET
cblr-9110	150	9	fund	fund	NOUN
cblr-9110	150	10	’s	’s	PART
cblr-9110	150	11	underlying	underlie	VERB
cblr-9110	150	12	investments	investment	NOUN
cblr-9110	150	13	generate	generate	VERB
cblr-9110	150	14	returns	return	NOUN
cblr-9110	150	15	greater	great	ADJ
cblr-9110	150	16	than	than	ADP
cblr-9110	150	17	returns	return	NOUN
cblr-9110	150	18	on	on	ADP
cblr-9110	150	19	the	the	DET
cblr-9110	150	20	cash	cash	NOUN
cblr-9110	150	21	.	.	PUNCT
cblr-9110	150	22	”	"	PUNCT
cblr-9110	150	23	)	)	PUNCT
cblr-9110	150	24	.	.	PUNCT
cblr-9110	151	1	32	32	NUM
cblr-9110	151	2	see	see	VERB
cblr-9110	151	3	supra	supra	PROPN
cblr-9110	151	4	notes	note	NOUN
cblr-9110	151	5	13–17	13–17	NUM
cblr-9110	151	6	and	and	CCONJ
cblr-9110	151	7	accompanying	accompany	VERB
cblr-9110	151	8	text	text	NOUN
cblr-9110	151	9	.	.	PUNCT
cblr-9110	152	1	33	33	NUM
cblr-9110	152	2	see	see	VERB
cblr-9110	152	3	birdthistle	birdthistle	NOUN
cblr-9110	152	4	,	,	PUNCT
cblr-9110	152	5	supra	supra	PROPN
cblr-9110	152	6	note	note	NOUN
cblr-9110	152	7	22	22	NUM
cblr-9110	152	8	,	,	PUNCT
cblr-9110	152	9	at	at	ADP
cblr-9110	152	10	101–03	101–03	NOUN
cblr-9110	152	11	.	.	PUNCT
cblr-9110	153	1	34	34	NUM
cblr-9110	154	1	i	i	PRON
cblr-9110	154	2	d.	d.	PROPN
cblr-9110	154	3	at	at	ADP
cblr-9110	154	4	104	104	NUM
cblr-9110	154	5	(	(	PUNCT
cblr-9110	154	6	“	"	PUNCT
cblr-9110	154	7	etfs	etfs	NOUN
cblr-9110	154	8	,	,	PUNCT
cblr-9110	154	9	by	by	ADP
cblr-9110	154	10	contrast	contrast	NOUN
cblr-9110	154	11	,	,	PUNCT
cblr-9110	154	12	are	be	AUX
cblr-9110	154	13	relatively	relatively	ADV
cblr-9110	154	14	free	free	ADJ
cblr-9110	154	15	from	from	ADP
cblr-9110	154	16	layers	layer	NOUN
cblr-9110	154	17	of	of	ADP
cblr-9110	154	18	disparate	disparate	ADJ
cblr-9110	154	19	fees	fee	NOUN
cblr-9110	154	20	.	.	PUNCT
cblr-9110	155	1	often	often	ADV
cblr-9110	155	2	,	,	PUNCT
cblr-9110	155	3	they	they	PRON
cblr-9110	155	4	charge	charge	VERB
cblr-9110	155	5	only	only	ADV
cblr-9110	155	6	a	a	DET
cblr-9110	155	7	single	single	ADJ
cblr-9110	155	8	management	management	NOUN
cblr-9110	155	9	fee	fee	NOUN
cblr-9110	155	10	,	,	PUNCT
cblr-9110	155	11	from	from	ADP
cblr-9110	155	12	which	which	PRON
cblr-9110	155	13	they	they	PRON
cblr-9110	155	14	discharge	discharge	VERB
cblr-9110	155	15	any	any	PRON
cblr-9110	155	16	and	and	CCONJ
cblr-9110	155	17	all	all	PRON
cblr-9110	155	18	of	of	ADP
cblr-9110	155	19	their	their	PRON
cblr-9110	155	20	operational	operational	ADJ
cblr-9110	155	21	obligations	obligation	NOUN
cblr-9110	155	22	.	.	PUNCT
cblr-9110	155	23	”	"	PUNCT
cblr-9110	155	24	)	)	PUNCT
cblr-9110	155	25	.	.	PUNCT
cblr-9110	156	1	35	35	NUM
cblr-9110	156	2	see	see	VERB
cblr-9110	156	3	colon	colon	NOUN
cblr-9110	156	4	,	,	PUNCT
cblr-9110	156	5	supra	supra	PROPN
cblr-9110	156	6	note	note	NOUN
cblr-9110	156	7	17	17	NUM
cblr-9110	156	8	,	,	PUNCT
cblr-9110	156	9	at	at	ADP
cblr-9110	156	10	12	12	NUM
cblr-9110	156	11	,	,	PUNCT
cblr-9110	156	12	24–25	24–25	NUM
cblr-9110	156	13	.	.	PUNCT
cblr-9110	156	14	1332	1332	NUM
cblr-9110	157	1	columbia	columbia	PROPN
cblr-9110	157	2	business	business	NOUN
cblr-9110	157	3	law	law	PROPN
cblr-9110	157	4	review	review	NOUN
cblr-9110	157	5	[	[	X
cblr-9110	157	6	vol	vol	NOUN
cblr-9110	157	7	.	.	PUNCT
cblr-9110	157	8	2021	2021	NUM
cblr-9110	157	9	treats	treat	VERB
cblr-9110	157	10	such	such	ADJ
cblr-9110	157	11	mutual	mutual	ADJ
cblr-9110	157	12	-	-	PUNCT
cblr-9110	157	13	fund	fund	NOUN
cblr-9110	157	14	gains	gain	NOUN
cblr-9110	157	15	realized	realize	VERB
cblr-9110	157	16	in	in	ADP
cblr-9110	157	17	order	order	NOUN
cblr-9110	157	18	to	to	PART
cblr-9110	157	19	distribute	distribute	VERB
cblr-9110	157	20	cash	cash	NOUN
cblr-9110	157	21	to	to	ADP
cblr-9110	157	22	a	a	DET
cblr-9110	157	23	shareholder	shareholder	NOUN
cblr-9110	157	24	as	as	ADP
cblr-9110	157	25	a	a	DET
cblr-9110	157	26	taxable	taxable	ADJ
cblr-9110	157	27	event.36	event.36	NOUN
cblr-9110	157	28	in	in	ADP
cblr-9110	157	29	contrast	contrast	NOUN
cblr-9110	157	30	,	,	PUNCT
cblr-9110	157	31	on	on	ADP
cblr-9110	157	32	this	this	DET
cblr-9110	157	33	same	same	ADJ
cblr-9110	157	34	redemption	redemption	NOUN
cblr-9110	157	35	side	side	NOUN
cblr-9110	157	36	,	,	PUNCT
cblr-9110	157	37	the	the	DET
cblr-9110	157	38	etf	etf	NOUN
cblr-9110	157	39	arbitrage	arbitrage	NOUN
cblr-9110	157	40	-	-	PUNCT
cblr-9110	157	41	mechanism	mechanism	NOUN
cblr-9110	157	42	generally	generally	ADV
cblr-9110	157	43	revolves	revolve	VERB
cblr-9110	157	44	around	around	ADP
cblr-9110	157	45	the	the	DET
cblr-9110	157	46	provision	provision	NOUN
cblr-9110	157	47	of	of	ADP
cblr-9110	157	48	etf	etf	NOUN
cblr-9110	157	49	shares	share	NOUN
cblr-9110	157	50	from	from	ADP
cblr-9110	157	51	aps	ap	NOUN
cblr-9110	157	52	to	to	ADP
cblr-9110	157	53	the	the	DET
cblr-9110	157	54	fund	fund	NOUN
cblr-9110	157	55	in	in	ADP
cblr-9110	157	56	return	return	NOUN
cblr-9110	157	57	for	for	ADP
cblr-9110	157	58	the	the	DET
cblr-9110	157	59	relevant	relevant	ADJ
cblr-9110	157	60	basket	basket	NOUN
cblr-9110	157	61	of	of	ADP
cblr-9110	157	62	securities.37	securities.37	ADJ
cblr-9110	157	63	but	but	CCONJ
cblr-9110	157	64	the	the	DET
cblr-9110	157	65	internal	internal	ADJ
cblr-9110	157	66	revenue	revenue	NOUN
cblr-9110	157	67	service	service	NOUN
cblr-9110	157	68	does	do	AUX
cblr-9110	157	69	not	not	PART
cblr-9110	157	70	treat	treat	VERB
cblr-9110	157	71	such	such	ADJ
cblr-9110	157	72	in	in	ADP
cblr-9110	157	73	-	-	PUNCT
cblr-9110	157	74	kind	kind	NOUN
cblr-9110	157	75	transfers	transfer	NOUN
cblr-9110	157	76	of	of	ADP
cblr-9110	157	77	securities	security	NOUN
cblr-9110	157	78	from	from	ADP
cblr-9110	157	79	a	a	DET
cblr-9110	157	80	fund	fund	NOUN
cblr-9110	157	81	to	to	ADP
cblr-9110	157	82	a	a	DET
cblr-9110	157	83	redeeming	redeem	VERB
cblr-9110	157	84	ap	ap	PROPN
cblr-9110	157	85	as	as	ADP
cblr-9110	157	86	a	a	DET
cblr-9110	157	87	taxable	taxable	ADJ
cblr-9110	157	88	event.38	event.38	NOUN
cblr-9110	157	89	thus	thus	ADV
cblr-9110	157	90	,	,	PUNCT
cblr-9110	157	91	distributions	distribution	NOUN
cblr-9110	157	92	of	of	ADP
cblr-9110	157	93	underlying	underlie	VERB
cblr-9110	157	94	investment	investment	NOUN
cblr-9110	157	95	positions	position	NOUN
cblr-9110	157	96	that	that	PRON
cblr-9110	157	97	have	have	AUX
cblr-9110	157	98	increased	increase	VERB
cblr-9110	157	99	in	in	ADP
cblr-9110	157	100	value	value	NOUN
cblr-9110	157	101	do	do	AUX
cblr-9110	157	102	not	not	PART
cblr-9110	157	103	constitute	constitute	VERB
cblr-9110	157	104	a	a	DET
cblr-9110	157	105	taxable	taxable	ADJ
cblr-9110	157	106	event	event	NOUN
cblr-9110	157	107	for	for	ADP
cblr-9110	157	108	funds	fund	NOUN
cblr-9110	157	109	or	or	CCONJ
cblr-9110	157	110	their	their	PRON
cblr-9110	157	111	investors.39	investors.39	NOUN
cblr-9110	157	112	moreover	moreover	ADV
cblr-9110	157	113	,	,	PUNCT
cblr-9110	157	114	etf	etf	NOUN
cblr-9110	157	115	managers	manager	NOUN
cblr-9110	157	116	are	be	AUX
cblr-9110	157	117	able	able	ADJ
cblr-9110	157	118	to	to	PART
cblr-9110	157	119	select	select	VERB
cblr-9110	157	120	the	the	DET
cblr-9110	157	121	shares	share	NOUN
cblr-9110	157	122	with	with	ADP
cblr-9110	157	123	the	the	DET
cblr-9110	157	124	largest	large	ADJ
cblr-9110	157	125	investment	investment	NOUN
cblr-9110	157	126	gains	gain	NOUN
cblr-9110	157	127	for	for	ADP
cblr-9110	157	128	distribution	distribution	NOUN
cblr-9110	157	129	first	first	ADV
cblr-9110	157	130	,	,	PUNCT
cblr-9110	157	131	thereby	thereby	ADV
cblr-9110	157	132	maximizing	maximize	VERB
cblr-9110	157	133	this	this	DET
cblr-9110	157	134	avoidance	avoidance	NOUN
cblr-9110	157	135	of	of	ADP
cblr-9110	157	136	tax	tax	NOUN
cblr-9110	157	137	on	on	ADP
cblr-9110	157	138	capital	capital	NOUN
cblr-9110	157	139	gains.40	gains.40	PROPN
cblr-9110	157	140	36	36	NUM
cblr-9110	157	141	actively	actively	ADV
cblr-9110	157	142	managed	manage	VERB
cblr-9110	157	143	exchange	exchange	NOUN
cblr-9110	157	144	-	-	PUNCT
cblr-9110	157	145	traded	trade	VERB
cblr-9110	157	146	funds	fund	NOUN
cblr-9110	157	147	,	,	PUNCT
cblr-9110	157	148	investment	investment	NOUN
cblr-9110	157	149	company	company	NOUN
cblr-9110	157	150	act	act	VERB
cblr-9110	157	151	release	release	VERB
cblr-9110	157	152	no	no	PRON
cblr-9110	157	153	.	.	NOUN
cblr-9110	157	154	25,258	25,258	NUM
cblr-9110	157	155	,	,	PUNCT
cblr-9110	157	156	66	66	NUM
cblr-9110	157	157	fed	feed	VERB
cblr-9110	157	158	.	.	PUNCT
cblr-9110	158	1	reg	reg	PROPN
cblr-9110	158	2	.	.	PROPN
cblr-9110	159	1	57,614	57,614	NUM
cblr-9110	159	2	,	,	PUNCT
cblr-9110	159	3	57,617	57,617	NUM
cblr-9110	159	4	(	(	PUNCT
cblr-9110	159	5	nov	nov	PROPN
cblr-9110	159	6	.	.	PROPN
cblr-9110	159	7	15	15	NUM
cblr-9110	159	8	,	,	PUNCT
cblr-9110	159	9	2001	2001	NUM
cblr-9110	159	10	)	)	PUNCT
cblr-9110	159	11	(	(	PUNCT
cblr-9110	159	12	“	"	PUNCT
cblr-9110	159	13	when	when	SCONJ
cblr-9110	159	14	a	a	DET
cblr-9110	159	15	mutual	mutual	ADJ
cblr-9110	159	16	fund	fund	NOUN
cblr-9110	159	17	sells	sell	VERB
cblr-9110	159	18	portfolio	portfolio	NOUN
cblr-9110	159	19	securities	security	NOUN
cblr-9110	159	20	to	to	PART
cblr-9110	159	21	pursue	pursue	VERB
cblr-9110	159	22	its	its	PRON
cblr-9110	159	23	investment	investment	NOUN
cblr-9110	159	24	strategies	strategy	NOUN
cblr-9110	159	25	or	or	CCONJ
cblr-9110	159	26	to	to	PART
cblr-9110	159	27	generate	generate	VERB
cblr-9110	159	28	cash	cash	NOUN
cblr-9110	159	29	for	for	ADP
cblr-9110	159	30	shareholder	shareholder	NOUN
cblr-9110	159	31	redemptions	redemption	NOUN
cblr-9110	159	32	,	,	PUNCT
cblr-9110	159	33	the	the	DET
cblr-9110	159	34	mutual	mutual	ADJ
cblr-9110	159	35	fund	fund	NOUN
cblr-9110	159	36	may	may	AUX
cblr-9110	159	37	realize	realize	VERB
cblr-9110	159	38	capital	capital	NOUN
cblr-9110	159	39	gains	gain	NOUN
cblr-9110	159	40	if	if	SCONJ
cblr-9110	159	41	the	the	DET
cblr-9110	159	42	value	value	NOUN
cblr-9110	159	43	of	of	ADP
cblr-9110	159	44	the	the	DET
cblr-9110	159	45	securities	security	NOUN
cblr-9110	159	46	increased	increase	VERB
cblr-9110	159	47	while	while	SCONJ
cblr-9110	159	48	they	they	PRON
cblr-9110	159	49	were	be	AUX
cblr-9110	159	50	in	in	ADP
cblr-9110	159	51	the	the	DET
cblr-9110	159	52	fund	fund	NOUN
cblr-9110	159	53	portfolio	portfolio	NOUN
cblr-9110	159	54	.	.	PUNCT
cblr-9110	160	1	a	a	DET
cblr-9110	160	2	mutual	mutual	ADJ
cblr-9110	160	3	fund	fund	NOUN
cblr-9110	160	4	distributes	distribute	VERB
cblr-9110	160	5	accumulated	accumulate	VERB
cblr-9110	160	6	capital	capital	NOUN
cblr-9110	160	7	gains	gain	NOUN
cblr-9110	160	8	to	to	ADP
cblr-9110	160	9	its	its	PRON
cblr-9110	160	10	shareholders	shareholder	NOUN
cblr-9110	160	11	,	,	PUNCT
cblr-9110	160	12	and	and	CCONJ
cblr-9110	160	13	shareholders	shareholder	NOUN
cblr-9110	160	14	generally	generally	ADV
cblr-9110	160	15	must	must	AUX
cblr-9110	160	16	pay	pay	VERB
cblr-9110	160	17	taxes	taxis	NOUN
cblr-9110	160	18	on	on	ADP
cblr-9110	160	19	those	those	DET
cblr-9110	160	20	distributions	distribution	NOUN
cblr-9110	160	21	.	.	PUNCT
cblr-9110	160	22	”	"	PUNCT
cblr-9110	160	23	)	)	PUNCT
cblr-9110	160	24	;	;	PUNCT
cblr-9110	160	25	colon	colon	NOUN
cblr-9110	160	26	,	,	PUNCT
cblr-9110	160	27	supra	supra	PROPN
cblr-9110	160	28	note	note	NOUN
cblr-9110	160	29	17	17	NUM
cblr-9110	160	30	,	,	PUNCT
cblr-9110	160	31	at	at	ADP
cblr-9110	160	32	24–25	24–25	NUM
cblr-9110	160	33	.	.	PUNCT
cblr-9110	161	1	37	37	NUM
cblr-9110	161	2	supra	supra	PROPN
cblr-9110	161	3	section	section	PROPN
cblr-9110	161	4	ii.a	ii.a	PROPN
cblr-9110	161	5	.	.	PUNCT
cblr-9110	162	1	38	38	NUM
cblr-9110	162	2	colon	colon	NOUN
cblr-9110	162	3	,	,	PUNCT
cblr-9110	162	4	supra	supra	NOUN
cblr-9110	162	5	note	note	NOUN
cblr-9110	162	6	17	17	NUM
cblr-9110	162	7	,	,	PUNCT
cblr-9110	162	8	at	at	ADP
cblr-9110	162	9	25	25	NUM
cblr-9110	162	10	(	(	PUNCT
cblr-9110	162	11	“	"	PUNCT
cblr-9110	162	12	in	in	ADP
cblr-9110	162	13	case	case	NOUN
cblr-9110	162	14	of	of	ADP
cblr-9110	162	15	an	an	DET
cblr-9110	162	16	in	in	ADP
cblr-9110	162	17	-	-	PUNCT
cblr-9110	162	18	kind	kind	NOUN
cblr-9110	162	19	redemption	redemption	NOUN
cblr-9110	162	20	by	by	ADP
cblr-9110	162	21	an	an	DET
cblr-9110	162	22	etf	etf	NOUN
cblr-9110	162	23	,	,	PUNCT
cblr-9110	162	24	the	the	DET
cblr-9110	162	25	fund	fund	NOUN
cblr-9110	162	26	-	-	PUNCT
cblr-9110	162	27	level	level	NOUN
cblr-9110	162	28	treatment	treatment	NOUN
cblr-9110	162	29	is	be	AUX
cblr-9110	162	30	clear	clear	ADJ
cblr-9110	162	31	:	:	PUNCT
cblr-9110	162	32	under	under	ADP
cblr-9110	162	33	section	section	NOUN
cblr-9110	162	34	852(b)(6	852(b)(6	PROPN
cblr-9110	162	35	)	)	PUNCT
cblr-9110	162	36	,	,	PUNCT
cblr-9110	162	37	the	the	DET
cblr-9110	162	38	etf	etf	NOUN
cblr-9110	162	39	does	do	AUX
cblr-9110	162	40	not	not	PART
cblr-9110	162	41	recognize	recognize	VERB
cblr-9110	162	42	any	any	DET
cblr-9110	162	43	gain	gain	NOUN
cblr-9110	162	44	or	or	CCONJ
cblr-9110	162	45	loss	loss	NOUN
cblr-9110	162	46	.	.	PUNCT
cblr-9110	162	47	”	"	PUNCT
cblr-9110	163	1	(	(	PUNCT
cblr-9110	163	2	footnote	footnote	NOUN
cblr-9110	163	3	omitted	omit	VERB
cblr-9110	163	4	)	)	PUNCT
cblr-9110	163	5	)	)	PUNCT
cblr-9110	163	6	;	;	PUNCT
cblr-9110	163	7	actively	actively	ADV
cblr-9110	163	8	managed	manage	VERB
cblr-9110	163	9	exchange	exchange	NOUN
cblr-9110	163	10	-	-	PUNCT
cblr-9110	163	11	traded	trade	VERB
cblr-9110	163	12	funds	fund	NOUN
cblr-9110	163	13	,	,	PUNCT
cblr-9110	163	14	66	66	NUM
cblr-9110	163	15	fed	feed	VERB
cblr-9110	163	16	.	.	PUNCT
cblr-9110	164	1	reg	reg	PROPN
cblr-9110	164	2	.	.	PUNCT
cblr-9110	165	1	at	at	ADP
cblr-9110	165	2	57,617	57,617	NUM
cblr-9110	165	3	.	.	PUNCT
cblr-9110	166	1	39	39	NUM
cblr-9110	166	2	mutual	mutual	ADJ
cblr-9110	166	3	funds	fund	NOUN
cblr-9110	166	4	too	too	ADV
cblr-9110	166	5	can	can	AUX
cblr-9110	166	6	avail	avail	VERB
cblr-9110	166	7	themselves	themselves	PRON
cblr-9110	166	8	of	of	ADP
cblr-9110	166	9	this	this	DET
cblr-9110	166	10	tax	tax	NOUN
cblr-9110	166	11	benefit	benefit	NOUN
cblr-9110	166	12	,	,	PUNCT
cblr-9110	166	13	but	but	CCONJ
cblr-9110	166	14	generally	generally	ADV
cblr-9110	166	15	do	do	AUX
cblr-9110	166	16	not	not	PART
cblr-9110	166	17	do	do	VERB
cblr-9110	166	18	so	so	ADV
cblr-9110	166	19	.	.	PUNCT
cblr-9110	167	1	see	see	VERB
cblr-9110	167	2	,	,	PUNCT
cblr-9110	167	3	e.g.	e.g.	ADV
cblr-9110	167	4	,	,	PUNCT
cblr-9110	167	5	colon	colon	NOUN
cblr-9110	167	6	,	,	PUNCT
cblr-9110	167	7	supra	supra	NOUN
cblr-9110	167	8	note	note	NOUN
cblr-9110	167	9	17	17	NUM
cblr-9110	167	10	,	,	PUNCT
cblr-9110	167	11	at	at	ADP
cblr-9110	167	12	24	24	NUM
cblr-9110	167	13	(	(	PUNCT
cblr-9110	167	14	“	"	PUNCT
cblr-9110	167	15	throughout	throughout	ADP
cblr-9110	167	16	the	the	DET
cblr-9110	167	17	history	history	NOUN
cblr-9110	167	18	of	of	ADP
cblr-9110	167	19	u.s	u.s	PROPN
cblr-9110	167	20	.	.	PROPN
cblr-9110	167	21	investment	investment	NOUN
cblr-9110	167	22	companies	company	NOUN
cblr-9110	167	23	,	,	PUNCT
cblr-9110	167	24	in	in	ADP
cblr-9110	167	25	-	-	PUNCT
cblr-9110	167	26	kind	kind	NOUN
cblr-9110	167	27	distributions	distribution	NOUN
cblr-9110	167	28	have	have	AUX
cblr-9110	167	29	been	be	AUX
cblr-9110	167	30	exempt	exempt	ADJ
cblr-9110	167	31	from	from	ADP
cblr-9110	167	32	tax	tax	NOUN
cblr-9110	167	33	at	at	ADP
cblr-9110	167	34	the	the	DET
cblr-9110	167	35	fund	fund	NOUN
cblr-9110	167	36	level	level	NOUN
cblr-9110	167	37	.	.	PUNCT
cblr-9110	168	1	as	as	SCONJ
cblr-9110	168	2	congress	congress	PROPN
cblr-9110	168	3	began	begin	VERB
cblr-9110	168	4	to	to	PART
cblr-9110	168	5	limit	limit	VERB
cblr-9110	168	6	and	and	CCONJ
cblr-9110	168	7	finally	finally	ADV
cblr-9110	168	8	prohibit	prohibit	VERB
cblr-9110	168	9	in	in	ADP
cblr-9110	168	10	1986	1986	NUM
cblr-9110	168	11	the	the	DET
cblr-9110	168	12	tax	tax	NOUN
cblr-9110	168	13	-	-	PUNCT
cblr-9110	168	14	free	free	ADJ
cblr-9110	168	15	distribution	distribution	NOUN
cblr-9110	168	16	of	of	ADP
cblr-9110	168	17	appreciated	appreciated	ADJ
cblr-9110	168	18	property	property	NOUN
cblr-9110	168	19	by	by	ADP
cblr-9110	168	20	corporations	corporation	NOUN
cblr-9110	168	21	,	,	PUNCT
cblr-9110	168	22	it	it	PRON
cblr-9110	168	23	continued	continue	VERB
cblr-9110	168	24	to	to	PART
cblr-9110	168	25	specifically	specifically	ADV
cblr-9110	168	26	exempt	exempt	VERB
cblr-9110	168	27	open	open	ADJ
cblr-9110	168	28	-	-	PUNCT
cblr-9110	168	29	end	end	NOUN
cblr-9110	168	30	funds	fund	NOUN
cblr-9110	168	31	from	from	ADP
cblr-9110	168	32	this	this	DET
cblr-9110	168	33	rule	rule	NOUN
cblr-9110	168	34	.	.	PUNCT
cblr-9110	168	35	”	"	PUNCT
cblr-9110	168	36	)	)	PUNCT
cblr-9110	168	37	.	.	PUNCT
cblr-9110	169	1	see	see	VERB
cblr-9110	169	2	exchange	exchange	NOUN
cblr-9110	169	3	-	-	PUNCT
cblr-9110	169	4	traded	trade	VERB
cblr-9110	169	5	funds	fund	NOUN
cblr-9110	169	6	,	,	PUNCT
cblr-9110	169	7	supra	supra	PROPN
cblr-9110	169	8	note	note	NOUN
cblr-9110	169	9	6	6	NUM
cblr-9110	169	10	(	(	PUNCT
cblr-9110	169	11	“	"	PUNCT
cblr-9110	169	12	while	while	SCONJ
cblr-9110	169	13	etfs	etfs	PROPN
cblr-9110	169	14	held	hold	VERB
cblr-9110	169	15	in	in	ADP
cblr-9110	169	16	a	a	DET
cblr-9110	169	17	taxable	taxable	ADJ
cblr-9110	169	18	account	account	NOUN
cblr-9110	169	19	will	will	AUX
cblr-9110	169	20	generally	generally	ADV
cblr-9110	169	21	result	result	VERB
cblr-9110	169	22	in	in	ADP
cblr-9110	169	23	less	less	ADJ
cblr-9110	169	24	tax	tax	NOUN
cblr-9110	169	25	liabilities	liability	NOUN
cblr-9110	169	26	than	than	SCONJ
cblr-9110	169	27	if	if	SCONJ
cblr-9110	169	28	you	you	PRON
cblr-9110	169	29	held	hold	VERB
cblr-9110	169	30	a	a	DET
cblr-9110	169	31	similarly	similarly	ADV
cblr-9110	169	32	invested	invest	VERB
cblr-9110	169	33	mutual	mutual	ADJ
cblr-9110	169	34	fund	fund	NOUN
cblr-9110	169	35	in	in	ADP
cblr-9110	169	36	the	the	DET
cblr-9110	169	37	same	same	ADJ
cblr-9110	169	38	account	account	NOUN
cblr-9110	169	39	,	,	PUNCT
cblr-9110	169	40	there	there	PRON
cblr-9110	169	41	can	can	AUX
cblr-9110	169	42	be	be	AUX
cblr-9110	169	43	exceptions	exception	NOUN
cblr-9110	169	44	.	.	PUNCT
cblr-9110	169	45	”	"	PUNCT
cblr-9110	169	46	)	)	PUNCT
cblr-9110	169	47	.	.	PUNCT
cblr-9110	170	1	40	40	NUM
cblr-9110	170	2	see	see	VERB
cblr-9110	170	3	colon	colon	NOUN
cblr-9110	170	4	,	,	PUNCT
cblr-9110	170	5	supra	supra	PROPN
cblr-9110	170	6	note	note	NOUN
cblr-9110	170	7	17	17	NUM
cblr-9110	170	8	,	,	PUNCT
cblr-9110	170	9	at	at	ADP
cblr-9110	170	10	3	3	NUM
cblr-9110	170	11	(	(	PUNCT
cblr-9110	170	12	“	"	PUNCT
cblr-9110	170	13	it	it	PRON
cblr-9110	170	14	is	be	AUX
cblr-9110	170	15	well	well	ADV
cblr-9110	170	16	known	know	VERB
cblr-9110	170	17	that	that	SCONJ
cblr-9110	170	18	etfs	etfs	NOUN
cblr-9110	170	19	strategically	strategically	ADV
cblr-9110	170	20	distribute	distribute	VERB
cblr-9110	170	21	low	low	ADJ
cblr-9110	170	22	-	-	PUNCT
cblr-9110	170	23	basis	basis	NOUN
cblr-9110	170	24	securities	security	NOUN
cblr-9110	170	25	to	to	ADP
cblr-9110	170	26	redeeming	redeem	VERB
cblr-9110	170	27	shareholders	shareholder	NOUN
cblr-9110	170	28	to	to	PART
cblr-9110	170	29	substantially	substantially	ADV
cblr-9110	170	30	reduce	reduce	VERB
cblr-9110	170	31	or	or	CCONJ
cblr-9110	170	32	eliminate	eliminate	VERB
cblr-9110	170	33	future	future	ADJ
cblr-9110	170	34	fund	fund	NOUN
cblr-9110	170	35	-	-	PUNCT
cblr-9110	170	36	level	level	NOUN
cblr-9110	170	37	capital	capital	NOUN
cblr-9110	170	38	gains	gain	NOUN
cblr-9110	170	39	.	.	PUNCT
cblr-9110	170	40	”	"	PUNCT
cblr-9110	171	1	(	(	PUNCT
cblr-9110	171	2	footnote	footnote	NOUN
cblr-9110	171	3	omitted	omit	VERB
cblr-9110	171	4	)	)	PUNCT
cblr-9110	171	5	)	)	PUNCT
cblr-9110	171	6	;	;	PUNCT
cblr-9110	171	7	see	see	AUX
cblr-9110	171	8	also	also	ADV
cblr-9110	171	9	actively	actively	ADV
cblr-9110	171	10	managed	manage	VERB
cblr-9110	171	11	exchange	exchange	NOUN
cblr-9110	171	12	-	-	PUNCT
cblr-9110	171	13	traded	trade	VERB
cblr-9110	171	14	funds	fund	NOUN
cblr-9110	171	15	,	,	PUNCT
cblr-9110	171	16	66	66	NUM
cblr-9110	171	17	fed	feed	VERB
cblr-9110	171	18	.	.	PUNCT
cblr-9110	172	1	reg	reg	PROPN
cblr-9110	172	2	.	.	PUNCT
cblr-9110	173	1	at	at	ADP
cblr-9110	173	2	57,617–78	57,617–78	NUM
cblr-9110	173	3	(	(	PUNCT
cblr-9110	173	4	“	"	PUNCT
cblr-9110	173	5	the	the	DET
cblr-9110	173	6	redemption	redemption	NOUN
cblr-9110	173	7	basket	basket	NOUN
cblr-9110	173	8	also	also	ADV
cblr-9110	173	9	may	may	AUX
cblr-9110	173	10	include	include	VERB
cblr-9110	173	11	securities	security	NOUN
cblr-9110	173	12	from	from	ADP
cblr-9110	173	13	the	the	DET
cblr-9110	173	14	etf	etf	NOUN
cblr-9110	173	15	portfolio	portfolio	NOUN
cblr-9110	173	16	that	that	PRON
cblr-9110	173	17	have	have	VERB
cblr-9110	173	18	the	the	DET
cblr-9110	173	19	highest	high	ADJ
cblr-9110	173	20	unrealized	unrealized	ADJ
cblr-9110	173	21	capital	capital	NOUN
cblr-9110	173	22	gains	gain	NOUN
cblr-9110	173	23	(	(	PUNCT
cblr-9110	173	24	i.e.	i.e.	X
cblr-9110	173	25	,	,	PUNCT
cblr-9110	173	26	securities	security	NOUN
cblr-9110	173	27	no	no	NOUN
cblr-9110	173	28	.	.	PUNCT
cblr-9110	174	1	3:1321	3:1321	NUM
cblr-9110	174	2	]	]	X
cblr-9110	174	3	the	the	DET
cblr-9110	174	4	emergence	emergence	NOUN
cblr-9110	174	5	of	of	ADP
cblr-9110	174	6	the	the	DET
cblr-9110	174	7	actively	actively	ADV
cblr-9110	174	8	managed	manage	VERB
cblr-9110	174	9	etf	etf	PROPN
cblr-9110	174	10	1333	1333	NUM
cblr-9110	174	11	c.	c.	PROPN
cblr-9110	174	12	two	two	NUM
cblr-9110	174	13	notable	notable	ADJ
cblr-9110	174	14	counterweights	counterweight	NOUN
cblr-9110	174	15	the	the	DET
cblr-9110	174	16	above	above	ADV
cblr-9110	174	17	-	-	PUNCT
cblr-9110	174	18	described	describe	VERB
cblr-9110	174	19	advantages	advantage	NOUN
cblr-9110	174	20	of	of	ADP
cblr-9110	174	21	investing	invest	VERB
cblr-9110	174	22	via	via	ADP
cblr-9110	174	23	etf	etf	NOUN
cblr-9110	174	24	come	come	VERB
cblr-9110	174	25	along	along	ADP
cblr-9110	174	26	with	with	ADP
cblr-9110	174	27	two	two	NUM
cblr-9110	174	28	notable	notable	ADJ
cblr-9110	174	29	disadvantages	disadvantage	NOUN
cblr-9110	174	30	for	for	ADP
cblr-9110	174	31	investors	investor	NOUN
cblr-9110	174	32	:	:	PUNCT
cblr-9110	174	33	one	one	NUM
cblr-9110	174	34	associated	associate	VERB
cblr-9110	174	35	with	with	ADP
cblr-9110	174	36	the	the	DET
cblr-9110	174	37	introduction	introduction	NOUN
cblr-9110	174	38	of	of	ADP
cblr-9110	174	39	bid	bid	NOUN
cblr-9110	174	40	-	-	PUNCT
cblr-9110	174	41	ask	ask	NOUN
cblr-9110	174	42	spreads	spread	NOUN
cblr-9110	174	43	and	and	CCONJ
cblr-9110	174	44	the	the	DET
cblr-9110	174	45	other	other	ADJ
cblr-9110	174	46	with	with	ADP
cblr-9110	174	47	that	that	PRON
cblr-9110	174	48	which	which	PRON
cblr-9110	174	49	can	can	AUX
cblr-9110	174	50	be	be	AUX
cblr-9110	174	51	referred	refer	VERB
cblr-9110	174	52	to	to	ADP
cblr-9110	174	53	as	as	ADP
cblr-9110	174	54	“	"	PUNCT
cblr-9110	174	55	tracking	tracking	NOUN
cblr-9110	174	56	spreads	spread	NOUN
cblr-9110	174	57	.	.	PUNCT
cblr-9110	174	58	”	"	PUNCT
cblr-9110	175	1	in	in	ADP
cblr-9110	175	2	the	the	DET
cblr-9110	175	3	mutual	mutual	ADJ
cblr-9110	175	4	fund	fund	NOUN
cblr-9110	175	5	context	context	NOUN
cblr-9110	175	6	,	,	PUNCT
cblr-9110	175	7	investors	investor	NOUN
cblr-9110	175	8	buy	buy	VERB
cblr-9110	175	9	and	and	CCONJ
cblr-9110	175	10	sell	sell	VERB
cblr-9110	175	11	shares	share	NOUN
cblr-9110	175	12	directly	directly	ADV
cblr-9110	175	13	opposite	opposite	ADP
cblr-9110	175	14	the	the	DET
cblr-9110	175	15	fund.41	fund.41	NOUN
cblr-9110	175	16	these	these	DET
cblr-9110	175	17	transactions	transaction	NOUN
cblr-9110	175	18	therefore	therefore	ADV
cblr-9110	175	19	do	do	AUX
cblr-9110	175	20	not	not	PART
cblr-9110	175	21	involve	involve	VERB
cblr-9110	175	22	market	market	NOUN
cblr-9110	175	23	-	-	PUNCT
cblr-9110	175	24	making	make	VERB
cblr-9110	175	25	intermediaries	intermediary	NOUN
cblr-9110	175	26	and	and	CCONJ
cblr-9110	175	27	related	related	ADJ
cblr-9110	175	28	dynamics	dynamic	NOUN
cblr-9110	175	29	that	that	PRON
cblr-9110	175	30	introduce	introduce	VERB
cblr-9110	175	31	bid	bid	NOUN
cblr-9110	175	32	-	-	PUNCT
cblr-9110	175	33	ask	ask	NOUN
cblr-9110	175	34	spreads	spread	NOUN
cblr-9110	175	35	.	.	PUNCT
cblr-9110	176	1	however	however	ADV
cblr-9110	176	2	,	,	PUNCT
cblr-9110	176	3	because	because	SCONJ
cblr-9110	176	4	etf	etf	NOUN
cblr-9110	176	5	shares	share	NOUN
cblr-9110	176	6	trade	trade	VERB
cblr-9110	176	7	throughout	throughout	ADP
cblr-9110	176	8	the	the	DET
cblr-9110	176	9	day	day	NOUN
cblr-9110	176	10	in	in	ADP
cblr-9110	176	11	the	the	DET
cblr-9110	176	12	open	open	ADJ
cblr-9110	176	13	market,42	market,42	NOUN
cblr-9110	176	14	such	such	ADJ
cblr-9110	176	15	spreads	spread	NOUN
cblr-9110	176	16	will	will	AUX
cblr-9110	176	17	generally	generally	ADV
cblr-9110	176	18	be	be	AUX
cblr-9110	176	19	present.43	present.43	ADJ
cblr-9110	176	20	as	as	ADP
cblr-9110	176	21	with	with	ADP
cblr-9110	176	22	stock	stock	NOUN
cblr-9110	176	23	trading	trading	NOUN
cblr-9110	176	24	on	on	ADP
cblr-9110	176	25	exchanges	exchange	NOUN
cblr-9110	176	26	and	and	CCONJ
cblr-9110	176	27	most	most	ADJ
cblr-9110	176	28	off	off	ADP
cblr-9110	176	29	-	-	PUNCT
cblr-9110	176	30	exchange	exchange	NOUN
cblr-9110	176	31	trading	trading	NOUN
cblr-9110	176	32	platforms	platform	NOUN
cblr-9110	176	33	,	,	PUNCT
cblr-9110	176	34	etf	etf	NOUN
cblr-9110	176	35	transactions	transaction	NOUN
cblr-9110	176	36	generally	generally	ADV
cblr-9110	176	37	involve	involve	VERB
cblr-9110	176	38	liquidity	liquidity	NOUN
cblr-9110	176	39	-	-	PUNCT
cblr-9110	176	40	taking	take	VERB
cblr-9110	176	41	sales	sale	NOUN
cblr-9110	176	42	and	and	CCONJ
cblr-9110	176	43	purchases	purchase	NOUN
cblr-9110	176	44	opposite	opposite	ADJ
cblr-9110	176	45	,	,	PUNCT
cblr-9110	176	46	respectively	respectively	ADV
cblr-9110	176	47	,	,	PUNCT
cblr-9110	176	48	liquidity	liquidity	NOUN
cblr-9110	176	49	-	-	PUNCT
cblr-9110	176	50	making	make	VERB
cblr-9110	176	51	bid	bid	NOUN
cblr-9110	176	52	and	and	CCONJ
cblr-9110	176	53	ask	ask	VERB
cblr-9110	176	54	quotes.44	quotes.44	NOUN
cblr-9110	176	55	those	those	DET
cblr-9110	176	56	quotes	quote	NOUN
cblr-9110	176	57	are	be	AUX
cblr-9110	176	58	typically	typically	ADV
cblr-9110	176	59	spread	spread	VERB
cblr-9110	176	60	out	out	ADP
cblr-9110	176	61	from	from	ADP
cblr-9110	176	62	current	current	ADJ
cblr-9110	176	63	market	market	NOUN
cblr-9110	176	64	values.45	values.45	NOUN
cblr-9110	176	65	bid	bid	NOUN
cblr-9110	176	66	quotes	quote	NOUN
cblr-9110	176	67	are	be	AUX
cblr-9110	176	68	generally	generally	ADV
cblr-9110	176	69	below	below	ADP
cblr-9110	176	70	the	the	PRON
cblr-9110	176	71	that	that	PRON
cblr-9110	176	72	have	have	AUX
cblr-9110	176	73	appreciated	appreciate	VERB
cblr-9110	176	74	in	in	ADP
cblr-9110	176	75	value	value	NOUN
cblr-9110	176	76	the	the	DET
cblr-9110	176	77	most	most	ADJ
cblr-9110	176	78	while	while	NOUN
cblr-9110	176	79	in	in	ADP
cblr-9110	176	80	the	the	DET
cblr-9110	176	81	etf	etf	NOUN
cblr-9110	176	82	portfolio	portfolio	NOUN
cblr-9110	176	83	)	)	PUNCT
cblr-9110	176	84	.	.	PUNCT
cblr-9110	177	1	because	because	SCONJ
cblr-9110	177	2	the	the	DET
cblr-9110	177	3	etf	etf	NOUN
cblr-9110	177	4	may	may	AUX
cblr-9110	177	5	be	be	AUX
cblr-9110	177	6	able	able	ADJ
cblr-9110	177	7	to	to	PART
cblr-9110	177	8	eliminate	eliminate	VERB
cblr-9110	177	9	securities	security	NOUN
cblr-9110	177	10	with	with	ADP
cblr-9110	177	11	significant	significant	ADJ
cblr-9110	177	12	unrealized	unrealized	ADJ
cblr-9110	177	13	capital	capital	NOUN
cblr-9110	177	14	gains	gain	NOUN
cblr-9110	177	15	from	from	ADP
cblr-9110	177	16	its	its	PRON
cblr-9110	177	17	portfolio	portfolio	NOUN
cblr-9110	177	18	through	through	ADP
cblr-9110	177	19	the	the	DET
cblr-9110	177	20	redemption	redemption	NOUN
cblr-9110	177	21	process	process	NOUN
cblr-9110	177	22	,	,	PUNCT
cblr-9110	177	23	the	the	DET
cblr-9110	177	24	etf	etf	NOUN
cblr-9110	177	25	may	may	AUX
cblr-9110	177	26	avoid	avoid	VERB
cblr-9110	177	27	realizing	realize	VERB
cblr-9110	177	28	some	some	DET
cblr-9110	177	29	capital	capital	NOUN
cblr-9110	177	30	gains	gain	NOUN
cblr-9110	177	31	if	if	SCONJ
cblr-9110	177	32	the	the	DET
cblr-9110	177	33	etf	etf	NOUN
cblr-9110	177	34	needs	need	VERB
cblr-9110	177	35	to	to	PART
cblr-9110	177	36	sell	sell	VERB
cblr-9110	177	37	securities	security	NOUN
cblr-9110	177	38	at	at	ADP
cblr-9110	177	39	a	a	DET
cblr-9110	177	40	later	later	ADJ
cblr-9110	177	41	date	date	NOUN
cblr-9110	177	42	to	to	PART
cblr-9110	177	43	track	track	VERB
cblr-9110	177	44	its	its	PRON
cblr-9110	177	45	index	index	NOUN
cblr-9110	177	46	.	.	PUNCT
cblr-9110	177	47	”	"	PUNCT
cblr-9110	178	1	(	(	PUNCT
cblr-9110	178	2	footnote	footnote	NOUN
cblr-9110	178	3	omitted	omit	VERB
cblr-9110	178	4	)	)	PUNCT
cblr-9110	178	5	)	)	PUNCT
cblr-9110	178	6	.	.	PUNCT
cblr-9110	179	1	41	41	NUM
cblr-9110	179	2	supra	supra	PROPN
cblr-9110	179	3	note	note	NOUN
cblr-9110	179	4	26	26	NUM
cblr-9110	179	5	and	and	CCONJ
cblr-9110	179	6	accompanying	accompany	VERB
cblr-9110	179	7	text	text	NOUN
cblr-9110	179	8	.	.	PUNCT
cblr-9110	180	1	42	42	NUM
cblr-9110	180	2	supra	supra	PROPN
cblr-9110	180	3	note	note	NOUN
cblr-9110	180	4	6	6	NUM
cblr-9110	180	5	and	and	CCONJ
cblr-9110	180	6	accompanying	accompany	VERB
cblr-9110	180	7	text	text	NOUN
cblr-9110	180	8	.	.	PUNCT
cblr-9110	181	1	43	43	NUM
cblr-9110	181	2	see	see	VERB
cblr-9110	181	3	lawrence	lawrence	PROPN
cblr-9110	181	4	r.	r.	PROPN
cblr-9110	181	5	glosten	glosten	PROPN
cblr-9110	181	6	&	&	CCONJ
cblr-9110	181	7	paul	paul	PROPN
cblr-9110	181	8	r.	r.	PROPN
cblr-9110	181	9	milgrom	milgrom	PROPN
cblr-9110	181	10	,	,	PUNCT
cblr-9110	181	11	bid	bid	VERB
cblr-9110	181	12	,	,	PUNCT
cblr-9110	181	13	ask	ask	NOUN
cblr-9110	181	14	and	and	CCONJ
cblr-9110	181	15	transaction	transaction	NOUN
cblr-9110	181	16	prices	price	NOUN
cblr-9110	181	17	in	in	ADP
cblr-9110	181	18	a	a	DET
cblr-9110	181	19	specialist	specialist	ADJ
cblr-9110	181	20	market	market	NOUN
cblr-9110	181	21	with	with	ADP
cblr-9110	181	22	heterogeneously	heterogeneously	ADV
cblr-9110	181	23	informed	informed	ADJ
cblr-9110	181	24	traders	trader	NOUN
cblr-9110	181	25	,	,	PUNCT
cblr-9110	181	26	14	14	NUM
cblr-9110	181	27	j.	j.	PROPN
cblr-9110	181	28	fin	fin	PROPN
cblr-9110	181	29	.	.	PUNCT
cblr-9110	181	30	econ	econ	PROPN
cblr-9110	181	31	.	.	PUNCT
cblr-9110	182	1	71	71	NUM
cblr-9110	182	2	,	,	PUNCT
cblr-9110	182	3	72	72	NUM
cblr-9110	182	4	(	(	PUNCT
cblr-9110	182	5	1985	1985	NUM
cblr-9110	182	6	)	)	PUNCT
cblr-9110	182	7	(	(	PUNCT
cblr-9110	182	8	“	"	PUNCT
cblr-9110	182	9	[	[	X
cblr-9110	182	10	a	a	X
cblr-9110	182	11	]	]	X
cblr-9110	182	12	bid	bid	NOUN
cblr-9110	182	13	-	-	PUNCT
cblr-9110	182	14	ask	ask	NOUN
cblr-9110	182	15	spread	spread	NOUN
cblr-9110	182	16	can	can	AUX
cblr-9110	182	17	be	be	AUX
cblr-9110	182	18	a	a	DET
cblr-9110	182	19	purely	purely	ADV
cblr-9110	182	20	informational	informational	ADJ
cblr-9110	182	21	phenomenon	phenomenon	NOUN
cblr-9110	182	22	,	,	PUNCT
cblr-9110	182	23	occurring	occur	VERB
cblr-9110	182	24	even	even	ADV
cblr-9110	182	25	when	when	SCONJ
cblr-9110	182	26	all	all	DET
cblr-9110	182	27	the	the	DET
cblr-9110	182	28	[	[	NOUN
cblr-9110	182	29	market	market	NOUN
cblr-9110	182	30	marker	marker	NOUN
cblr-9110	182	31	’s	’s	PART
cblr-9110	182	32	]	]	PUNCT
cblr-9110	182	33	fixed	fixed	ADJ
cblr-9110	182	34	and	and	CCONJ
cblr-9110	182	35	variable	variable	ADJ
cblr-9110	182	36	transactions	transaction	NOUN
cblr-9110	182	37	costs	cost	NOUN
cblr-9110	182	38	(	(	PUNCT
cblr-9110	182	39	including	include	VERB
cblr-9110	182	40	his	his	PRON
cblr-9110	182	41	time	time	NOUN
cblr-9110	182	42	,	,	PUNCT
cblr-9110	182	43	inventory	inventory	NOUN
cblr-9110	182	44	costs	cost	NOUN
cblr-9110	182	45	,	,	PUNCT
cblr-9110	182	46	etc	etc	X
cblr-9110	182	47	.	.	X
cblr-9110	182	48	)	)	PUNCT
cblr-9110	182	49	are	be	AUX
cblr-9110	182	50	zero	zero	NUM
cblr-9110	182	51	and	and	CCONJ
cblr-9110	182	52	when	when	SCONJ
cblr-9110	182	53	competition	competition	NOUN
cblr-9110	182	54	forces	force	VERB
cblr-9110	182	55	the	the	DET
cblr-9110	182	56	specialist	specialist	NOUN
cblr-9110	182	57	’s	’s	PART
cblr-9110	182	58	profit	profit	NOUN
cblr-9110	182	59	to	to	ADP
cblr-9110	182	60	zero	zero	NUM
cblr-9110	182	61	.	.	PUNCT
cblr-9110	182	62	.	.	PUNCT
cblr-9110	182	63	.	.	PUNCT
cblr-9110	183	1	.	.	PUNCT
cblr-9110	184	1	in	in	ADP
cblr-9110	184	2	effect	effect	NOUN
cblr-9110	184	3	,	,	PUNCT
cblr-9110	184	4	then	then	ADV
cblr-9110	184	5	,	,	PUNCT
cblr-9110	184	6	the	the	DET
cblr-9110	184	7	[	[	X
cblr-9110	184	8	market	market	NOUN
cblr-9110	184	9	maker	maker	NOUN
cblr-9110	184	10	]	]	PUNCT
cblr-9110	184	11	must	must	AUX
cblr-9110	184	12	recoup	recoup	VERB
cblr-9110	184	13	the	the	DET
cblr-9110	184	14	losses	loss	NOUN
cblr-9110	184	15	suffered	suffer	VERB
cblr-9110	184	16	in	in	ADP
cblr-9110	184	17	trades	trade	NOUN
cblr-9110	184	18	with	with	ADP
cblr-9110	184	19	the	the	DET
cblr-9110	184	20	well	well	ADV
cblr-9110	184	21	informed	inform	VERB
cblr-9110	184	22	by	by	ADP
cblr-9110	184	23	gains	gain	NOUN
cblr-9110	184	24	in	in	ADP
cblr-9110	184	25	trades	trade	NOUN
cblr-9110	184	26	with	with	ADP
cblr-9110	184	27	liquidity	liquidity	NOUN
cblr-9110	184	28	traders	trader	NOUN
cblr-9110	184	29	.	.	PUNCT
cblr-9110	185	1	these	these	DET
cblr-9110	185	2	gains	gain	NOUN
cblr-9110	185	3	are	be	AUX
cblr-9110	185	4	achieved	achieve	VERB
cblr-9110	185	5	by	by	ADP
cblr-9110	185	6	setting	set	VERB
cblr-9110	185	7	a	a	DET
cblr-9110	185	8	spread	spread	NOUN
cblr-9110	185	9	.	.	PUNCT
cblr-9110	185	10	”	"	PUNCT
cblr-9110	185	11	)	)	PUNCT
cblr-9110	185	12	.	.	PUNCT
cblr-9110	186	1	44	44	NUM
cblr-9110	186	2	see	see	VERB
cblr-9110	186	3	,	,	PUNCT
cblr-9110	186	4	e.g.	e.g.	ADV
cblr-9110	186	5	,	,	PUNCT
cblr-9110	186	6	haeberle	haeberle	NOUN
cblr-9110	186	7	,	,	PUNCT
cblr-9110	186	8	supra	supra	PROPN
cblr-9110	186	9	note	note	NOUN
cblr-9110	186	10	9	9	NUM
cblr-9110	186	11	,	,	PUNCT
cblr-9110	186	12	at	at	ADP
cblr-9110	186	13	271–78	271–78	NUM
cblr-9110	186	14	.	.	PUNCT
cblr-9110	187	1	45	45	NUM
cblr-9110	187	2	see	see	VERB
cblr-9110	187	3	,	,	PUNCT
cblr-9110	187	4	e.g.	e.g.	ADV
cblr-9110	187	5	,	,	PUNCT
cblr-9110	187	6	larry	larry	PROPN
cblr-9110	187	7	harris	harris	PROPN
cblr-9110	187	8	,	,	PUNCT
cblr-9110	187	9	trading	trading	NOUN
cblr-9110	187	10	and	and	CCONJ
cblr-9110	187	11	exchanges	exchange	NOUN
cblr-9110	187	12	:	:	PUNCT
cblr-9110	187	13	market	market	NOUN
cblr-9110	187	14	microstructure	microstructure	NOUN
cblr-9110	187	15	for	for	ADP
cblr-9110	187	16	practitioners	practitioner	NOUN
cblr-9110	187	17	287–88	287–88	NUM
cblr-9110	187	18	(	(	PUNCT
cblr-9110	187	19	2003	2003	NUM
cblr-9110	187	20	)	)	PUNCT
cblr-9110	187	21	(	(	PUNCT
cblr-9110	187	22	describing	describe	VERB
cblr-9110	187	23	that	that	SCONJ
cblr-9110	187	24	market	market	NOUN
cblr-9110	187	25	makers	maker	NOUN
cblr-9110	187	26	aim	aim	VERB
cblr-9110	187	27	to	to	PART
cblr-9110	187	28	“	"	PUNCT
cblr-9110	187	29	set	set	VERB
cblr-9110	187	30	their	their	PRON
cblr-9110	187	31	bids	bid	NOUN
cblr-9110	187	32	just	just	ADV
cblr-9110	187	33	below	below	ADP
cblr-9110	187	34	fundamental	fundamental	ADJ
cblr-9110	187	35	values	value	NOUN
cblr-9110	187	36	and	and	CCONJ
cblr-9110	187	37	their	their	PRON
cblr-9110	187	38	ask	ask	NOUN
cblr-9110	187	39	prices	price	NOUN
cblr-9110	187	40	just	just	ADV
cblr-9110	187	41	above	above	ADP
cblr-9110	187	42	[	[	X
cblr-9110	187	43	them	they	PRON
cblr-9110	187	44	]	]	PUNCT
cblr-9110	187	45	.	.	PUNCT
cblr-9110	187	46	”	"	PUNCT
cblr-9110	187	47	)	)	PUNCT
cblr-9110	187	48	.	.	PUNCT
cblr-9110	188	1	the	the	DET
cblr-9110	188	2	bid	bid	NOUN
cblr-9110	188	3	-	-	PUNCT
cblr-9110	188	4	ask	ask	NOUN
cblr-9110	188	5	spread	spread	NOUN
cblr-9110	188	6	is	be	AUX
cblr-9110	188	7	the	the	DET
cblr-9110	188	8	product	product	NOUN
cblr-9110	188	9	of	of	ADP
cblr-9110	188	10	a	a	DET
cblr-9110	188	11	number	number	NOUN
cblr-9110	188	12	of	of	ADP
cblr-9110	188	13	forces	force	NOUN
cblr-9110	188	14	.	.	PUNCT
cblr-9110	189	1	chief	chief	NOUN
cblr-9110	189	2	among	among	ADP
cblr-9110	189	3	them	they	PRON
cblr-9110	189	4	are	be	AUX
cblr-9110	189	5	a	a	DET
cblr-9110	189	6	concern	concern	NOUN
cblr-9110	189	7	on	on	ADP
cblr-9110	189	8	the	the	DET
cblr-9110	189	9	part	part	NOUN
cblr-9110	189	10	of	of	ADP
cblr-9110	189	11	liquidity	liquidity	NOUN
cblr-9110	189	12	makers	maker	NOUN
cblr-9110	189	13	for	for	ADP
cblr-9110	189	14	adverse	adverse	ADJ
cblr-9110	189	15	-	-	PUNCT
cblr-9110	189	16	selection	selection	NOUN
cblr-9110	189	17	at	at	ADP
cblr-9110	189	18	the	the	DET
cblr-9110	189	19	hands	hand	NOUN
cblr-9110	189	20	of	of	ADP
cblr-9110	189	21	better	well	ADV
cblr-9110	189	22	-	-	PUNCT
cblr-9110	189	23	informed	inform	VERB
cblr-9110	189	24	traders	trader	NOUN
cblr-9110	189	25	and	and	CCONJ
cblr-9110	189	26	the	the	DET
cblr-9110	189	27	risk	risk	NOUN
cblr-9110	189	28	of	of	ADP
cblr-9110	189	29	carrying	carry	VERB
cblr-9110	189	30	inventory	inventory	NOUN
cblr-9110	189	31	in	in	ADP
cblr-9110	189	32	securities	security	NOUN
cblr-9110	189	33	whose	whose	DET
cblr-9110	189	34	prices	price	NOUN
cblr-9110	189	35	typically	typically	ADV
cblr-9110	189	36	changed	change	VERB
cblr-9110	189	37	quickly	quickly	ADV
cblr-9110	189	38	.	.	PUNCT
cblr-9110	190	1	see	see	VERB
cblr-9110	190	2	,	,	PUNCT
cblr-9110	190	3	e.g.	e.g.	ADV
cblr-9110	190	4	,	,	PUNCT
cblr-9110	190	5	glosten	glosten	PROPN
cblr-9110	190	6	&	&	CCONJ
cblr-9110	190	7	milgrom	milgrom	ADJ
cblr-9110	190	8	,	,	PUNCT
cblr-9110	190	9	supra	supra	PROPN
cblr-9110	190	10	note	note	NOUN
cblr-9110	190	11	43	43	NUM
cblr-9110	190	12	(	(	PUNCT
cblr-9110	190	13	providing	provide	VERB
cblr-9110	190	14	the	the	DET
cblr-9110	190	15	seminal	seminal	ADJ
cblr-9110	190	16	study	study	NOUN
cblr-9110	190	17	of	of	ADP
cblr-9110	190	18	the	the	DET
cblr-9110	190	19	1334	1334	NUM
cblr-9110	190	20	columbia	columbia	PROPN
cblr-9110	190	21	business	business	NOUN
cblr-9110	190	22	law	law	PROPN
cblr-9110	190	23	review	review	NOUN
cblr-9110	190	24	[	[	X
cblr-9110	190	25	vol	vol	NOUN
cblr-9110	190	26	.	.	NOUN
cblr-9110	190	27	2021	2021	NUM
cblr-9110	190	28	current	current	ADJ
cblr-9110	190	29	market	market	NOUN
cblr-9110	190	30	value	value	NOUN
cblr-9110	190	31	of	of	ADP
cblr-9110	190	32	a	a	DET
cblr-9110	190	33	financial	financial	ADJ
cblr-9110	190	34	instrument.46	instrument.46	NOUN
cblr-9110	190	35	sellers	seller	NOUN
cblr-9110	190	36	therefore	therefore	ADV
cblr-9110	190	37	often	often	ADV
cblr-9110	190	38	receive	receive	VERB
cblr-9110	190	39	something	something	PRON
cblr-9110	190	40	less	less	ADJ
cblr-9110	190	41	than	than	ADP
cblr-9110	190	42	that	that	DET
cblr-9110	190	43	value	value	NOUN
cblr-9110	190	44	when	when	SCONJ
cblr-9110	190	45	selling	sell	VERB
cblr-9110	190	46	etf	etf	NOUN
cblr-9110	190	47	shares	share	NOUN
cblr-9110	190	48	.	.	PUNCT
cblr-9110	191	1	ask	ask	VERB
cblr-9110	191	2	quotes	quote	NOUN
cblr-9110	191	3	are	be	AUX
cblr-9110	191	4	generally	generally	ADV
cblr-9110	191	5	above	above	ADP
cblr-9110	191	6	the	the	DET
cblr-9110	191	7	current	current	ADJ
cblr-9110	191	8	market	market	NOUN
cblr-9110	191	9	value	value	NOUN
cblr-9110	191	10	of	of	ADP
cblr-9110	191	11	a	a	DET
cblr-9110	191	12	stock.47	stock.47	PROPN
cblr-9110	191	13	buyers	buyer	NOUN
cblr-9110	191	14	therefore	therefore	ADV
cblr-9110	191	15	often	often	ADV
cblr-9110	191	16	pay	pay	VERB
cblr-9110	191	17	more	more	ADJ
cblr-9110	191	18	than	than	ADP
cblr-9110	191	19	that	that	DET
cblr-9110	191	20	value	value	NOUN
cblr-9110	191	21	to	to	PART
cblr-9110	191	22	buy	buy	VERB
cblr-9110	191	23	the	the	DET
cblr-9110	191	24	stock	stock	NOUN
cblr-9110	191	25	.	.	PUNCT
cblr-9110	192	1	etf	etf	NOUN
cblr-9110	192	2	shares	share	NOUN
cblr-9110	192	3	also	also	ADV
cblr-9110	192	4	may	may	AUX
cblr-9110	192	5	trade	trade	VERB
cblr-9110	192	6	around	around	ADP
cblr-9110	192	7	market	market	NOUN
cblr-9110	192	8	values	value	NOUN
cblr-9110	192	9	(	(	PUNCT
cblr-9110	192	10	and	and	CCONJ
cblr-9110	192	11	thus	thus	ADV
cblr-9110	192	12	bid	bid	VERB
cblr-9110	192	13	and	and	CCONJ
cblr-9110	192	14	ask	ask	VERB
cblr-9110	192	15	prices	price	NOUN
cblr-9110	192	16	)	)	PUNCT
cblr-9110	192	17	that	that	PRON
cblr-9110	192	18	stray	stray	VERB
cblr-9110	192	19	from	from	ADP
cblr-9110	192	20	the	the	DET
cblr-9110	192	21	per	per	ADP
cblr-9110	192	22	-	-	PUNCT
cblr-9110	192	23	share	share	NOUN
cblr-9110	192	24	value	value	NOUN
cblr-9110	192	25	of	of	ADP
cblr-9110	192	26	the	the	DET
cblr-9110	192	27	investments	investment	NOUN
cblr-9110	192	28	in	in	ADP
cblr-9110	192	29	the	the	DET
cblr-9110	192	30	fund	fund	NOUN
cblr-9110	192	31	that	that	SCONJ
cblr-9110	192	32	they	they	PRON
cblr-9110	192	33	track.48	track.48	VERB
cblr-9110	192	34	this	this	PRON
cblr-9110	192	35	is	be	AUX
cblr-9110	192	36	because	because	SCONJ
cblr-9110	192	37	that	that	PRON
cblr-9110	192	38	per	per	ADP
cblr-9110	192	39	-	-	PUNCT
cblr-9110	192	40	share	share	NOUN
cblr-9110	192	41	nav	nav	NOUN
cblr-9110	192	42	is	be	AUX
cblr-9110	192	43	simply	simply	ADV
cblr-9110	192	44	the	the	DET
cblr-9110	192	45	aggregate	aggregate	ADJ
cblr-9110	192	46	value	value	NOUN
cblr-9110	192	47	of	of	ADP
cblr-9110	192	48	the	the	DET
cblr-9110	192	49	underlying	underlie	VERB
cblr-9110	192	50	holdings	holding	NOUN
cblr-9110	192	51	in	in	ADP
cblr-9110	192	52	the	the	DET
cblr-9110	192	53	fund	fund	NOUN
cblr-9110	192	54	,	,	PUNCT
cblr-9110	192	55	while	while	SCONJ
cblr-9110	192	56	the	the	DET
cblr-9110	192	57	current	current	ADJ
cblr-9110	192	58	market	market	NOUN
cblr-9110	192	59	value	value	NOUN
cblr-9110	192	60	of	of	ADP
cblr-9110	192	61	the	the	DET
cblr-9110	192	62	etf	etf	NOUN
cblr-9110	192	63	shares	share	NOUN
cblr-9110	192	64	is	be	AUX
cblr-9110	192	65	instead	instead	ADV
cblr-9110	192	66	the	the	DET
cblr-9110	192	67	value	value	NOUN
cblr-9110	192	68	generated	generate	VERB
cblr-9110	192	69	by	by	ADP
cblr-9110	192	70	buying	buy	VERB
cblr-9110	192	71	and	and	CCONJ
cblr-9110	192	72	selling	sell	VERB
cblr-9110	192	73	activity	activity	NOUN
cblr-9110	192	74	in	in	ADP
cblr-9110	192	75	the	the	DET
cblr-9110	192	76	open	open	ADJ
cblr-9110	192	77	market.49	market.49	PROPN
cblr-9110	192	78	to	to	PART
cblr-9110	192	79	be	be	AUX
cblr-9110	192	80	sure	sure	ADJ
cblr-9110	192	81	,	,	PUNCT
cblr-9110	192	82	the	the	DET
cblr-9110	192	83	etf	etf	NOUN
cblr-9110	192	84	-	-	PUNCT
cblr-9110	192	85	arbitrage	arbitrage	NOUN
cblr-9110	192	86	mechanism	mechanism	NOUN
cblr-9110	192	87	reduces	reduce	VERB
cblr-9110	192	88	the	the	DET
cblr-9110	192	89	extent	extent	NOUN
cblr-9110	192	90	of	of	ADP
cblr-9110	192	91	this	this	DET
cblr-9110	192	92	“	"	PUNCT
cblr-9110	192	93	tracking	tracking	NOUN
cblr-9110	192	94	-	-	PUNCT
cblr-9110	192	95	spread	spread	ADJ
cblr-9110	192	96	”	"	PUNCT
cblr-9110	192	97	problem	problem	NOUN
cblr-9110	192	98	.	.	PUNCT
cblr-9110	193	1	but	but	CCONJ
cblr-9110	193	2	the	the	DET
cblr-9110	193	3	overview	overview	NOUN
cblr-9110	193	4	of	of	ADP
cblr-9110	193	5	that	that	DET
cblr-9110	193	6	market	market	NOUN
cblr-9110	193	7	mechanism	mechanism	NOUN
cblr-9110	193	8	and	and	CCONJ
cblr-9110	193	9	the	the	DET
cblr-9110	193	10	description	description	NOUN
cblr-9110	193	11	of	of	ADP
cblr-9110	193	12	its	its	PRON
cblr-9110	193	13	largesse	largesse	NOUN
cblr-9110	193	14	provided	provide	VERB
cblr-9110	193	15	in	in	ADP
cblr-9110	193	16	section	section	NOUN
cblr-9110	193	17	ii.a	ii.a	PROPN
cblr-9110	193	18	should	should	AUX
cblr-9110	193	19	not	not	PART
cblr-9110	193	20	be	be	AUX
cblr-9110	193	21	interpreted	interpret	VERB
cblr-9110	193	22	to	to	PART
cblr-9110	193	23	be	be	AUX
cblr-9110	193	24	saying	say	VERB
cblr-9110	193	25	that	that	SCONJ
cblr-9110	193	26	this	this	DET
cblr-9110	193	27	mechanism	mechanism	NOUN
cblr-9110	193	28	is	be	AUX
cblr-9110	193	29	perfect.50	perfect.50	NOUN
cblr-9110	193	30	indeed	indeed	ADV
cblr-9110	193	31	,	,	PUNCT
cblr-9110	193	32	that	that	DET
cblr-9110	193	33	description	description	NOUN
cblr-9110	193	34	of	of	ADP
cblr-9110	193	35	the	the	DET
cblr-9110	193	36	arbitrage	arbitrage	NOUN
cblr-9110	193	37	mechanism	mechanism	NOUN
cblr-9110	193	38	had	have	VERB
cblr-9110	193	39	the	the	DET
cblr-9110	193	40	unrealistic	unrealistic	ADJ
cblr-9110	193	41	stated	state	VERB
cblr-9110	193	42	assumptions	assumption	NOUN
cblr-9110	193	43	of	of	ADP
cblr-9110	193	44	zero	zero	NUM
cblr-9110	193	45	transaction	transaction	NOUN
cblr-9110	193	46	costs	cost	NOUN
cblr-9110	193	47	and	and	CCONJ
cblr-9110	193	48	sufficiently	sufficiently	ADV
cblr-9110	193	49	robust	robust	ADJ
cblr-9110	193	50	ap	ap	PROPN
cblr-9110	193	51	creation	creation	NOUN
cblr-9110	193	52	and	and	CCONJ
cblr-9110	193	53	redemption	redemption	NOUN
cblr-9110	193	54	activity	activity	NOUN
cblr-9110	193	55	.	.	PUNCT
cblr-9110	194	1	as	as	SCONJ
cblr-9110	194	2	discussed	discuss	VERB
cblr-9110	194	3	in	in	ADP
cblr-9110	194	4	part	part	NOUN
cblr-9110	194	5	iv	iv	NUM
cblr-9110	194	6	,	,	PUNCT
cblr-9110	194	7	these	these	DET
cblr-9110	194	8	assumptions	assumption	NOUN
cblr-9110	194	9	should	should	AUX
cblr-9110	194	10	be	be	AUX
cblr-9110	194	11	called	call	VERB
cblr-9110	194	12	into	into	ADP
cblr-9110	194	13	question	question	NOUN
cblr-9110	194	14	at	at	ADP
cblr-9110	194	15	least	least	ADJ
cblr-9110	194	16	when	when	SCONJ
cblr-9110	194	17	it	it	PRON
cblr-9110	194	18	comes	come	VERB
cblr-9110	194	19	to	to	ADP
cblr-9110	194	20	the	the	DET
cblr-9110	194	21	trading	trading	NOUN
cblr-9110	194	22	of	of	ADP
cblr-9110	194	23	nontransparent	nontransparent	ADJ
cblr-9110	194	24	actively	actively	ADV
cblr-9110	194	25	managed	manage	VERB
cblr-9110	194	26	etfs	etfs	PROPN
cblr-9110	194	27	.	.	PUNCT
cblr-9110	195	1	iii	iii	PROPN
cblr-9110	195	2	.	.	PUNCT
cblr-9110	195	3	etf	etf	NOUN
cblr-9110	195	4	history	history	NOUN
cblr-9110	195	5	parts	part	NOUN
cblr-9110	195	6	i	i	PRON
cblr-9110	195	7	and	and	CCONJ
cblr-9110	195	8	ii	ii	PROPN
cblr-9110	195	9	in	in	ADP
cblr-9110	195	10	this	this	DET
cblr-9110	195	11	part	part	NOUN
cblr-9110	195	12	,	,	PUNCT
cblr-9110	195	13	i	i	PRON
cblr-9110	195	14	explain	explain	VERB
cblr-9110	195	15	why	why	SCONJ
cblr-9110	195	16	there	there	PRON
cblr-9110	195	17	is	be	VERB
cblr-9110	195	18	much	much	ADJ
cblr-9110	195	19	reason	reason	NOUN
cblr-9110	195	20	to	to	PART
cblr-9110	195	21	believe	believe	VERB
cblr-9110	195	22	that	that	SCONJ
cblr-9110	195	23	etf	etf	NOUN
cblr-9110	195	24	history	history	NOUN
cblr-9110	195	25	can	can	AUX
cblr-9110	195	26	be	be	AUX
cblr-9110	195	27	divided	divide	VERB
cblr-9110	195	28	into	into	ADP
cblr-9110	195	29	two	two	NUM
cblr-9110	195	30	main	main	ADJ
cblr-9110	195	31	parts	part	NOUN
cblr-9110	195	32	that	that	PRON
cblr-9110	195	33	can	can	AUX
cblr-9110	195	34	be	be	AUX
cblr-9110	195	35	labeled	label	VERB
cblr-9110	195	36	“	"	PUNCT
cblr-9110	195	37	etf	etf	NOUN
cblr-9110	195	38	history	history	NOUN
cblr-9110	195	39	part	part	NOUN
cblr-9110	196	1	i	i	PRON
cblr-9110	196	2	:	:	PUNCT
cblr-9110	196	3	the	the	DET
cblr-9110	196	4	passive	passive	ADJ
cblr-9110	196	5	age	age	NOUN
cblr-9110	196	6	”	"	PUNCT
cblr-9110	196	7	and	and	CCONJ
cblr-9110	196	8	“	"	PUNCT
cblr-9110	196	9	etf	etf	ADJ
cblr-9110	196	10	adverse	adverse	ADJ
cblr-9110	196	11	-	-	PUNCT
cblr-9110	196	12	selection	selection	NOUN
cblr-9110	196	13	component	component	NOUN
cblr-9110	196	14	of	of	ADP
cblr-9110	196	15	the	the	DET
cblr-9110	196	16	bid	bid	NOUN
cblr-9110	196	17	-	-	PUNCT
cblr-9110	196	18	ask	ask	NOUN
cblr-9110	196	19	spread	spread	NOUN
cblr-9110	196	20	)	)	PUNCT
cblr-9110	196	21	;	;	PUNCT
cblr-9110	196	22	ananth	ananth	PROPN
cblr-9110	196	23	madhavan	madhavan	PROPN
cblr-9110	196	24	,	,	PUNCT
cblr-9110	196	25	market	market	NOUN
cblr-9110	196	26	microstructure	microstructure	NOUN
cblr-9110	196	27	:	:	PUNCT
cblr-9110	196	28	a	a	DET
cblr-9110	196	29	survey	survey	NOUN
cblr-9110	196	30	,	,	PUNCT
cblr-9110	196	31	3	3	NUM
cblr-9110	196	32	j.	j.	PROPN
cblr-9110	196	33	fin	fin	PROPN
cblr-9110	196	34	.	.	PUNCT
cblr-9110	197	1	mkts	mkts	NOUN
cblr-9110	197	2	.	.	PUNCT
cblr-9110	198	1	205	205	NUM
cblr-9110	198	2	,	,	PUNCT
cblr-9110	198	3	213–15	213–15	NUM
cblr-9110	198	4	(	(	PUNCT
cblr-9110	198	5	2000	2000	NUM
cblr-9110	198	6	)	)	PUNCT
cblr-9110	198	7	(	(	PUNCT
cblr-9110	198	8	discussing	discuss	VERB
cblr-9110	198	9	the	the	DET
cblr-9110	198	10	inventory	inventory	NOUN
cblr-9110	198	11	component	component	NOUN
cblr-9110	198	12	of	of	ADP
cblr-9110	198	13	the	the	DET
cblr-9110	198	14	bid	bid	NOUN
cblr-9110	198	15	-	-	PUNCT
cblr-9110	198	16	ask	ask	NOUN
cblr-9110	198	17	spread	spread	NOUN
cblr-9110	198	18	)	)	PUNCT
cblr-9110	198	19	.	.	PUNCT
cblr-9110	199	1	46	46	NUM
cblr-9110	199	2	harris	harris	PROPN
cblr-9110	199	3	,	,	PUNCT
cblr-9110	199	4	supra	supra	PROPN
cblr-9110	199	5	note	note	PROPN
cblr-9110	199	6	45	45	NUM
cblr-9110	199	7	.	.	PUNCT
cblr-9110	200	1	47	47	NUM
cblr-9110	201	1	i	i	PRON
cblr-9110	201	2	d.	d.	PROPN
cblr-9110	201	3	48	48	NUM
cblr-9110	201	4	see	see	VERB
cblr-9110	201	5	supra	supra	PROPN
cblr-9110	201	6	note	note	NOUN
cblr-9110	201	7	1	1	NUM
cblr-9110	201	8	and	and	CCONJ
cblr-9110	201	9	accompanying	accompany	VERB
cblr-9110	201	10	text	text	NOUN
cblr-9110	201	11	.	.	PUNCT
cblr-9110	202	1	49	49	NUM
cblr-9110	202	2	see	see	VERB
cblr-9110	202	3	supra	supra	PROPN
cblr-9110	202	4	section	section	PROPN
cblr-9110	202	5	ii.a	ii.a	PROPN
cblr-9110	202	6	.	.	PROPN
cblr-9110	203	1	50	50	NUM
cblr-9110	203	2	see	see	VERB
cblr-9110	203	3	hu	hu	PROPN
cblr-9110	203	4	&	&	CCONJ
cblr-9110	203	5	morley	morley	PROPN
cblr-9110	203	6	,	,	PUNCT
cblr-9110	203	7	supra	supra	PROPN
cblr-9110	203	8	note	note	PROPN
cblr-9110	203	9	1	1	NUM
cblr-9110	203	10	,	,	PUNCT
cblr-9110	203	11	at	at	ADP
cblr-9110	203	12	843	843	NUM
cblr-9110	203	13	(	(	PUNCT
cblr-9110	203	14	“	"	PUNCT
cblr-9110	203	15	the	the	DET
cblr-9110	203	16	arbitrage	arbitrage	NOUN
cblr-9110	203	17	mechanism	mechanism	NOUN
cblr-9110	203	18	’s	’s	PART
cblr-9110	203	19	effectiveness	effectiveness	NOUN
cblr-9110	203	20	is	be	AUX
cblr-9110	203	21	essential	essential	ADJ
cblr-9110	203	22	to	to	ADP
cblr-9110	203	23	the	the	DET
cblr-9110	203	24	integrity	integrity	NOUN
cblr-9110	203	25	of	of	ADP
cblr-9110	203	26	etf	etf	NOUN
cblr-9110	203	27	trading	trading	NOUN
cblr-9110	203	28	prices	price	NOUN
cblr-9110	203	29	and	and	CCONJ
cblr-9110	203	30	the	the	DET
cblr-9110	203	31	etf	etf	NOUN
cblr-9110	203	32	’s	’s	PART
cblr-9110	203	33	core	core	NOUN
cblr-9110	203	34	investment	investment	NOUN
cblr-9110	203	35	premise	premise	NOUN
cblr-9110	203	36	.	.	PUNCT
cblr-9110	204	1	and	and	CCONJ
cblr-9110	204	2	this	this	DET
cblr-9110	204	3	mechanism	mechanism	NOUN
cblr-9110	204	4	has	have	AUX
cblr-9110	204	5	sometimes	sometimes	ADV
cblr-9110	204	6	failed	fail	VERB
cblr-9110	204	7	catastrophically	catastrophically	ADV
cblr-9110	204	8	,	,	PUNCT
cblr-9110	204	9	even	even	ADV
cblr-9110	204	10	with	with	ADP
cblr-9110	204	11	very	very	ADV
cblr-9110	204	12	large	large	ADJ
cblr-9110	204	13	and	and	CCONJ
cblr-9110	204	14	simple	simple	ADJ
cblr-9110	204	15	etfs	etfs	NOUN
cblr-9110	204	16	.	.	PUNCT
cblr-9110	204	17	”	"	PUNCT
cblr-9110	204	18	)	)	PUNCT
cblr-9110	204	19	.	.	PUNCT
cblr-9110	205	1	no	no	INTJ
cblr-9110	205	2	.	.	NOUN
cblr-9110	206	1	3:1321	3:1321	NUM
cblr-9110	206	2	]	]	X
cblr-9110	206	3	the	the	DET
cblr-9110	206	4	emergence	emergence	NOUN
cblr-9110	206	5	of	of	ADP
cblr-9110	206	6	the	the	DET
cblr-9110	206	7	actively	actively	ADV
cblr-9110	206	8	managed	manage	VERB
cblr-9110	206	9	etf	etf	NOUN
cblr-9110	206	10	1335	1335	NUM
cblr-9110	206	11	history	history	NOUN
cblr-9110	206	12	part	part	NOUN
cblr-9110	206	13	ii	ii	PROPN
cblr-9110	206	14	:	:	PUNCT
cblr-9110	206	15	the	the	DET
cblr-9110	206	16	varied	varied	ADJ
cblr-9110	206	17	age	age	NOUN
cblr-9110	206	18	.	.	PUNCT
cblr-9110	206	19	”	"	PUNCT
cblr-9110	207	1	i	i	PRON
cblr-9110	207	2	do	do	VERB
cblr-9110	207	3	so	so	ADV
cblr-9110	207	4	by	by	ADP
cblr-9110	207	5	first	first	ADV
cblr-9110	207	6	delineating	delineate	VERB
cblr-9110	207	7	the	the	DET
cblr-9110	207	8	former	former	ADJ
cblr-9110	207	9	,	,	PUNCT
cblr-9110	207	10	which	which	PRON
cblr-9110	207	11	began	begin	VERB
cblr-9110	207	12	when	when	SCONJ
cblr-9110	207	13	the	the	DET
cblr-9110	207	14	first	first	ADJ
cblr-9110	207	15	etf	etf	NOUN
cblr-9110	207	16	hit	hit	VERB
cblr-9110	207	17	the	the	DET
cblr-9110	207	18	u.s	u.s	PROPN
cblr-9110	207	19	.	.	PROPN
cblr-9110	207	20	market	market	NOUN
cblr-9110	207	21	in	in	ADP
cblr-9110	207	22	1993.51	1993.51	NUM
cblr-9110	207	23	i	i	PRON
cblr-9110	207	24	then	then	ADV
cblr-9110	207	25	explain	explain	VERB
cblr-9110	207	26	why	why	SCONJ
cblr-9110	207	27	the	the	DET
cblr-9110	207	28	moment	moment	NOUN
cblr-9110	207	29	at	at	ADP
cblr-9110	207	30	which	which	PRON
cblr-9110	207	31	the	the	DET
cblr-9110	207	32	first	first	ADJ
cblr-9110	207	33	nontransparent	nontransparent	ADJ
cblr-9110	207	34	actively	actively	ADV
cblr-9110	207	35	managed	manage	VERB
cblr-9110	207	36	etfs	etfs	PROPN
cblr-9110	207	37	traded	trade	VERB
cblr-9110	207	38	in	in	ADP
cblr-9110	207	39	mid-2020	mid-2020	NOUN
cblr-9110	207	40	is	be	AUX
cblr-9110	207	41	likely	likely	ADJ
cblr-9110	207	42	the	the	DET
cblr-9110	207	43	line	line	NOUN
cblr-9110	207	44	of	of	ADP
cblr-9110	207	45	demarcation	demarcation	NOUN
cblr-9110	207	46	between	between	ADP
cblr-9110	207	47	that	that	DET
cblr-9110	207	48	period	period	NOUN
cblr-9110	207	49	and	and	CCONJ
cblr-9110	207	50	the	the	DET
cblr-9110	207	51	second	second	ADJ
cblr-9110	207	52	one	one	NOUN
cblr-9110	207	53	that	that	PRON
cblr-9110	207	54	is	be	AUX
cblr-9110	207	55	currently	currently	ADV
cblr-9110	207	56	proceeding	proceed	VERB
cblr-9110	207	57	.	.	PUNCT
cblr-9110	208	1	given	give	VERB
cblr-9110	208	2	this	this	DET
cblr-9110	208	3	new	new	ADJ
cblr-9110	208	4	period	period	NOUN
cblr-9110	208	5	and	and	CCONJ
cblr-9110	208	6	the	the	DET
cblr-9110	208	7	extent	extent	NOUN
cblr-9110	208	8	of	of	ADP
cblr-9110	208	9	the	the	DET
cblr-9110	208	10	emergence	emergence	NOUN
cblr-9110	208	11	of	of	ADP
cblr-9110	208	12	the	the	DET
cblr-9110	208	13	actively	actively	ADV
cblr-9110	208	14	managed	manage	VERB
cblr-9110	208	15	etf	etf	NOUN
cblr-9110	208	16	that	that	PRON
cblr-9110	208	17	defines	define	VERB
cblr-9110	208	18	it	it	PRON
cblr-9110	208	19	predicted	predict	VERB
cblr-9110	208	20	below	below	ADV
cblr-9110	208	21	,	,	PUNCT
cblr-9110	208	22	in	in	ADP
cblr-9110	208	23	part	part	NOUN
cblr-9110	208	24	iv	iv	NUM
cblr-9110	208	25	,	,	PUNCT
cblr-9110	208	26	i	i	PRON
cblr-9110	208	27	consider	consider	VERB
cblr-9110	208	28	the	the	DET
cblr-9110	208	29	road	road	NOUN
cblr-9110	208	30	forward	forward	ADV
cblr-9110	208	31	in	in	ADP
cblr-9110	208	32	this	this	DET
cblr-9110	208	33	area	area	NOUN
cblr-9110	208	34	for	for	ADP
cblr-9110	208	35	the	the	DET
cblr-9110	208	36	sec	sec	PROPN
cblr-9110	208	37	and	and	CCONJ
cblr-9110	208	38	key	key	ADJ
cblr-9110	208	39	investment	investment	NOUN
cblr-9110	208	40	intermediaries	intermediary	NOUN
cblr-9110	208	41	.	.	PUNCT
cblr-9110	209	1	a.	a.	NOUN
cblr-9110	209	2	etf	etf	PROPN
cblr-9110	209	3	history	history	NOUN
cblr-9110	209	4	part	part	NOUN
cblr-9110	209	5	i	i	PRON
cblr-9110	209	6	:	:	PUNCT
cblr-9110	209	7	the	the	DET
cblr-9110	209	8	passive	passive	ADJ
cblr-9110	209	9	age	age	NOUN
cblr-9110	209	10	(	(	PUNCT
cblr-9110	209	11	1993	1993	NUM
cblr-9110	209	12	through	through	ADP
cblr-9110	209	13	at	at	ADV
cblr-9110	209	14	least	least	ADJ
cblr-9110	209	15	mid-2020	mid-2020	ADJ
cblr-9110	209	16	)	)	PUNCT
cblr-9110	209	17	over	over	ADP
cblr-9110	209	18	the	the	DET
cblr-9110	209	19	past	past	NOUN
cblr-9110	209	20	almost	almost	ADV
cblr-9110	209	21	thirty	thirty	NUM
cblr-9110	209	22	years	year	NOUN
cblr-9110	209	23	,	,	PUNCT
cblr-9110	209	24	the	the	DET
cblr-9110	209	25	etf	etf	NOUN
cblr-9110	209	26	innovation	innovation	NOUN
cblr-9110	209	27	has	have	AUX
cblr-9110	209	28	introduced	introduce	VERB
cblr-9110	209	29	meaningful	meaningful	ADJ
cblr-9110	209	30	advantages	advantage	NOUN
cblr-9110	209	31	for	for	ADP
cblr-9110	209	32	investors,52	investors,52	NOUN
cblr-9110	209	33	albeit	albeit	SCONJ
cblr-9110	209	34	along	along	ADV
cblr-9110	209	35	with	with	ADP
cblr-9110	209	36	notable	notable	ADJ
cblr-9110	209	37	frictions	friction	NOUN
cblr-9110	209	38	for	for	ADP
cblr-9110	209	39	the	the	DET
cblr-9110	209	40	same.53	same.53	NOUN
cblr-9110	209	41	the	the	DET
cblr-9110	209	42	extent	extent	NOUN
cblr-9110	209	43	to	to	PART
cblr-9110	209	44	which	which	PRON
cblr-9110	209	45	the	the	DET
cblr-9110	209	46	advantages	advantage	NOUN
cblr-9110	209	47	have	have	AUX
cblr-9110	209	48	dominated	dominate	VERB
cblr-9110	209	49	the	the	DET
cblr-9110	209	50	frictions	friction	NOUN
cblr-9110	209	51	—	—	PUNCT
cblr-9110	209	52	as	as	SCONJ
cblr-9110	209	53	evidenced	evidence	VERB
cblr-9110	209	54	by	by	ADP
cblr-9110	209	55	the	the	DET
cblr-9110	209	56	tremendous	tremendous	ADJ
cblr-9110	209	57	growth	growth	NOUN
cblr-9110	209	58	in	in	ADP
cblr-9110	209	59	popularity	popularity	NOUN
cblr-9110	209	60	in	in	ADP
cblr-9110	209	61	etf	etf	NOUN
cblr-9110	209	62	investing	investing	NOUN
cblr-9110	209	63	—	—	PUNCT
cblr-9110	209	64	is	be	AUX
cblr-9110	209	65	perhaps	perhaps	ADV
cblr-9110	209	66	one	one	NUM
cblr-9110	209	67	of	of	ADP
cblr-9110	209	68	the	the	DET
cblr-9110	209	69	more	more	ADV
cblr-9110	209	70	remarkable	remarkable	ADJ
cblr-9110	209	71	stories	story	NOUN
cblr-9110	209	72	of	of	ADP
cblr-9110	209	73	finance	finance	NOUN
cblr-9110	209	74	from	from	ADP
cblr-9110	209	75	the	the	DET
cblr-9110	209	76	past	past	ADJ
cblr-9110	209	77	thirty	thirty	NUM
cblr-9110	209	78	years	year	NOUN
cblr-9110	209	79	.	.	PUNCT
cblr-9110	210	1	in	in	ADP
cblr-9110	210	2	that	that	DET
cblr-9110	210	3	period	period	NOUN
cblr-9110	210	4	,	,	PUNCT
cblr-9110	210	5	investment	investment	NOUN
cblr-9110	210	6	via	via	ADP
cblr-9110	210	7	etf	etf	NOUN
cblr-9110	210	8	became	become	VERB
cblr-9110	210	9	one	one	NUM
cblr-9110	210	10	of	of	ADP
cblr-9110	210	11	the	the	DET
cblr-9110	210	12	most	most	ADV
cblr-9110	210	13	prominent	prominent	ADJ
cblr-9110	210	14	features	feature	NOUN
cblr-9110	210	15	of	of	ADP
cblr-9110	210	16	u.s	u.s	PROPN
cblr-9110	210	17	.	.	PROPN
cblr-9110	210	18	securities	security	NOUN
cblr-9110	210	19	markets	market	NOUN
cblr-9110	210	20	.	.	PUNCT
cblr-9110	211	1	by	by	ADP
cblr-9110	211	2	the	the	DET
cblr-9110	211	3	close	close	NOUN
cblr-9110	211	4	of	of	ADP
cblr-9110	211	5	2020	2020	NUM
cblr-9110	211	6	,	,	PUNCT
cblr-9110	211	7	u.s	u.s	PROPN
cblr-9110	211	8	.	.	PROPN
cblr-9110	211	9	etfs	etfs	PROPN
cblr-9110	211	10	had	have	AUX
cblr-9110	211	11	hit	hit	VERB
cblr-9110	211	12	new	new	ADJ
cblr-9110	211	13	highs	high	NOUN
cblr-9110	211	14	in	in	ADP
cblr-9110	211	15	size	size	NOUN
cblr-9110	211	16	—	—	PUNCT
cblr-9110	211	17	with	with	ADP
cblr-9110	211	18	over	over	ADP
cblr-9110	211	19	$	$	SYM
cblr-9110	211	20	5.4	5.4	NUM
cblr-9110	211	21	trillion	trillion	NUM
cblr-9110	211	22	in	in	ADP
cblr-9110	211	23	assets	asset	NOUN
cblr-9110	211	24	under	under	ADP
cblr-9110	211	25	management54	management54	NOUN
cblr-9110	211	26	and	and	CCONJ
cblr-9110	211	27	around	around	ADP
cblr-9110	211	28	nine	nine	NUM
cblr-9110	211	29	percent	percent	NOUN
cblr-9110	211	30	of	of	ADP
cblr-9110	211	31	u.s	u.s	PROPN
cblr-9110	211	32	.	.	PROPN
cblr-9110	211	33	households	household	NOUN
cblr-9110	211	34	51	51	NUM
cblr-9110	211	35	see	see	NOUN
cblr-9110	211	36	,	,	PUNCT
cblr-9110	211	37	e.g.	e.g.	ADV
cblr-9110	211	38	,	,	PUNCT
cblr-9110	211	39	actively	actively	ADV
cblr-9110	211	40	managed	manage	VERB
cblr-9110	211	41	exchange	exchange	NOUN
cblr-9110	211	42	-	-	PUNCT
cblr-9110	211	43	traded	trade	VERB
cblr-9110	211	44	funds	fund	NOUN
cblr-9110	211	45	,	,	PUNCT
cblr-9110	211	46	no	no	INTJ
cblr-9110	211	47	.	.	PUNCT
cblr-9110	212	1	investment	investment	NOUN
cblr-9110	212	2	company	company	NOUN
cblr-9110	212	3	act	act	AUX
cblr-9110	212	4	release	release	VERB
cblr-9110	212	5	no	no	PRON
cblr-9110	212	6	.	.	NOUN
cblr-9110	212	7	25,258	25,258	NUM
cblr-9110	212	8	,	,	PUNCT
cblr-9110	212	9	66	66	NUM
cblr-9110	212	10	fed	feed	VERB
cblr-9110	212	11	.	.	PUNCT
cblr-9110	213	1	reg	reg	PROPN
cblr-9110	213	2	.	.	PROPN
cblr-9110	214	1	57,614	57,614	NUM
cblr-9110	214	2	,	,	PUNCT
cblr-9110	214	3	57,615	57,615	NUM
cblr-9110	214	4	(	(	PUNCT
cblr-9110	214	5	noting	note	VERB
cblr-9110	214	6	the	the	DET
cblr-9110	214	7	debut	debut	NOUN
cblr-9110	214	8	of	of	ADP
cblr-9110	214	9	the	the	DET
cblr-9110	214	10	first	first	ADJ
cblr-9110	214	11	etf	etf	NOUN
cblr-9110	214	12	)	)	PUNCT
cblr-9110	214	13	.	.	PUNCT
cblr-9110	215	1	52	52	NUM
cblr-9110	215	2	supra	supra	PROPN
cblr-9110	215	3	sections	section	NOUN
cblr-9110	215	4	ii.a	ii.a	PROPN
cblr-9110	215	5	–	–	PUNCT
cblr-9110	215	6	b.	b.	PROPN
cblr-9110	215	7	53	53	NUM
cblr-9110	215	8	supra	supra	PROPN
cblr-9110	215	9	section	section	NOUN
cblr-9110	215	10	ii.c	ii.c	VERB
cblr-9110	215	11	.	.	PUNCT
cblr-9110	216	1	54	54	NUM
cblr-9110	216	2	e.g.	e.g.	ADV
cblr-9110	216	3	,	,	PUNCT
cblr-9110	216	4	inv	inv	PROPN
cblr-9110	216	5	.	.	PUNCT
cblr-9110	216	6	co.	co.	PROPN
cblr-9110	216	7	inst	inst	PROPN
cblr-9110	216	8	.	.	PROPN
cblr-9110	216	9	,	,	PUNCT
cblr-9110	216	10	supra	supra	PROPN
cblr-9110	216	11	note	note	NOUN
cblr-9110	216	12	4	4	NUM
cblr-9110	216	13	,	,	PUNCT
cblr-9110	216	14	at	at	ADP
cblr-9110	216	15	97	97	NUM
cblr-9110	216	16	(	(	PUNCT
cblr-9110	216	17	“	"	PUNCT
cblr-9110	216	18	at	at	ADP
cblr-9110	216	19	year	year	NOUN
cblr-9110	216	20	-	-	PUNCT
cblr-9110	216	21	end	end	NOUN
cblr-9110	216	22	2020	2020	NUM
cblr-9110	216	23	,	,	PUNCT
cblr-9110	216	24	the	the	DET
cblr-9110	216	25	us	us	PROPN
cblr-9110	216	26	etf	etf	NOUN
cblr-9110	216	27	market	market	NOUN
cblr-9110	216	28	—	—	PUNCT
cblr-9110	216	29	with	with	ADP
cblr-9110	216	30	2,204	2,204	NUM
cblr-9110	216	31	funds	fund	NOUN
cblr-9110	216	32	and	and	CCONJ
cblr-9110	216	33	$	$	SYM
cblr-9110	216	34	5.4	5.4	NUM
cblr-9110	216	35	trillion	trillion	NUM
cblr-9110	216	36	in	in	ADP
cblr-9110	216	37	total	total	ADJ
cblr-9110	216	38	net	net	ADJ
cblr-9110	216	39	assets	asset	NOUN
cblr-9110	216	40	—	—	PUNCT
cblr-9110	216	41	remained	remain	VERB
cblr-9110	216	42	the	the	DET
cblr-9110	216	43	largest	large	ADJ
cblr-9110	216	44	in	in	ADP
cblr-9110	216	45	the	the	DET
cblr-9110	216	46	world	world	NOUN
cblr-9110	216	47	[	[	X
cblr-9110	216	48	.	.	X
cblr-9110	216	49	]	]	X
cblr-9110	216	50	”	"	PUNCT
cblr-9110	216	51	)	)	PUNCT
cblr-9110	216	52	;	;	PUNCT
cblr-9110	216	53	simon	simon	PROPN
cblr-9110	216	54	smith	smith	PROPN
cblr-9110	216	55	,	,	PUNCT
cblr-9110	216	56	sec	sec	PROPN
cblr-9110	216	57	grants	grant	NOUN
cblr-9110	216	58	preliminary	preliminary	ADJ
cblr-9110	216	59	approval	approval	NOUN
cblr-9110	216	60	for	for	ADP
cblr-9110	216	61	semi	semi	ADJ
cblr-9110	216	62	-	-	ADJ
cblr-9110	216	63	transparent	transparent	ADJ
cblr-9110	216	64	active	active	ADJ
cblr-9110	216	65	etfs	etfs	NOUN
cblr-9110	216	66	,	,	PUNCT
cblr-9110	216	67	etf	etf	NOUN
cblr-9110	216	68	strategy	strategy	NOUN
cblr-9110	216	69	(	(	PUNCT
cblr-9110	216	70	nov	nov	PROPN
cblr-9110	216	71	.	.	PROPN
cblr-9110	216	72	15	15	NUM
cblr-9110	216	73	,	,	PUNCT
cblr-9110	216	74	2019	2019	NUM
cblr-9110	216	75	)	)	PUNCT
cblr-9110	216	76	,	,	PUNCT
cblr-9110	216	77	https://www.etfstrategy.com/sec-grants-preliminaryapproval-for-semi-transparent-active-etfs-t-rowe-price-fidelity-natixisblue-tractor-39504/	https://www.etfstrategy.com/sec-grants-preliminaryapproval-for-semi-transparent-active-etfs-t-rowe-price-fidelity-natixisblue-tractor-39504/	X
cblr-9110	217	1	[	[	X
cblr-9110	217	2	https://perma.cc/jfx7-gb32	https://perma.cc/jfx7-gb32	X
cblr-9110	217	3	]	]	X
cblr-9110	217	4	(	(	PUNCT
cblr-9110	217	5	“	"	PUNCT
cblr-9110	217	6	etfs	etfs	PROPN
cblr-9110	217	7	have	have	AUX
cblr-9110	217	8	become	become	VERB
cblr-9110	217	9	a	a	DET
cblr-9110	217	10	$	$	SYM
cblr-9110	217	11	5	5	NUM
cblr-9110	217	12	trillion	trillion	NUM
cblr-9110	217	13	-	-	PUNCT
cblr-9110	217	14	plus	plus	CCONJ
cblr-9110	217	15	market	market	NOUN
cblr-9110	217	16	in	in	ADP
cblr-9110	217	17	recent	recent	ADJ
cblr-9110	217	18	years	year	NOUN
cblr-9110	217	19	with	with	ADP
cblr-9110	217	20	investors	investor	NOUN
cblr-9110	217	21	drawn	draw	VERB
cblr-9110	217	22	to	to	ADP
cblr-9110	217	23	their	their	PRON
cblr-9110	217	24	tax	tax	NOUN
cblr-9110	217	25	efficiency	efficiency	NOUN
cblr-9110	217	26	,	,	PUNCT
cblr-9110	217	27	low	low	ADJ
cblr-9110	217	28	-	-	PUNCT
cblr-9110	217	29	cost	cost	NOUN
cblr-9110	217	30	structure	structure	NOUN
cblr-9110	217	31	,	,	PUNCT
cblr-9110	217	32	and	and	CCONJ
cblr-9110	217	33	convenience	convenience	NOUN
cblr-9110	217	34	.	.	PUNCT
cblr-9110	217	35	”	"	PUNCT
cblr-9110	217	36	)	)	PUNCT
cblr-9110	217	37	;	;	PUNCT
cblr-9110	217	38	see	see	VERB
cblr-9110	217	39	also	also	ADV
cblr-9110	217	40	hu	hu	PROPN
cblr-9110	217	41	&	&	CCONJ
cblr-9110	217	42	morley	morley	PROPN
cblr-9110	217	43	,	,	PUNCT
cblr-9110	217	44	supra	supra	PROPN
cblr-9110	217	45	note	note	PROPN
cblr-9110	217	46	1	1	NUM
cblr-9110	217	47	,	,	PUNCT
cblr-9110	217	48	at	at	ADP
cblr-9110	217	49	842	842	NUM
cblr-9110	217	50	(	(	PUNCT
cblr-9110	217	51	“	"	PUNCT
cblr-9110	217	52	the	the	DET
cblr-9110	217	53	etf	etf	NOUN
cblr-9110	217	54	.	.	PUNCT
cblr-9110	217	55	.	.	PUNCT
cblr-9110	217	56	.	.	PUNCT
cblr-9110	218	1	now	now	ADV
cblr-9110	218	2	stands	stand	VERB
cblr-9110	218	3	alongside	alongside	ADP
cblr-9110	218	4	shares	share	NOUN
cblr-9110	218	5	of	of	ADP
cblr-9110	218	6	individual	individual	ADJ
cblr-9110	218	7	1336	1336	NUM
cblr-9110	218	8	columbia	columbia	PROPN
cblr-9110	218	9	business	business	PROPN
cblr-9110	218	10	law	law	PROPN
cblr-9110	218	11	review	review	NOUN
cblr-9110	218	12	[	[	X
cblr-9110	218	13	vol	vol	NOUN
cblr-9110	218	14	.	.	PUNCT
cblr-9110	218	15	2021	2021	NUM
cblr-9110	218	16	holding	hold	VERB
cblr-9110	218	17	etfs.55	etfs.55	NOUN
cblr-9110	218	18	moreover	moreover	ADV
cblr-9110	218	19	,	,	PUNCT
cblr-9110	218	20	that	that	DET
cblr-9110	218	21	number	number	NOUN
cblr-9110	218	22	has	have	AUX
cblr-9110	218	23	seen	see	VERB
cblr-9110	218	24	noticeable	noticeable	ADJ
cblr-9110	218	25	growth	growth	NOUN
cblr-9110	218	26	in	in	ADP
cblr-9110	218	27	recent	recent	ADJ
cblr-9110	218	28	years.56	years.56	NOUN
cblr-9110	218	29	through	through	ADP
cblr-9110	218	30	at	at	ADP
cblr-9110	218	31	least	least	ADJ
cblr-9110	218	32	the	the	DET
cblr-9110	218	33	end	end	NOUN
cblr-9110	218	34	of	of	ADP
cblr-9110	218	35	2020	2020	NUM
cblr-9110	218	36	,	,	PUNCT
cblr-9110	218	37	this	this	DET
cblr-9110	218	38	triumph	triumph	NOUN
cblr-9110	218	39	of	of	ADP
cblr-9110	218	40	the	the	DET
cblr-9110	218	41	etf	etf	NOUN
cblr-9110	218	42	has	have	AUX
cblr-9110	218	43	been	be	AUX
cblr-9110	218	44	almost	almost	ADV
cblr-9110	218	45	completely	completely	ADV
cblr-9110	218	46	limited	limit	VERB
cblr-9110	218	47	to	to	ADP
cblr-9110	218	48	passive	passive	ADJ
cblr-9110	218	49	,	,	PUNCT
cblr-9110	218	50	index	index	NOUN
cblr-9110	218	51	-	-	PUNCT
cblr-9110	218	52	based	base	VERB
cblr-9110	218	53	etfs.57	etfs.57	NOUN
cblr-9110	218	54	this	this	PRON
cblr-9110	218	55	is	be	AUX
cblr-9110	218	56	mainly	mainly	ADV
cblr-9110	218	57	because	because	SCONJ
cblr-9110	218	58	the	the	DET
cblr-9110	218	59	robustness	robustness	NOUN
cblr-9110	218	60	of	of	ADP
cblr-9110	218	61	the	the	DET
cblr-9110	218	62	central	central	ADJ
cblr-9110	218	63	innovation	innovation	NOUN
cblr-9110	218	64	of	of	ADP
cblr-9110	218	65	the	the	DET
cblr-9110	218	66	etf	etf	NOUN
cblr-9110	218	67	form	form	NOUN
cblr-9110	218	68	—	—	PUNCT
cblr-9110	218	69	found	find	VERB
cblr-9110	218	70	in	in	ADP
cblr-9110	218	71	its	its	PRON
cblr-9110	218	72	arbitrage	arbitrage	NOUN
cblr-9110	218	73	mechanism	mechanism	NOUN
cblr-9110	218	74	that	that	PRON
cblr-9110	218	75	helps	help	VERB
cblr-9110	218	76	reduce	reduce	VERB
cblr-9110	218	77	tracking	tracking	NOUN
cblr-9110	218	78	spreads58	spreads58	NOUN
cblr-9110	218	79	—	—	PUNCT
cblr-9110	218	80	turns	turn	VERB
cblr-9110	218	81	on	on	ADP
cblr-9110	218	82	transparency	transparency	NOUN
cblr-9110	218	83	into	into	ADP
cblr-9110	218	84	funds	fund	NOUN
cblr-9110	218	85	’	'	PUNCT
cblr-9110	218	86	holdings.59	holdings.59	PROPN
cblr-9110	218	87	traditionally	traditionally	ADV
cblr-9110	218	88	,	,	PUNCT
cblr-9110	218	89	the	the	DET
cblr-9110	218	90	sec	sec	PROPN
cblr-9110	218	91	therefore	therefore	ADV
cblr-9110	218	92	provided	provide	VERB
cblr-9110	218	93	the	the	DET
cblr-9110	218	94	necessary	necessary	ADJ
cblr-9110	218	95	exemptions	exemption	NOUN
cblr-9110	218	96	that	that	PRON
cblr-9110	218	97	funds	fund	NOUN
cblr-9110	218	98	must	must	AUX
cblr-9110	218	99	companies	company	NOUN
cblr-9110	218	100	,	,	PUNCT
cblr-9110	218	101	mutual	mutual	ADJ
cblr-9110	218	102	funds	fund	NOUN
cblr-9110	218	103	,	,	PUNCT
cblr-9110	218	104	and	and	CCONJ
cblr-9110	218	105	hedge	hedge	NOUN
cblr-9110	218	106	funds	fund	NOUN
cblr-9110	218	107	as	as	ADP
cblr-9110	218	108	one	one	NUM
cblr-9110	218	109	of	of	ADP
cblr-9110	218	110	the	the	DET
cblr-9110	218	111	most	most	ADV
cblr-9110	218	112	important	important	ADJ
cblr-9110	218	113	investments	investment	NOUN
cblr-9110	218	114	in	in	ADP
cblr-9110	218	115	the	the	DET
cblr-9110	218	116	world	world	NOUN
cblr-9110	218	117	.	.	PUNCT
cblr-9110	218	118	”	"	PUNCT
cblr-9110	218	119	)	)	PUNCT
cblr-9110	218	120	.	.	PUNCT
cblr-9110	219	1	55	55	NUM
cblr-9110	219	2	inv	inv	NOUN
cblr-9110	219	3	.	.	PUNCT
cblr-9110	219	4	co.	co.	PROPN
cblr-9110	219	5	inst	inst	PROPN
cblr-9110	219	6	.	.	PROPN
cblr-9110	219	7	,	,	PUNCT
cblr-9110	219	8	supra	supra	PROPN
cblr-9110	219	9	note	note	NOUN
cblr-9110	219	10	4	4	NUM
cblr-9110	219	11	,	,	PUNCT
cblr-9110	219	12	at	at	ADP
cblr-9110	219	13	113	113	NUM
cblr-9110	219	14	.	.	PUNCT
cblr-9110	220	1	56	56	NUM
cblr-9110	220	2	i	i	PRON
cblr-9110	220	3	d.	d.	NOUN
cblr-9110	220	4	at	at	ADP
cblr-9110	220	5	109	109	NUM
cblr-9110	220	6	(	(	PUNCT
cblr-9110	220	7	“	"	PUNCT
cblr-9110	220	8	for	for	ADP
cblr-9110	220	9	2020	2020	NUM
cblr-9110	220	10	as	as	ADP
cblr-9110	220	11	a	a	DET
cblr-9110	220	12	whole	whole	NOUN
cblr-9110	220	13	,	,	PUNCT
cblr-9110	220	14	net	net	ADJ
cblr-9110	220	15	share	share	NOUN
cblr-9110	220	16	issuance	issuance	NOUN
cblr-9110	220	17	of	of	ADP
cblr-9110	220	18	etf	etf	NOUN
cblr-9110	220	19	shares	share	NOUN
cblr-9110	220	20	(	(	PUNCT
cblr-9110	220	21	including	include	VERB
cblr-9110	220	22	reinvested	reinveste	VERB
cblr-9110	220	23	dividends	dividend	NOUN
cblr-9110	220	24	)	)	PUNCT
cblr-9110	220	25	surged	surge	VERB
cblr-9110	220	26	to	to	ADP
cblr-9110	220	27	a	a	DET
cblr-9110	220	28	record	record	NOUN
cblr-9110	220	29	$	$	SYM
cblr-9110	220	30	501	501	NUM
cblr-9110	220	31	billion	billion	NUM
cblr-9110	220	32	,	,	PUNCT
cblr-9110	220	33	up	up	ADV
cblr-9110	220	34	from	from	ADP
cblr-9110	220	35	2019	2019	NUM
cblr-9110	220	36	’s	’s	PART
cblr-9110	220	37	robust	robust	ADJ
cblr-9110	220	38	$	$	SYM
cblr-9110	220	39	323	323	NUM
cblr-9110	220	40	billion	billion	NUM
cblr-9110	220	41	[	[	NOUN
cblr-9110	220	42	.	.	PUNCT
cblr-9110	220	43	]	]	X
cblr-9110	220	44	”	"	PUNCT
cblr-9110	220	45	(	(	PUNCT
cblr-9110	220	46	citation	citation	NOUN
cblr-9110	220	47	omitted	omit	VERB
cblr-9110	220	48	)	)	PUNCT
cblr-9110	220	49	)	)	PUNCT
cblr-9110	220	50	.	.	PUNCT
cblr-9110	221	1	57	57	NUM
cblr-9110	221	2	e.g.	e.g.	ADV
cblr-9110	221	3	,	,	PUNCT
cblr-9110	221	4	i	i	PRON
cblr-9110	221	5	d.	d.	PROPN
cblr-9110	221	6	at	at	ADP
cblr-9110	221	7	94	94	NUM
cblr-9110	221	8	(	(	PUNCT
cblr-9110	221	9	noting	note	VERB
cblr-9110	221	10	that	that	SCONJ
cblr-9110	221	11	of	of	ADP
cblr-9110	221	12	the	the	DET
cblr-9110	221	13	$	$	SYM
cblr-9110	221	14	5.4	5.4	NUM
cblr-9110	221	15	trillion	trillion	NUM
cblr-9110	221	16	in	in	ADP
cblr-9110	221	17	total	total	ADJ
cblr-9110	221	18	net	net	ADJ
cblr-9110	221	19	assets	asset	NOUN
cblr-9110	221	20	held	hold	VERB
cblr-9110	221	21	by	by	ADP
cblr-9110	221	22	etfs	etfs	PROPN
cblr-9110	221	23	registered	register	VERB
cblr-9110	221	24	as	as	ADP
cblr-9110	221	25	investment	investment	NOUN
cblr-9110	221	26	companies	company	NOUN
cblr-9110	221	27	at	at	ADP
cblr-9110	221	28	the	the	DET
cblr-9110	221	29	close	close	NOUN
cblr-9110	221	30	of	of	ADP
cblr-9110	221	31	2020	2020	NUM
cblr-9110	221	32	,	,	PUNCT
cblr-9110	221	33	$	$	SYM
cblr-9110	221	34	5.1	5.1	NUM
cblr-9110	221	35	trillion	trillion	NUM
cblr-9110	221	36	was	be	AUX
cblr-9110	221	37	held	hold	VERB
cblr-9110	221	38	by	by	ADP
cblr-9110	221	39	index	index	NOUN
cblr-9110	221	40	-	-	PUNCT
cblr-9110	221	41	based	base	VERB
cblr-9110	221	42	etfs	etfs	NOUN
cblr-9110	221	43	)	)	PUNCT
cblr-9110	221	44	;	;	PUNCT
cblr-9110	221	45	smith	smith	PROPN
cblr-9110	221	46	,	,	PUNCT
cblr-9110	221	47	supra	supra	PROPN
cblr-9110	221	48	note	note	PROPN
cblr-9110	221	49	54	54	NUM
cblr-9110	221	50	(	(	PUNCT
cblr-9110	221	51	“	"	PUNCT
cblr-9110	221	52	[	[	X
cblr-9110	221	53	t]he	t]he	ADV
cblr-9110	221	54	overwhelming	overwhelming	ADJ
cblr-9110	221	55	majority	majority	NOUN
cblr-9110	221	56	of	of	ADP
cblr-9110	221	57	etfs	etfs	PROPN
cblr-9110	221	58	are	be	AUX
cblr-9110	221	59	based	base	VERB
cblr-9110	221	60	on	on	ADP
cblr-9110	221	61	passive	passive	ADJ
cblr-9110	221	62	strategies	strategy	NOUN
cblr-9110	221	63	.	.	PUNCT
cblr-9110	221	64	”	"	PUNCT
cblr-9110	221	65	)	)	PUNCT
cblr-9110	221	66	.	.	PUNCT
cblr-9110	222	1	notably	notably	ADV
cblr-9110	222	2	,	,	PUNCT
cblr-9110	222	3	these	these	DET
cblr-9110	222	4	numbers	number	NOUN
cblr-9110	222	5	include	include	VERB
cblr-9110	222	6	recent	recent	ADJ
cblr-9110	222	7	inflows	inflow	NOUN
cblr-9110	222	8	into	into	ADP
cblr-9110	222	9	actively	actively	ADV
cblr-9110	222	10	managed	manage	VERB
cblr-9110	222	11	etfs	etfs	PROPN
cblr-9110	222	12	that	that	PRON
cblr-9110	222	13	followed	follow	VERB
cblr-9110	222	14	the	the	DET
cblr-9110	222	15	developments	development	NOUN
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cblr-9110	222	17	in	in	ADP
cblr-9110	222	18	section	section	NOUN
cblr-9110	222	19	iii.b	iii.b	PROPN
cblr-9110	222	20	,	,	PUNCT
cblr-9110	222	21	infra	infra	NOUN
cblr-9110	222	22	.	.	PUNCT
cblr-9110	223	1	before	before	ADP
cblr-9110	223	2	those	those	DET
cblr-9110	223	3	developments	development	NOUN
cblr-9110	223	4	,	,	PUNCT
cblr-9110	223	5	actively	actively	ADV
cblr-9110	223	6	managed	manage	VERB
cblr-9110	223	7	etfs	etfs	PROPN
cblr-9110	223	8	had	have	AUX
cblr-9110	223	9	garnered	garner	VERB
cblr-9110	223	10	an	an	DET
cblr-9110	223	11	even	even	ADV
cblr-9110	223	12	smaller	small	ADJ
cblr-9110	223	13	portion	portion	NOUN
cblr-9110	223	14	of	of	ADP
cblr-9110	223	15	etf	etf	NOUN
cblr-9110	223	16	investment	investment	NOUN
cblr-9110	223	17	.	.	PUNCT
cblr-9110	224	1	see	see	VERB
cblr-9110	224	2	nate	nate	PROPN
cblr-9110	224	3	geraci	geraci	PROPN
cblr-9110	224	4	,	,	PUNCT
cblr-9110	224	5	can	can	AUX
cblr-9110	224	6	nontransparent	nontransparent	ADJ
cblr-9110	224	7	etfs	etfs	PROPN
cblr-9110	224	8	save	save	VERB
cblr-9110	224	9	active	active	ADJ
cblr-9110	224	10	mgmt	mgmt	NOUN
cblr-9110	224	11	?	?	PROPN
cblr-9110	224	12	,	,	PUNCT
cblr-9110	224	13	etf	etf	NOUN
cblr-9110	224	14	(	(	PUNCT
cblr-9110	224	15	june	june	PROPN
cblr-9110	224	16	13	13	NUM
cblr-9110	224	17	,	,	PUNCT
cblr-9110	224	18	2019	2019	NUM
cblr-9110	224	19	)	)	PUNCT
cblr-9110	224	20	,	,	PUNCT
cblr-9110	224	21	https://www.etf.com/sections/etfstrategist-corner/can-nontransparent-etfs-save-active-mgmt	https://www.etf.com/sections/etfstrategist-corner/can-nontransparent-etfs-save-active-mgmt	PUNCT
cblr-9110	225	1	[	[	X
cblr-9110	225	2	https://perma.cc/6qnn-tsyb	https://perma.cc/6qnn-tsyb	X
cblr-9110	225	3	]	]	X
cblr-9110	225	4	(	(	PUNCT
cblr-9110	225	5	“	"	PUNCT
cblr-9110	225	6	[	[	X
cblr-9110	225	7	t]ransparent	t]ransparent	NUM
cblr-9110	225	8	actively	actively	ADV
cblr-9110	225	9	managed	manage	VERB
cblr-9110	225	10	etfs	etfs	PROPN
cblr-9110	225	11	are	be	AUX
cblr-9110	225	12	only	only	ADV
cblr-9110	225	13	a	a	DET
cblr-9110	225	14	sliver	sliver	NOUN
cblr-9110	225	15	of	of	ADP
cblr-9110	225	16	the	the	DET
cblr-9110	225	17	nearly	nearly	ADV
cblr-9110	225	18	$	$	SYM
cblr-9110	225	19	4	4	NUM
cblr-9110	225	20	trillion	trillion	NUM
cblr-9110	225	21	etf	etf	NOUN
cblr-9110	225	22	market	market	NOUN
cblr-9110	225	23	—	—	PUNCT
cblr-9110	225	24	less	less	ADJ
cblr-9110	225	25	than	than	ADP
cblr-9110	225	26	1	1	NUM
cblr-9110	225	27	%	%	NOUN
cblr-9110	225	28	(	(	PUNCT
cblr-9110	225	29	about	about	ADV
cblr-9110	225	30	$	$	SYM
cblr-9110	225	31	12	12	NUM
cblr-9110	225	32	billion	billion	NUM
cblr-9110	225	33	in	in	ADP
cblr-9110	225	34	assets	asset	NOUN
cblr-9110	225	35	)	)	PUNCT
cblr-9110	225	36	.	.	PUNCT
cblr-9110	225	37	”	"	PUNCT
cblr-9110	225	38	)	)	PUNCT
cblr-9110	225	39	.	.	PUNCT
cblr-9110	226	1	58	58	NUM
cblr-9110	226	2	see	see	VERB
cblr-9110	226	3	supra	supra	PROPN
cblr-9110	226	4	note	note	NOUN
cblr-9110	226	5	1	1	NUM
cblr-9110	226	6	and	and	CCONJ
cblr-9110	226	7	accompanying	accompany	VERB
cblr-9110	226	8	text	text	NOUN
cblr-9110	226	9	;	;	PUNCT
cblr-9110	226	10	section	section	NOUN
cblr-9110	226	11	ii.a	ii.a	PROPN
cblr-9110	226	12	.	.	PROPN
cblr-9110	227	1	59	59	NUM
cblr-9110	227	2	see	see	VERB
cblr-9110	227	3	,	,	PUNCT
cblr-9110	227	4	e.g.	e.g.	ADV
cblr-9110	227	5	,	,	PUNCT
cblr-9110	227	6	supra	supra	ADJ
cblr-9110	227	7	section	section	PROPN
cblr-9110	227	8	ii.a	ii.a	PROPN
cblr-9110	227	9	;	;	PUNCT
cblr-9110	227	10	see	see	VERB
cblr-9110	227	11	also	also	ADV
cblr-9110	227	12	smith	smith	PROPN
cblr-9110	227	13	,	,	PUNCT
cblr-9110	227	14	supra	supra	PROPN
cblr-9110	227	15	note	note	PROPN
cblr-9110	227	16	54	54	NUM
cblr-9110	227	17	(	(	PUNCT
cblr-9110	227	18	“	"	PUNCT
cblr-9110	227	19	[	[	X
cblr-9110	227	20	d]ue	d]ue	X
cblr-9110	227	21	to	to	ADP
cblr-9110	227	22	regulatory	regulatory	ADJ
cblr-9110	227	23	requirements	requirement	NOUN
cblr-9110	227	24	for	for	ADP
cblr-9110	227	25	daily	daily	ADJ
cblr-9110	227	26	portfolio	portfolio	NOUN
cblr-9110	227	27	transparency	transparency	NOUN
cblr-9110	227	28	,	,	PUNCT
cblr-9110	227	29	the	the	DET
cblr-9110	227	30	overwhelming	overwhelming	ADJ
cblr-9110	227	31	majority	majority	NOUN
cblr-9110	227	32	of	of	ADP
cblr-9110	227	33	etfs	etfs	PROPN
cblr-9110	227	34	are	be	AUX
cblr-9110	227	35	based	base	VERB
cblr-9110	227	36	on	on	ADP
cblr-9110	227	37	passive	passive	ADJ
cblr-9110	227	38	strategies	strategy	NOUN
cblr-9110	227	39	.	.	PUNCT
cblr-9110	227	40	”	"	PUNCT
cblr-9110	227	41	)	)	PUNCT
cblr-9110	227	42	.	.	PUNCT
cblr-9110	228	1	no	no	INTJ
cblr-9110	228	2	.	.	NOUN
cblr-9110	229	1	3:1321	3:1321	NUM
cblr-9110	229	2	]	]	X
cblr-9110	229	3	the	the	DET
cblr-9110	229	4	emergence	emergence	NOUN
cblr-9110	229	5	of	of	ADP
cblr-9110	229	6	the	the	DET
cblr-9110	229	7	actively	actively	ADV
cblr-9110	229	8	managed	manage	VERB
cblr-9110	229	9	etf	etf	NOUN
cblr-9110	229	10	1337	1337	NUM
cblr-9110	229	11	receive	receive	VERB
cblr-9110	229	12	to	to	PART
cblr-9110	229	13	issue	issue	VERB
cblr-9110	229	14	etfs60	etfs60	NOUN
cblr-9110	229	15	only	only	ADV
cblr-9110	229	16	if	if	SCONJ
cblr-9110	229	17	fund	fund	NOUN
cblr-9110	229	18	sponsors	sponsor	NOUN
cblr-9110	229	19	agreed	agree	VERB
cblr-9110	229	20	to	to	PART
cblr-9110	229	21	disclose	disclose	VERB
cblr-9110	229	22	their	their	PRON
cblr-9110	229	23	portfolio	portfolio	NOUN
cblr-9110	229	24	holdings	holding	NOUN
cblr-9110	229	25	on	on	ADP
cblr-9110	229	26	a	a	DET
cblr-9110	229	27	daily	daily	ADJ
cblr-9110	229	28	basis.61	basis.61	NOUN
cblr-9110	229	29	the	the	DET
cblr-9110	229	30	sec	sec	PROPN
cblr-9110	229	31	’s	’s	PART
cblr-9110	229	32	concern	concern	NOUN
cblr-9110	229	33	about	about	ADP
cblr-9110	229	34	the	the	DET
cblr-9110	229	35	extent	extent	NOUN
cblr-9110	229	36	to	to	PART
cblr-9110	229	37	which	which	PRON
cblr-9110	229	38	etf	etf	NOUN
cblr-9110	229	39	share	share	NOUN
cblr-9110	229	40	prices	price	NOUN
cblr-9110	229	41	track	track	VERB
cblr-9110	229	42	their	their	PRON
cblr-9110	229	43	nav	nav	NOUN
cblr-9110	229	44	without	without	ADP
cblr-9110	229	45	such	such	ADJ
cblr-9110	229	46	disclosure	disclosure	NOUN
cblr-9110	229	47	is	be	AUX
cblr-9110	229	48	understandable.62	understandable.62	ADJ
cblr-9110	229	49	but	but	CCONJ
cblr-9110	229	50	generally	generally	ADV
cblr-9110	229	51	speaking	speak	VERB
cblr-9110	229	52	,	,	PUNCT
cblr-9110	229	53	that	that	DET
cblr-9110	229	54	level	level	NOUN
cblr-9110	229	55	of	of	ADP
cblr-9110	229	56	transparency	transparency	NOUN
cblr-9110	229	57	does	do	AUX
cblr-9110	229	58	not	not	PART
cblr-9110	229	59	work	work	VERB
cblr-9110	229	60	for	for	ADP
cblr-9110	229	61	actively	actively	ADV
cblr-9110	229	62	managed	manage	VERB
cblr-9110	229	63	funds	fund	NOUN
cblr-9110	229	64	and	and	CCONJ
cblr-9110	229	65	their	their	PRON
cblr-9110	229	66	managers	manager	NOUN
cblr-9110	229	67	because	because	SCONJ
cblr-9110	229	68	it	it	PRON
cblr-9110	229	69	would	would	AUX
cblr-9110	229	70	require	require	VERB
cblr-9110	229	71	them	they	PRON
cblr-9110	229	72	to	to	PART
cblr-9110	229	73	share	share	VERB
cblr-9110	229	74	their	their	PRON
cblr-9110	229	75	“	"	PUNCT
cblr-9110	229	76	secret	secret	ADJ
cblr-9110	229	77	sauce	sauce	NOUN
cblr-9110	229	78	.	.	PUNCT
cblr-9110	230	1	”63	”63	NOUN
cblr-9110	231	1	this	this	DET
cblr-9110	231	2	level	level	NOUN
cblr-9110	231	3	of	of	ADP
cblr-9110	231	4	information	information	NOUN
cblr-9110	231	5	sharing	sharing	NOUN
cblr-9110	231	6	simply	simply	ADV
cblr-9110	231	7	is	be	AUX
cblr-9110	231	8	60	60	NUM
cblr-9110	231	9	before	before	ADP
cblr-9110	231	10	regulatory	regulatory	ADJ
cblr-9110	231	11	developments	development	NOUN
cblr-9110	231	12	in	in	ADP
cblr-9110	231	13	late	late	ADJ
cblr-9110	231	14	2019	2019	NUM
cblr-9110	231	15	,	,	PUNCT
cblr-9110	231	16	see	see	VERB
cblr-9110	231	17	sec	sec	PROPN
cblr-9110	231	18	exchangetrade	exchangetrade	NOUN
cblr-9110	231	19	funds	fund	NOUN
cblr-9110	231	20	rule	rule	NOUN
cblr-9110	231	21	,	,	PUNCT
cblr-9110	231	22	17	17	NUM
cblr-9110	231	23	c.f.r	c.f.r	NOUN
cblr-9110	231	24	.	.	PUNCT
cblr-9110	232	1	§	§	PROPN
cblr-9110	232	2	270.6c-11	270.6c-11	NUM
cblr-9110	232	3	(	(	PUNCT
cblr-9110	232	4	2021	2021	NUM
cblr-9110	232	5	)	)	PUNCT
cblr-9110	232	6	,	,	PUNCT
cblr-9110	232	7	all	all	DET
cblr-9110	232	8	etfs	etfs	PROPN
cblr-9110	232	9	required	require	VERB
cblr-9110	232	10	sec	sec	PROPN
cblr-9110	232	11	exemptions	exemption	NOUN
cblr-9110	232	12	from	from	ADP
cblr-9110	232	13	the	the	DET
cblr-9110	232	14	investment	investment	NOUN
cblr-9110	232	15	company	company	NOUN
cblr-9110	232	16	act	act	NOUN
cblr-9110	232	17	of	of	ADP
cblr-9110	232	18	1940	1940	NUM
cblr-9110	232	19	.	.	PUNCT
cblr-9110	233	1	see	see	VERB
cblr-9110	233	2	investment	investment	NOUN
cblr-9110	233	3	company	company	NOUN
cblr-9110	233	4	act	act	NOUN
cblr-9110	233	5	of	of	ADP
cblr-9110	233	6	1940	1940	NUM
cblr-9110	233	7	,	,	PUNCT
cblr-9110	233	8	15	15	NUM
cblr-9110	233	9	u.s.c	u.s.c	NOUN
cblr-9110	233	10	.	.	PUNCT
cblr-9110	234	1	§	§	PROPN
cblr-9110	234	2	80a-6	80a-6	PROPN
cblr-9110	234	3	(	(	PUNCT
cblr-9110	234	4	2018	2018	NUM
cblr-9110	234	5	)	)	PUNCT
cblr-9110	234	6	(	(	PUNCT
cblr-9110	234	7	granting	grant	VERB
cblr-9110	234	8	the	the	DET
cblr-9110	234	9	sec	sec	PROPN
cblr-9110	234	10	discretion	discretion	NOUN
cblr-9110	234	11	to	to	PART
cblr-9110	234	12	exempt	exempt	VERB
cblr-9110	234	13	companies	company	NOUN
cblr-9110	234	14	from	from	ADP
cblr-9110	234	15	15	15	NUM
cblr-9110	234	16	u.s.c	u.s.c	NOUN
cblr-9110	234	17	.	.	PUNCT
cblr-9110	235	1	§	§	PROPN
cblr-9110	235	2	80a-1–80a-64	80a-1–80a-64	NUM
cblr-9110	235	3	or	or	CCONJ
cblr-9110	235	4	any	any	DET
cblr-9110	235	5	rule	rule	NOUN
cblr-9110	235	6	or	or	CCONJ
cblr-9110	235	7	regulation	regulation	NOUN
cblr-9110	235	8	thereunder	thereunder	NOUN
cblr-9110	235	9	)	)	PUNCT
cblr-9110	235	10	.	.	PUNCT
cblr-9110	236	1	this	this	PRON
cblr-9110	236	2	remains	remain	VERB
cblr-9110	236	3	the	the	DET
cblr-9110	236	4	case	case	NOUN
cblr-9110	236	5	for	for	ADP
cblr-9110	236	6	more	more	ADV
cblr-9110	236	7	exotic	exotic	ADJ
cblr-9110	236	8	types	type	NOUN
cblr-9110	236	9	of	of	ADP
cblr-9110	236	10	etfs	etfs	PROPN
cblr-9110	236	11	today	today	NOUN
cblr-9110	236	12	,	,	PUNCT
cblr-9110	236	13	including	include	VERB
cblr-9110	236	14	the	the	DET
cblr-9110	236	15	nontransparent	nontransparent	ADJ
cblr-9110	236	16	actively	actively	ADV
cblr-9110	236	17	managed	manage	VERB
cblr-9110	236	18	ones	one	NOUN
cblr-9110	236	19	in	in	ADP
cblr-9110	236	20	focus	focus	NOUN
cblr-9110	236	21	in	in	ADP
cblr-9110	236	22	section	section	NOUN
cblr-9110	236	23	iii.b	iii.b	PROPN
cblr-9110	236	24	and	and	CCONJ
cblr-9110	236	25	part	part	NOUN
cblr-9110	236	26	iv	iv	NUM
cblr-9110	236	27	,	,	PUNCT
cblr-9110	236	28	infra	infra	NOUN
cblr-9110	236	29	.	.	PUNCT
cblr-9110	237	1	see	see	VERB
cblr-9110	237	2	,	,	PUNCT
cblr-9110	237	3	e.g.	e.g.	ADV
cblr-9110	237	4	,	,	PUNCT
cblr-9110	237	5	notice	notice	NOUN
cblr-9110	237	6	of	of	ADP
cblr-9110	237	7	application	application	NOUN
cblr-9110	237	8	of	of	ADP
cblr-9110	237	9	fidelity	fidelity	PROPN
cblr-9110	237	10	beach	beach	PROPN
cblr-9110	237	11	street	street	PROPN
cblr-9110	237	12	trust	trust	PROPN
cblr-9110	237	13	,	,	PUNCT
cblr-9110	237	14	investment	investment	NOUN
cblr-9110	237	15	company	company	NOUN
cblr-9110	237	16	act	act	VERB
cblr-9110	237	17	release	release	VERB
cblr-9110	237	18	no	no	PRON
cblr-9110	237	19	.	.	NOUN
cblr-9110	237	20	33,683	33,683	NUM
cblr-9110	237	21	,	,	PUNCT
cblr-9110	237	22	84	84	NUM
cblr-9110	237	23	fed	feed	VERB
cblr-9110	237	24	.	.	PUNCT
cblr-9110	238	1	reg	reg	PROPN
cblr-9110	238	2	.	.	PUNCT
cblr-9110	239	1	64,140	64,140	NUM
cblr-9110	239	2	,	,	PUNCT
cblr-9110	239	3	64,140–41	64,140–41	NUM
cblr-9110	239	4	(	(	PUNCT
cblr-9110	239	5	nov	nov	PROPN
cblr-9110	239	6	.	.	PROPN
cblr-9110	239	7	14	14	NUM
cblr-9110	239	8	,	,	PUNCT
cblr-9110	239	9	2019	2019	NUM
cblr-9110	239	10	)	)	PUNCT
cblr-9110	239	11	(	(	PUNCT
cblr-9110	239	12	“	"	PUNCT
cblr-9110	239	13	due	due	ADP
cblr-9110	239	14	to	to	ADP
cblr-9110	239	15	their	their	PRON
cblr-9110	239	16	characteristics	characteristic	NOUN
cblr-9110	239	17	,	,	PUNCT
cblr-9110	239	18	[	[	X
cblr-9110	239	19	nontransparent	nontransparent	X
cblr-9110	239	20	]	]	X
cblr-9110	239	21	etfs	etfs	NOUN
cblr-9110	239	22	(	(	PUNCT
cblr-9110	239	23	including	include	VERB
cblr-9110	239	24	those	those	PRON
cblr-9110	239	25	proposed	propose	VERB
cblr-9110	239	26	by	by	ADP
cblr-9110	239	27	applicants	applicant	NOUN
cblr-9110	239	28	)	)	PUNCT
cblr-9110	239	29	are	be	AUX
cblr-9110	239	30	only	only	ADV
cblr-9110	239	31	permitted	permit	VERB
cblr-9110	239	32	to	to	PART
cblr-9110	239	33	operate	operate	VERB
cblr-9110	239	34	in	in	ADP
cblr-9110	239	35	reliance	reliance	NOUN
cblr-9110	239	36	on	on	ADP
cblr-9110	239	37	commission	commission	PROPN
cblr-9110	239	38	exemptive	exemptive	NOUN
cblr-9110	239	39	relief	relief	NOUN
cblr-9110	239	40	from	from	ADP
cblr-9110	239	41	certain	certain	ADJ
cblr-9110	239	42	provisions	provision	NOUN
cblr-9110	239	43	of	of	ADP
cblr-9110	239	44	the	the	DET
cblr-9110	239	45	[	[	X
cblr-9110	239	46	investment	investment	NOUN
cblr-9110	239	47	company	company	NOUN
cblr-9110	239	48	]	]	PUNCT
cblr-9110	239	49	act	act	NOUN
cblr-9110	239	50	and	and	CCONJ
cblr-9110	239	51	rules	rule	VERB
cblr-9110	239	52	thereunder	thereunder	ADV
cblr-9110	239	53	.	.	PUNCT
cblr-9110	239	54	”	"	PUNCT
cblr-9110	239	55	)	)	PUNCT
cblr-9110	239	56	.	.	PUNCT
cblr-9110	240	1	for	for	ADP
cblr-9110	240	2	a	a	DET
cblr-9110	240	3	general	general	ADJ
cblr-9110	240	4	overview	overview	NOUN
cblr-9110	240	5	of	of	ADP
cblr-9110	240	6	the	the	DET
cblr-9110	240	7	considerable	considerable	ADJ
cblr-9110	240	8	shift	shift	NOUN
cblr-9110	240	9	in	in	ADP
cblr-9110	240	10	the	the	DET
cblr-9110	240	11	sec	sec	PROPN
cblr-9110	240	12	’s	’s	PART
cblr-9110	240	13	approach	approach	NOUN
cblr-9110	240	14	to	to	ADP
cblr-9110	240	15	etf	etf	NOUN
cblr-9110	240	16	regulation	regulation	NOUN
cblr-9110	240	17	represented	represent	VERB
cblr-9110	240	18	by	by	ADP
cblr-9110	240	19	rule	rule	NOUN
cblr-9110	240	20	6c-11	6c-11	NUM
cblr-9110	240	21	,	,	PUNCT
cblr-9110	240	22	see	see	VERB
cblr-9110	240	23	henry	henry	PROPN
cblr-9110	240	24	hu	hu	PROPN
cblr-9110	240	25	&	&	CCONJ
cblr-9110	240	26	john	john	PROPN
cblr-9110	240	27	morley	morley	PROPN
cblr-9110	240	28	,	,	PUNCT
cblr-9110	240	29	the	the	DET
cblr-9110	240	30	sec	sec	PROPN
cblr-9110	240	31	and	and	CCONJ
cblr-9110	240	32	regulation	regulation	NOUN
cblr-9110	240	33	exchange	exchange	NOUN
cblr-9110	240	34	-	-	PUNCT
cblr-9110	240	35	traded	trade	VERB
cblr-9110	240	36	funds	fund	NOUN
cblr-9110	240	37	:	:	PUNCT
cblr-9110	240	38	a	a	DET
cblr-9110	240	39	commendable	commendable	ADJ
cblr-9110	240	40	start	start	NOUN
cblr-9110	240	41	and	and	CCONJ
cblr-9110	240	42	a	a	DET
cblr-9110	240	43	welcome	welcome	ADJ
cblr-9110	240	44	invitation	invitation	NOUN
cblr-9110	240	45	,	,	PUNCT
cblr-9110	240	46	92	92	NUM
cblr-9110	240	47	s.	s.	PROPN
cblr-9110	240	48	cal	cal	PROPN
cblr-9110	240	49	.	.	PUNCT
cblr-9110	241	1	l.	l.	PROPN
cblr-9110	241	2	rev	rev	PROPN
cblr-9110	241	3	.	.	PROPN
cblr-9110	241	4	1155	1155	NUM
cblr-9110	241	5	(	(	PUNCT
cblr-9110	241	6	2019	2019	NUM
cblr-9110	241	7	)	)	PUNCT
cblr-9110	241	8	.	.	PUNCT
cblr-9110	242	1	61	61	NUM
cblr-9110	242	2	see	see	VERB
cblr-9110	242	3	,	,	PUNCT
cblr-9110	242	4	actively	actively	ADV
cblr-9110	242	5	managed	manage	VERB
cblr-9110	242	6	exchange	exchange	NOUN
cblr-9110	242	7	-	-	PUNCT
cblr-9110	242	8	traded	trade	VERB
cblr-9110	242	9	funds	fund	NOUN
cblr-9110	242	10	,	,	PUNCT
cblr-9110	242	11	investment	investment	NOUN
cblr-9110	242	12	company	company	NOUN
cblr-9110	242	13	act	act	VERB
cblr-9110	242	14	release	release	VERB
cblr-9110	242	15	no	no	PRON
cblr-9110	242	16	.	.	NOUN
cblr-9110	242	17	25,258	25,258	NUM
cblr-9110	242	18	,	,	PUNCT
cblr-9110	242	19	66	66	NUM
cblr-9110	242	20	fed	feed	VERB
cblr-9110	242	21	.	.	PUNCT
cblr-9110	243	1	reg	reg	PROPN
cblr-9110	243	2	.	.	PROPN
cblr-9110	244	1	57,614	57,614	NUM
cblr-9110	244	2	,	,	PUNCT
cblr-9110	244	3	57,619	57,619	NUM
cblr-9110	244	4	(	(	PUNCT
cblr-9110	244	5	nov	nov	PROPN
cblr-9110	244	6	.	.	PROPN
cblr-9110	244	7	15	15	NUM
cblr-9110	244	8	,	,	PUNCT
cblr-9110	244	9	2001	2001	NUM
cblr-9110	244	10	)	)	PUNCT
cblr-9110	245	1	(	(	PUNCT
cblr-9110	245	2	noting	note	VERB
cblr-9110	245	3	how	how	SCONJ
cblr-9110	245	4	less	less	ADJ
cblr-9110	245	5	transparency	transparency	NOUN
cblr-9110	245	6	in	in	ADP
cblr-9110	245	7	portfolio	portfolio	NOUN
cblr-9110	245	8	holdings	holding	NOUN
cblr-9110	245	9	presents	present	VERB
cblr-9110	245	10	challenges	challenge	NOUN
cblr-9110	245	11	for	for	ADP
cblr-9110	245	12	arbitrageurs	arbitrageur	NOUN
cblr-9110	245	13	)	)	PUNCT
cblr-9110	245	14	.	.	PUNCT
cblr-9110	246	1	62	62	NUM
cblr-9110	246	2	the	the	DET
cblr-9110	246	3	sec	sec	PROPN
cblr-9110	246	4	highlighted	highlight	VERB
cblr-9110	246	5	its	its	PRON
cblr-9110	246	6	main	main	ADJ
cblr-9110	246	7	concern	concern	NOUN
cblr-9110	246	8	relating	relate	VERB
cblr-9110	246	9	to	to	ADP
cblr-9110	246	10	nontransparent	nontransparent	ADJ
cblr-9110	246	11	etfs	etfs	PROPN
cblr-9110	246	12	as	as	ADV
cblr-9110	246	13	early	early	ADV
cblr-9110	246	14	as	as	ADP
cblr-9110	246	15	2001	2001	NUM
cblr-9110	246	16	:	:	PUNCT
cblr-9110	246	17	“	"	PUNCT
cblr-9110	246	18	can	can	AUX
cblr-9110	246	19	effective	effective	ADJ
cblr-9110	246	20	arbitrage	arbitrage	NOUN
cblr-9110	246	21	occur	occur	VERB
cblr-9110	246	22	without	without	ADP
cblr-9110	246	23	any	any	DET
cblr-9110	246	24	disclosure	disclosure	NOUN
cblr-9110	246	25	of	of	ADP
cblr-9110	246	26	the	the	DET
cblr-9110	246	27	specific	specific	ADJ
cblr-9110	246	28	securities	security	NOUN
cblr-9110	246	29	in	in	ADP
cblr-9110	246	30	an	an	DET
cblr-9110	246	31	etf	etf	NOUN
cblr-9110	246	32	’s	’s	PART
cblr-9110	246	33	portfolio	portfolio	NOUN
cblr-9110	246	34	(	(	PUNCT
cblr-9110	246	35	i.e.	i.e.	X
cblr-9110	246	36	,	,	PUNCT
cblr-9110	246	37	arbitrage	arbitrage	NOUN
cblr-9110	246	38	that	that	PRON
cblr-9110	246	39	is	be	AUX
cblr-9110	246	40	based	base	VERB
cblr-9110	246	41	strictly	strictly	ADV
cblr-9110	246	42	on	on	ADP
cblr-9110	246	43	the	the	DET
cblr-9110	246	44	nav	nav	NOUN
cblr-9110	246	45	and	and	CCONJ
cblr-9110	246	46	market	market	NOUN
cblr-9110	246	47	price	price	NOUN
cblr-9110	246	48	of	of	ADP
cblr-9110	246	49	etf	etf	NOUN
cblr-9110	246	50	shares	share	NOUN
cblr-9110	246	51	)	)	PUNCT
cblr-9110	246	52	?	?	PUNCT
cblr-9110	246	53	”	"	PUNCT
cblr-9110	247	1	i	i	PRON
cblr-9110	247	2	d.	d.	PROPN
cblr-9110	247	3	63	63	NUM
cblr-9110	247	4	see	see	VERB
cblr-9110	247	5	,	,	PUNCT
cblr-9110	247	6	e.g.	e.g.	ADV
cblr-9110	247	7	,	,	PUNCT
cblr-9110	247	8	trevor	trevor	NOUN
cblr-9110	247	9	hunnicutt	hunnicutt	PROPN
cblr-9110	247	10	,	,	PUNCT
cblr-9110	247	11	new	new	ADJ
cblr-9110	247	12	etf	etf	NOUN
cblr-9110	247	13	lets	let	VERB
cblr-9110	247	14	active	active	ADJ
cblr-9110	247	15	managers	manager	NOUN
cblr-9110	247	16	keep	keep	VERB
cblr-9110	247	17	secret	secret	ADJ
cblr-9110	247	18	sauce	sauce	NOUN
cblr-9110	247	19	,	,	PUNCT
cblr-9110	247	20	inv	inv	ADJ
cblr-9110	247	21	.	.	PUNCT
cblr-9110	248	1	news	news	NOUN
cblr-9110	248	2	(	(	PUNCT
cblr-9110	248	3	dec	dec	PROPN
cblr-9110	248	4	.	.	PROPN
cblr-9110	248	5	21	21	NUM
cblr-9110	248	6	,	,	PUNCT
cblr-9110	248	7	2014	2014	NUM
cblr-9110	248	8	)	)	PUNCT
cblr-9110	248	9	,	,	PUNCT
cblr-9110	248	10	https://www.investmentnews.com/new-etf-lets-active-managers-keepsecret-sauce-60268	https://www.investmentnews.com/new-etf-lets-active-managers-keepsecret-sauce-60268	NOUN
cblr-9110	248	11	[	[	X
cblr-9110	248	12	https://perma.cc/6c96-ug5b	https://perma.cc/6c96-ug5b	X
cblr-9110	248	13	]	]	X
cblr-9110	248	14	(	(	PUNCT
cblr-9110	248	15	noting	note	VERB
cblr-9110	248	16	that	that	SCONJ
cblr-9110	248	17	a	a	DET
cblr-9110	248	18	“	"	PUNCT
cblr-9110	248	19	requirement	requirement	NOUN
cblr-9110	248	20	to	to	PART
cblr-9110	248	21	disclose	disclose	VERB
cblr-9110	248	22	.	.	PUNCT
cblr-9110	248	23	.	.	PUNCT
cblr-9110	248	24	.	.	PUNCT
cblr-9110	249	1	underlying	underlie	VERB
cblr-9110	249	2	holdings	holding	NOUN
cblr-9110	249	3	”	"	PUNCT
cblr-9110	249	4	is	be	AUX
cblr-9110	249	5	a	a	DET
cblr-9110	249	6	“	"	PUNCT
cblr-9110	249	7	no	no	DET
cblr-9110	249	8	-	-	PUNCT
cblr-9110	249	9	go	go	NOUN
cblr-9110	249	10	for	for	ADP
cblr-9110	249	11	many	many	ADJ
cblr-9110	249	12	fund	fund	NOUN
cblr-9110	249	13	managers	manager	NOUN
cblr-9110	249	14	,	,	PUNCT
cblr-9110	249	15	who	who	PRON
cblr-9110	249	16	believe	believe	VERB
cblr-9110	249	17	the	the	DET
cblr-9110	249	18	best	good	ADJ
cblr-9110	249	19	way	way	NOUN
cblr-9110	249	20	to	to	PART
cblr-9110	249	21	maintain	maintain	VERB
cblr-9110	249	22	the	the	DET
cblr-9110	249	23	value	value	NOUN
cblr-9110	249	24	of	of	ADP
cblr-9110	249	25	their	their	PRON
cblr-9110	249	26	strategies	strategy	NOUN
cblr-9110	249	27	is	be	AUX
cblr-9110	249	28	to	to	PART
cblr-9110	249	29	avoid	avoid	VERB
cblr-9110	249	30	telegraphing	telegraph	VERB
cblr-9110	249	31	them	they	PRON
cblr-9110	249	32	to	to	ADP
cblr-9110	249	33	the	the	DET
cblr-9110	249	34	market	market	NOUN
cblr-9110	249	35	”	"	PUNCT
cblr-9110	249	36	)	)	PUNCT
cblr-9110	249	37	;	;	PUNCT
cblr-9110	249	38	geraci	geraci	NOUN
cblr-9110	249	39	,	,	PUNCT
cblr-9110	249	40	supra	supra	PROPN
cblr-9110	249	41	note	note	NOUN
cblr-9110	249	42	57	57	NUM
cblr-9110	249	43	(	(	PUNCT
cblr-9110	249	44	“	"	PUNCT
cblr-9110	249	45	many	many	ADJ
cblr-9110	249	46	active	active	ADJ
cblr-9110	249	47	managers	manager	NOUN
cblr-9110	249	48	view	view	VERB
cblr-9110	249	49	daily	daily	ADJ
cblr-9110	249	50	disclosure	disclosure	NOUN
cblr-9110	249	51	as	as	ADP
cblr-9110	249	52	giving	give	VERB
cblr-9110	249	53	away	away	ADP
cblr-9110	249	54	their	their	PRON
cblr-9110	249	55	‘	'	PUNCT
cblr-9110	249	56	secret	secret	ADJ
cblr-9110	249	57	sauce	sauce	NOUN
cblr-9110	249	58	,	,	PUNCT
cblr-9110	249	59	’	'	PUNCT
cblr-9110	249	60	allowing	allow	VERB
cblr-9110	249	61	other	other	ADJ
cblr-9110	249	62	market	market	NOUN
cblr-9110	249	63	participants	participant	NOUN
cblr-9110	249	64	to	to	PART
cblr-9110	249	65	potentially	potentially	ADV
cblr-9110	249	66	reverse	reverse	VERB
cblr-9110	249	67	engineer	engineer	VERB
cblr-9110	249	68	their	their	PRON
cblr-9110	249	69	strategies	strategy	NOUN
cblr-9110	249	70	and	and	CCONJ
cblr-9110	249	71	erode	erode	VERB
cblr-9110	249	72	their	their	PRON
cblr-9110	249	73	‘	'	PUNCT
cblr-9110	249	74	edge	edge	NOUN
cblr-9110	249	75	.	.	PUNCT
cblr-9110	249	76	’	'	PUNCT
cblr-9110	249	77	”	"	PUNCT
cblr-9110	249	78	)	)	PUNCT
cblr-9110	249	79	.	.	PUNCT
cblr-9110	250	1	1338	1338	NUM
cblr-9110	250	2	columbia	columbia	PROPN
cblr-9110	250	3	business	business	NOUN
cblr-9110	250	4	law	law	PROPN
cblr-9110	250	5	review	review	NOUN
cblr-9110	250	6	[	[	X
cblr-9110	250	7	vol	vol	NOUN
cblr-9110	250	8	.	.	NOUN
cblr-9110	250	9	2021	2021	NUM
cblr-9110	250	10	not	not	PART
cblr-9110	250	11	good	good	ADJ
cblr-9110	250	12	for	for	ADP
cblr-9110	250	13	those	those	PRON
cblr-9110	250	14	interested	interested	ADJ
cblr-9110	250	15	in	in	ADP
cblr-9110	250	16	earning	earn	VERB
cblr-9110	250	17	revenue	revenue	NOUN
cblr-9110	250	18	in	in	ADP
cblr-9110	250	19	return	return	NOUN
cblr-9110	250	20	for	for	ADP
cblr-9110	250	21	offering	offer	VERB
cblr-9110	250	22	and	and	CCONJ
cblr-9110	250	23	managing	manage	VERB
cblr-9110	250	24	active	active	ADJ
cblr-9110	250	25	portfolios	portfolio	NOUN
cblr-9110	250	26	.	.	PUNCT
cblr-9110	251	1	for	for	ADP
cblr-9110	251	2	one	one	NUM
cblr-9110	251	3	thing	thing	NOUN
cblr-9110	251	4	,	,	PUNCT
cblr-9110	251	5	rational	rational	ADJ
cblr-9110	251	6	investors	investor	NOUN
cblr-9110	251	7	generally	generally	ADV
cblr-9110	251	8	have	have	VERB
cblr-9110	251	9	little	little	ADJ
cblr-9110	251	10	interest	interest	NOUN
cblr-9110	251	11	in	in	ADP
cblr-9110	251	12	paying	pay	VERB
cblr-9110	251	13	for	for	ADP
cblr-9110	251	14	active	active	ADJ
cblr-9110	251	15	portfolio	portfolio	NOUN
cblr-9110	251	16	management	management	NOUN
cblr-9110	251	17	when	when	SCONJ
cblr-9110	251	18	the	the	DET
cblr-9110	251	19	active	active	ADJ
cblr-9110	251	20	strategy	strategy	NOUN
cblr-9110	251	21	at	at	ADP
cblr-9110	251	22	issue	issue	NOUN
cblr-9110	251	23	is	be	AUX
cblr-9110	251	24	freely	freely	ADV
cblr-9110	251	25	available	available	ADJ
cblr-9110	251	26	.	.	PUNCT
cblr-9110	252	1	for	for	ADP
cblr-9110	252	2	another	another	PRON
cblr-9110	252	3	,	,	PUNCT
cblr-9110	252	4	actively	actively	ADV
cblr-9110	252	5	managed	manage	VERB
cblr-9110	252	6	funds	fund	NOUN
cblr-9110	252	7	that	that	PRON
cblr-9110	252	8	disclose	disclose	VERB
cblr-9110	252	9	their	their	PRON
cblr-9110	252	10	portfolio	portfolio	NOUN
cblr-9110	252	11	holdings	holding	NOUN
cblr-9110	252	12	are	be	AUX
cblr-9110	252	13	more	more	ADV
cblr-9110	252	14	susceptible	susceptible	ADJ
cblr-9110	252	15	to	to	ADP
cblr-9110	252	16	return	return	VERB
cblr-9110	252	17	-	-	PUNCT
cblr-9110	252	18	damaging	damage	VERB
cblr-9110	252	19	frontrunning	frontrunning	NOUN
cblr-9110	252	20	by	by	ADP
cblr-9110	252	21	brokers	broker	NOUN
cblr-9110	252	22	and	and	CCONJ
cblr-9110	252	23	others.64	others.64	PRON
cblr-9110	252	24	all	all	PRON
cblr-9110	252	25	that	that	PRON
cblr-9110	252	26	said	say	VERB
cblr-9110	252	27	,	,	PUNCT
cblr-9110	252	28	as	as	ADV
cblr-9110	252	29	early	early	ADV
cblr-9110	252	30	as	as	ADP
cblr-9110	252	31	2001	2001	NUM
cblr-9110	252	32	,	,	PUNCT
cblr-9110	252	33	there	there	PRON
cblr-9110	252	34	was	be	VERB
cblr-9110	252	35	an	an	DET
cblr-9110	252	36	appetite	appetite	NOUN
cblr-9110	252	37	among	among	ADP
cblr-9110	252	38	fund	fund	NOUN
cblr-9110	252	39	sponsors	sponsor	NOUN
cblr-9110	252	40	and	and	CCONJ
cblr-9110	252	41	investment	investment	NOUN
cblr-9110	252	42	advisers	adviser	NOUN
cblr-9110	252	43	for	for	ADP
cblr-9110	252	44	issuing	issue	VERB
cblr-9110	252	45	actively	actively	ADV
cblr-9110	252	46	managed	manage	VERB
cblr-9110	252	47	etfs.65	etfs.65	NOUN
cblr-9110	252	48	but	but	CCONJ
cblr-9110	252	49	despite	despite	SCONJ
cblr-9110	252	50	its	its	PRON
cblr-9110	252	51	willingness	willingness	NOUN
cblr-9110	252	52	to	to	PART
cblr-9110	252	53	consider	consider	VERB
cblr-9110	252	54	the	the	DET
cblr-9110	252	55	matter	matter	NOUN
cblr-9110	252	56	in	in	ADP
cblr-9110	252	57	more	more	ADJ
cblr-9110	252	58	detail	detail	NOUN
cblr-9110	252	59	at	at	ADP
cblr-9110	252	60	that	that	PRON
cblr-9110	252	61	time,66	time,66	NUM
cblr-9110	252	62	the	the	DET
cblr-9110	252	63	sec	sec	PROPN
cblr-9110	252	64	remained	remain	VERB
cblr-9110	252	65	dubious	dubious	ADJ
cblr-9110	252	66	.	.	PUNCT
cblr-9110	253	1	in	in	ADP
cblr-9110	253	2	fact	fact	NOUN
cblr-9110	253	3	,	,	PUNCT
cblr-9110	253	4	the	the	DET
cblr-9110	253	5	agency	agency	NOUN
cblr-9110	253	6	only	only	ADV
cblr-9110	253	7	approved	approve	VERB
cblr-9110	253	8	the	the	DET
cblr-9110	253	9	first	first	ADJ
cblr-9110	253	10	actively	actively	ADV
cblr-9110	253	11	managed	manage	VERB
cblr-9110	253	12	etfs	etfs	PROPN
cblr-9110	253	13	years	year	NOUN
cblr-9110	253	14	later	later	ADV
cblr-9110	253	15	,	,	PUNCT
cblr-9110	253	16	in	in	ADP
cblr-9110	253	17	2008.67	2008.67	NUM
cblr-9110	253	18	and	and	CCONJ
cblr-9110	253	19	that	that	DET
cblr-9110	253	20	approval	approval	NOUN
cblr-9110	253	21	was	be	AUX
cblr-9110	253	22	limited	limit	VERB
cblr-9110	253	23	to	to	ADP
cblr-9110	253	24	actively	actively	ADV
cblr-9110	253	25	managed	manage	VERB
cblr-9110	253	26	etfs	etfs	PROPN
cblr-9110	253	27	that	that	PRON
cblr-9110	253	28	agreed	agree	VERB
cblr-9110	253	29	to	to	PART
cblr-9110	253	30	provide	provide	VERB
cblr-9110	253	31	daily	daily	ADJ
cblr-9110	253	32	disclosure	disclosure	NOUN
cblr-9110	253	33	of	of	ADP
cblr-9110	253	34	their	their	PRON
cblr-9110	253	35	portfolio	portfolio	NOUN
cblr-9110	253	36	holdings.68	holdings.68	PROPN
cblr-9110	253	37	thus	thus	ADV
cblr-9110	253	38	,	,	PUNCT
cblr-9110	253	39	64	64	NUM
cblr-9110	253	40	see	see	VERB
cblr-9110	253	41	e.g.	e.g.	ADV
cblr-9110	253	42	,	,	PUNCT
cblr-9110	253	43	infra	infra	NOUN
cblr-9110	253	44	note	note	VERB
cblr-9110	253	45	145	145	NUM
cblr-9110	253	46	and	and	CCONJ
cblr-9110	253	47	accompanying	accompany	VERB
cblr-9110	253	48	text	text	NOUN
cblr-9110	253	49	.	.	PUNCT
cblr-9110	254	1	“	"	PUNCT
cblr-9110	254	2	front	front	ADJ
cblr-9110	254	3	running	running	NOUN
cblr-9110	254	4	is	be	AUX
cblr-9110	254	5	the	the	DET
cblr-9110	254	6	illegal	illegal	ADJ
cblr-9110	254	7	practice	practice	NOUN
cblr-9110	254	8	of	of	ADP
cblr-9110	254	9	purchasing	purchase	VERB
cblr-9110	254	10	a	a	DET
cblr-9110	254	11	security	security	NOUN
cblr-9110	254	12	based	base	VERB
cblr-9110	254	13	on	on	ADP
cblr-9110	254	14	advance	advance	NOUN
cblr-9110	254	15	non	non	ADJ
cblr-9110	254	16	-	-	ADJ
cblr-9110	254	17	public	public	ADJ
cblr-9110	254	18	information	information	NOUN
cblr-9110	254	19	regarding	regard	VERB
cblr-9110	254	20	an	an	DET
cblr-9110	254	21	expected	expect	VERB
cblr-9110	254	22	large	large	ADJ
cblr-9110	254	23	transaction	transaction	NOUN
cblr-9110	254	24	that	that	PRON
cblr-9110	254	25	will	will	AUX
cblr-9110	254	26	affect	affect	VERB
cblr-9110	254	27	the	the	DET
cblr-9110	254	28	price	price	NOUN
cblr-9110	254	29	of	of	ADP
cblr-9110	254	30	a	a	DET
cblr-9110	254	31	security	security	NOUN
cblr-9110	254	32	.	.	PUNCT
cblr-9110	254	33	”	"	PUNCT
cblr-9110	255	1	what	what	PRON
cblr-9110	255	2	is	be	AUX
cblr-9110	255	3	front	front	ADJ
cblr-9110	255	4	running	running	NOUN
cblr-9110	255	5	,	,	PUNCT
cblr-9110	255	6	corp	corp	PROPN
cblr-9110	255	7	.	.	PROPN
cblr-9110	255	8	fin	fin	PROPN
cblr-9110	255	9	.	.	PUNCT
cblr-9110	255	10	inst	inst	PROPN
cblr-9110	255	11	.	.	PROPN
cblr-9110	255	12	,	,	PUNCT
cblr-9110	255	13	https://corporatefinanceinstitute.com/resources/knowledge/tradinginvesting/front-running/	https://corporatefinanceinstitute.com/resources/knowledge/tradinginvesting/front-running/	VERB
cblr-9110	256	1	[	[	X
cblr-9110	256	2	https://perma.cc/k7wn-3ezp	https://perma.cc/k7wn-3ezp	ADJ
cblr-9110	256	3	]	]	X
cblr-9110	256	4	(	(	PUNCT
cblr-9110	256	5	last	last	ADV
cblr-9110	256	6	visited	visit	VERB
cblr-9110	256	7	dec	dec	PROPN
cblr-9110	256	8	.	.	PROPN
cblr-9110	256	9	12	12	NUM
cblr-9110	256	10	,	,	PUNCT
cblr-9110	256	11	2021	2021	NUM
cblr-9110	256	12	)	)	PUNCT
cblr-9110	256	13	.	.	PUNCT
cblr-9110	257	1	65	65	NUM
cblr-9110	257	2	see	see	VERB
cblr-9110	257	3	actively	actively	ADV
cblr-9110	257	4	managed	manage	VERB
cblr-9110	257	5	exchange	exchange	NOUN
cblr-9110	257	6	-	-	PUNCT
cblr-9110	257	7	traded	trade	VERB
cblr-9110	257	8	funds	fund	NOUN
cblr-9110	257	9	,	,	PUNCT
cblr-9110	257	10	66	66	NUM
cblr-9110	257	11	fed	feed	VERB
cblr-9110	257	12	.	.	PUNCT
cblr-9110	258	1	reg	reg	PROPN
cblr-9110	258	2	.	.	PUNCT
cblr-9110	259	1	at	at	ADP
cblr-9110	259	2	57,615	57,615	NUM
cblr-9110	259	3	(	(	PUNCT
cblr-9110	259	4	“	"	PUNCT
cblr-9110	259	5	recently	recently	ADV
cblr-9110	259	6	,	,	PUNCT
cblr-9110	259	7	the	the	DET
cblr-9110	259	8	concept	concept	NOUN
cblr-9110	259	9	of	of	ADP
cblr-9110	259	10	an	an	DET
cblr-9110	259	11	‘	'	PUNCT
cblr-9110	259	12	actively	actively	ADV
cblr-9110	259	13	managed	manage	VERB
cblr-9110	259	14	etf	etf	NOUN
cblr-9110	259	15	’	'	PUNCT
cblr-9110	259	16	has	have	AUX
cblr-9110	259	17	attracted	attract	VERB
cblr-9110	259	18	significant	significant	ADJ
cblr-9110	259	19	attention	attention	NOUN
cblr-9110	259	20	,	,	PUNCT
cblr-9110	259	21	even	even	ADV
cblr-9110	259	22	though	though	SCONJ
cblr-9110	259	23	many	many	ADJ
cblr-9110	259	24	of	of	ADP
cblr-9110	259	25	the	the	DET
cblr-9110	259	26	details	detail	NOUN
cblr-9110	259	27	regarding	regard	VERB
cblr-9110	259	28	the	the	DET
cblr-9110	259	29	potential	potential	ADJ
cblr-9110	259	30	operations	operation	NOUN
cblr-9110	259	31	of	of	ADP
cblr-9110	259	32	actively	actively	ADV
cblr-9110	259	33	managed	manage	VERB
cblr-9110	259	34	etfs	etfs	PROPN
cblr-9110	259	35	are	be	AUX
cblr-9110	259	36	apparently	apparently	ADV
cblr-9110	259	37	still	still	ADV
cblr-9110	259	38	in	in	ADP
cblr-9110	259	39	development	development	NOUN
cblr-9110	259	40	.	.	PUNCT
cblr-9110	259	41	”	"	PUNCT
cblr-9110	259	42	)	)	PUNCT
cblr-9110	259	43	.	.	PUNCT
cblr-9110	260	1	66	66	NUM
cblr-9110	260	2	see	see	VERB
cblr-9110	260	3	i	i	PRON
cblr-9110	260	4	d.	d.	PROPN
cblr-9110	260	5	(	(	PUNCT
cblr-9110	260	6	“	"	PUNCT
cblr-9110	260	7	all	all	DET
cblr-9110	260	8	existing	exist	VERB
cblr-9110	260	9	etfs	etfs	NOUN
cblr-9110	260	10	are	be	AUX
cblr-9110	260	11	based	base	VERB
cblr-9110	260	12	on	on	ADP
cblr-9110	260	13	various	various	ADJ
cblr-9110	260	14	equity	equity	NOUN
cblr-9110	260	15	market	market	NOUN
cblr-9110	260	16	indices	index	NOUN
cblr-9110	260	17	.	.	PUNCT
cblr-9110	261	1	an	an	DET
cblr-9110	261	2	actively	actively	ADV
cblr-9110	261	3	managed	manage	VERB
cblr-9110	261	4	etf	etf	NOUN
cblr-9110	261	5	would	would	AUX
cblr-9110	261	6	not	not	PART
cblr-9110	261	7	track	track	VERB
cblr-9110	261	8	an	an	DET
cblr-9110	261	9	index	index	NOUN
cblr-9110	261	10	.	.	PUNCT
cblr-9110	262	1	this	this	DET
cblr-9110	262	2	type	type	NOUN
cblr-9110	262	3	of	of	ADP
cblr-9110	262	4	etf	etf	NOUN
cblr-9110	262	5	currently	currently	ADV
cblr-9110	262	6	does	do	AUX
cblr-9110	262	7	not	not	PART
cblr-9110	262	8	exist	exist	VERB
cblr-9110	262	9	,	,	PUNCT
cblr-9110	262	10	and	and	CCONJ
cblr-9110	262	11	the	the	DET
cblr-9110	262	12	commission	commission	NOUN
cblr-9110	262	13	is	be	AUX
cblr-9110	262	14	interested	interested	ADJ
cblr-9110	262	15	in	in	ADP
cblr-9110	262	16	public	public	ADJ
cblr-9110	262	17	comments	comment	NOUN
cblr-9110	262	18	on	on	ADP
cblr-9110	262	19	this	this	DET
cblr-9110	262	20	concept	concept	NOUN
cblr-9110	262	21	to	to	PART
cblr-9110	262	22	help	help	VERB
cblr-9110	262	23	inform	inform	VERB
cblr-9110	262	24	the	the	DET
cblr-9110	262	25	commission	commission	NOUN
cblr-9110	262	26	’s	’s	PART
cblr-9110	262	27	consideration	consideration	NOUN
cblr-9110	262	28	of	of	ADP
cblr-9110	262	29	any	any	DET
cblr-9110	262	30	proposals	proposal	NOUN
cblr-9110	262	31	for	for	ADP
cblr-9110	262	32	actively	actively	ADV
cblr-9110	262	33	managed	manage	VERB
cblr-9110	262	34	etfs	etfs	NOUN
cblr-9110	262	35	.	.	PUNCT
cblr-9110	262	36	”	"	PUNCT
cblr-9110	262	37	)	)	PUNCT
cblr-9110	262	38	.	.	PUNCT
cblr-9110	263	1	67	67	NUM
cblr-9110	263	2	see	see	VERB
cblr-9110	263	3	bear	bear	NOUN
cblr-9110	263	4	steans	stean	NOUN
cblr-9110	263	5	begins	begin	VERB
cblr-9110	263	6	trading	trade	VERB
cblr-9110	263	7	of	of	ADP
cblr-9110	263	8	first	first	ADJ
cblr-9110	263	9	actively	actively	ADV
cblr-9110	263	10	managed	manage	VERB
cblr-9110	263	11	etf	etf	NOUN
cblr-9110	263	12	,	,	PUNCT
cblr-9110	263	13	glob	glob	NOUN
cblr-9110	263	14	.	.	PUNCT
cblr-9110	263	15	custodian	custodian	PROPN
cblr-9110	263	16	(	(	PUNCT
cblr-9110	263	17	mar	mar	PROPN
cblr-9110	263	18	.	.	PROPN
cblr-9110	263	19	25	25	NUM
cblr-9110	263	20	,	,	PUNCT
cblr-9110	263	21	2008	2008	NUM
cblr-9110	263	22	,	,	PUNCT
cblr-9110	263	23	12:00	12:00	NUM
cblr-9110	263	24	am	am	NOUN
cblr-9110	263	25	)	)	PUNCT
cblr-9110	263	26	,	,	PUNCT
cblr-9110	263	27	https://www.globalcustodian.com/bear-stearns-begins-trading-of-firstactively-managed-etf/	https://www.globalcustodian.com/bear-stearns-begins-trading-of-firstactively-managed-etf/	X
cblr-9110	264	1	[	[	X
cblr-9110	264	2	https://perma.cc/2sfl-ew7d	https://perma.cc/2sfl-ew7d	NOUN
cblr-9110	264	3	]	]	X
cblr-9110	264	4	;	;	PUNCT
cblr-9110	264	5	bear	bear	PROPN
cblr-9110	264	6	sterns	sterns	PROPN
cblr-9110	264	7	asset	asset	PROPN
cblr-9110	264	8	mgmt	mgmt	PROPN
cblr-9110	264	9	.	.	PROPN
cblr-9110	264	10	,	,	PUNCT
cblr-9110	264	11	inc	inc	PROPN
cblr-9110	264	12	.	.	PROPN
cblr-9110	264	13	,	,	PUNCT
cblr-9110	264	14	investment	investment	NOUN
cblr-9110	264	15	company	company	NOUN
cblr-9110	264	16	act	act	VERB
cblr-9110	264	17	release	release	VERB
cblr-9110	264	18	no	no	PRON
cblr-9110	264	19	.	.	PUNCT
cblr-9110	265	1	28172	28172	NUM
cblr-9110	265	2	,	,	PUNCT
cblr-9110	265	3	92	92	NUM
cblr-9110	265	4	s.e.c	s.e.c	NOUN
cblr-9110	265	5	.	.	PUNCT
cblr-9110	266	1	docket	docket	NOUN
cblr-9110	266	2	2098	2098	NUM
cblr-9110	266	3	(	(	PUNCT
cblr-9110	266	4	feb	feb	PROPN
cblr-9110	266	5	.	.	PROPN
cblr-9110	266	6	27	27	NUM
cblr-9110	266	7	,	,	PUNCT
cblr-9110	266	8	2008	2008	NUM
cblr-9110	266	9	)	)	PUNCT
cblr-9110	266	10	.	.	PUNCT
cblr-9110	267	1	68	68	NUM
cblr-9110	267	2	see	see	VERB
cblr-9110	267	3	e.g.	e.g.	ADV
cblr-9110	267	4	,	,	PUNCT
cblr-9110	267	5	inv	inv	ADJ
cblr-9110	267	6	.	.	PUNCT
cblr-9110	267	7	co.	co.	PROPN
cblr-9110	267	8	inst	inst	PROPN
cblr-9110	267	9	.	.	PROPN
cblr-9110	267	10	,	,	PUNCT
cblr-9110	267	11	supra	supra	PROPN
cblr-9110	267	12	note	note	NOUN
cblr-9110	267	13	4	4	NUM
cblr-9110	267	14	,	,	PUNCT
cblr-9110	267	15	at	at	ADP
cblr-9110	267	16	94	94	NUM
cblr-9110	267	17	(	(	PUNCT
cblr-9110	267	18	“	"	PUNCT
cblr-9110	267	19	in	in	ADP
cblr-9110	267	20	early	early	ADJ
cblr-9110	267	21	2008	2008	NUM
cblr-9110	267	22	,	,	PUNCT
cblr-9110	267	23	the	the	DET
cblr-9110	267	24	sec	sec	PROPN
cblr-9110	267	25	granted	grant	VERB
cblr-9110	267	26	approval	approval	NOUN
cblr-9110	267	27	through	through	ADP
cblr-9110	267	28	exemptive	exemptive	NOUN
cblr-9110	267	29	relief	relief	NOUN
cblr-9110	267	30	orders	order	NOUN
cblr-9110	267	31	to	to	ADP
cblr-9110	267	32	several	several	ADJ
cblr-9110	267	33	fund	fund	NOUN
cblr-9110	267	34	sponsors	sponsor	NOUN
cblr-9110	267	35	to	to	PART
cblr-9110	267	36	offer	offer	VERB
cblr-9110	267	37	fully	fully	ADV
cblr-9110	267	38	transparent	transparent	ADJ
cblr-9110	267	39	,	,	PUNCT
cblr-9110	267	40	actively	actively	ADV
cblr-9110	267	41	managed	manage	VERB
cblr-9110	267	42	etfs	etfs	NOUN
cblr-9110	267	43	.	.	PUNCT
cblr-9110	267	44	”	"	PUNCT
cblr-9110	268	1	(	(	PUNCT
cblr-9110	268	2	emphasis	emphasis	NOUN
cblr-9110	268	3	added	add	VERB
cblr-9110	268	4	)	)	PUNCT
cblr-9110	268	5	)	)	PUNCT
cblr-9110	268	6	;	;	PUNCT
cblr-9110	269	1	notice	notice	NOUN
cblr-9110	269	2	of	of	ADP
cblr-9110	269	3	application	application	NOUN
cblr-9110	269	4	of	of	ADP
cblr-9110	269	5	bear	bear	NOUN
cblr-9110	269	6	stearns	stearns	PROPN
cblr-9110	269	7	,	,	PUNCT
cblr-9110	269	8	investment	investment	NOUN
cblr-9110	269	9	company	company	NOUN
cblr-9110	269	10	act	act	VERB
cblr-9110	269	11	release	release	VERB
cblr-9110	269	12	no	no	INTJ
cblr-9110	269	13	.	.	PUNCT
cblr-9110	270	1	no	no	INTJ
cblr-9110	270	2	.	.	NOUN
cblr-9110	271	1	3:1321	3:1321	NUM
cblr-9110	271	2	]	]	X
cblr-9110	271	3	the	the	DET
cblr-9110	271	4	emergence	emergence	NOUN
cblr-9110	271	5	of	of	ADP
cblr-9110	271	6	the	the	DET
cblr-9110	271	7	actively	actively	ADV
cblr-9110	271	8	managed	manage	VERB
cblr-9110	271	9	etf	etf	NOUN
cblr-9110	271	10	1339	1339	NUM
cblr-9110	271	11	despite	despite	SCONJ
cblr-9110	271	12	the	the	DET
cblr-9110	271	13	general	general	ADJ
cblr-9110	271	14	appeal	appeal	NOUN
cblr-9110	271	15	of	of	ADP
cblr-9110	271	16	etfs	etfs	PROPN
cblr-9110	271	17	to	to	ADP
cblr-9110	271	18	investors	investor	NOUN
cblr-9110	271	19	,	,	PUNCT
cblr-9110	271	20	only	only	ADV
cblr-9110	271	21	passively	passively	ADV
cblr-9110	271	22	managed	manage	VERB
cblr-9110	271	23	etfs	etfs	PROPN
cblr-9110	271	24	existed	exist	VERB
cblr-9110	271	25	in	in	ADP
cblr-9110	271	26	the	the	DET
cblr-9110	271	27	united	united	PROPN
cblr-9110	271	28	states	states	PROPN
cblr-9110	271	29	for	for	ADP
cblr-9110	271	30	the	the	DET
cblr-9110	271	31	first	first	ADJ
cblr-9110	271	32	fifteen	fifteen	NUM
cblr-9110	271	33	or	or	CCONJ
cblr-9110	271	34	so	so	ADV
cblr-9110	271	35	years	year	NOUN
cblr-9110	271	36	after	after	SCONJ
cblr-9110	271	37	the	the	DET
cblr-9110	271	38	etf	etf	NOUN
cblr-9110	271	39	first	first	ADV
cblr-9110	271	40	came	come	VERB
cblr-9110	271	41	to	to	PART
cblr-9110	271	42	market.69	market.69	VERB
cblr-9110	271	43	and	and	CCONJ
cblr-9110	271	44	even	even	ADV
cblr-9110	271	45	after	after	SCONJ
cblr-9110	271	46	a	a	DET
cblr-9110	271	47	narrow	narrow	ADJ
cblr-9110	271	48	category	category	NOUN
cblr-9110	271	49	of	of	ADP
cblr-9110	271	50	actively	actively	ADV
cblr-9110	271	51	managed	manage	VERB
cblr-9110	271	52	etfs	etfs	PROPN
cblr-9110	271	53	(	(	PUNCT
cblr-9110	271	54	which	which	PRON
cblr-9110	271	55	required	require	VERB
cblr-9110	271	56	daily	daily	ADJ
cblr-9110	271	57	portfolio	portfolio	NOUN
cblr-9110	271	58	transparency	transparency	NOUN
cblr-9110	271	59	)	)	PUNCT
cblr-9110	271	60	came	come	VERB
cblr-9110	271	61	to	to	ADP
cblr-9110	271	62	market	market	NOUN
cblr-9110	271	63	,	,	PUNCT
cblr-9110	271	64	the	the	DET
cblr-9110	271	65	funds	fund	NOUN
cblr-9110	271	66	and	and	CCONJ
cblr-9110	271	67	fund	fund	NOUN
cblr-9110	271	68	managers	manager	NOUN
cblr-9110	271	69	who	who	PRON
cblr-9110	271	70	were	be	AUX
cblr-9110	271	71	okay	okay	ADJ
cblr-9110	271	72	with	with	ADP
cblr-9110	271	73	such	such	ADJ
cblr-9110	271	74	transparency	transparency	NOUN
cblr-9110	271	75	into	into	ADP
cblr-9110	271	76	the	the	DET
cblr-9110	271	77	funds	fund	NOUN
cblr-9110	271	78	’	'	PUNCT
cblr-9110	271	79	investment	investment	NOUN
cblr-9110	271	80	holdings	holding	NOUN
cblr-9110	271	81	were	be	AUX
cblr-9110	271	82	in	in	ADP
cblr-9110	271	83	the	the	DET
cblr-9110	271	84	extreme	extreme	NOUN
cblr-9110	271	85	minority.70	minority.70	NOUN
cblr-9110	271	86	these	these	DET
cblr-9110	271	87	products	product	NOUN
cblr-9110	271	88	thus	thus	ADV
cblr-9110	271	89	remained	remain	VERB
cblr-9110	271	90	a	a	DET
cblr-9110	271	91	relatively	relatively	ADV
cblr-9110	271	92	insignificant	insignificant	ADJ
cblr-9110	271	93	feature	feature	NOUN
cblr-9110	271	94	of	of	ADP
cblr-9110	271	95	the	the	DET
cblr-9110	271	96	etf	etf	NOUN
cblr-9110	271	97	market	market	NOUN
cblr-9110	271	98	until	until	ADP
cblr-9110	271	99	at	at	ADP
cblr-9110	271	100	least	least	ADJ
cblr-9110	271	101	mid-2020,71	mid-2020,71	ADJ
cblr-9110	271	102	leaving	leave	VERB
cblr-9110	271	103	the	the	DET
cblr-9110	271	104	period	period	NOUN
cblr-9110	271	105	from	from	ADP
cblr-9110	271	106	1993	1993	NUM
cblr-9110	271	107	until	until	SCONJ
cblr-9110	271	108	at	at	ADP
cblr-9110	271	109	least	least	ADJ
cblr-9110	271	110	mid-2020	mid-2020	VERB
cblr-9110	271	111	one	one	NUM
cblr-9110	271	112	that	that	PRON
cblr-9110	271	113	can	can	AUX
cblr-9110	271	114	be	be	AUX
cblr-9110	271	115	fairly	fairly	ADV
cblr-9110	271	116	described	describe	VERB
cblr-9110	271	117	under	under	ADP
cblr-9110	271	118	the	the	DET
cblr-9110	271	119	heading	heading	NOUN
cblr-9110	271	120	of	of	ADP
cblr-9110	271	121	this	this	DET
cblr-9110	271	122	section	section	NOUN
cblr-9110	271	123	,	,	PUNCT
cblr-9110	271	124	“	"	PUNCT
cblr-9110	272	1	etf	etf	NOUN
cblr-9110	272	2	history	history	NOUN
cblr-9110	272	3	part	part	NOUN
cblr-9110	273	1	i	i	PRON
cblr-9110	273	2	:	:	PUNCT
cblr-9110	273	3	the	the	DET
cblr-9110	273	4	passive	passive	ADJ
cblr-9110	273	5	age	age	NOUN
cblr-9110	273	6	.	.	PUNCT
cblr-9110	273	7	”	"	PUNCT
cblr-9110	274	1	b.	b.	PROPN
cblr-9110	274	2	etf	etf	PROPN
cblr-9110	274	3	history	history	PROPN
cblr-9110	274	4	part	part	PROPN
cblr-9110	274	5	ii	ii	PROPN
cblr-9110	274	6	:	:	PUNCT
cblr-9110	274	7	the	the	DET
cblr-9110	274	8	varied	varied	ADJ
cblr-9110	274	9	age	age	NOUN
cblr-9110	274	10	(	(	PUNCT
cblr-9110	274	11	mid-2020	mid-2020	VERB
cblr-9110	274	12	forward	forward	ADV
cblr-9110	274	13	)	)	PUNCT
cblr-9110	274	14	after	after	ADP
cblr-9110	274	15	years	year	NOUN
cblr-9110	274	16	of	of	ADP
cblr-9110	274	17	attempts	attempt	NOUN
cblr-9110	274	18	to	to	PART
cblr-9110	274	19	solve	solve	VERB
cblr-9110	274	20	the	the	DET
cblr-9110	274	21	secret	secret	ADJ
cblr-9110	274	22	-	-	PUNCT
cblr-9110	274	23	sauce	sauce	NOUN
cblr-9110	274	24	problem	problem	NOUN
cblr-9110	274	25	in	in	ADP
cblr-9110	274	26	a	a	DET
cblr-9110	274	27	way	way	NOUN
cblr-9110	274	28	that	that	PRON
cblr-9110	274	29	worked	work	VERB
cblr-9110	274	30	for	for	ADP
cblr-9110	274	31	regulators,72	regulators,72	NOUN
cblr-9110	274	32	in	in	ADP
cblr-9110	274	33	may	may	PROPN
cblr-9110	274	34	2019	2019	NUM
cblr-9110	274	35	,	,	PUNCT
cblr-9110	274	36	the	the	DET
cblr-9110	274	37	sec	sec	PROPN
cblr-9110	274	38	approved	approve	VERB
cblr-9110	274	39	an	an	DET
cblr-9110	274	40	exemption	exemption	NOUN
cblr-9110	274	41	from	from	ADP
cblr-9110	274	42	the	the	DET
cblr-9110	274	43	investment	investment	NOUN
cblr-9110	274	44	company	company	NOUN
cblr-9110	274	45	act	act	VERB
cblr-9110	274	46	that	that	PRON
cblr-9110	274	47	paved	pave	VERB
cblr-9110	274	48	the	the	DET
cblr-9110	274	49	way	way	NOUN
cblr-9110	274	50	for	for	ADP
cblr-9110	274	51	the	the	DET
cblr-9110	274	52	first	first	ADJ
cblr-9110	274	53	nontransparent	nontransparent	NOUN
cblr-9110	274	54	actively	actively	ADV
cblr-9110	274	55	managed	manage	VERB
cblr-9110	274	56	etf.73	etf.73	ADP
cblr-9110	274	57	this	this	DET
cblr-9110	274	58	product	product	NOUN
cblr-9110	274	59	allowed	allow	VERB
cblr-9110	274	60	open	open	ADJ
cblr-9110	274	61	-	-	PUNCT
cblr-9110	274	62	end	end	NOUN
cblr-9110	274	63	funds	fund	NOUN
cblr-9110	274	64	to	to	PART
cblr-9110	274	65	issue	issue	VERB
cblr-9110	274	66	28,143	28,143	NUM
cblr-9110	274	67	,	,	PUNCT
cblr-9110	274	68	73	73	NUM
cblr-9110	274	69	fed	fed	PROPN
cblr-9110	274	70	.	.	PUNCT
cblr-9110	275	1	reg	reg	NOUN
cblr-9110	275	2	.	.	PUNCT
cblr-9110	276	1	7768	7768	NUM
cblr-9110	276	2	,	,	PUNCT
cblr-9110	276	3	7700	7700	NUM
cblr-9110	276	4	(	(	PUNCT
cblr-9110	276	5	feb	feb	X
cblr-9110	276	6	.	.	PROPN
cblr-9110	276	7	5	5	NUM
cblr-9110	276	8	,	,	PUNCT
cblr-9110	276	9	2008	2008	NUM
cblr-9110	276	10	)	)	PUNCT
cblr-9110	276	11	(	(	PUNCT
cblr-9110	276	12	“	"	PUNCT
cblr-9110	276	13	on	on	ADP
cblr-9110	276	14	each	each	DET
cblr-9110	276	15	business	business	NOUN
cblr-9110	276	16	day	day	NOUN
cblr-9110	276	17	,	,	PUNCT
cblr-9110	276	18	before	before	ADP
cblr-9110	276	19	the	the	DET
cblr-9110	276	20	commencement	commencement	NOUN
cblr-9110	276	21	of	of	ADP
cblr-9110	276	22	trading	trading	NOUN
cblr-9110	276	23	in	in	ADP
cblr-9110	276	24	[	[	PUNCT
cblr-9110	276	25	etf	etf	NOUN
cblr-9110	276	26	shares	share	NOUN
cblr-9110	276	27	]	]	PUNCT
cblr-9110	276	28	on	on	ADP
cblr-9110	276	29	the	the	DET
cblr-9110	276	30	exchange	exchange	NOUN
cblr-9110	276	31	,	,	PUNCT
cblr-9110	276	32	each	each	DET
cblr-9110	276	33	fund	fund	NOUN
cblr-9110	276	34	will	will	AUX
cblr-9110	276	35	disclose	disclose	VERB
cblr-9110	276	36	on	on	ADP
cblr-9110	276	37	its	its	PRON
cblr-9110	276	38	website	website	NOUN
cblr-9110	276	39	the	the	DET
cblr-9110	276	40	identities	identity	NOUN
cblr-9110	276	41	and	and	CCONJ
cblr-9110	276	42	quantities	quantity	NOUN
cblr-9110	276	43	of	of	ADP
cblr-9110	276	44	the	the	DET
cblr-9110	276	45	portfolio	portfolio	NOUN
cblr-9110	276	46	securities	security	NOUN
cblr-9110	276	47	and	and	CCONJ
cblr-9110	276	48	other	other	ADJ
cblr-9110	276	49	assets	asset	NOUN
cblr-9110	276	50	held	hold	VERB
cblr-9110	276	51	by	by	ADP
cblr-9110	276	52	the	the	DET
cblr-9110	276	53	fund	fund	NOUN
cblr-9110	276	54	that	that	PRON
cblr-9110	276	55	will	will	AUX
cblr-9110	276	56	form	form	VERB
cblr-9110	276	57	the	the	DET
cblr-9110	276	58	basis	basis	NOUN
cblr-9110	276	59	for	for	ADP
cblr-9110	276	60	the	the	DET
cblr-9110	276	61	fund	fund	NOUN
cblr-9110	276	62	’s	’s	PART
cblr-9110	276	63	calculation	calculation	NOUN
cblr-9110	276	64	of	of	ADP
cblr-9110	276	65	nav	nav	NOUN
cblr-9110	276	66	at	at	ADP
cblr-9110	276	67	the	the	DET
cblr-9110	276	68	end	end	NOUN
cblr-9110	276	69	of	of	ADP
cblr-9110	276	70	the	the	DET
cblr-9110	276	71	business	business	NOUN
cblr-9110	276	72	day	day	NOUN
cblr-9110	276	73	.	.	PUNCT
cblr-9110	277	1	applicants	applicant	NOUN
cblr-9110	277	2	assert	assert	VERB
cblr-9110	277	3	that	that	SCONJ
cblr-9110	277	4	the	the	DET
cblr-9110	277	5	website	website	NOUN
cblr-9110	277	6	disclosure	disclosure	NOUN
cblr-9110	277	7	of	of	ADP
cblr-9110	277	8	each	each	DET
cblr-9110	277	9	fund	fund	NOUN
cblr-9110	277	10	’s	’s	PART
cblr-9110	277	11	portfolio	portfolio	NOUN
cblr-9110	277	12	securities	security	NOUN
cblr-9110	277	13	and	and	CCONJ
cblr-9110	277	14	other	other	ADJ
cblr-9110	277	15	assets	asset	NOUN
cblr-9110	277	16	will	will	AUX
cblr-9110	277	17	provide	provide	VERB
cblr-9110	277	18	a	a	DET
cblr-9110	277	19	level	level	NOUN
cblr-9110	277	20	of	of	ADP
cblr-9110	277	21	portfolio	portfolio	NOUN
cblr-9110	277	22	transparency	transparency	NOUN
cblr-9110	277	23	that	that	PRON
cblr-9110	277	24	is	be	AUX
cblr-9110	277	25	substantially	substantially	ADV
cblr-9110	277	26	similar	similar	ADJ
cblr-9110	277	27	to	to	ADP
cblr-9110	277	28	that	that	PRON
cblr-9110	277	29	of	of	ADP
cblr-9110	277	30	index	index	NOUN
cblr-9110	277	31	-	-	PUNCT
cblr-9110	277	32	based	base	VERB
cblr-9110	277	33	etfs	etfs	NOUN
cblr-9110	277	34	.	.	PUNCT
cblr-9110	277	35	”	"	PUNCT
cblr-9110	277	36	)	)	PUNCT
cblr-9110	277	37	.	.	PUNCT
cblr-9110	278	1	69	69	NUM
cblr-9110	278	2	see	see	VERB
cblr-9110	278	3	inv	inv	ADJ
cblr-9110	278	4	.	.	PUNCT
cblr-9110	278	5	co.	co.	PROPN
cblr-9110	278	6	inst	inst	PROPN
cblr-9110	278	7	.	.	PROPN
cblr-9110	278	8	,	,	PUNCT
cblr-9110	278	9	supra	supra	PROPN
cblr-9110	278	10	note	note	NOUN
cblr-9110	278	11	4	4	NUM
cblr-9110	278	12	,	,	PUNCT
cblr-9110	278	13	at	at	ADP
cblr-9110	278	14	94	94	NUM
cblr-9110	278	15	.	.	PUNCT
cblr-9110	278	16	70	70	NUM
cblr-9110	278	17	see	see	VERB
cblr-9110	278	18	supra	supra	PROPN
cblr-9110	278	19	note	note	PROPN
cblr-9110	278	20	57	57	NUM
cblr-9110	278	21	and	and	CCONJ
cblr-9110	278	22	accompanying	accompany	VERB
cblr-9110	278	23	text	text	NOUN
cblr-9110	278	24	(	(	PUNCT
cblr-9110	278	25	noting	note	VERB
cblr-9110	278	26	the	the	DET
cblr-9110	278	27	relatively	relatively	ADV
cblr-9110	278	28	small	small	ADJ
cblr-9110	278	29	amount	amount	NOUN
cblr-9110	278	30	of	of	ADP
cblr-9110	278	31	assets	asset	NOUN
cblr-9110	278	32	under	under	ADP
cblr-9110	278	33	management	management	NOUN
cblr-9110	278	34	in	in	ADP
cblr-9110	278	35	actively	actively	ADV
cblr-9110	278	36	managed	manage	VERB
cblr-9110	278	37	funds	fund	NOUN
cblr-9110	278	38	even	even	ADV
cblr-9110	278	39	at	at	ADP
cblr-9110	278	40	the	the	DET
cblr-9110	278	41	end	end	NOUN
cblr-9110	278	42	of	of	ADP
cblr-9110	278	43	2020	2020	NUM
cblr-9110	278	44	when	when	SCONJ
cblr-9110	278	45	the	the	DET
cblr-9110	278	46	first	first	ADJ
cblr-9110	278	47	nontransparent	nontransparent	ADJ
cblr-9110	278	48	actively	actively	ADV
cblr-9110	278	49	managed	manage	VERB
cblr-9110	278	50	funds	fund	NOUN
cblr-9110	278	51	began	begin	VERB
cblr-9110	278	52	trading	trade	VERB
cblr-9110	278	53	)	)	PUNCT
cblr-9110	278	54	.	.	PUNCT
cblr-9110	279	1	71	71	NUM
cblr-9110	279	2	see	see	VERB
cblr-9110	279	3	supra	supra	PROPN
cblr-9110	279	4	note	note	PROPN
cblr-9110	279	5	57	57	NUM
cblr-9110	279	6	and	and	CCONJ
cblr-9110	279	7	accompanying	accompany	VERB
cblr-9110	279	8	text	text	NOUN
cblr-9110	279	9	.	.	PUNCT
cblr-9110	280	1	72	72	NUM
cblr-9110	280	2	see	see	NOUN
cblr-9110	280	3	infra	infra	NOUN
cblr-9110	280	4	note	note	VERB
cblr-9110	280	5	116	116	NUM
cblr-9110	280	6	and	and	CCONJ
cblr-9110	280	7	accompanying	accompany	VERB
cblr-9110	280	8	text	text	NOUN
cblr-9110	280	9	.	.	PUNCT
cblr-9110	281	1	73	73	NUM
cblr-9110	281	2	see	see	VERB
cblr-9110	281	3	precidian	precidian	PROPN
cblr-9110	281	4	etfs	etfs	PROPN
cblr-9110	281	5	tr	tr	VERB
cblr-9110	281	6	.	.	PROPN
cblr-9110	281	7	,	,	PUNCT
cblr-9110	281	8	investment	investment	NOUN
cblr-9110	281	9	company	company	NOUN
cblr-9110	281	10	act	act	VERB
cblr-9110	281	11	release	release	VERB
cblr-9110	281	12	no	no	DET
cblr-9110	281	13	.	.	NOUN
cblr-9110	281	14	33,477	33,477	NUM
cblr-9110	281	15	,	,	PUNCT
cblr-9110	281	16	2019	2019	NUM
cblr-9110	281	17	wl	wl	NOUN
cblr-9110	281	18	12423266	12423266	NUM
cblr-9110	281	19	,	,	PUNCT
cblr-9110	281	20	at	at	ADP
cblr-9110	281	21	*	*	NOUN
cblr-9110	281	22	1	1	NUM
cblr-9110	281	23	(	(	PUNCT
cblr-9110	281	24	may	may	PROPN
cblr-9110	281	25	20	20	NUM
cblr-9110	281	26	,	,	PUNCT
cblr-9110	281	27	2019	2019	NUM
cblr-9110	281	28	)	)	PUNCT
cblr-9110	281	29	;	;	PUNCT
cblr-9110	281	30	bailey	bailey	PROPN
cblr-9110	281	31	mccann	mccann	PROPN
cblr-9110	281	32	,	,	PUNCT
cblr-9110	281	33	what	what	PRON
cblr-9110	281	34	to	to	PART
cblr-9110	281	35	know	know	VERB
cblr-9110	281	36	about	about	ADP
cblr-9110	281	37	‘	'	PUNCT
cblr-9110	281	38	nontransparent	nontransparent	ADJ
cblr-9110	281	39	’	'	PUNCT
cblr-9110	281	40	etfs	etfs	PROPN
cblr-9110	281	41	,	,	PUNCT
cblr-9110	281	42	wall	wall	PROPN
cblr-9110	281	43	st	st	PROPN
cblr-9110	281	44	.	.	PROPN
cblr-9110	281	45	j.	j.	PROPN
cblr-9110	282	1	(	(	PUNCT
cblr-9110	282	2	may	may	PROPN
cblr-9110	282	3	5	5	NUM
cblr-9110	282	4	,	,	PUNCT
cblr-9110	282	5	2019	2019	NUM
cblr-9110	282	6	,	,	PUNCT
cblr-9110	282	7	10:01	10:01	NUM
cblr-9110	282	8	pm	pm	NOUN
cblr-9110	282	9	)	)	PUNCT
cblr-9110	282	10	,	,	PUNCT
cblr-9110	282	11	https://www.wsj.com/articles/what-to-know-about-nontransparent-etfs11557108061	https://www.wsj.com/articles/what-to-know-about-nontransparent-etfs11557108061	PROPN
cblr-9110	282	12	(	(	PUNCT
cblr-9110	282	13	on	on	ADP
cblr-9110	282	14	file	file	NOUN
cblr-9110	282	15	with	with	ADP
cblr-9110	282	16	the	the	DET
cblr-9110	282	17	columbia	columbia	PROPN
cblr-9110	282	18	business	business	PROPN
cblr-9110	282	19	law	law	PROPN
cblr-9110	282	20	review	review	PROPN
cblr-9110	282	21	)	)	PUNCT
cblr-9110	282	22	.	.	PUNCT
cblr-9110	283	1	1340	1340	NUM
cblr-9110	283	2	columbia	columbia	PROPN
cblr-9110	283	3	business	business	NOUN
cblr-9110	283	4	law	law	PROPN
cblr-9110	283	5	review	review	NOUN
cblr-9110	283	6	[	[	X
cblr-9110	283	7	vol	vol	NOUN
cblr-9110	283	8	.	.	NOUN
cblr-9110	283	9	2021	2021	NUM
cblr-9110	283	10	etf	etf	NOUN
cblr-9110	283	11	shares	share	NOUN
cblr-9110	283	12	without	without	ADP
cblr-9110	283	13	complying	comply	VERB
cblr-9110	283	14	with	with	ADP
cblr-9110	283	15	the	the	DET
cblr-9110	283	16	traditional	traditional	ADJ
cblr-9110	283	17	etf	etf	NOUN
cblr-9110	283	18	requirement	requirement	NOUN
cblr-9110	283	19	of	of	ADP
cblr-9110	283	20	daily	daily	ADJ
cblr-9110	283	21	disclosure	disclosure	NOUN
cblr-9110	283	22	of	of	ADP
cblr-9110	283	23	fund	fund	NOUN
cblr-9110	283	24	holdings.74	holdings.74	PROPN
cblr-9110	283	25	instead	instead	ADV
cblr-9110	283	26	,	,	PUNCT
cblr-9110	283	27	fund	fund	NOUN
cblr-9110	283	28	sponsors	sponsor	NOUN
cblr-9110	283	29	who	who	PRON
cblr-9110	283	30	issue	issue	VERB
cblr-9110	283	31	these	these	DET
cblr-9110	283	32	“	"	PUNCT
cblr-9110	283	33	activeshares	activeshare	NOUN
cblr-9110	283	34	”	"	PUNCT
cblr-9110	283	35	are	be	AUX
cblr-9110	283	36	permitted	permit	VERB
cblr-9110	283	37	to	to	PART
cblr-9110	283	38	disclose	disclose	VERB
cblr-9110	283	39	their	their	PRON
cblr-9110	283	40	portfolio	portfolio	NOUN
cblr-9110	283	41	holdings	holding	NOUN
cblr-9110	283	42	in	in	ADP
cblr-9110	283	43	line	line	NOUN
cblr-9110	283	44	with	with	ADP
cblr-9110	283	45	standard	standard	ADJ
cblr-9110	283	46	mutual	mutual	ADJ
cblr-9110	283	47	-	-	PUNCT
cblr-9110	283	48	fund	fund	NOUN
cblr-9110	283	49	rules	rule	NOUN
cblr-9110	283	50	(	(	PUNCT
cblr-9110	283	51	quarterly	quarterly	ADV
cblr-9110	283	52	,	,	PUNCT
cblr-9110	283	53	with	with	ADP
cblr-9110	283	54	a	a	DET
cblr-9110	283	55	delay	delay	NOUN
cblr-9110	283	56	of	of	ADP
cblr-9110	283	57	up	up	ADP
cblr-9110	283	58	to	to	PART
cblr-9110	283	59	sixty	sixty	NUM
cblr-9110	283	60	days	day	NOUN
cblr-9110	283	61	beyond	beyond	ADP
cblr-9110	283	62	the	the	DET
cblr-9110	283	63	quarter	quarter	NOUN
cblr-9110	283	64	end).75	end).75	ADV
cblr-9110	283	65	this	this	DET
cblr-9110	283	66	periodic	periodic	ADJ
cblr-9110	283	67	,	,	PUNCT
cblr-9110	283	68	delayed	delay	VERB
cblr-9110	283	69	disclosure	disclosure	NOUN
cblr-9110	283	70	thus	thus	ADV
cblr-9110	283	71	allows	allow	VERB
cblr-9110	283	72	actively	actively	ADV
cblr-9110	283	73	managed	manage	VERB
cblr-9110	283	74	investment	investment	NOUN
cblr-9110	283	75	funds	fund	NOUN
cblr-9110	283	76	to	to	PART
cblr-9110	283	77	offer	offer	VERB
cblr-9110	283	78	etf	etf	NOUN
cblr-9110	283	79	shares	share	NOUN
cblr-9110	283	80	while	while	SCONJ
cblr-9110	283	81	maintaining	maintain	VERB
cblr-9110	283	82	a	a	DET
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cblr-9110	283	84	degree	degree	NOUN
cblr-9110	283	85	of	of	ADP
cblr-9110	283	86	confidentiality	confidentiality	NOUN
cblr-9110	283	87	as	as	ADP
cblr-9110	283	88	to	to	ADP
cblr-9110	283	89	their	their	PRON
cblr-9110	283	90	investment	investment	NOUN
cblr-9110	283	91	advisers	adviser	NOUN
cblr-9110	283	92	’	’	PART
cblr-9110	283	93	investment	investment	NOUN
cblr-9110	283	94	strategies	strategy	NOUN
cblr-9110	283	95	.	.	PUNCT
cblr-9110	284	1	the	the	DET
cblr-9110	284	2	first	first	ADJ
cblr-9110	284	3	such	such	ADJ
cblr-9110	284	4	etf	etf	NOUN
cblr-9110	284	5	began	begin	VERB
cblr-9110	284	6	trading	trade	VERB
cblr-9110	284	7	almost	almost	ADV
cblr-9110	284	8	a	a	PRON
cblr-9110	284	9	year	year	NOUN
cblr-9110	284	10	later	later	ADV
cblr-9110	284	11	,	,	PUNCT
cblr-9110	284	12	in	in	ADP
cblr-9110	284	13	april	april	PROPN
cblr-9110	284	14	2020.76	2020.76	NUM
cblr-9110	285	1	but	but	CCONJ
cblr-9110	285	2	it	it	PRON
cblr-9110	285	3	was	be	AUX
cblr-9110	285	4	not	not	PART
cblr-9110	285	5	alone	alone	ADJ
cblr-9110	285	6	.	.	PUNCT
cblr-9110	286	1	late	late	ADV
cblr-9110	286	2	in	in	ADP
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cblr-9110	286	4	previous	previous	ADJ
cblr-9110	286	5	year	year	NOUN
cblr-9110	286	6	,	,	PUNCT
cblr-9110	286	7	the	the	DET
cblr-9110	286	8	sec	sec	PROPN
cblr-9110	286	9	had	have	AUX
cblr-9110	286	10	approved	approve	VERB
cblr-9110	286	11	distinct	distinct	ADJ
cblr-9110	286	12	secret	secret	ADJ
cblr-9110	286	13	-	-	PUNCT
cblr-9110	286	14	sauce	sauce	NOUN
cblr-9110	286	15	-	-	PUNCT
cblr-9110	286	16	protecting	protect	VERB
cblr-9110	286	17	etfs	etfs	NOUN
cblr-9110	286	18	74	74	NUM
cblr-9110	286	19	see	see	VERB
cblr-9110	286	20	,	,	PUNCT
cblr-9110	286	21	e.g.	e.g.	ADV
cblr-9110	286	22	,	,	PUNCT
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cblr-9110	286	24	ets	ets	PROPN
cblr-9110	286	25	tr	tr	VERB
cblr-9110	286	26	.	.	PROPN
cblr-9110	286	27	,	,	PUNCT
cblr-9110	286	28	2019	2019	NUM
cblr-9110	286	29	wl	wl	NOUN
cblr-9110	286	30	12423266	12423266	NUM
cblr-9110	286	31	,	,	PUNCT
cblr-9110	286	32	at	at	ADP
cblr-9110	286	33	*	*	PROPN
cblr-9110	286	34	1	1	NUM
cblr-9110	286	35	&	&	CCONJ
cblr-9110	286	36	n.2	n.2	PROPN
cblr-9110	286	37	(	(	PUNCT
cblr-9110	286	38	noting	note	VERB
cblr-9110	286	39	the	the	DET
cblr-9110	286	40	daily	daily	ADJ
cblr-9110	286	41	disclosure	disclosure	NOUN
cblr-9110	286	42	requirement	requirement	NOUN
cblr-9110	286	43	for	for	ADP
cblr-9110	286	44	etfs	etfs	PROPN
cblr-9110	286	45	absent	absent	ADJ
cblr-9110	286	46	exemption	exemption	NOUN
cblr-9110	286	47	)	)	PUNCT
cblr-9110	286	48	natixis	natixis	PROPN
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cblr-9110	286	60	33,711	33,711	NUM
cblr-9110	286	61	,	,	PUNCT
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cblr-9110	286	64	6716048	6716048	NUM
cblr-9110	286	65	,	,	PUNCT
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cblr-9110	286	71	.	.	PROPN
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cblr-9110	286	73	,	,	PUNCT
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cblr-9110	287	1	(	(	PUNCT
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cblr-9110	287	13	non	non	ADJ
cblr-9110	287	14	-	-	ADJ
cblr-9110	287	15	transparent	transparent	ADJ
cblr-9110	287	16	etfs	etfs	NOUN
cblr-9110	287	17	:	:	PUNCT
cblr-9110	287	18	what	what	PRON
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cblr-9110	287	24	,	,	PUNCT
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cblr-9110	287	26	(	(	PUNCT
cblr-9110	287	27	jul	jul	PROPN
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cblr-9110	287	30	,	,	PUNCT
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cblr-9110	287	33	,	,	PUNCT
cblr-9110	287	34	https://www.morningstar.com/articles/993801/active-nontransparent-etfs-what-are-they-good-for	https://www.morningstar.com/articles/993801/active-nontransparent-etfs-what-are-they-good-for	ADP
cblr-9110	288	1	[	[	X
cblr-9110	288	2	https://perma.cc/57c9-duey	https://perma.cc/57c9-duey	X
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cblr-9110	288	4	(	(	PUNCT
cblr-9110	288	5	stating	state	VERB
cblr-9110	288	6	that	that	DET
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cblr-9110	288	9	etfs	etfs	NOUN
cblr-9110	288	10	’	'	PUNCT
cblr-9110	288	11	“	"	PUNCT
cblr-9110	288	12	most	most	ADV
cblr-9110	288	13	distinctive	distinctive	ADJ
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cblr-9110	288	15	is	be	AUX
cblr-9110	288	16	that	that	SCONJ
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cblr-9110	288	19	not	not	PART
cblr-9110	288	20	disclose	disclose	VERB
cblr-9110	288	21	the	the	DET
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cblr-9110	288	33	”	"	PUNCT
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cblr-9110	288	35	;	;	PUNCT
cblr-9110	289	1	justin	justin	PROPN
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cblr-9110	289	3	,	,	PUNCT
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cblr-9110	289	7	thing	thing	NOUN
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cblr-9110	289	10	:	:	PUNCT
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cblr-9110	289	25	am	am	NOUN
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cblr-9110	289	28	https://www.wsj.com/articles/the-next-big-thingin-etfs-less-transparency-11563010201	https://www.wsj.com/articles/the-next-big-thingin-etfs-less-transparency-11563010201	NOUN
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cblr-9110	289	30	on	on	ADP
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cblr-9110	289	39	(	(	PUNCT
cblr-9110	289	40	“	"	PUNCT
cblr-9110	289	41	[	[	X
cblr-9110	289	42	f]irms	f]irm	NOUN
cblr-9110	289	43	.	.	PUNCT
cblr-9110	289	44	.	.	PUNCT
cblr-9110	289	45	.	.	PUNCT
cblr-9110	290	1	plan	plan	VERB
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cblr-9110	290	3	launch	launch	VERB
cblr-9110	290	4	exchange	exchange	NOUN
cblr-9110	290	5	-	-	PUNCT
cblr-9110	290	6	traded	trade	VERB
cblr-9110	290	7	funds	fund	NOUN
cblr-9110	290	8	that	that	PRON
cblr-9110	290	9	bet	bet	VERB
cblr-9110	290	10	on	on	ADP
cblr-9110	290	11	stocks	stock	NOUN
cblr-9110	290	12	without	without	ADP
cblr-9110	290	13	disclosing	disclose	VERB
cblr-9110	290	14	investments	investment	NOUN
cblr-9110	290	15	each	each	DET
cblr-9110	290	16	day	day	NOUN
cblr-9110	290	17	.	.	PUNCT
cblr-9110	290	18	”	"	PUNCT
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cblr-9110	290	20	.	.	PUNCT
cblr-9110	291	1	75	75	NUM
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cblr-9110	291	3	,	,	PUNCT
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cblr-9110	291	15	investment	investment	NOUN
cblr-9110	291	16	company	company	NOUN
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cblr-9110	291	18	act	act	NOUN
cblr-9110	291	19	no	no	INTJ
cblr-9110	291	20	.	.	PROPN
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cblr-9110	291	22	,	,	PUNCT
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cblr-9110	291	25	.	.	PUNCT
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cblr-9110	293	1	64,153	64,153	NUM
cblr-9110	293	2	,	,	PUNCT
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cblr-9110	293	9	,	,	PUNCT
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cblr-9110	293	12	(	(	PUNCT
cblr-9110	293	13	noting	note	VERB
cblr-9110	293	14	that	that	SCONJ
cblr-9110	293	15	the	the	DET
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cblr-9110	293	18	“	"	PUNCT
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cblr-9110	293	32	”	"	PUNCT
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cblr-9110	293	43	“	"	PUNCT
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cblr-9110	293	50	,	,	PUNCT
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cblr-9110	293	59	-	-	PUNCT
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cblr-9110	294	15	2	2	NUM
cblr-9110	294	16	–	–	PUNCT
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cblr-9110	295	4	(	(	PUNCT
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cblr-9110	298	75	traditional	traditional	ADJ
cblr-9110	298	76	etf	etf	NOUN
cblr-9110	298	77	-	-	PUNCT
cblr-9110	298	78	arbitrage	arbitrage	NOUN
cblr-9110	298	79	mechanism	mechanism	NOUN
cblr-9110	298	80	.	.	PUNCT
cblr-9110	299	1	for	for	ADP
cblr-9110	299	2	the	the	DET
cblr-9110	299	3	initially	initially	ADV
cblr-9110	299	4	approved	approve	VERB
cblr-9110	299	5	product	product	NOUN
cblr-9110	299	6	,	,	PUNCT
cblr-9110	299	7	activeshares	activeshare	NOUN
cblr-9110	299	8	,	,	PUNCT
cblr-9110	299	9	aps	ap	NOUN
cblr-9110	299	10	work	work	VERB
cblr-9110	299	11	through	through	ADP
cblr-9110	299	12	an	an	DET
cblr-9110	299	13	ap	ap	PROPN
cblr-9110	299	14	representative	representative	NOUN
cblr-9110	299	15	to	to	PART
cblr-9110	299	16	carry	carry	VERB
cblr-9110	299	17	out	out	ADP
cblr-9110	299	18	their	their	PRON
cblr-9110	299	19	price	price	NOUN
cblr-9110	299	20	-	-	PUNCT
cblr-9110	299	21	aligning	align	VERB
cblr-9110	299	22	redemption	redemption	NOUN
cblr-9110	299	23	and	and	CCONJ
cblr-9110	299	24	creation	creation	NOUN
cblr-9110	299	25	transactions	transaction	NOUN
cblr-9110	299	26	.	.	PUNCT
cblr-9110	300	1	these	these	DET
cblr-9110	300	2	new	new	ADJ
cblr-9110	300	3	wall	wall	PROPN
cblr-9110	300	4	street	street	PROPN
cblr-9110	300	5	intermediaries	intermediary	NOUN
cblr-9110	300	6	serve	serve	VERB
cblr-9110	300	7	as	as	ADP
cblr-9110	300	8	“	"	PUNCT
cblr-9110	300	9	trusted	trust	VERB
cblr-9110	300	10	agents	agent	NOUN
cblr-9110	300	11	”	"	PUNCT
cblr-9110	300	12	to	to	ADP
cblr-9110	300	13	the	the	DET
cblr-9110	300	14	aps	ap	NOUN
cblr-9110	300	15	.	.	PUNCT
cblr-9110	301	1	in	in	ADP
cblr-9110	301	2	that	that	DET
cblr-9110	301	3	role	role	NOUN
cblr-9110	301	4	,	,	PUNCT
cblr-9110	301	5	they	they	PRON
cblr-9110	301	6	are	be	AUX
cblr-9110	301	7	the	the	DET
cblr-9110	301	8	lone	lone	ADJ
cblr-9110	301	9	market	market	NOUN
cblr-9110	301	10	participants	participant	NOUN
cblr-9110	301	11	outside	outside	ADP
cblr-9110	301	12	of	of	ADP
cblr-9110	301	13	the	the	DET
cblr-9110	301	14	fund	fund	NOUN
cblr-9110	301	15	to	to	PART
cblr-9110	301	16	be	be	AUX
cblr-9110	301	17	privy	privy	ADJ
cblr-9110	301	18	to	to	ADP
cblr-9110	301	19	the	the	DET
cblr-9110	301	20	contents	content	NOUN
cblr-9110	301	21	of	of	ADP
cblr-9110	301	22	the	the	DET
cblr-9110	301	23	fund	fund	NOUN
cblr-9110	301	24	’s	’s	PART
cblr-9110	301	25	redemption	redemption	NOUN
cblr-9110	301	26	and	and	CCONJ
cblr-9110	301	27	creation	creation	NOUN
cblr-9110	301	28	basket	basket	NOUN
cblr-9110	301	29	on	on	ADP
cblr-9110	301	30	a	a	DET
cblr-9110	301	31	daily	daily	ADJ
cblr-9110	301	32	basis	basis	NOUN
cblr-9110	301	33	.	.	PUNCT
cblr-9110	302	1	this	this	DET
cblr-9110	302	2	arrangement	arrangement	NOUN
cblr-9110	302	3	thus	thus	ADV
cblr-9110	302	4	involves	involve	VERB
cblr-9110	302	5	ap	ap	PROPN
cblr-9110	302	6	principals	principal	NOUN
cblr-9110	302	7	with	with	ADP
cblr-9110	302	8	aprepresentative	aprepresentative	ADV
cblr-9110	302	9	-	-	PUNCT
cblr-9110	302	10	operated	operate	VERB
cblr-9110	302	11	accounts	account	NOUN
cblr-9110	302	12	.	.	PUNCT
cblr-9110	303	1	the	the	DET
cblr-9110	303	2	principals	principal	NOUN
cblr-9110	303	3	are	be	AUX
cblr-9110	303	4	blocked	block	VERB
cblr-9110	303	5	from	from	ADP
cblr-9110	303	6	knowing	know	VERB
cblr-9110	303	7	the	the	DET
cblr-9110	303	8	identity	identity	NOUN
cblr-9110	303	9	and	and	CCONJ
cblr-9110	303	10	quantity	quantity	NOUN
cblr-9110	303	11	of	of	ADP
cblr-9110	303	12	the	the	DET
cblr-9110	303	13	securities	security	NOUN
cblr-9110	303	14	held	hold	VERB
cblr-9110	303	15	77	77	NUM
cblr-9110	303	16	see	see	NOUN
cblr-9110	303	17	t.	t.	PROPN
cblr-9110	303	18	rowe	rowe	PROPN
cblr-9110	303	19	price	price	PROPN
cblr-9110	303	20	assoc	assoc	PROPN
cblr-9110	303	21	.	.	PROPN
cblr-9110	303	22	,	,	PUNCT
cblr-9110	303	23	inc	inc	PROPN
cblr-9110	303	24	.	.	PROPN
cblr-9110	303	25	,	,	PUNCT
cblr-9110	303	26	investment	investment	NOUN
cblr-9110	303	27	company	company	NOUN
cblr-9110	303	28	act	act	VERB
cblr-9110	303	29	release	release	VERB
cblr-9110	303	30	no	no	PRON
cblr-9110	303	31	.	.	NOUN
cblr-9110	303	32	33,713	33,713	NUM
cblr-9110	303	33	,	,	PUNCT
cblr-9110	303	34	2019	2019	NUM
cblr-9110	303	35	wl	wl	NOUN
cblr-9110	303	36	12423347	12423347	NUM
cblr-9110	303	37	(	(	PUNCT
cblr-9110	303	38	dec	dec	PROPN
cblr-9110	303	39	.	.	PROPN
cblr-9110	303	40	10	10	NUM
cblr-9110	303	41	,	,	PUNCT
cblr-9110	303	42	2019	2019	NUM
cblr-9110	303	43	)	)	PUNCT
cblr-9110	303	44	(	(	PUNCT
cblr-9110	303	45	exempting	exempt	VERB
cblr-9110	303	46	an	an	DET
cblr-9110	303	47	etf	etf	NOUN
cblr-9110	303	48	from	from	ADP
cblr-9110	303	49	disclosing	disclose	VERB
cblr-9110	303	50	its	its	PRON
cblr-9110	303	51	portfolio	portfolio	NOUN
cblr-9110	303	52	holdings	holding	NOUN
cblr-9110	303	53	daily	daily	ADV
cblr-9110	303	54	)	)	PUNCT
cblr-9110	303	55	;	;	PUNCT
cblr-9110	303	56	fidelity	fidelity	PROPN
cblr-9110	303	57	beach	beach	PROPN
cblr-9110	303	58	street	street	PROPN
cblr-9110	303	59	tr	tr	VERB
cblr-9110	303	60	.	.	PROPN
cblr-9110	303	61	,	,	PUNCT
cblr-9110	303	62	investment	investment	NOUN
cblr-9110	303	63	company	company	NOUN
cblr-9110	303	64	act	act	AUX
cblr-9110	303	65	release	release	VERB
cblr-9110	303	66	no	no	PRON
cblr-9110	303	67	.	.	NOUN
cblr-9110	303	68	33,712	33,712	NUM
cblr-9110	303	69	,	,	PUNCT
cblr-9110	303	70	2019	2019	NUM
cblr-9110	303	71	wl	wl	NOUN
cblr-9110	303	72	6716049	6716049	NUM
cblr-9110	303	73	(	(	PUNCT
cblr-9110	303	74	dec	dec	PROPN
cblr-9110	303	75	.	.	PROPN
cblr-9110	303	76	10	10	NUM
cblr-9110	303	77	,	,	PUNCT
cblr-9110	303	78	2019	2019	NUM
cblr-9110	303	79	)	)	PUNCT
cblr-9110	303	80	(	(	PUNCT
cblr-9110	303	81	exempting	exempt	VERB
cblr-9110	303	82	the	the	DET
cblr-9110	303	83	same	same	ADJ
cblr-9110	303	84	)	)	PUNCT
cblr-9110	303	85	;	;	PUNCT
cblr-9110	303	86	natixis	natixi	VERB
cblr-9110	303	87	advisors	advisor	NOUN
cblr-9110	303	88	,	,	PUNCT
cblr-9110	303	89	l.p	l.p	PROPN
cblr-9110	303	90	.	.	PROPN
cblr-9110	303	91	,	,	PUNCT
cblr-9110	303	92	2019	2019	NUM
cblr-9110	303	93	wl	wl	NOUN
cblr-9110	303	94	6716048	6716048	NUM
cblr-9110	303	95	,	,	PUNCT
cblr-9110	303	96	at	at	ADP
cblr-9110	303	97	*	*	NOUN
cblr-9110	303	98	1	1	NUM
cblr-9110	303	99	(	(	PUNCT
cblr-9110	303	100	exempting	exempt	VERB
cblr-9110	303	101	the	the	DET
cblr-9110	303	102	same	same	ADJ
cblr-9110	303	103	)	)	PUNCT
cblr-9110	303	104	;	;	PUNCT
cblr-9110	303	105	see	see	VERB
cblr-9110	303	106	also	also	ADV
cblr-9110	303	107	infra	infra	NOUN
cblr-9110	303	108	note	note	VERB
cblr-9110	303	109	88	88	NUM
cblr-9110	303	110	and	and	CCONJ
cblr-9110	303	111	accompanying	accompany	VERB
cblr-9110	303	112	text	text	NOUN
cblr-9110	303	113	.	.	PUNCT
cblr-9110	304	1	78	78	NUM
cblr-9110	304	2	see	see	VERB
cblr-9110	304	3	inv	inv	ADJ
cblr-9110	304	4	.	.	PUNCT
cblr-9110	304	5	co.	co.	PROPN
cblr-9110	304	6	inst	inst	PROPN
cblr-9110	304	7	.	.	PROPN
cblr-9110	304	8	,	,	PUNCT
cblr-9110	304	9	supra	supra	PROPN
cblr-9110	304	10	note	note	NOUN
cblr-9110	304	11	4	4	NUM
cblr-9110	304	12	,	,	PUNCT
cblr-9110	304	13	at	at	ADP
cblr-9110	304	14	95	95	NUM
cblr-9110	304	15	(	(	PUNCT
cblr-9110	304	16	“	"	PUNCT
cblr-9110	304	17	[	[	X
cblr-9110	304	18	b]y	b]y	NOUN
cblr-9110	304	19	year	year	NOUN
cblr-9110	304	20	-	-	PUNCT
cblr-9110	304	21	end	end	NOUN
cblr-9110	304	22	[	[	X
cblr-9110	304	23	2020	2020	NUM
cblr-9110	304	24	]	]	PUNCT
cblr-9110	304	25	there	there	PRON
cblr-9110	304	26	were	be	VERB
cblr-9110	304	27	19	19	NUM
cblr-9110	304	28	etfs	etfs	NOUN
cblr-9110	304	29	with	with	ADP
cblr-9110	304	30	nearly	nearly	ADV
cblr-9110	304	31	$	$	SYM
cblr-9110	304	32	1	1	NUM
cblr-9110	304	33	billion	billion	NUM
cblr-9110	304	34	in	in	ADP
cblr-9110	304	35	total	total	ADJ
cblr-9110	304	36	net	net	ADJ
cblr-9110	304	37	assets	asset	NOUN
cblr-9110	304	38	under	under	ADP
cblr-9110	304	39	these	these	DET
cblr-9110	304	40	approved	approve	VERB
cblr-9110	304	41	models	model	NOUN
cblr-9110	304	42	.	.	PUNCT
cblr-9110	304	43	”	"	PUNCT
cblr-9110	304	44	)	)	PUNCT
cblr-9110	304	45	;	;	PUNCT
cblr-9110	304	46	see	see	VERB
cblr-9110	304	47	infra	infra	NOUN
cblr-9110	304	48	notes	note	VERB
cblr-9110	304	49	79–89	79–89	NUM
cblr-9110	304	50	and	and	CCONJ
cblr-9110	304	51	accompanying	accompany	VERB
cblr-9110	304	52	text	text	NOUN
cblr-9110	304	53	.	.	PUNCT
cblr-9110	305	1	79	79	NUM
cblr-9110	305	2	see	see	VERB
cblr-9110	305	3	,	,	PUNCT
cblr-9110	305	4	e.g.	e.g.	ADV
cblr-9110	305	5	,	,	PUNCT
cblr-9110	305	6	notice	notice	NOUN
cblr-9110	305	7	of	of	ADP
cblr-9110	305	8	application	application	NOUN
cblr-9110	305	9	of	of	ADP
cblr-9110	305	10	fidelity	fidelity	PROPN
cblr-9110	305	11	beach	beach	PROPN
cblr-9110	305	12	street	street	PROPN
cblr-9110	305	13	trust	trust	PROPN
cblr-9110	305	14	,	,	PUNCT
cblr-9110	305	15	84	84	NUM
cblr-9110	305	16	fed	feed	VERB
cblr-9110	305	17	.	.	PUNCT
cblr-9110	306	1	reg	reg	PROPN
cblr-9110	306	2	.	.	PUNCT
cblr-9110	307	1	at	at	ADP
cblr-9110	307	2	64,142	64,142	NUM
cblr-9110	307	3	n.15	n.15	PROPN
cblr-9110	307	4	(	(	PUNCT
cblr-9110	307	5	“	"	PUNCT
cblr-9110	307	6	the	the	DET
cblr-9110	307	7	funds	fund	NOUN
cblr-9110	307	8	would	would	AUX
cblr-9110	307	9	,	,	PUNCT
cblr-9110	307	10	at	at	ADP
cblr-9110	307	11	a	a	DET
cblr-9110	307	12	minimum	minimum	NOUN
cblr-9110	307	13	,	,	PUNCT
cblr-9110	307	14	provide	provide	VERB
cblr-9110	307	15	the	the	DET
cblr-9110	307	16	quarterly	quarterly	ADJ
cblr-9110	307	17	portfolio	portfolio	NOUN
cblr-9110	307	18	disclosures	disclosure	NOUN
cblr-9110	307	19	required	require	VERB
cblr-9110	307	20	for	for	ADP
cblr-9110	307	21	mutual	mutual	ADJ
cblr-9110	307	22	funds	fund	NOUN
cblr-9110	307	23	.	.	PUNCT
cblr-9110	307	24	”	"	PUNCT
cblr-9110	307	25	)	)	PUNCT
cblr-9110	307	26	;	;	PUNCT
cblr-9110	308	1	robert	robert	PROPN
cblr-9110	308	2	j.	j.	PROPN
cblr-9110	308	3	jackson	jackson	PROPN
cblr-9110	308	4	jr	jr	PROPN
cblr-9110	308	5	.	.	PROPN
cblr-9110	308	6	&	&	CCONJ
cblr-9110	308	7	allison	allison	PROPN
cblr-9110	308	8	herren	herren	PROPN
cblr-9110	308	9	lee	lee	PROPN
cblr-9110	308	10	,	,	PUNCT
cblr-9110	308	11	comm’rs	comm’rs	PROPN
cblr-9110	308	12	,	,	PUNCT
cblr-9110	308	13	statement	statement	NOUN
cblr-9110	308	14	of	of	ADP
cblr-9110	308	15	commissioners	commissioners	PROPN
cblr-9110	308	16	jackson	jackson	PROPN
cblr-9110	308	17	and	and	CCONJ
cblr-9110	308	18	lee	lee	PROPN
cblr-9110	308	19	on	on	ADP
cblr-9110	308	20	non	non	ADJ
cblr-9110	308	21	-	-	ADJ
cblr-9110	308	22	transparent	transparent	ADJ
cblr-9110	308	23	exchange	exchange	NOUN
cblr-9110	308	24	traded	trade	VERB
cblr-9110	308	25	funds	fund	NOUN
cblr-9110	308	26	,	,	PUNCT
cblr-9110	308	27	u.s	u.s	PROPN
cblr-9110	308	28	.	.	PROPN
cblr-9110	308	29	sec	sec	PROPN
cblr-9110	308	30	.	.	PROPN
cblr-9110	308	31	&	&	CCONJ
cblr-9110	308	32	exch	exch	PROPN
cblr-9110	308	33	.	.	PUNCT
cblr-9110	309	1	comm’n	comm’n	PROPN
cblr-9110	309	2	,	,	PUNCT
cblr-9110	309	3	(	(	PUNCT
cblr-9110	309	4	nov	nov	PROPN
cblr-9110	309	5	.	.	PROPN
cblr-9110	309	6	15	15	NUM
cblr-9110	309	7	,	,	PUNCT
cblr-9110	309	8	2019	2019	NUM
cblr-9110	309	9	)	)	PUNCT
cblr-9110	309	10	,	,	PUNCT
cblr-9110	310	1	https://www.sec.gov/news/publicstatement/statement-jackson-lee-2019-11-15	https://www.sec.gov/news/publicstatement/statement-jackson-lee-2019-11-15	PROPN
cblr-9110	311	1	[	[	X
cblr-9110	311	2	https://perma.cc/f64yj5ux	https://perma.cc/f64yj5ux	NOUN
cblr-9110	311	3	]	]	X
cblr-9110	311	4	;	;	PUNCT
cblr-9110	311	5	inv	inv	PROPN
cblr-9110	311	6	.	.	PROPN
cblr-9110	311	7	co.	co.	PROPN
cblr-9110	311	8	inst	inst	PROPN
cblr-9110	311	9	.	.	PROPN
cblr-9110	311	10	,	,	PUNCT
cblr-9110	311	11	supra	supra	PROPN
cblr-9110	311	12	note	note	NOUN
cblr-9110	311	13	4	4	NUM
cblr-9110	311	14	,	,	PUNCT
cblr-9110	311	15	at	at	ADP
cblr-9110	311	16	94	94	NUM
cblr-9110	311	17	(	(	PUNCT
cblr-9110	311	18	“	"	PUNCT
cblr-9110	311	19	these	these	DET
cblr-9110	311	20	etfs	etfs	NOUN
cblr-9110	311	21	,	,	PUNCT
cblr-9110	311	22	commonly	commonly	ADV
cblr-9110	311	23	referred	refer	VERB
cblr-9110	311	24	to	to	ADP
cblr-9110	311	25	as	as	ADP
cblr-9110	311	26	non	non	ADJ
cblr-9110	311	27	-	-	ADJ
cblr-9110	311	28	transparent	transparent	ADJ
cblr-9110	311	29	or	or	CCONJ
cblr-9110	311	30	semi	semi	ADJ
cblr-9110	311	31	-	-	ADJ
cblr-9110	311	32	transparent	transparent	ADJ
cblr-9110	311	33	etfs	etfs	NOUN
cblr-9110	311	34	,	,	PUNCT
cblr-9110	311	35	provide	provide	VERB
cblr-9110	311	36	limited	limited	ADJ
cblr-9110	311	37	daily	daily	ADJ
cblr-9110	311	38	information	information	NOUN
cblr-9110	311	39	on	on	ADP
cblr-9110	311	40	the	the	DET
cblr-9110	311	41	value	value	NOUN
cblr-9110	311	42	of	of	ADP
cblr-9110	311	43	the	the	DET
cblr-9110	311	44	securities	security	NOUN
cblr-9110	311	45	they	they	PRON
cblr-9110	311	46	hold	hold	VERB
cblr-9110	311	47	and	and	CCONJ
cblr-9110	311	48	,	,	PUNCT
cblr-9110	311	49	similar	similar	ADJ
cblr-9110	311	50	to	to	ADP
cblr-9110	311	51	mutual	mutual	ADJ
cblr-9110	311	52	funds	fund	NOUN
cblr-9110	311	53	,	,	PUNCT
cblr-9110	311	54	publicly	publicly	ADV
cblr-9110	311	55	disclose	disclose	VERB
cblr-9110	311	56	their	their	PRON
cblr-9110	311	57	full	full	ADJ
cblr-9110	311	58	schedule	schedule	NOUN
cblr-9110	311	59	of	of	ADP
cblr-9110	311	60	portfolio	portfolio	NOUN
cblr-9110	311	61	holdings	holding	NOUN
cblr-9110	311	62	at	at	ADP
cblr-9110	311	63	least	least	ADJ
cblr-9110	311	64	quarterly	quarterly	ADJ
cblr-9110	311	65	.	.	PUNCT
cblr-9110	311	66	”	"	PUNCT
cblr-9110	311	67	)	)	PUNCT
cblr-9110	311	68	.	.	PUNCT
cblr-9110	312	1	1342	1342	NUM
cblr-9110	312	2	columbia	columbia	PROPN
cblr-9110	312	3	business	business	NOUN
cblr-9110	312	4	law	law	PROPN
cblr-9110	312	5	review	review	NOUN
cblr-9110	312	6	[	[	X
cblr-9110	312	7	vol	vol	NOUN
cblr-9110	312	8	.	.	NOUN
cblr-9110	312	9	2021	2021	NUM
cblr-9110	312	10	in	in	ADP
cblr-9110	312	11	their	their	PRON
cblr-9110	312	12	agent	agent	NOUN
cblr-9110	312	13	’s	’s	PART
cblr-9110	312	14	accounts,80	accounts,80	NOUN
cblr-9110	312	15	even	even	ADV
cblr-9110	312	16	though	though	SCONJ
cblr-9110	312	17	they	they	PRON
cblr-9110	312	18	are	be	AUX
cblr-9110	312	19	the	the	DET
cblr-9110	312	20	beneficial	beneficial	ADJ
cblr-9110	312	21	owners	owner	NOUN
cblr-9110	312	22	of	of	ADP
cblr-9110	312	23	those	those	DET
cblr-9110	312	24	accounts	account	NOUN
cblr-9110	312	25	.	.	PUNCT
cblr-9110	313	1	as	as	ADP
cblr-9110	313	2	with	with	ADP
cblr-9110	313	3	traditional	traditional	ADJ
cblr-9110	313	4	etfs	etfs	NOUN
cblr-9110	313	5	,	,	PUNCT
cblr-9110	313	6	the	the	DET
cblr-9110	313	7	aps	ap	NOUN
cblr-9110	313	8	for	for	ADP
cblr-9110	313	9	these	these	DET
cblr-9110	313	10	funds	fund	NOUN
cblr-9110	313	11	(	(	PUNCT
cblr-9110	313	12	as	as	ADV
cblr-9110	313	13	well	well	ADV
cblr-9110	313	14	as	as	ADP
cblr-9110	313	15	distinct	distinct	ADJ
cblr-9110	313	16	arbitrageurs	arbitrageur	NOUN
cblr-9110	313	17	who	who	PRON
cblr-9110	313	18	trade	trade	VERB
cblr-9110	313	19	through	through	ADP
cblr-9110	313	20	aps81	aps81	PROPN
cblr-9110	313	21	)	)	PUNCT
cblr-9110	313	22	continue	continue	VERB
cblr-9110	313	23	to	to	PART
cblr-9110	313	24	focus	focus	VERB
cblr-9110	313	25	on	on	ADP
cblr-9110	313	26	identifying	identify	VERB
cblr-9110	313	27	the	the	DET
cblr-9110	313	28	situation	situation	NOUN
cblr-9110	313	29	where	where	SCONJ
cblr-9110	313	30	etf	etf	NOUN
cblr-9110	313	31	shares	share	NOUN
cblr-9110	313	32	are	be	AUX
cblr-9110	313	33	overpriced	overpriced	ADJ
cblr-9110	313	34	or	or	CCONJ
cblr-9110	313	35	underpriced	underprice	VERB
cblr-9110	313	36	in	in	ADP
cblr-9110	313	37	the	the	DET
cblr-9110	313	38	open	open	ADJ
cblr-9110	313	39	market	market	NOUN
cblr-9110	313	40	.	.	PUNCT
cblr-9110	314	1	however	however	ADV
cblr-9110	314	2	,	,	PUNCT
cblr-9110	314	3	when	when	SCONJ
cblr-9110	314	4	these	these	DET
cblr-9110	314	5	aps	ap	NOUN
cblr-9110	314	6	find	find	VERB
cblr-9110	314	7	such	such	DET
cblr-9110	314	8	a	a	DET
cblr-9110	314	9	mispricing	mispricing	NOUN
cblr-9110	314	10	,	,	PUNCT
cblr-9110	314	11	they	they	PRON
cblr-9110	314	12	can	can	AUX
cblr-9110	314	13	not	not	PART
cblr-9110	314	14	engage	engage	VERB
cblr-9110	314	15	in	in	ADP
cblr-9110	314	16	creation	creation	NOUN
cblr-9110	314	17	and	and	CCONJ
cblr-9110	314	18	redemption	redemption	NOUN
cblr-9110	314	19	transactions	transaction	NOUN
cblr-9110	314	20	directly	directly	ADV
cblr-9110	314	21	.	.	PUNCT
cblr-9110	315	1	after	after	ADV
cblr-9110	315	2	all	all	ADV
cblr-9110	315	3	,	,	PUNCT
cblr-9110	315	4	they	they	PRON
cblr-9110	315	5	are	be	AUX
cblr-9110	315	6	not	not	PART
cblr-9110	315	7	permitted	permit	VERB
cblr-9110	315	8	to	to	PART
cblr-9110	315	9	know	know	VERB
cblr-9110	315	10	the	the	DET
cblr-9110	315	11	contents	content	NOUN
cblr-9110	315	12	of	of	ADP
cblr-9110	315	13	the	the	DET
cblr-9110	315	14	creation	creation	NOUN
cblr-9110	315	15	and	and	CCONJ
cblr-9110	315	16	redemption	redemption	NOUN
cblr-9110	315	17	baskets	basket	NOUN
cblr-9110	315	18	.	.	PUNCT
cblr-9110	316	1	instead	instead	ADV
cblr-9110	316	2	,	,	PUNCT
cblr-9110	316	3	they	they	PRON
cblr-9110	316	4	must	must	AUX
cblr-9110	316	5	go	go	VERB
cblr-9110	316	6	through	through	ADP
cblr-9110	316	7	their	their	PRON
cblr-9110	316	8	ap	ap	PROPN
cblr-9110	316	9	representatives	representative	NOUN
cblr-9110	316	10	to	to	PART
cblr-9110	316	11	use	use	VERB
cblr-9110	316	12	those	those	DET
cblr-9110	316	13	trusted	trust	VERB
cblr-9110	316	14	agents	agent	NOUN
cblr-9110	316	15	’	'	PUNCT
cblr-9110	316	16	knowledge	knowledge	NOUN
cblr-9110	316	17	of	of	ADP
cblr-9110	316	18	those	those	DET
cblr-9110	316	19	contents	content	NOUN
cblr-9110	316	20	to	to	PART
cblr-9110	316	21	enter	enter	VERB
cblr-9110	316	22	into	into	ADP
cblr-9110	316	23	creation	creation	NOUN
cblr-9110	316	24	and	and	CCONJ
cblr-9110	316	25	redemption	redemption	NOUN
cblr-9110	316	26	transactions	transaction	NOUN
cblr-9110	316	27	with	with	ADP
cblr-9110	316	28	the	the	DET
cblr-9110	316	29	associated	associated	ADJ
cblr-9110	316	30	fund	fund	NOUN
cblr-9110	316	31	in	in	ADP
cblr-9110	316	32	the	the	DET
cblr-9110	316	33	ap	ap	PROPN
cblr-9110	316	34	’s	’s	PART
cblr-9110	316	35	confidential	confidential	ADJ
cblr-9110	316	36	account	account	NOUN
cblr-9110	316	37	.	.	PUNCT
cblr-9110	317	1	more	more	ADV
cblr-9110	317	2	specifically	specifically	ADV
cblr-9110	317	3	,	,	PUNCT
cblr-9110	317	4	where	where	SCONJ
cblr-9110	317	5	etf	etf	NOUN
cblr-9110	317	6	shares	share	NOUN
cblr-9110	317	7	are	be	AUX
cblr-9110	317	8	overpriced	overprice	VERB
cblr-9110	317	9	in	in	ADP
cblr-9110	317	10	the	the	DET
cblr-9110	317	11	market	market	NOUN
cblr-9110	317	12	,	,	PUNCT
cblr-9110	317	13	the	the	DET
cblr-9110	317	14	ap	ap	PROPN
cblr-9110	317	15	directs	direct	VERB
cblr-9110	317	16	its	its	PRON
cblr-9110	317	17	ap	ap	PROPN
cblr-9110	317	18	representative	representative	NOUN
cblr-9110	317	19	to	to	PART
cblr-9110	317	20	buy	buy	VERB
cblr-9110	317	21	the	the	DET
cblr-9110	317	22	creation	creation	NOUN
cblr-9110	317	23	-	-	PUNCT
cblr-9110	317	24	basket	basket	NOUN
cblr-9110	317	25	of	of	ADP
cblr-9110	317	26	investments	investment	NOUN
cblr-9110	317	27	in	in	ADP
cblr-9110	317	28	the	the	DET
cblr-9110	317	29	ap	ap	PROPN
cblr-9110	317	30	’s	’s	PART
cblr-9110	317	31	account	account	NOUN
cblr-9110	317	32	and	and	CCONJ
cblr-9110	317	33	transfer	transfer	VERB
cblr-9110	317	34	them	they	PRON
cblr-9110	317	35	in	in	ADP
cblr-9110	317	36	kind	kind	NOUN
cblr-9110	317	37	to	to	ADP
cblr-9110	317	38	the	the	DET
cblr-9110	317	39	relevant	relevant	ADJ
cblr-9110	317	40	fund	fund	NOUN
cblr-9110	317	41	in	in	ADP
cblr-9110	317	42	return	return	NOUN
cblr-9110	317	43	for	for	ADP
cblr-9110	317	44	new	new	ADJ
cblr-9110	317	45	etf	etf	NOUN
cblr-9110	317	46	shares	share	NOUN
cblr-9110	317	47	—	—	PUNCT
cblr-9110	317	48	all	all	PRON
cblr-9110	317	49	without	without	ADP
cblr-9110	317	50	the	the	DET
cblr-9110	317	51	ap	ap	PROPN
cblr-9110	317	52	being	be	AUX
cblr-9110	317	53	able	able	ADJ
cblr-9110	317	54	to	to	PART
cblr-9110	317	55	view	view	VERB
cblr-9110	317	56	the	the	DET
cblr-9110	317	57	identity	identity	NOUN
cblr-9110	317	58	of	of	ADP
cblr-9110	317	59	those	those	DET
cblr-9110	317	60	investments	investment	NOUN
cblr-9110	317	61	.	.	PUNCT
cblr-9110	318	1	those	those	DET
cblr-9110	318	2	new	new	ADJ
cblr-9110	318	3	etf	etf	NOUN
cblr-9110	318	4	shares	share	NOUN
cblr-9110	318	5	are	be	AUX
cblr-9110	318	6	beneficially	beneficially	ADV
cblr-9110	318	7	owned	own	VERB
cblr-9110	318	8	by	by	ADP
cblr-9110	318	9	the	the	DET
cblr-9110	318	10	ap	ap	PROPN
cblr-9110	318	11	as	as	ADV
cblr-9110	318	12	soon	soon	ADV
cblr-9110	318	13	as	as	SCONJ
cblr-9110	318	14	they	they	PRON
cblr-9110	318	15	are	be	AUX
cblr-9110	318	16	acquired	acquire	VERB
cblr-9110	318	17	by	by	ADP
cblr-9110	318	18	the	the	DET
cblr-9110	318	19	ap	ap	PROPN
cblr-9110	318	20	representative	representative	NOUN
cblr-9110	318	21	from	from	ADP
cblr-9110	318	22	the	the	DET
cblr-9110	318	23	fund	fund	NOUN
cblr-9110	318	24	.	.	PUNCT
cblr-9110	319	1	the	the	DET
cblr-9110	319	2	ap	ap	PROPN
cblr-9110	319	3	can	can	AUX
cblr-9110	319	4	then	then	ADV
cblr-9110	319	5	sell	sell	VERB
cblr-9110	319	6	those	those	DET
cblr-9110	319	7	new	new	ADJ
cblr-9110	319	8	etf	etf	NOUN
cblr-9110	319	9	shares	share	NOUN
cblr-9110	319	10	in	in	ADP
cblr-9110	319	11	the	the	DET
cblr-9110	319	12	open	open	ADJ
cblr-9110	319	13	market	market	NOUN
cblr-9110	319	14	(	(	PUNCT
cblr-9110	319	15	or	or	CCONJ
cblr-9110	319	16	direct	direct	VERB
cblr-9110	319	17	its	its	PRON
cblr-9110	319	18	ap	ap	PROPN
cblr-9110	319	19	representative	representative	NOUN
cblr-9110	319	20	to	to	PART
cblr-9110	319	21	do	do	VERB
cblr-9110	319	22	the	the	DET
cblr-9110	319	23	same	same	ADJ
cblr-9110	319	24	)	)	PUNCT
cblr-9110	319	25	.	.	PUNCT
cblr-9110	320	1	this	this	DET
cblr-9110	320	2	selling	selling	NOUN
cblr-9110	320	3	of	of	ADP
cblr-9110	320	4	newly	newly	ADV
cblr-9110	320	5	created	create	VERB
cblr-9110	320	6	etf	etf	NOUN
cblr-9110	320	7	shares	share	NOUN
cblr-9110	320	8	,	,	PUNCT
cblr-9110	320	9	like	like	ADP
cblr-9110	320	10	that	that	PRON
cblr-9110	320	11	in	in	ADP
cblr-9110	320	12	more	more	ADV
cblr-9110	320	13	traditional	traditional	ADJ
cblr-9110	320	14	ap	ap	PROPN
cblr-9110	320	15	arbitrage	arbitrage	NOUN
cblr-9110	320	16	activity	activity	NOUN
cblr-9110	320	17	,	,	PUNCT
cblr-9110	320	18	drives	drive	VERB
cblr-9110	320	19	etf	etf	NOUN
cblr-9110	320	20	share	share	NOUN
cblr-9110	320	21	prices	price	NOUN
cblr-9110	320	22	down	down	ADP
cblr-9110	320	23	toward	toward	ADP
cblr-9110	320	24	the	the	DET
cblr-9110	320	25	associated	associated	ADJ
cblr-9110	320	26	fund	fund	PROPN
cblr-9110	320	27	’s	’s	PART
cblr-9110	320	28	per	per	ADP
cblr-9110	320	29	-	-	PUNCT
cblr-9110	320	30	share	share	NOUN
cblr-9110	320	31	nav.82	nav.82	ADV
cblr-9110	320	32	where	where	SCONJ
cblr-9110	320	33	etf	etf	NOUN
cblr-9110	320	34	shares	share	NOUN
cblr-9110	320	35	are	be	AUX
cblr-9110	320	36	underpriced	underprice	VERB
cblr-9110	320	37	in	in	ADP
cblr-9110	320	38	the	the	DET
cblr-9110	320	39	market	market	NOUN
cblr-9110	320	40	,	,	PUNCT
cblr-9110	320	41	an	an	DET
cblr-9110	320	42	ap	ap	PROPN
cblr-9110	320	43	buys	buy	VERB
cblr-9110	320	44	those	those	DET
cblr-9110	320	45	shares	share	NOUN
cblr-9110	320	46	(	(	PUNCT
cblr-9110	320	47	or	or	CCONJ
cblr-9110	320	48	instructs	instruct	VERB
cblr-9110	320	49	its	its	PRON
cblr-9110	320	50	ap	ap	PROPN
cblr-9110	320	51	representative	representative	NOUN
cblr-9110	320	52	to	to	PART
cblr-9110	320	53	buy	buy	VERB
cblr-9110	320	54	them	they	PRON
cblr-9110	320	55	)	)	PUNCT
cblr-9110	320	56	.	.	PUNCT
cblr-9110	321	1	those	those	DET
cblr-9110	321	2	shares	share	NOUN
cblr-9110	321	3	are	be	AUX
cblr-9110	321	4	then	then	ADV
cblr-9110	321	5	redeemed	redeem	VERB
cblr-9110	321	6	by	by	ADP
cblr-9110	321	7	the	the	DET
cblr-9110	321	8	ap	ap	PROPN
cblr-9110	321	9	80	80	NUM
cblr-9110	321	10	proposed	propose	VERB
cblr-9110	321	11	rule	rule	NOUN
cblr-9110	321	12	change	change	NOUN
cblr-9110	321	13	to	to	PART
cblr-9110	321	14	adopt	adopt	VERB
cblr-9110	321	15	a	a	DET
cblr-9110	321	16	new	new	ADJ
cblr-9110	321	17	nyse	nyse	PROPN
cblr-9110	321	18	arca	arca	PROPN
cblr-9110	321	19	rule	rule	VERB
cblr-9110	321	20	8.900	8.900	NUM
cblr-9110	321	21	-	-	SYM
cblr-9110	321	22	e	e	NOUN
cblr-9110	321	23	,	,	PUNCT
cblr-9110	321	24	83	83	NUM
cblr-9110	321	25	fed	feed	VERB
cblr-9110	321	26	.	.	PUNCT
cblr-9110	322	1	reg	reg	PROPN
cblr-9110	322	2	.	.	PUNCT
cblr-9110	323	1	3846	3846	NUM
cblr-9110	323	2	,	,	PUNCT
cblr-9110	323	3	3848	3848	NUM
cblr-9110	323	4	(	(	PUNCT
cblr-9110	323	5	proposed	propose	VERB
cblr-9110	323	6	jan	jan	PROPN
cblr-9110	323	7	.	.	PROPN
cblr-9110	323	8	19	19	NUM
cblr-9110	323	9	,	,	PUNCT
cblr-9110	323	10	2018	2018	NUM
cblr-9110	323	11	)	)	PUNCT
cblr-9110	323	12	.	.	PUNCT
cblr-9110	324	1	81	81	NUM
cblr-9110	324	2	as	as	ADP
cblr-9110	324	3	in	in	ADP
cblr-9110	324	4	section	section	NOUN
cblr-9110	324	5	ii.a	ii.a	PROPN
cblr-9110	324	6	,	,	PUNCT
cblr-9110	324	7	see	see	VERB
cblr-9110	324	8	supra	supra	PROPN
cblr-9110	324	9	note	note	NOUN
cblr-9110	324	10	16	16	NUM
cblr-9110	324	11	and	and	CCONJ
cblr-9110	324	12	accompanying	accompany	VERB
cblr-9110	324	13	text	text	NOUN
cblr-9110	324	14	,	,	PUNCT
cblr-9110	324	15	to	to	PART
cblr-9110	324	16	avoid	avoid	VERB
cblr-9110	324	17	unnecessary	unnecessary	ADJ
cblr-9110	324	18	complication	complication	NOUN
cblr-9110	324	19	,	,	PUNCT
cblr-9110	324	20	other	other	ADJ
cblr-9110	324	21	than	than	ADP
cblr-9110	324	22	the	the	DET
cblr-9110	324	23	reference	reference	NOUN
cblr-9110	324	24	in	in	ADP
cblr-9110	324	25	the	the	DET
cblr-9110	324	26	text	text	NOUN
cblr-9110	324	27	here	here	ADV
cblr-9110	324	28	,	,	PUNCT
cblr-9110	324	29	i	i	PRON
cblr-9110	324	30	continue	continue	VERB
cblr-9110	324	31	focus	focus	NOUN
cblr-9110	324	32	on	on	ADP
cblr-9110	324	33	aps	ap	NOUN
cblr-9110	324	34	alone	alone	ADJ
cblr-9110	324	35	rather	rather	ADV
cblr-9110	324	36	than	than	ADP
cblr-9110	324	37	aps	ap	NOUN
cblr-9110	324	38	and	and	CCONJ
cblr-9110	324	39	these	these	DET
cblr-9110	324	40	distinct	distinct	ADJ
cblr-9110	324	41	traders	trader	NOUN
cblr-9110	324	42	that	that	PRON
cblr-9110	324	43	engage	engage	VERB
cblr-9110	324	44	in	in	ADP
cblr-9110	324	45	etf	etf	NOUN
cblr-9110	324	46	arbitrage	arbitrage	NOUN
cblr-9110	324	47	activity	activity	NOUN
cblr-9110	324	48	through	through	ADP
cblr-9110	324	49	aps	aps	PROPN
cblr-9110	324	50	.	.	PUNCT
cblr-9110	325	1	82	82	NUM
cblr-9110	325	2	see	see	VERB
cblr-9110	325	3	supra	supra	PROPN
cblr-9110	325	4	note	note	NOUN
cblr-9110	325	5	12	12	NUM
cblr-9110	325	6	and	and	CCONJ
cblr-9110	325	7	accompanying	accompany	VERB
cblr-9110	325	8	text	text	NOUN
cblr-9110	325	9	(	(	PUNCT
cblr-9110	325	10	describing	describe	VERB
cblr-9110	325	11	traditional	traditional	ADJ
cblr-9110	325	12	ap	ap	PROPN
cblr-9110	325	13	creation	creation	NOUN
cblr-9110	325	14	transactions	transaction	NOUN
cblr-9110	325	15	)	)	PUNCT
cblr-9110	325	16	.	.	PUNCT
cblr-9110	326	1	no	no	INTJ
cblr-9110	326	2	.	.	NOUN
cblr-9110	327	1	3:1321	3:1321	NUM
cblr-9110	327	2	]	]	X
cblr-9110	327	3	the	the	DET
cblr-9110	327	4	emergence	emergence	NOUN
cblr-9110	327	5	of	of	ADP
cblr-9110	327	6	the	the	DET
cblr-9110	327	7	actively	actively	ADV
cblr-9110	327	8	managed	manage	VERB
cblr-9110	327	9	etf	etf	NOUN
cblr-9110	327	10	1343	1343	NUM
cblr-9110	327	11	representative	representative	NOUN
cblr-9110	327	12	to	to	ADP
cblr-9110	327	13	the	the	DET
cblr-9110	327	14	associated	associate	VERB
cblr-9110	327	15	fund.83	fund.83	ADJ
cblr-9110	327	16	in	in	ADP
cblr-9110	327	17	return	return	NOUN
cblr-9110	327	18	,	,	PUNCT
cblr-9110	327	19	that	that	DET
cblr-9110	327	20	fund	fund	NOUN
cblr-9110	327	21	provides	provide	VERB
cblr-9110	327	22	the	the	DET
cblr-9110	327	23	ap	ap	PROPN
cblr-9110	327	24	representative	representative	NOUN
cblr-9110	327	25	with	with	ADP
cblr-9110	327	26	the	the	DET
cblr-9110	327	27	basket	basket	NOUN
cblr-9110	327	28	of	of	ADP
cblr-9110	327	29	securities	security	NOUN
cblr-9110	327	30	that	that	PRON
cblr-9110	327	31	corresponds	correspond	VERB
cblr-9110	327	32	to	to	ADP
cblr-9110	327	33	the	the	DET
cblr-9110	327	34	etf	etf	NOUN
cblr-9110	327	35	units	unit	NOUN
cblr-9110	327	36	redeemed.84	redeemed.84	VERB
cblr-9110	327	37	that	that	DET
cblr-9110	327	38	basket	basket	NOUN
cblr-9110	327	39	of	of	ADP
cblr-9110	327	40	securities	security	NOUN
cblr-9110	327	41	is	be	AUX
cblr-9110	327	42	then	then	ADV
cblr-9110	327	43	beneficially	beneficially	ADV
cblr-9110	327	44	owned	own	VERB
cblr-9110	327	45	by	by	ADP
cblr-9110	327	46	the	the	DET
cblr-9110	327	47	ap	ap	PROPN
cblr-9110	327	48	.	.	PUNCT
cblr-9110	328	1	but	but	CCONJ
cblr-9110	328	2	it	it	PRON
cblr-9110	328	3	is	be	AUX
cblr-9110	328	4	the	the	DET
cblr-9110	328	5	ap	ap	PROPN
cblr-9110	328	6	representative	representative	NOUN
cblr-9110	328	7	that	that	PRON
cblr-9110	328	8	must	must	AUX
cblr-9110	328	9	sell	sell	VERB
cblr-9110	328	10	off	off	ADP
cblr-9110	328	11	each	each	PRON
cblr-9110	328	12	of	of	ADP
cblr-9110	328	13	the	the	DET
cblr-9110	328	14	ap	ap	PROPN
cblr-9110	328	15	’s	’s	PART
cblr-9110	328	16	holdings	holding	NOUN
cblr-9110	328	17	in	in	ADP
cblr-9110	328	18	the	the	DET
cblr-9110	328	19	basket	basket	NOUN
cblr-9110	328	20	,	,	PUNCT
cblr-9110	328	21	as	as	SCONJ
cblr-9110	328	22	the	the	DET
cblr-9110	328	23	ap	ap	PROPN
cblr-9110	328	24	is	be	AUX
cblr-9110	328	25	barred	bar	VERB
cblr-9110	328	26	from	from	ADP
cblr-9110	328	27	knowing	know	VERB
cblr-9110	328	28	the	the	DET
cblr-9110	328	29	contents	content	NOUN
cblr-9110	328	30	of	of	ADP
cblr-9110	328	31	that	that	DET
cblr-9110	328	32	basket	basket	NOUN
cblr-9110	328	33	even	even	ADV
cblr-9110	328	34	after	after	SCONJ
cblr-9110	328	35	its	its	PRON
cblr-9110	328	36	agent	agent	NOUN
cblr-9110	328	37	acquires	acquire	VERB
cblr-9110	328	38	them	they	PRON
cblr-9110	328	39	for	for	ADP
cblr-9110	328	40	the	the	DET
cblr-9110	328	41	ap	ap	PROPN
cblr-9110	328	42	’s	’s	PART
cblr-9110	328	43	account	account	NOUN
cblr-9110	328	44	.	.	PUNCT
cblr-9110	329	1	once	once	SCONJ
cblr-9110	329	2	the	the	DET
cblr-9110	329	3	ap	ap	PROPN
cblr-9110	329	4	representative	representative	NOUN
cblr-9110	329	5	liquidates	liquidate	VERB
cblr-9110	329	6	the	the	DET
cblr-9110	329	7	redemption	redemption	NOUN
cblr-9110	329	8	-	-	PUNCT
cblr-9110	329	9	basket	basket	NOUN
cblr-9110	329	10	securities	security	NOUN
cblr-9110	329	11	,	,	PUNCT
cblr-9110	329	12	it	it	PRON
cblr-9110	329	13	provides	provide	VERB
cblr-9110	329	14	the	the	DET
cblr-9110	329	15	liquidation	liquidation	NOUN
cblr-9110	329	16	proceeds	proceed	NOUN
cblr-9110	329	17	to	to	ADP
cblr-9110	329	18	its	its	PRON
cblr-9110	329	19	ap	ap	PROPN
cblr-9110	329	20	principal.85	principal.85	NOUN
cblr-9110	329	21	critical	critical	ADJ
cblr-9110	329	22	to	to	ADP
cblr-9110	329	23	the	the	DET
cblr-9110	329	24	sec	sec	PROPN
cblr-9110	329	25	’s	’s	PART
cblr-9110	329	26	approval	approval	NOUN
cblr-9110	329	27	of	of	ADP
cblr-9110	329	28	this	this	DET
cblr-9110	329	29	new	new	ADJ
cblr-9110	329	30	type	type	NOUN
cblr-9110	329	31	of	of	ADP
cblr-9110	329	32	etf	etf	NOUN
cblr-9110	329	33	was	be	AUX
cblr-9110	329	34	the	the	DET
cblr-9110	329	35	publication	publication	NOUN
cblr-9110	329	36	of	of	ADP
cblr-9110	329	37	a	a	DET
cblr-9110	329	38	“	"	PUNCT
cblr-9110	329	39	verified	verify	VERB
cblr-9110	329	40	intra	intra	ADJ
cblr-9110	329	41	-	-	ADJ
cblr-9110	329	42	day	day	ADJ
cblr-9110	329	43	indicative	indicative	ADJ
cblr-9110	329	44	value	value	NOUN
cblr-9110	329	45	”	"	PUNCT
cblr-9110	329	46	(	(	PUNCT
cblr-9110	329	47	or	or	CCONJ
cblr-9110	329	48	viiv	viiv	NOUN
cblr-9110	329	49	)	)	PUNCT
cblr-9110	329	50	that	that	PRON
cblr-9110	329	51	essentially	essentially	ADV
cblr-9110	329	52	represents	represent	VERB
cblr-9110	329	53	funds	fund	NOUN
cblr-9110	329	54	’	'	PUNCT
cblr-9110	329	55	current	current	ADJ
cblr-9110	329	56	navs	navs	NOUN
cblr-9110	329	57	,	,	PUNCT
cblr-9110	329	58	updated	update	VERB
cblr-9110	329	59	every	every	DET
cblr-9110	329	60	second	second	NOUN
cblr-9110	329	61	throughout	throughout	ADP
cblr-9110	329	62	the	the	DET
cblr-9110	329	63	trading	trading	NOUN
cblr-9110	329	64	day.86	day.86	NOUN
cblr-9110	329	65	thanks	thank	NOUN
cblr-9110	329	66	to	to	ADP
cblr-9110	329	67	the	the	DET
cblr-9110	329	68	computing	computing	NOUN
cblr-9110	329	69	and	and	CCONJ
cblr-9110	329	70	sharing	sharing	NOUN
cblr-9110	329	71	of	of	ADP
cblr-9110	329	72	this	this	DET
cblr-9110	329	73	viiv	viiv	NOUN
cblr-9110	329	74	for	for	ADP
cblr-9110	329	75	each	each	DET
cblr-9110	329	76	relevant	relevant	ADJ
cblr-9110	329	77	fund	fund	NOUN
cblr-9110	329	78	each	each	DET
cblr-9110	329	79	second	second	ADJ
cblr-9110	329	80	,	,	PUNCT
cblr-9110	329	81	aps	aps	PROPN
cblr-9110	329	82	can	can	AUX
cblr-9110	329	83	spot	spot	VERB
cblr-9110	329	84	etf	etf	NOUN
cblr-9110	329	85	mispricings	mispricing	NOUN
cblr-9110	329	86	even	even	ADV
cblr-9110	329	87	while	while	SCONJ
cblr-9110	329	88	operating	operate	VERB
cblr-9110	329	89	blindly	blindly	ADV
cblr-9110	329	90	as	as	ADP
cblr-9110	329	91	to	to	ADP
cblr-9110	329	92	the	the	DET
cblr-9110	329	93	identity	identity	NOUN
cblr-9110	329	94	of	of	ADP
cblr-9110	329	95	the	the	DET
cblr-9110	329	96	holdings	holding	NOUN
cblr-9110	329	97	in	in	ADP
cblr-9110	329	98	the	the	DET
cblr-9110	329	99	underlying	underlie	VERB
cblr-9110	329	100	basket	basket	NOUN
cblr-9110	329	101	of	of	ADP
cblr-9110	329	102	investments	investment	NOUN
cblr-9110	329	103	.	.	PUNCT
cblr-9110	330	1	in	in	ADP
cblr-9110	330	2	short	short	ADJ
cblr-9110	330	3	,	,	PUNCT
cblr-9110	330	4	when	when	SCONJ
cblr-9110	330	5	the	the	DET
cblr-9110	330	6	viiv	viiv	NOUN
cblr-9110	330	7	is	be	AUX
cblr-9110	330	8	out	out	ADP
cblr-9110	330	9	of	of	ADP
cblr-9110	330	10	line	line	NOUN
cblr-9110	330	11	with	with	ADP
cblr-9110	330	12	the	the	DET
cblr-9110	330	13	market	market	NOUN
cblr-9110	330	14	price	price	NOUN
cblr-9110	330	15	of	of	ADP
cblr-9110	330	16	etf	etf	NOUN
cblr-9110	330	17	shares	share	NOUN
cblr-9110	330	18	,	,	PUNCT
cblr-9110	330	19	the	the	DET
cblr-9110	330	20	aps	ap	NOUN
cblr-9110	330	21	can	can	AUX
cblr-9110	330	22	spot	spot	VERB
cblr-9110	330	23	arbitrage	arbitrage	NOUN
cblr-9110	330	24	opportunities	opportunity	NOUN
cblr-9110	330	25	that	that	PRON
cblr-9110	330	26	they	they	PRON
cblr-9110	330	27	can	can	AUX
cblr-9110	330	28	pursue	pursue	VERB
cblr-9110	330	29	through	through	ADP
cblr-9110	330	30	their	their	PRON
cblr-9110	330	31	ap	ap	PROPN
cblr-9110	330	32	representatives	representative	NOUN
cblr-9110	330	33	,	,	PUNCT
cblr-9110	330	34	thereby	thereby	ADV
cblr-9110	330	35	performing	perform	VERB
cblr-9110	330	36	the	the	DET
cblr-9110	330	37	etfarbitrage	etfarbitrage	NOUN
cblr-9110	330	38	work	work	NOUN
cblr-9110	330	39	traditionally	traditionally	ADV
cblr-9110	330	40	performed	perform	VERB
cblr-9110	330	41	by	by	ADP
cblr-9110	330	42	aps	ap	NOUN
cblr-9110	330	43	who	who	PRON
cblr-9110	330	44	can	can	AUX
cblr-9110	330	45	see	see	VERB
cblr-9110	330	46	funds	fund	NOUN
cblr-9110	330	47	’	'	PUNCT
cblr-9110	330	48	daily	daily	ADJ
cblr-9110	330	49	portfolio	portfolio	NOUN
cblr-9110	330	50	holdings.87	holdings.87	VERB
cblr-9110	330	51	the	the	DET
cblr-9110	330	52	later	later	ADV
cblr-9110	330	53	-	-	PUNCT
cblr-9110	330	54	approved	approve	VERB
cblr-9110	330	55	related	related	ADJ
cblr-9110	330	56	types	type	NOUN
cblr-9110	330	57	of	of	ADP
cblr-9110	330	58	nontransparent	nontransparent	ADJ
cblr-9110	330	59	actively	actively	ADV
cblr-9110	330	60	managed	manage	VERB
cblr-9110	330	61	etfs	etfs	PROPN
cblr-9110	330	62	noted	note	VERB
cblr-9110	330	63	above	above	ADV
cblr-9110	330	64	involve	involve	VERB
cblr-9110	330	65	distinct	distinct	ADJ
cblr-9110	330	66	twists	twist	NOUN
cblr-9110	330	67	on	on	ADP
cblr-9110	330	68	the	the	DET
cblr-9110	330	69	traditional	traditional	ADJ
cblr-9110	330	70	etf	etf	NOUN
cblr-9110	330	71	-	-	PUNCT
cblr-9110	330	72	arbitrage	arbitrage	NOUN
cblr-9110	330	73	mechanism	mechanism	NOUN
cblr-9110	330	74	.	.	PUNCT
cblr-9110	331	1	to	to	PART
cblr-9110	331	2	help	help	VERB
cblr-9110	331	3	improve	improve	VERB
cblr-9110	331	4	83	83	NUM
cblr-9110	331	5	see	see	NOUN
cblr-9110	331	6	supra	supra	PROPN
cblr-9110	331	7	note	note	PROPN
cblr-9110	331	8	13	13	NUM
cblr-9110	331	9	and	and	CCONJ
cblr-9110	331	10	accompanying	accompany	VERB
cblr-9110	331	11	text	text	NOUN
cblr-9110	331	12	(	(	PUNCT
cblr-9110	331	13	describing	describe	VERB
cblr-9110	331	14	traditional	traditional	ADJ
cblr-9110	331	15	ap	ap	NOUN
cblr-9110	331	16	redemption	redemption	NOUN
cblr-9110	331	17	transactions	transaction	NOUN
cblr-9110	331	18	)	)	PUNCT
cblr-9110	331	19	.	.	PUNCT
cblr-9110	332	1	84	84	NUM
cblr-9110	332	2	funds	fund	NOUN
cblr-9110	332	3	can	can	AUX
cblr-9110	332	4	also	also	ADV
cblr-9110	332	5	satisfy	satisfy	VERB
cblr-9110	332	6	ap	ap	PROPN
cblr-9110	332	7	representative	representative	ADJ
cblr-9110	332	8	redemptions	redemption	NOUN
cblr-9110	332	9	by	by	ADP
cblr-9110	332	10	providing	provide	VERB
cblr-9110	332	11	the	the	DET
cblr-9110	332	12	latter	latter	ADJ
cblr-9110	332	13	with	with	ADP
cblr-9110	332	14	cash	cash	NOUN
cblr-9110	332	15	rather	rather	ADV
cblr-9110	332	16	than	than	ADP
cblr-9110	332	17	some	some	PRON
cblr-9110	332	18	(	(	PUNCT
cblr-9110	332	19	or	or	CCONJ
cblr-9110	332	20	even	even	ADV
cblr-9110	332	21	all	all	PRON
cblr-9110	332	22	)	)	PUNCT
cblr-9110	332	23	of	of	ADP
cblr-9110	332	24	the	the	DET
cblr-9110	332	25	basket	basket	NOUN
cblr-9110	332	26	of	of	ADP
cblr-9110	332	27	securities	security	NOUN
cblr-9110	332	28	.	.	PUNCT
cblr-9110	333	1	but	but	CCONJ
cblr-9110	333	2	the	the	DET
cblr-9110	333	3	typical	typical	ADJ
cblr-9110	333	4	situation	situation	NOUN
cblr-9110	333	5	would	would	AUX
cblr-9110	333	6	be	be	AUX
cblr-9110	333	7	the	the	DET
cblr-9110	333	8	type	type	NOUN
cblr-9110	333	9	of	of	ADP
cblr-9110	333	10	in	in	ADP
cblr-9110	333	11	-	-	PUNCT
cblr-9110	333	12	kind	kind	NOUN
cblr-9110	333	13	redemption	redemption	NOUN
cblr-9110	333	14	transactions	transaction	NOUN
cblr-9110	333	15	described	describe	VERB
cblr-9110	333	16	in	in	ADP
cblr-9110	333	17	the	the	DET
cblr-9110	333	18	text	text	NOUN
cblr-9110	333	19	.	.	PUNCT
cblr-9110	334	1	see	see	VERB
cblr-9110	334	2	proposed	propose	VERB
cblr-9110	334	3	rule	rule	NOUN
cblr-9110	334	4	change	change	NOUN
cblr-9110	334	5	to	to	PART
cblr-9110	334	6	adopt	adopt	VERB
cblr-9110	334	7	a	a	DET
cblr-9110	334	8	new	new	ADJ
cblr-9110	334	9	nyse	nyse	PROPN
cblr-9110	334	10	arca	arca	PROPN
cblr-9110	334	11	rule	rule	VERB
cblr-9110	334	12	8.900	8.900	NUM
cblr-9110	334	13	-	-	SYM
cblr-9110	334	14	e	e	NOUN
cblr-9110	334	15	,	,	PUNCT
cblr-9110	334	16	83	83	NUM
cblr-9110	334	17	fed	feed	VERB
cblr-9110	334	18	.	.	PUNCT
cblr-9110	335	1	reg	reg	PROPN
cblr-9110	335	2	.	.	PUNCT
cblr-9110	335	3	3846	3846	NUM
cblr-9110	335	4	at	at	ADP
cblr-9110	335	5	3851	3851	NUM
cblr-9110	335	6	.	.	PUNCT
cblr-9110	336	1	85	85	NUM
cblr-9110	336	2	see	see	VERB
cblr-9110	336	3	inv	inv	NOUN
cblr-9110	336	4	.	.	PUNCT
cblr-9110	336	5	co.	co.	PROPN
cblr-9110	336	6	inst	inst	PROPN
cblr-9110	336	7	.	.	PROPN
cblr-9110	336	8	,	,	PUNCT
cblr-9110	336	9	supra	supra	PROPN
cblr-9110	336	10	note	note	NOUN
cblr-9110	336	11	4	4	NUM
cblr-9110	336	12	,	,	PUNCT
cblr-9110	336	13	at	at	ADP
cblr-9110	336	14	100	100	NUM
cblr-9110	336	15	.	.	PUNCT
cblr-9110	336	16	86	86	NUM
cblr-9110	336	17	see	see	VERB
cblr-9110	336	18	precidian	precidian	PROPN
cblr-9110	336	19	invs	invs	PROPN
cblr-9110	336	20	.	.	PUNCT
cblr-9110	337	1	,	,	PUNCT
cblr-9110	337	2	activeshares	activeshare	VERB
cblr-9110	337	3	8	8	NUM
cblr-9110	337	4	(	(	PUNCT
cblr-9110	337	5	2020	2020	NUM
cblr-9110	337	6	)	)	PUNCT
cblr-9110	337	7	,	,	PUNCT
cblr-9110	337	8	https://www.activeshares.com/content/dam/activeshares/documents/active	https://www.activeshares.com/content/dam/activeshares/documents/active	PROPN
cblr-9110	337	9	shares%20brochure%205	shares%20brochure%205	PROPN
cblr-9110	337	10	-	-	PUNCT
cblr-9110	337	11	20.pdf	20.pdf	PROPN
cblr-9110	337	12	[	[	X
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cblr-9110	337	14	]	]	PUNCT
cblr-9110	337	15	.	.	PUNCT
cblr-9110	338	1	87	87	NUM
cblr-9110	338	2	notice	notice	NOUN
cblr-9110	338	3	of	of	ADP
cblr-9110	338	4	application	application	NOUN
cblr-9110	338	5	of	of	ADP
cblr-9110	338	6	precidian	precidian	PROPN
cblr-9110	338	7	etf	etf	PROPN
cblr-9110	338	8	trust	trust	PROPN
cblr-9110	338	9	,	,	PUNCT
cblr-9110	338	10	investment	investment	NOUN
cblr-9110	338	11	company	company	NOUN
cblr-9110	338	12	act	act	VERB
cblr-9110	338	13	release	release	VERB
cblr-9110	338	14	no	no	NOUN
cblr-9110	338	15	.	.	NOUN
cblr-9110	338	16	33,440	33,440	NUM
cblr-9110	338	17	,	,	PUNCT
cblr-9110	338	18	84	84	NUM
cblr-9110	338	19	fed	feed	VERB
cblr-9110	338	20	.	.	PUNCT
cblr-9110	339	1	reg	reg	PROPN
cblr-9110	339	2	.	.	PROPN
cblr-9110	340	1	14,690	14,690	NUM
cblr-9110	340	2	,	,	PUNCT
cblr-9110	340	3	14,694	14,694	NUM
cblr-9110	340	4	(	(	PUNCT
cblr-9110	340	5	apr	apr	PROPN
cblr-9110	340	6	.	.	PROPN
cblr-9110	340	7	8	8	NUM
cblr-9110	340	8	,	,	PUNCT
cblr-9110	340	9	2019	2019	NUM
cblr-9110	340	10	)	)	PUNCT
cblr-9110	341	1	;	;	PUNCT
cblr-9110	341	2	see	see	VERB
cblr-9110	341	3	also	also	ADV
cblr-9110	341	4	supra	supra	ADJ
cblr-9110	341	5	note	note	NOUN
cblr-9110	341	6	1	1	NUM
cblr-9110	341	7	and	and	CCONJ
cblr-9110	341	8	accompanying	accompany	VERB
cblr-9110	341	9	text	text	NOUN
cblr-9110	341	10	,	,	PUNCT
cblr-9110	341	11	section	section	NOUN
cblr-9110	341	12	ii.a	ii.a	PROPN
cblr-9110	341	13	.	.	PROPN
cblr-9110	342	1	1344	1344	NUM
cblr-9110	342	2	columbia	columbia	PROPN
cblr-9110	342	3	business	business	NOUN
cblr-9110	342	4	law	law	PROPN
cblr-9110	342	5	review	review	NOUN
cblr-9110	342	6	[	[	X
cblr-9110	342	7	vol	vol	NOUN
cblr-9110	342	8	.	.	PUNCT
cblr-9110	342	9	2021	2021	NUM
cblr-9110	342	10	the	the	DET
cblr-9110	342	11	extent	extent	NOUN
cblr-9110	342	12	to	to	PART
cblr-9110	342	13	which	which	PRON
cblr-9110	342	14	the	the	DET
cblr-9110	342	15	shares	share	NOUN
cblr-9110	342	16	of	of	ADP
cblr-9110	342	17	these	these	DET
cblr-9110	342	18	etfs	etfs	NOUN
cblr-9110	342	19	track	track	VERB
cblr-9110	342	20	their	their	PRON
cblr-9110	342	21	navs	navs	NOUN
cblr-9110	342	22	,	,	PUNCT
cblr-9110	342	23	the	the	DET
cblr-9110	342	24	sponsors	sponsor	NOUN
cblr-9110	342	25	of	of	ADP
cblr-9110	342	26	these	these	DET
cblr-9110	342	27	etfs	etfs	NOUN
cblr-9110	342	28	turn	turn	VERB
cblr-9110	342	29	not	not	PART
cblr-9110	342	30	to	to	PART
cblr-9110	342	31	ap	ap	VERB
cblr-9110	342	32	representatives	representative	NOUN
cblr-9110	342	33	and	and	CCONJ
cblr-9110	342	34	a	a	DET
cblr-9110	342	35	viiv	viiv	NOUN
cblr-9110	342	36	,	,	PUNCT
cblr-9110	342	37	but	but	CCONJ
cblr-9110	342	38	instead	instead	ADV
cblr-9110	342	39	to	to	ADP
cblr-9110	342	40	the	the	DET
cblr-9110	342	41	provision	provision	NOUN
cblr-9110	342	42	of	of	ADP
cblr-9110	342	43	daily	daily	ADJ
cblr-9110	342	44	disclosure	disclosure	NOUN
cblr-9110	342	45	of	of	ADP
cblr-9110	342	46	a	a	DET
cblr-9110	342	47	proxy	proxy	NOUN
cblr-9110	342	48	portfolio	portfolio	NOUN
cblr-9110	342	49	noted	note	VERB
cblr-9110	342	50	above.88	above.88	NOUN
cblr-9110	342	51	that	that	SCONJ
cblr-9110	342	52	proxy	proxy	NOUN
cblr-9110	342	53	portfolio	portfolio	NOUN
cblr-9110	342	54	,	,	PUNCT
cblr-9110	342	55	rather	rather	ADV
cblr-9110	342	56	than	than	ADP
cblr-9110	342	57	the	the	DET
cblr-9110	342	58	actual	actual	ADJ
cblr-9110	342	59	underlying	underlie	VERB
cblr-9110	342	60	portfolio	portfolio	NOUN
cblr-9110	342	61	or	or	CCONJ
cblr-9110	342	62	something	something	PRON
cblr-9110	342	63	close	close	ADJ
cblr-9110	342	64	to	to	ADP
cblr-9110	342	65	it	it	PRON
cblr-9110	342	66	,	,	PUNCT
cblr-9110	342	67	serves	serve	VERB
cblr-9110	342	68	as	as	ADP
cblr-9110	342	69	the	the	DET
cblr-9110	342	70	basis	basis	NOUN
cblr-9110	342	71	for	for	ADP
cblr-9110	342	72	ap	ap	PROPN
cblr-9110	342	73	creation	creation	NOUN
cblr-9110	342	74	and	and	CCONJ
cblr-9110	342	75	redemption	redemption	NOUN
cblr-9110	342	76	transactions.89	transactions.89	NOUN
cblr-9110	342	77	in	in	ADP
cblr-9110	342	78	so	so	ADV
cblr-9110	342	79	doing	do	VERB
cblr-9110	342	80	,	,	PUNCT
cblr-9110	342	81	the	the	DET
cblr-9110	342	82	proxy	proxy	NOUN
cblr-9110	342	83	portfolio	portfolio	NOUN
cblr-9110	342	84	helps	help	VERB
cblr-9110	342	85	conceal	conceal	VERB
cblr-9110	342	86	the	the	DET
cblr-9110	342	87	actively	actively	ADV
cblr-9110	342	88	managed	manage	VERB
cblr-9110	342	89	fund	fund	NOUN
cblr-9110	342	90	’s	’s	PART
cblr-9110	342	91	holdings	holding	NOUN
cblr-9110	342	92	,	,	PUNCT
cblr-9110	342	93	thereby	thereby	ADV
cblr-9110	342	94	preserving	preserve	VERB
cblr-9110	342	95	its	its	PRON
cblr-9110	342	96	main	main	ADJ
cblr-9110	342	97	appeal	appeal	NOUN
cblr-9110	342	98	to	to	ADP
cblr-9110	342	99	investors	investor	NOUN
cblr-9110	342	100	,	,	PUNCT
cblr-9110	342	101	fund	fund	NOUN
cblr-9110	342	102	sponsors	sponsor	NOUN
cblr-9110	342	103	,	,	PUNCT
cblr-9110	342	104	and	and	CCONJ
cblr-9110	342	105	investment	investment	NOUN
cblr-9110	342	106	advisers	adviser	NOUN
cblr-9110	342	107	.	.	PUNCT
cblr-9110	343	1	thus	thus	ADV
cblr-9110	343	2	far	far	ADV
cblr-9110	343	3	,	,	PUNCT
cblr-9110	343	4	the	the	DET
cblr-9110	343	5	rollout	rollout	NOUN
cblr-9110	343	6	of	of	ADP
cblr-9110	343	7	nontransparent	nontransparent	ADJ
cblr-9110	343	8	actively	actively	ADV
cblr-9110	343	9	managed	manage	VERB
cblr-9110	343	10	etfs	etfs	PROPN
cblr-9110	343	11	has	have	AUX
cblr-9110	343	12	experienced	experience	VERB
cblr-9110	343	13	only	only	ADV
cblr-9110	343	14	limited	limited	ADJ
cblr-9110	343	15	success.90	success.90	NOUN
cblr-9110	343	16	as	as	ADP
cblr-9110	343	17	of	of	ADP
cblr-9110	343	18	mid	mid	PROPN
cblr-9110	343	19	-	-	PROPN
cblr-9110	343	20	june	june	PROPN
cblr-9110	343	21	88	88	NUM
cblr-9110	343	22	see	see	VERB
cblr-9110	343	23	,	,	PUNCT
cblr-9110	343	24	e.g.	e.g.	ADV
cblr-9110	343	25	,	,	PUNCT
cblr-9110	343	26	notice	notice	NOUN
cblr-9110	343	27	of	of	ADP
cblr-9110	343	28	application	application	NOUN
cblr-9110	343	29	of	of	ADP
cblr-9110	343	30	t.	t.	PROPN
cblr-9110	343	31	rowe	rowe	PROPN
cblr-9110	343	32	price	price	PROPN
cblr-9110	343	33	,	,	PUNCT
cblr-9110	343	34	investment	investment	NOUN
cblr-9110	343	35	company	company	NOUN
cblr-9110	343	36	act	act	VERB
cblr-9110	343	37	release	release	VERB
cblr-9110	343	38	no	no	PRON
cblr-9110	343	39	.	.	NOUN
cblr-9110	343	40	33,685	33,685	NUM
cblr-9110	343	41	,	,	PUNCT
cblr-9110	343	42	84	84	NUM
cblr-9110	343	43	fed	feed	VERB
cblr-9110	343	44	.	.	PUNCT
cblr-9110	344	1	reg	reg	PROPN
cblr-9110	344	2	.	.	PROPN
cblr-9110	344	3	64,117	64,117	NUM
cblr-9110	344	4	,	,	PUNCT
cblr-9110	344	5	64,120	64,120	NUM
cblr-9110	344	6	(	(	PUNCT
cblr-9110	344	7	nov	nov	PROPN
cblr-9110	344	8	.	.	PROPN
cblr-9110	344	9	14	14	NUM
cblr-9110	344	10	,	,	PUNCT
cblr-9110	344	11	2019	2019	NUM
cblr-9110	344	12	)	)	PUNCT
cblr-9110	344	13	(	(	PUNCT
cblr-9110	344	14	“	"	PUNCT
cblr-9110	344	15	each	each	DET
cblr-9110	344	16	day	day	NOUN
cblr-9110	344	17	a	a	DET
cblr-9110	344	18	fund	fund	NOUN
cblr-9110	344	19	would	would	AUX
cblr-9110	344	20	publish	publish	VERB
cblr-9110	344	21	a	a	DET
cblr-9110	344	22	basket	basket	NOUN
cblr-9110	344	23	of	of	ADP
cblr-9110	344	24	securities	security	NOUN
cblr-9110	344	25	and	and	CCONJ
cblr-9110	344	26	cash	cash	NOUN
cblr-9110	344	27	that	that	PRON
cblr-9110	344	28	,	,	PUNCT
cblr-9110	344	29	while	while	SCONJ
cblr-9110	344	30	different	different	ADJ
cblr-9110	344	31	from	from	ADP
cblr-9110	344	32	the	the	DET
cblr-9110	344	33	fund	fund	NOUN
cblr-9110	344	34	’s	’s	PART
cblr-9110	344	35	portfolio	portfolio	NOUN
cblr-9110	344	36	,	,	PUNCT
cblr-9110	344	37	is	be	AUX
cblr-9110	344	38	designed	design	VERB
cblr-9110	344	39	to	to	PART
cblr-9110	344	40	closely	closely	ADV
cblr-9110	344	41	track	track	VERB
cblr-9110	344	42	its	its	PRON
cblr-9110	344	43	daily	daily	ADJ
cblr-9110	344	44	performance	performance	NOUN
cblr-9110	344	45	.	.	PUNCT
cblr-9110	344	46	.	.	PUNCT
cblr-9110	344	47	.	.	PUNCT
cblr-9110	345	1	.	.	PUNCT
cblr-9110	346	1	in	in	ADP
cblr-9110	346	2	addition	addition	NOUN
cblr-9110	346	3	,	,	PUNCT
cblr-9110	346	4	every	every	DET
cblr-9110	346	5	day	day	NOUN
cblr-9110	346	6	the	the	DET
cblr-9110	346	7	fund	fund	NOUN
cblr-9110	346	8	would	would	AUX
cblr-9110	346	9	disclose	disclose	VERB
cblr-9110	346	10	the	the	DET
cblr-9110	346	11	percentage	percentage	NOUN
cblr-9110	346	12	weight	weight	NOUN
cblr-9110	346	13	overlap	overlap	NOUN
cblr-9110	346	14	between	between	ADP
cblr-9110	346	15	the	the	DET
cblr-9110	346	16	holdings	holding	NOUN
cblr-9110	346	17	of	of	ADP
cblr-9110	346	18	the	the	DET
cblr-9110	346	19	prior	prior	ADJ
cblr-9110	346	20	business	business	NOUN
cblr-9110	346	21	day	day	NOUN
cblr-9110	346	22	’s	’s	PART
cblr-9110	346	23	proxy	proxy	NOUN
cblr-9110	346	24	portfolio	portfolio	NOUN
cblr-9110	346	25	compared	compare	VERB
cblr-9110	346	26	to	to	ADP
cblr-9110	346	27	the	the	DET
cblr-9110	346	28	holdings	holding	NOUN
cblr-9110	346	29	of	of	ADP
cblr-9110	346	30	the	the	DET
cblr-9110	346	31	fund	fund	NOUN
cblr-9110	346	32	that	that	PRON
cblr-9110	346	33	formed	form	VERB
cblr-9110	346	34	the	the	DET
cblr-9110	346	35	basis	basis	NOUN
cblr-9110	346	36	for	for	ADP
cblr-9110	346	37	the	the	DET
cblr-9110	346	38	fund	fund	NOUN
cblr-9110	346	39	’s	’s	PART
cblr-9110	346	40	calculation	calculation	NOUN
cblr-9110	346	41	of	of	ADP
cblr-9110	346	42	nav	nav	NOUN
cblr-9110	346	43	at	at	ADP
cblr-9110	346	44	the	the	DET
cblr-9110	346	45	end	end	NOUN
cblr-9110	346	46	of	of	ADP
cblr-9110	346	47	the	the	DET
cblr-9110	346	48	prior	prior	ADJ
cblr-9110	346	49	business	business	NOUN
cblr-9110	346	50	day	day	NOUN
cblr-9110	346	51	[	[	X
cblr-9110	346	52	.	.	X
cblr-9110	346	53	]	]	X
cblr-9110	346	54	”	"	PUNCT
cblr-9110	346	55	)	)	PUNCT
cblr-9110	346	56	;	;	PUNCT
cblr-9110	346	57	notice	notice	NOUN
cblr-9110	346	58	of	of	ADP
cblr-9110	346	59	application	application	NOUN
cblr-9110	346	60	of	of	ADP
cblr-9110	346	61	fidelity	fidelity	PROPN
cblr-9110	346	62	beach	beach	PROPN
cblr-9110	346	63	street	street	PROPN
cblr-9110	346	64	trust	trust	PROPN
cblr-9110	346	65	,	,	PUNCT
cblr-9110	346	66	investment	investment	NOUN
cblr-9110	346	67	company	company	NOUN
cblr-9110	346	68	act	act	VERB
cblr-9110	346	69	release	release	VERB
cblr-9110	346	70	no	no	PRON
cblr-9110	346	71	.	.	NOUN
cblr-9110	346	72	33,683	33,683	NUM
cblr-9110	346	73	,	,	PUNCT
cblr-9110	346	74	84	84	NUM
cblr-9110	346	75	fed	feed	VERB
cblr-9110	346	76	.	.	PUNCT
cblr-9110	347	1	reg	reg	PROPN
cblr-9110	347	2	.	.	PUNCT
cblr-9110	348	1	64,140	64,140	NUM
cblr-9110	348	2	,	,	PUNCT
cblr-9110	348	3	64,142	64,142	NUM
cblr-9110	348	4	(	(	PUNCT
cblr-9110	348	5	nov	nov	PROPN
cblr-9110	348	6	.	.	PROPN
cblr-9110	348	7	14	14	NUM
cblr-9110	348	8	,	,	PUNCT
cblr-9110	348	9	2019	2019	NUM
cblr-9110	348	10	)	)	PUNCT
cblr-9110	348	11	(	(	PUNCT
cblr-9110	348	12	“	"	PUNCT
cblr-9110	348	13	each	each	DET
cblr-9110	348	14	day	day	NOUN
cblr-9110	348	15	a	a	DET
cblr-9110	348	16	fund	fund	NOUN
cblr-9110	348	17	would	would	AUX
cblr-9110	348	18	publish	publish	VERB
cblr-9110	348	19	a	a	DET
cblr-9110	348	20	basket	basket	NOUN
cblr-9110	348	21	of	of	ADP
cblr-9110	348	22	securities	security	NOUN
cblr-9110	348	23	and	and	CCONJ
cblr-9110	348	24	cash	cash	NOUN
cblr-9110	348	25	that	that	PRON
cblr-9110	348	26	,	,	PUNCT
cblr-9110	348	27	while	while	SCONJ
cblr-9110	348	28	different	different	ADJ
cblr-9110	348	29	from	from	ADP
cblr-9110	348	30	the	the	DET
cblr-9110	348	31	fund	fund	NOUN
cblr-9110	348	32	’s	’s	PART
cblr-9110	348	33	portfolio	portfolio	NOUN
cblr-9110	348	34	,	,	PUNCT
cblr-9110	348	35	is	be	AUX
cblr-9110	348	36	designed	design	VERB
cblr-9110	348	37	to	to	PART
cblr-9110	348	38	closely	closely	ADV
cblr-9110	348	39	track	track	VERB
cblr-9110	348	40	its	its	PRON
cblr-9110	348	41	daily	daily	ADJ
cblr-9110	348	42	performance	performance	NOUN
cblr-9110	348	43	(	(	PUNCT
cblr-9110	348	44	the	the	DET
cblr-9110	348	45	‘	'	PUNCT
cblr-9110	348	46	tracking	tracking	NOUN
cblr-9110	348	47	basket	basket	NOUN
cblr-9110	348	48	’	'	PUNCT
cblr-9110	348	49	)	)	PUNCT
cblr-9110	348	50	.	.	PUNCT
cblr-9110	349	1	in	in	ADP
cblr-9110	349	2	addition	addition	NOUN
cblr-9110	349	3	,	,	PUNCT
cblr-9110	349	4	every	every	DET
cblr-9110	349	5	day	day	NOUN
cblr-9110	349	6	the	the	DET
cblr-9110	349	7	fund	fund	NOUN
cblr-9110	349	8	would	would	AUX
cblr-9110	349	9	disclose	disclose	VERB
cblr-9110	349	10	the	the	DET
cblr-9110	349	11	percentage	percentage	NOUN
cblr-9110	349	12	weight	weight	NOUN
cblr-9110	349	13	overlap	overlap	NOUN
cblr-9110	349	14	between	between	ADP
cblr-9110	349	15	the	the	DET
cblr-9110	349	16	holdings	holding	NOUN
cblr-9110	349	17	of	of	ADP
cblr-9110	349	18	the	the	DET
cblr-9110	349	19	prior	prior	ADJ
cblr-9110	349	20	business	business	NOUN
cblr-9110	349	21	day	day	PROPN
cblr-9110	349	22	’s	’s	PART
cblr-9110	349	23	tracking	tracking	NOUN
cblr-9110	349	24	basket	basket	NOUN
cblr-9110	349	25	compared	compare	VERB
cblr-9110	349	26	to	to	ADP
cblr-9110	349	27	the	the	DET
cblr-9110	349	28	holdings	holding	NOUN
cblr-9110	349	29	of	of	ADP
cblr-9110	349	30	the	the	DET
cblr-9110	349	31	fund	fund	NOUN
cblr-9110	349	32	that	that	PRON
cblr-9110	349	33	formed	form	VERB
cblr-9110	349	34	the	the	DET
cblr-9110	349	35	basis	basis	NOUN
cblr-9110	349	36	for	for	ADP
cblr-9110	349	37	the	the	DET
cblr-9110	349	38	fund	fund	NOUN
cblr-9110	349	39	’s	’s	PART
cblr-9110	349	40	calculation	calculation	NOUN
cblr-9110	349	41	of	of	ADP
cblr-9110	349	42	nav	nav	NOUN
cblr-9110	349	43	at	at	ADP
cblr-9110	349	44	the	the	DET
cblr-9110	349	45	end	end	NOUN
cblr-9110	349	46	of	of	ADP
cblr-9110	349	47	the	the	DET
cblr-9110	349	48	prior	prior	ADJ
cblr-9110	349	49	business	business	NOUN
cblr-9110	349	50	day	day	NOUN
cblr-9110	349	51	.	.	PUNCT
cblr-9110	349	52	.	.	PUNCT
cblr-9110	349	53	.	.	PUNCT
cblr-9110	349	54	.	.	PUNCT
cblr-9110	350	1	such	such	ADJ
cblr-9110	350	2	number	number	NOUN
cblr-9110	350	3	would	would	AUX
cblr-9110	350	4	help	help	VERB
cblr-9110	350	5	market	market	NOUN
cblr-9110	350	6	participants	participant	NOUN
cblr-9110	350	7	evaluate	evaluate	VERB
cblr-9110	350	8	the	the	DET
cblr-9110	350	9	risk	risk	NOUN
cblr-9110	350	10	that	that	SCONJ
cblr-9110	350	11	the	the	DET
cblr-9110	350	12	performance	performance	NOUN
cblr-9110	350	13	of	of	ADP
cblr-9110	350	14	the	the	DET
cblr-9110	350	15	tracing	trace	VERB
cblr-9110	350	16	basket	basket	NOUN
cblr-9110	350	17	may	may	AUX
cblr-9110	350	18	deviate	deviate	VERB
cblr-9110	350	19	from	from	ADP
cblr-9110	350	20	the	the	DET
cblr-9110	350	21	performance	performance	NOUN
cblr-9110	350	22	of	of	ADP
cblr-9110	350	23	the	the	DET
cblr-9110	350	24	portfolio	portfolio	NOUN
cblr-9110	350	25	holdings	holding	NOUN
cblr-9110	350	26	of	of	ADP
cblr-9110	350	27	a	a	DET
cblr-9110	350	28	fund	fund	NOUN
cblr-9110	350	29	.	.	PUNCT
cblr-9110	350	30	”	"	PUNCT
cblr-9110	351	1	(	(	PUNCT
cblr-9110	351	2	footnote	footnote	NOUN
cblr-9110	351	3	omitted	omit	VERB
cblr-9110	351	4	)	)	PUNCT
cblr-9110	351	5	)	)	PUNCT
cblr-9110	351	6	.	.	PUNCT
cblr-9110	352	1	89	89	NUM
cblr-9110	352	2	see	see	VERB
cblr-9110	352	3	jackson	jackson	PROPN
cblr-9110	352	4	jr	jr	PROPN
cblr-9110	352	5	.	.	PROPN
cblr-9110	352	6	&	&	CCONJ
cblr-9110	352	7	herren	herren	PROPN
cblr-9110	352	8	lee	lee	PROPN
cblr-9110	352	9	,	,	PUNCT
cblr-9110	352	10	supra	supra	PROPN
cblr-9110	352	11	note	note	VERB
cblr-9110	352	12	79	79	NUM
cblr-9110	352	13	(	(	PUNCT
cblr-9110	352	14	“	"	PUNCT
cblr-9110	352	15	aps	ap	NOUN
cblr-9110	352	16	for	for	ADP
cblr-9110	352	17	these	these	DET
cblr-9110	352	18	funds	fund	NOUN
cblr-9110	352	19	will	will	AUX
cblr-9110	352	20	have	have	AUX
cblr-9110	352	21	access	access	NOUN
cblr-9110	352	22	to	to	ADP
cblr-9110	352	23	a	a	DET
cblr-9110	352	24	‘	'	PUNCT
cblr-9110	352	25	proxy	proxy	ADJ
cblr-9110	352	26	’	'	PUNCT
cblr-9110	352	27	portfolio	portfolio	NOUN
cblr-9110	352	28	that	that	SCONJ
cblr-9110	352	29	,	,	PUNCT
cblr-9110	352	30	the	the	DET
cblr-9110	352	31	applicants	applicant	NOUN
cblr-9110	352	32	say	say	VERB
cblr-9110	352	33	,	,	PUNCT
cblr-9110	352	34	gives	give	VERB
cblr-9110	352	35	[	[	PRON
cblr-9110	352	36	the	the	DET
cblr-9110	352	37	aps	ap	NOUN
cblr-9110	352	38	]	]	X
cblr-9110	352	39	enough	enough	ADJ
cblr-9110	352	40	information	information	NOUN
cblr-9110	352	41	to	to	PART
cblr-9110	352	42	keep	keep	VERB
cblr-9110	352	43	the	the	DET
cblr-9110	352	44	fund	fund	NOUN
cblr-9110	352	45	’s	’s	PART
cblr-9110	352	46	price	price	NOUN
cblr-9110	352	47	in	in	ADP
cblr-9110	352	48	line	line	NOUN
cblr-9110	352	49	with	with	ADP
cblr-9110	352	50	asset	asset	NOUN
cblr-9110	352	51	values	value	NOUN
cblr-9110	352	52	.	.	PUNCT
cblr-9110	352	53	”	"	PUNCT
cblr-9110	353	1	(	(	PUNCT
cblr-9110	353	2	footnote	footnote	NOUN
cblr-9110	353	3	omitted	omit	VERB
cblr-9110	353	4	)	)	PUNCT
cblr-9110	353	5	)	)	PUNCT
cblr-9110	353	6	.	.	PUNCT
cblr-9110	354	1	90	90	NUM
cblr-9110	354	2	see	see	VERB
cblr-9110	354	3	active	active	ADJ
cblr-9110	354	4	non	non	ADJ
cblr-9110	354	5	-	-	ADJ
cblr-9110	354	6	transparent	transparent	ADJ
cblr-9110	354	7	etfs	etfs	NOUN
cblr-9110	354	8	,	,	PUNCT
cblr-9110	354	9	etf	etf	NOUN
cblr-9110	354	10	database	database	NOUN
cblr-9110	354	11	(	(	PUNCT
cblr-9110	354	12	nov	nov	PROPN
cblr-9110	354	13	.	.	PROPN
cblr-9110	354	14	13	13	NUM
cblr-9110	354	15	,	,	PUNCT
cblr-9110	354	16	2021	2021	NUM
cblr-9110	354	17	)	)	PUNCT
cblr-9110	354	18	,	,	PUNCT
cblr-9110	354	19	https://etfdb.com/themes/active-non-transparent-etfs/	https://etfdb.com/themes/active-non-transparent-etfs/	PUNCT
cblr-9110	355	1	[	[	X
cblr-9110	355	2	https://perma.cc/ylp4-3are	https://perma.cc/ylp4-3are	X
cblr-9110	355	3	]	]	X
cblr-9110	355	4	(	(	PUNCT
cblr-9110	355	5	showing	show	VERB
cblr-9110	355	6	only	only	ADV
cblr-9110	355	7	forty	forty	NUM
cblr-9110	355	8	-	-	PUNCT
cblr-9110	355	9	two	two	NUM
cblr-9110	355	10	nontransparent	nontransparent	ADJ
cblr-9110	355	11	actively	actively	ADV
cblr-9110	355	12	managed	manage	VERB
cblr-9110	355	13	etfs	etfs	PROPN
cblr-9110	355	14	)	)	PUNCT
cblr-9110	355	15	;	;	PUNCT
cblr-9110	355	16	sanghamitra	sanghamitra	PROPN
cblr-9110	355	17	saha	saha	PROPN
cblr-9110	355	18	,	,	PUNCT
cblr-9110	355	19	a	a	DET
cblr-9110	355	20	guide	guide	NOUN
cblr-9110	355	21	to	to	ADP
cblr-9110	355	22	active	active	ADJ
cblr-9110	355	23	nontransparent	nontransparent	ADJ
cblr-9110	355	24	(	(	PUNCT
cblr-9110	355	25	ant	ant	ADJ
cblr-9110	355	26	)	)	PUNCT
cblr-9110	355	27	etfs	etfs	PROPN
cblr-9110	355	28	,	,	PUNCT
cblr-9110	355	29	nasdaq	nasdaq	PROPN
cblr-9110	355	30	(	(	PUNCT
cblr-9110	355	31	apr	apr	PROPN
cblr-9110	355	32	.	.	PROPN
cblr-9110	355	33	19	19	NUM
cblr-9110	355	34	,	,	PUNCT
cblr-9110	355	35	2021	2021	NUM
cblr-9110	355	36	,	,	PUNCT
cblr-9110	355	37	3:01	3:01	NUM
cblr-9110	355	38	pm	pm	NOUN
cblr-9110	355	39	)	)	PUNCT
cblr-9110	355	40	,	,	PUNCT
cblr-9110	355	41	https://www.nasdaq.com/articles/a-guide-to-active-non-transparent-antetfs-2021-04-19-0	https://www.nasdaq.com/articles/a-guide-to-active-non-transparent-antetfs-2021-04-19-0	PROPN
cblr-9110	355	42	(	(	PUNCT
cblr-9110	355	43	on	on	ADP
cblr-9110	355	44	file	file	NOUN
cblr-9110	355	45	with	with	ADP
cblr-9110	355	46	the	the	DET
cblr-9110	355	47	columbia	columbia	PROPN
cblr-9110	355	48	business	business	PROPN
cblr-9110	355	49	law	law	PROPN
cblr-9110	355	50	review	review	PROPN
cblr-9110	355	51	)	)	PUNCT
cblr-9110	355	52	(	(	PUNCT
cblr-9110	355	53	“	"	PUNCT
cblr-9110	355	54	the	the	DET
cblr-9110	355	55	asset	asset	NOUN
cblr-9110	355	56	class	class	NOUN
cblr-9110	355	57	is	be	AUX
cblr-9110	355	58	yet	yet	ADV
cblr-9110	355	59	to	to	PART
cblr-9110	355	60	see	see	VERB
cblr-9110	355	61	success	success	NOUN
cblr-9110	355	62	.	.	PUNCT
cblr-9110	356	1	even	even	ADV
cblr-9110	356	2	after	after	ADP
cblr-9110	356	3	a	a	DET
cblr-9110	356	4	year	year	NOUN
cblr-9110	356	5	of	of	ADP
cblr-9110	356	6	two	two	NUM
cblr-9110	356	7	american	american	ADJ
cblr-9110	356	8	century	century	NOUN
cblr-9110	356	9	no	no	NOUN
cblr-9110	356	10	.	.	PUNCT
cblr-9110	357	1	3:1321	3:1321	NUM
cblr-9110	357	2	]	]	X
cblr-9110	357	3	the	the	DET
cblr-9110	357	4	emergence	emergence	NOUN
cblr-9110	357	5	of	of	ADP
cblr-9110	357	6	the	the	DET
cblr-9110	357	7	actively	actively	ADV
cblr-9110	357	8	managed	manage	VERB
cblr-9110	357	9	etf	etf	NOUN
cblr-9110	357	10	1345	1345	NUM
cblr-9110	357	11	2021	2021	NUM
cblr-9110	357	12	,	,	PUNCT
cblr-9110	357	13	nontransparent	nontransparent	ADJ
cblr-9110	357	14	actively	actively	ADV
cblr-9110	357	15	managed	manage	VERB
cblr-9110	357	16	etfs	etfs	PROPN
cblr-9110	357	17	had	have	VERB
cblr-9110	357	18	just	just	ADV
cblr-9110	357	19	$	$	SYM
cblr-9110	357	20	1.5	1.5	NUM
cblr-9110	357	21	billion	billion	NUM
cblr-9110	357	22	in	in	ADP
cblr-9110	357	23	assets	asset	NOUN
cblr-9110	357	24	under	under	ADP
cblr-9110	357	25	management	management	NOUN
cblr-9110	357	26	in	in	ADP
cblr-9110	357	27	the	the	DET
cblr-9110	357	28	aggregate.91	aggregate.91	NOUN
cblr-9110	357	29	as	as	ADP
cblr-9110	357	30	of	of	ADP
cblr-9110	357	31	two	two	NUM
cblr-9110	357	32	months	month	NOUN
cblr-9110	357	33	earlier	early	ADV
cblr-9110	357	34	,	,	PUNCT
cblr-9110	357	35	the	the	DET
cblr-9110	357	36	nontransparent	nontransparent	NOUN
cblr-9110	357	37	actively	actively	ADV
cblr-9110	357	38	managed	manage	VERB
cblr-9110	357	39	etf	etf	NOUN
cblr-9110	357	40	that	that	PRON
cblr-9110	357	41	attracted	attract	VERB
cblr-9110	357	42	the	the	DET
cblr-9110	357	43	most	most	ADJ
cblr-9110	357	44	investment	investment	NOUN
cblr-9110	357	45	was	be	AUX
cblr-9110	357	46	the	the	DET
cblr-9110	357	47	fidelity	fidelity	PROPN
cblr-9110	357	48	blue	blue	ADJ
cblr-9110	357	49	chip	chip	NOUN
cblr-9110	357	50	growth	growth	NOUN
cblr-9110	357	51	etf	etf	NOUN
cblr-9110	357	52	(	(	PUNCT
cblr-9110	357	53	fbcg).92	fbcg).92	PROPN
cblr-9110	357	54	it	it	PRON
cblr-9110	357	55	had	have	VERB
cblr-9110	357	56	just	just	ADV
cblr-9110	357	57	$	$	SYM
cblr-9110	357	58	313	313	NUM
cblr-9110	357	59	million	million	NUM
cblr-9110	357	60	in	in	ADP
cblr-9110	357	61	assets	asset	NOUN
cblr-9110	357	62	under	under	ADP
cblr-9110	357	63	management	management	NOUN
cblr-9110	357	64	at	at	ADP
cblr-9110	357	65	that	that	DET
cblr-9110	357	66	time.93	time.93	NOUN
cblr-9110	357	67	the	the	DET
cblr-9110	357	68	next	next	ADV
cblr-9110	357	69	largest	large	ADJ
cblr-9110	357	70	such	such	ADJ
cblr-9110	357	71	fund	fund	NOUN
cblr-9110	357	72	then	then	ADV
cblr-9110	357	73	had	have	VERB
cblr-9110	357	74	just	just	ADV
cblr-9110	357	75	$	$	SYM
cblr-9110	357	76	214.4	214.4	NUM
cblr-9110	357	77	million	million	NUM
cblr-9110	357	78	in	in	ADP
cblr-9110	357	79	assets	asset	NOUN
cblr-9110	357	80	under	under	ADP
cblr-9110	357	81	management.94	management.94	VERB
cblr-9110	357	82	as	as	ADP
cblr-9110	357	83	one	one	NUM
cblr-9110	357	84	news	news	NOUN
cblr-9110	357	85	article	article	NOUN
cblr-9110	357	86	summed	sum	VERB
cblr-9110	357	87	it	it	PRON
cblr-9110	357	88	up	up	ADP
cblr-9110	357	89	,	,	PUNCT
cblr-9110	357	90	nontransparent	nontransparent	ADJ
cblr-9110	357	91	actively	actively	ADV
cblr-9110	357	92	managed	manage	VERB
cblr-9110	357	93	etfs	etfs	NOUN
cblr-9110	357	94	“	"	PUNCT
cblr-9110	357	95	were	be	AUX
cblr-9110	357	96	a	a	DET
cblr-9110	357	97	hot	hot	ADJ
cblr-9110	357	98	new	new	ADJ
cblr-9110	357	99	thing	thing	NOUN
cblr-9110	357	100	in	in	ADP
cblr-9110	357	101	an	an	DET
cblr-9110	357	102	industry	industry	NOUN
cblr-9110	357	103	known	know	VERB
cblr-9110	357	104	for	for	ADP
cblr-9110	357	105	innovation	innovation	NOUN
cblr-9110	357	106	.	.	PUNCT
cblr-9110	357	107	.	.	PUNCT
cblr-9110	357	108	.	.	PUNCT
cblr-9110	358	1	.	.	PUNCT
cblr-9110	359	1	but	but	CCONJ
cblr-9110	359	2	in	in	ADP
cblr-9110	359	3	a	a	DET
cblr-9110	359	4	year	year	NOUN
cblr-9110	359	5	when	when	SCONJ
cblr-9110	359	6	practically	practically	ADV
cblr-9110	359	7	everything	everything	PRON
cblr-9110	359	8	on	on	ADP
cblr-9110	359	9	wall	wall	PROPN
cblr-9110	359	10	street	street	PROPN
cblr-9110	359	11	boomed	boom	VERB
cblr-9110	359	12	,	,	PUNCT
cblr-9110	359	13	exchange	exchange	NOUN
cblr-9110	359	14	-	-	PUNCT
cblr-9110	359	15	traded	trade	VERB
cblr-9110	359	16	funds	fund	NOUN
cblr-9110	359	17	that	that	PRON
cblr-9110	359	18	hide	hide	VERB
cblr-9110	359	19	their	their	PRON
cblr-9110	359	20	strategies	strategy	NOUN
cblr-9110	359	21	struggled	struggle	VERB
cblr-9110	359	22	to	to	PART
cblr-9110	359	23	make	make	VERB
cblr-9110	359	24	a	a	DET
cblr-9110	359	25	mark	mark	NOUN
cblr-9110	359	26	.	.	PUNCT
cblr-9110	360	1	”95	”95	NOUN
cblr-9110	360	2	what	what	PRON
cblr-9110	360	3	comes	come	VERB
cblr-9110	360	4	next	next	ADV
cblr-9110	360	5	is	be	AUX
cblr-9110	360	6	unknown	unknown	ADJ
cblr-9110	360	7	.	.	PUNCT
cblr-9110	361	1	but	but	CCONJ
cblr-9110	361	2	for	for	ADP
cblr-9110	361	3	fund	fund	NOUN
cblr-9110	361	4	sponsors	sponsor	NOUN
cblr-9110	361	5	and	and	CCONJ
cblr-9110	361	6	investment	investment	NOUN
cblr-9110	361	7	advisers	adviser	NOUN
cblr-9110	361	8	,	,	PUNCT
cblr-9110	361	9	there	there	PRON
cblr-9110	361	10	is	be	VERB
cblr-9110	361	11	much	much	ADJ
cblr-9110	361	12	room	room	NOUN
cblr-9110	361	13	for	for	ADP
cblr-9110	361	14	optimism.96	optimism.96	NOUN
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cblr-9110	361	17	(	(	PUNCT
cblr-9110	361	18	the	the	DET
cblr-9110	361	19	first	first	ADJ
cblr-9110	361	20	in	in	ADP
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cblr-9110	361	25	,	,	PUNCT
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cblr-9110	361	27	funds	fund	NOUN
cblr-9110	361	28	have	have	AUX
cblr-9110	361	29	amassed	amass	VERB
cblr-9110	361	30	about	about	ADV
cblr-9110	361	31	$	$	SYM
cblr-9110	361	32	1	1	NUM
cblr-9110	361	33	billion	billion	NUM
cblr-9110	361	34	in	in	ADP
cblr-9110	361	35	flows	flow	NOUN
cblr-9110	361	36	–	–	PUNCT
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cblr-9110	361	38	low	low	ADJ
cblr-9110	361	39	compared	compare	VERB
cblr-9110	361	40	with	with	ADP
cblr-9110	361	41	the	the	DET
cblr-9110	361	42	$	$	SYM
cblr-9110	361	43	676	676	NUM
cblr-9110	361	44	billion	billion	NUM
cblr-9110	361	45	invested	invest	VERB
cblr-9110	361	46	in	in	ADP
cblr-9110	361	47	all	all	DET
cblr-9110	361	48	u.s	u.s	PROPN
cblr-9110	361	49	.	.	PROPN
cblr-9110	361	50	etfs	etfs	PROPN
cblr-9110	361	51	in	in	ADP
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cblr-9110	361	54	one	one	NUM
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cblr-9110	362	1	.	.	PUNCT
cblr-9110	363	1	.	.	PUNCT
cblr-9110	364	1	there	there	PRON
cblr-9110	364	2	are	be	VERB
cblr-9110	364	3	about	about	ADV
cblr-9110	364	4	40	40	NUM
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cblr-9110	364	9	.	.	PUNCT
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cblr-9110	364	11	.	.	PUNCT
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cblr-9110	365	2	[	[	X
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cblr-9110	365	7	]	]	PUNCT
cblr-9110	365	8	assets	asset	NOUN
cblr-9110	365	9	account	account	VERB
cblr-9110	365	10	for	for	ADP
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cblr-9110	365	12	0.3	0.3	NUM
cblr-9110	365	13	%	%	NOUN
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cblr-9110	365	17	possessed	possess	VERB
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cblr-9110	365	22	’	'	PUNCT
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cblr-9110	365	25	.	.	PUNCT
cblr-9110	365	26	”	"	PUNCT
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cblr-9110	366	1	91	91	NUM
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cblr-9110	366	7	in	in	ADP
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cblr-9110	366	10	etfs	etfs	NOUN
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cblr-9110	366	13	,	,	PUNCT
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cblr-9110	366	15	(	(	PUNCT
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cblr-9110	366	17	17	17	NUM
cblr-9110	366	18	,	,	PUNCT
cblr-9110	366	19	2021	2021	NUM
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cblr-9110	366	21	,	,	PUNCT
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cblr-9110	366	23	[	[	X
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cblr-9110	366	25	]	]	X
cblr-9110	366	26	(	(	PUNCT
cblr-9110	366	27	“	"	PUNCT
cblr-9110	366	28	regarding	regard	VERB
cblr-9110	366	29	actual	actual	ADJ
cblr-9110	366	30	asset	asset	NOUN
cblr-9110	366	31	flows	flow	NOUN
cblr-9110	366	32	,	,	PUNCT
cblr-9110	366	33	the	the	DET
cblr-9110	366	34	combined	combine	VERB
cblr-9110	366	35	assets	asset	NOUN
cblr-9110	366	36	under	under	ADP
cblr-9110	366	37	management	management	NOUN
cblr-9110	366	38	(	(	PUNCT
cblr-9110	366	39	aum	aum	NOUN
cblr-9110	366	40	)	)	PUNCT
cblr-9110	366	41	of	of	ADP
cblr-9110	366	42	these	these	DET
cblr-9110	366	43	new	new	ADJ
cblr-9110	366	44	style	style	NOUN
cblr-9110	366	45	funds	fund	NOUN
cblr-9110	366	46	is	be	AUX
cblr-9110	366	47	about	about	ADP
cblr-9110	366	48	$	$	SYM
cblr-9110	366	49	1.5	1.5	NUM
cblr-9110	366	50	billion	billion	NUM
cblr-9110	366	51	.	.	PUNCT
cblr-9110	367	1	at	at	ADP
cblr-9110	367	2	first	first	ADJ
cblr-9110	367	3	glance	glance	NOUN
cblr-9110	367	4	,	,	PUNCT
cblr-9110	367	5	that	that	PRON
cblr-9110	367	6	seems	seem	VERB
cblr-9110	367	7	a	a	DET
cblr-9110	367	8	bit	bit	NOUN
cblr-9110	367	9	modest	modest	ADJ
cblr-9110	367	10	,	,	PUNCT
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cblr-9110	367	12	when	when	SCONJ
cblr-9110	367	13	etfs	etfs	PROPN
cblr-9110	367	14	as	as	ADP
cblr-9110	367	15	a	a	DET
cblr-9110	367	16	whole	whole	NOUN
cblr-9110	367	17	brought	bring	VERB
cblr-9110	367	18	in	in	ADP
cblr-9110	367	19	$	$	SYM
cblr-9110	367	20	500	500	NUM
cblr-9110	367	21	billion	billion	NUM
cblr-9110	367	22	in	in	ADP
cblr-9110	367	23	flows	flow	NOUN
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cblr-9110	367	25	roughly	roughly	ADV
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cblr-9110	367	29	period	period	NOUN
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cblr-9110	368	3	,	,	PUNCT
cblr-9110	368	4	supra	supra	PROPN
cblr-9110	368	5	note	note	NOUN
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cblr-9110	369	1	93	93	NUM
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cblr-9110	370	2	d.	d.	PROPN
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cblr-9110	371	1	i	i	PRON
cblr-9110	371	2	d.	d.	PROPN
cblr-9110	371	3	(	(	PUNCT
cblr-9110	371	4	describing	describe	VERB
cblr-9110	371	5	popularity	popularity	NOUN
cblr-9110	371	6	of	of	ADP
cblr-9110	371	7	the	the	DET
cblr-9110	371	8	american	american	ADJ
cblr-9110	371	9	century	century	NOUN
cblr-9110	371	10	focused	focus	VERB
cblr-9110	371	11	dynamic	dynamic	ADJ
cblr-9110	371	12	growth	growth	NOUN
cblr-9110	371	13	etf	etf	NOUN
cblr-9110	371	14	”	"	PUNCT
cblr-9110	371	15	)	)	PUNCT
cblr-9110	371	16	.	.	PUNCT
cblr-9110	372	1	95	95	NUM
cblr-9110	372	2	claire	claire	PROPN
cblr-9110	372	3	ballentine	ballentine	PROPN
cblr-9110	372	4	,	,	PUNCT
cblr-9110	372	5	secret	secret	ADJ
cblr-9110	372	6	-	-	PUNCT
cblr-9110	372	7	strategy	strategy	NOUN
cblr-9110	372	8	funds	fund	NOUN
cblr-9110	372	9	struggle	struggle	VERB
cblr-9110	372	10	to	to	PART
cblr-9110	372	11	win	win	VERB
cblr-9110	372	12	fans	fan	NOUN
cblr-9110	372	13	in	in	ADP
cblr-9110	372	14	their	their	PRON
cblr-9110	372	15	first	first	ADJ
cblr-9110	372	16	year	year	NOUN
cblr-9110	372	17	bloomberg	bloomberg	PROPN
cblr-9110	372	18	(	(	PUNCT
cblr-9110	372	19	mar	mar	PROPN
cblr-9110	372	20	.	.	PROPN
cblr-9110	372	21	29	29	NUM
cblr-9110	372	22	,	,	PUNCT
cblr-9110	372	23	2021	2021	NUM
cblr-9110	372	24	,	,	PUNCT
cblr-9110	372	25	7:30	7:30	NUM
cblr-9110	372	26	am	am	NOUN
cblr-9110	372	27	)	)	PUNCT
cblr-9110	372	28	,	,	PUNCT
cblr-9110	372	29	https://www.bloomberg.com/news/articles/2021-03-28/secret-strategyfunds-struggle-to-win-fans-in-their-first-year	https://www.bloomberg.com/news/articles/2021-03-28/secret-strategyfunds-struggle-to-win-fans-in-their-first-year	PRON
cblr-9110	372	30	(	(	PUNCT
cblr-9110	372	31	on	on	ADP
cblr-9110	372	32	file	file	NOUN
cblr-9110	372	33	with	with	ADP
cblr-9110	372	34	the	the	DET
cblr-9110	372	35	columbia	columbia	PROPN
cblr-9110	372	36	business	business	PROPN
cblr-9110	372	37	law	law	PROPN
cblr-9110	372	38	review	review	PROPN
cblr-9110	372	39	)	)	PUNCT
cblr-9110	372	40	.	.	PUNCT
cblr-9110	373	1	96	96	NUM
cblr-9110	373	2	see	see	VERB
cblr-9110	373	3	,	,	PUNCT
cblr-9110	373	4	e.g.	e.g.	ADV
cblr-9110	373	5	,	,	PUNCT
cblr-9110	373	6	geraci	geraci	NOUN
cblr-9110	373	7	,	,	PUNCT
cblr-9110	373	8	supra	supra	PROPN
cblr-9110	373	9	note	note	NOUN
cblr-9110	373	10	57	57	NUM
cblr-9110	373	11	(	(	PUNCT
cblr-9110	373	12	“	"	PUNCT
cblr-9110	373	13	all	all	DET
cblr-9110	373	14	signs	sign	NOUN
cblr-9110	373	15	point	point	VERB
cblr-9110	373	16	to	to	ADP
cblr-9110	373	17	active	active	ADJ
cblr-9110	373	18	etfs	etfs	NOUN
cblr-9110	373	19	as	as	ADP
cblr-9110	373	20	the	the	DET
cblr-9110	373	21	likely	likely	ADJ
cblr-9110	373	22	candidate	candidate	NOUN
cblr-9110	373	23	for	for	ADP
cblr-9110	373	24	higher	high	ADJ
cblr-9110	373	25	rates	rate	NOUN
cblr-9110	373	26	of	of	ADP
cblr-9110	373	27	future	future	ADJ
cblr-9110	373	28	growth	growth	NOUN
cblr-9110	373	29	”	"	PUNCT
cblr-9110	373	30	)	)	PUNCT
cblr-9110	373	31	;	;	PUNCT
cblr-9110	373	32	see	see	VERB
cblr-9110	373	33	also	also	ADV
cblr-9110	373	34	saha	saha	PROPN
cblr-9110	373	35	,	,	PUNCT
cblr-9110	373	36	supra	supra	PROPN
cblr-9110	373	37	note	note	NOUN
cblr-9110	373	38	90	90	NUM
cblr-9110	373	39	(	(	PUNCT
cblr-9110	373	40	“	"	PUNCT
cblr-9110	373	41	many	many	ADJ
cblr-9110	373	42	industry	industry	NOUN
cblr-9110	373	43	experts	expert	NOUN
cblr-9110	373	44	expected	expect	VERB
cblr-9110	373	45	high	high	ADJ
cblr-9110	373	46	demand	demand	NOUN
cblr-9110	373	47	for	for	ADP
cblr-9110	373	48	[	[	NOUN
cblr-9110	373	49	nontransparent	nontransparent	ADJ
cblr-9110	373	50	actively	actively	ADV
cblr-9110	373	51	managed	manage	VERB
cblr-9110	373	52	]	]	PUNCT
cblr-9110	373	53	funds	fund	NOUN
cblr-9110	373	54	,	,	PUNCT
cblr-9110	373	55	especially	especially	ADV
cblr-9110	373	56	given	give	VERB
cblr-9110	373	57	the	the	DET
cblr-9110	373	58	rising	rise	VERB
cblr-9110	373	59	inclination	inclination	NOUN
cblr-9110	373	60	toward	toward	ADP
cblr-9110	373	61	an	an	DET
cblr-9110	373	62	etf	etf	NOUN
cblr-9110	373	63	format	format	NOUN
cblr-9110	373	64	over	over	ADP
cblr-9110	373	65	the	the	DET
cblr-9110	373	66	mutual	mutual	ADJ
cblr-9110	373	67	funds	fund	NOUN
cblr-9110	373	68	.	.	PUNCT
cblr-9110	373	69	”	"	PUNCT
cblr-9110	373	70	)	)	PUNCT
cblr-9110	373	71	.	.	PUNCT
cblr-9110	374	1	one	one	NUM
cblr-9110	374	2	survey	survey	NOUN
cblr-9110	374	3	from	from	ADP
cblr-9110	374	4	2019	2019	NUM
cblr-9110	374	5	found	find	VERB
cblr-9110	374	6	that	that	SCONJ
cblr-9110	374	7	thirty	thirty	NUM
cblr-9110	374	8	-	-	PUNCT
cblr-9110	374	9	seven	seven	NUM
cblr-9110	374	10	percent	percent	NOUN
cblr-9110	374	11	“	"	PUNCT
cblr-9110	374	12	of	of	ADP
cblr-9110	374	13	fund	fund	NOUN
cblr-9110	374	14	managers	manager	NOUN
cblr-9110	374	15	are	be	AUX
cblr-9110	374	16	planning	plan	VERB
cblr-9110	374	17	to	to	PART
cblr-9110	374	18	develop	develop	VERB
cblr-9110	374	19	active	active	ADJ
cblr-9110	374	20	1346	1346	NUM
cblr-9110	374	21	columbia	columbia	PROPN
cblr-9110	374	22	business	business	NOUN
cblr-9110	374	23	law	law	NOUN
cblr-9110	374	24	review	review	NOUN
cblr-9110	374	25	[	[	X
cblr-9110	374	26	vol	vol	NOUN
cblr-9110	374	27	.	.	PUNCT
cblr-9110	374	28	2021	2021	NUM
cblr-9110	374	29	indeed	indeed	ADV
cblr-9110	374	30	,	,	PUNCT
cblr-9110	374	31	these	these	DET
cblr-9110	374	32	nontransparent	nontransparent	ADJ
cblr-9110	374	33	actively	actively	ADV
cblr-9110	374	34	managed	manage	VERB
cblr-9110	374	35	etfs	etfs	PROPN
cblr-9110	374	36	have	have	AUX
cblr-9110	374	37	been	be	AUX
cblr-9110	374	38	referred	refer	VERB
cblr-9110	374	39	to	to	ADP
cblr-9110	374	40	as	as	ADP
cblr-9110	374	41	the	the	DET
cblr-9110	374	42	“	"	PUNCT
cblr-9110	374	43	holy	holy	ADJ
cblr-9110	374	44	grail	grail	NOUN
cblr-9110	374	45	”	"	PUNCT
cblr-9110	374	46	for	for	ADP
cblr-9110	374	47	open	open	ADJ
cblr-9110	374	48	-	-	PUNCT
cblr-9110	374	49	end	end	NOUN
cblr-9110	374	50	-	-	PUNCT
cblr-9110	374	51	fund	fund	NOUN
cblr-9110	374	52	active	active	ADJ
cblr-9110	374	53	management.97	management.97	NOUN
cblr-9110	374	54	self	self	NOUN
cblr-9110	374	55	-	-	PUNCT
cblr-9110	374	56	serving	serve	VERB
cblr-9110	374	57	industry	industry	NOUN
cblr-9110	374	58	statements	statement	NOUN
cblr-9110	374	59	aside	aside	ADV
cblr-9110	374	60	,	,	PUNCT
cblr-9110	374	61	for	for	ADP
cblr-9110	374	62	four	four	NUM
cblr-9110	374	63	main	main	ADJ
cblr-9110	374	64	reasons	reason	NOUN
cblr-9110	374	65	,	,	PUNCT
cblr-9110	374	66	it	it	PRON
cblr-9110	374	67	is	be	AUX
cblr-9110	374	68	likely	likely	ADJ
cblr-9110	374	69	that	that	SCONJ
cblr-9110	374	70	considerable	considerable	ADJ
cblr-9110	374	71	amounts	amount	NOUN
cblr-9110	374	72	of	of	ADP
cblr-9110	374	73	investment	investment	NOUN
cblr-9110	374	74	money	money	NOUN
cblr-9110	374	75	will	will	AUX
cblr-9110	374	76	flow	flow	VERB
cblr-9110	374	77	into	into	ADP
cblr-9110	374	78	actively	actively	ADV
cblr-9110	374	79	managed	manage	VERB
cblr-9110	374	80	etfs	etfs	NOUN
cblr-9110	374	81	over	over	ADP
cblr-9110	374	82	the	the	DET
cblr-9110	374	83	coming	come	VERB
cblr-9110	374	84	years	year	NOUN
cblr-9110	374	85	.	.	PUNCT
cblr-9110	375	1	first	first	ADV
cblr-9110	375	2	,	,	PUNCT
cblr-9110	375	3	a	a	DET
cblr-9110	375	4	slew	slew	NOUN
cblr-9110	375	5	of	of	ADP
cblr-9110	375	6	large	large	ADJ
cblr-9110	375	7	investment	investment	NOUN
cblr-9110	375	8	companies	company	NOUN
cblr-9110	375	9	have	have	AUX
cblr-9110	375	10	already	already	ADV
cblr-9110	375	11	signed	sign	VERB
cblr-9110	375	12	on	on	ADP
cblr-9110	375	13	to	to	PART
cblr-9110	375	14	issue	issue	VERB
cblr-9110	375	15	nontransparent	nontransparent	ADJ
cblr-9110	375	16	actively	actively	ADV
cblr-9110	375	17	managed	manage	VERB
cblr-9110	375	18	etf	etf	NOUN
cblr-9110	375	19	shares.98	shares.98	PROPN
cblr-9110	375	20	beyond	beyond	ADP
cblr-9110	375	21	even	even	ADV
cblr-9110	375	22	their	their	PRON
cblr-9110	375	23	broad	broad	ADJ
cblr-9110	375	24	marketing	marketing	NOUN
cblr-9110	375	25	reach	reach	NOUN
cblr-9110	375	26	,	,	PUNCT
cblr-9110	375	27	these	these	DET
cblr-9110	375	28	companies	company	NOUN
cblr-9110	375	29	can	can	AUX
cblr-9110	375	30	attempt	attempt	VERB
cblr-9110	375	31	to	to	PART
cblr-9110	375	32	convert	convert	VERB
cblr-9110	375	33	their	their	PRON
cblr-9110	375	34	existing	exist	VERB
cblr-9110	375	35	actively	actively	ADV
cblr-9110	375	36	managed	manage	VERB
cblr-9110	375	37	mutual	mutual	ADJ
cblr-9110	375	38	fund	fund	NOUN
cblr-9110	375	39	products	product	NOUN
cblr-9110	375	40	into	into	ADP
cblr-9110	375	41	actively	actively	ADV
cblr-9110	375	42	managed	manage	VERB
cblr-9110	375	43	etf	etf	NOUN
cblr-9110	375	44	ones.99	ones.99	PROPN
cblr-9110	375	45	second	second	NOUN
cblr-9110	375	46	,	,	PUNCT
cblr-9110	375	47	it	it	PRON
cblr-9110	375	48	is	be	AUX
cblr-9110	375	49	reasonable	reasonable	ADJ
cblr-9110	375	50	to	to	PART
cblr-9110	375	51	expect	expect	VERB
cblr-9110	375	52	investors	investor	NOUN
cblr-9110	375	53	to	to	PART
cblr-9110	375	54	,	,	PUNCT
cblr-9110	375	55	on	on	ADP
cblr-9110	375	56	their	their	PRON
cblr-9110	375	57	etfs	etfs	NOUN
cblr-9110	375	58	.	.	PUNCT
cblr-9110	375	59	”	"	PUNCT
cblr-9110	376	1	gerci	gerci	NOUN
cblr-9110	376	2	,	,	PUNCT
cblr-9110	376	3	supra	supra	PROPN
cblr-9110	376	4	note	note	NOUN
cblr-9110	376	5	57	57	NUM
cblr-9110	376	6	.	.	PUNCT
cblr-9110	377	1	further	far	ADV
cblr-9110	377	2	,	,	PUNCT
cblr-9110	377	3	rick	rick	PROPN
cblr-9110	377	4	genoni	genoni	PROPN
cblr-9110	377	5	,	,	PUNCT
cblr-9110	377	6	who	who	PRON
cblr-9110	377	7	at	at	ADP
cblr-9110	377	8	the	the	DET
cblr-9110	377	9	time	time	NOUN
cblr-9110	377	10	was	be	AUX
cblr-9110	377	11	the	the	DET
cblr-9110	377	12	head	head	NOUN
cblr-9110	377	13	of	of	ADP
cblr-9110	377	14	etf	etf	NOUN
cblr-9110	377	15	product	product	NOUN
cblr-9110	377	16	management	management	NOUN
cblr-9110	377	17	at	at	ADP
cblr-9110	377	18	legg	legg	PROPN
cblr-9110	377	19	mason	mason	PROPN
cblr-9110	377	20	,	,	PUNCT
cblr-9110	377	21	commented	comment	VERB
cblr-9110	377	22	that	that	SCONJ
cblr-9110	377	23	the	the	DET
cblr-9110	377	24	firm	firm	ADJ
cblr-9110	377	25	“	"	PUNCT
cblr-9110	377	26	see[s	see[s	PROPN
cblr-9110	377	27	]	]	X
cblr-9110	377	28	active	active	ADJ
cblr-9110	377	29	etfs	etfs	PROPN
cblr-9110	377	30	as	as	ADP
cblr-9110	377	31	the	the	DET
cblr-9110	377	32	next	next	ADJ
cblr-9110	377	33	stage	stage	NOUN
cblr-9110	377	34	of	of	ADP
cblr-9110	377	35	evolution	evolution	NOUN
cblr-9110	377	36	of	of	ADP
cblr-9110	377	37	the	the	DET
cblr-9110	377	38	business	business	NOUN
cblr-9110	377	39	.	.	PUNCT
cblr-9110	377	40	”	"	PUNCT
cblr-9110	378	1	i	i	PRON
cblr-9110	378	2	d.	d.	PROPN
cblr-9110	378	3	97	97	NUM
cblr-9110	378	4	see	see	VERB
cblr-9110	378	5	nontransparent	nontransparent	ADJ
cblr-9110	378	6	etf	etf	NOUN
cblr-9110	378	7	channel	channel	NOUN
cblr-9110	378	8	,	,	PUNCT
cblr-9110	378	9	etf.com	etf.com	NUM
cblr-9110	378	10	,	,	PUNCT
cblr-9110	378	11	etf.com/channels/nontransparent-etfs	etf.com/channels/nontransparent-etfs	NOUN
cblr-9110	378	12	(	(	PUNCT
cblr-9110	378	13	on	on	ADP
cblr-9110	378	14	file	file	NOUN
cblr-9110	378	15	with	with	ADP
cblr-9110	378	16	the	the	DET
cblr-9110	378	17	columbia	columbia	PROPN
cblr-9110	378	18	business	business	PROPN
cblr-9110	378	19	law	law	PROPN
cblr-9110	378	20	review	review	PROPN
cblr-9110	378	21	)	)	PUNCT
cblr-9110	378	22	(	(	PUNCT
cblr-9110	378	23	last	last	ADV
cblr-9110	378	24	visited	visit	VERB
cblr-9110	378	25	dec	dec	PROPN
cblr-9110	378	26	.	.	PROPN
cblr-9110	378	27	9	9	NUM
cblr-9110	378	28	,	,	PUNCT
cblr-9110	378	29	2021	2021	NUM
cblr-9110	378	30	)	)	PUNCT
cblr-9110	378	31	(	(	PUNCT
cblr-9110	378	32	“	"	PUNCT
cblr-9110	378	33	nontransparent	nontransparent	ADJ
cblr-9110	378	34	actively	actively	ADV
cblr-9110	378	35	managed	manage	VERB
cblr-9110	378	36	etfs	etfs	PROPN
cblr-9110	378	37	have	have	AUX
cblr-9110	378	38	been	be	AUX
cblr-9110	378	39	the	the	DET
cblr-9110	378	40	holy	holy	ADJ
cblr-9110	378	41	grail	grail	NOUN
cblr-9110	378	42	for	for	ADP
cblr-9110	378	43	the	the	DET
cblr-9110	378	44	etf	etf	NOUN
cblr-9110	378	45	industry	industry	NOUN
cblr-9110	378	46	for	for	ADP
cblr-9110	378	47	the	the	DET
cblr-9110	378	48	better	well	ADJ
cblr-9110	378	49	part	part	NOUN
cblr-9110	378	50	of	of	ADP
cblr-9110	378	51	a	a	DET
cblr-9110	378	52	decade	decade	NOUN
cblr-9110	378	53	,	,	PUNCT
cblr-9110	378	54	with	with	ADP
cblr-9110	378	55	many	many	ADJ
cblr-9110	378	56	market	market	NOUN
cblr-9110	378	57	commenters	commenter	NOUN
cblr-9110	378	58	asserting	assert	VERB
cblr-9110	378	59	that	that	SCONJ
cblr-9110	378	60	active	active	ADJ
cblr-9110	378	61	manager	manager	NOUN
cblr-9110	378	62	would	would	AUX
cblr-9110	378	63	not	not	PART
cblr-9110	378	64	want	want	VERB
cblr-9110	378	65	to	to	PART
cblr-9110	378	66	launch	launch	VERB
cblr-9110	378	67	transparent	transparent	ADJ
cblr-9110	378	68	actively	actively	ADV
cblr-9110	378	69	managed	manage	VERB
cblr-9110	378	70	etfs	etfs	NOUN
cblr-9110	378	71	for	for	ADP
cblr-9110	378	72	fear	fear	NOUN
cblr-9110	378	73	of	of	ADP
cblr-9110	378	74	front	front	NOUN
cblr-9110	378	75	-	-	PUNCT
cblr-9110	378	76	running	running	NOUN
cblr-9110	378	77	.	.	PUNCT
cblr-9110	378	78	”	"	PUNCT
cblr-9110	378	79	)	)	PUNCT
cblr-9110	378	80	.	.	PUNCT
cblr-9110	379	1	98	98	NUM
cblr-9110	379	2	press	press	NOUN
cblr-9110	379	3	release	release	NOUN
cblr-9110	379	4	,	,	PUNCT
cblr-9110	379	5	legg	legg	PROPN
cblr-9110	379	6	mason	mason	PROPN
cblr-9110	379	7	,	,	PUNCT
cblr-9110	379	8	legg	legg	PROPN
cblr-9110	379	9	mason	mason	PROPN
cblr-9110	379	10	and	and	CCONJ
cblr-9110	379	11	clearbridge	clearbridge	VERB
cblr-9110	379	12	investments	investment	NOUN
cblr-9110	379	13	launch	launch	VERB
cblr-9110	379	14	semi	semi	ADJ
cblr-9110	379	15	-	-	ADJ
cblr-9110	379	16	transparent	transparent	ADJ
cblr-9110	379	17	etf	etf	NOUN
cblr-9110	379	18	using	use	VERB
cblr-9110	379	19	precidian	precidian	ADJ
cblr-9110	379	20	investments	investment	NOUN
cblr-9110	379	21	’	'	PUNCT
cblr-9110	379	22	innovative	innovative	ADJ
cblr-9110	379	23	activeshares	activeshare	NOUN
cblr-9110	379	24	®	®	NOUN
cblr-9110	379	25	technology	technology	NOUN
cblr-9110	379	26	(	(	PUNCT
cblr-9110	379	27	may	may	PROPN
cblr-9110	379	28	28	28	NUM
cblr-9110	379	29	,	,	PUNCT
cblr-9110	379	30	2020	2020	NUM
cblr-9110	379	31	)	)	PUNCT
cblr-9110	379	32	,	,	PUNCT
cblr-9110	379	33	https://www.leggmason.com/content/dam/leggmason/documents/en/corporate-press-releases/financialrelease/2020/release-cb-precidian-cfcv-launch.pdf	https://www.leggmason.com/content/dam/leggmason/documents/en/corporate-press-releases/financialrelease/2020/release-cb-precidian-cfcv-launch.pdf	X
cblr-9110	380	1	[	[	X
cblr-9110	380	2	https://perma.cc/54axte5k	https://perma.cc/54axte5k	X
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cblr-9110	380	4	(	(	PUNCT
cblr-9110	380	5	noting	note	VERB
cblr-9110	380	6	that	that	SCONJ
cblr-9110	380	7	activeshares	activeshare	NOUN
cblr-9110	380	8	technology	technology	NOUN
cblr-9110	380	9	“	"	PUNCT
cblr-9110	380	10	has	have	AUX
cblr-9110	380	11	been	be	AUX
cblr-9110	380	12	licensed	license	VERB
cblr-9110	380	13	by	by	ADP
cblr-9110	380	14	14	14	NUM
cblr-9110	380	15	licensees	licensee	NOUN
cblr-9110	380	16	,	,	PUNCT
cblr-9110	380	17	covering	cover	VERB
cblr-9110	380	18	26	26	NUM
cblr-9110	380	19	%	%	NOUN
cblr-9110	380	20	of	of	ADP
cblr-9110	380	21	the	the	DET
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cblr-9110	380	24	u.s	u.s	PROPN
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cblr-9110	380	26	equity	equity	NOUN
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cblr-9110	380	28	”	"	PUNCT
cblr-9110	380	29	)	)	PUNCT
cblr-9110	380	30	;	;	PUNCT
cblr-9110	380	31	geraci	geraci	NOUN
cblr-9110	380	32	,	,	PUNCT
cblr-9110	380	33	supra	supra	PROPN
cblr-9110	380	34	note	note	NOUN
cblr-9110	380	35	57	57	NUM
cblr-9110	380	36	(	(	PUNCT
cblr-9110	380	37	“	"	PUNCT
cblr-9110	380	38	[	[	X
cblr-9110	380	39	as	as	ADP
cblr-9110	380	40	of	of	ADP
cblr-9110	380	41	june	june	PROPN
cblr-9110	380	42	13	13	NUM
cblr-9110	380	43	,	,	PUNCT
cblr-9110	380	44	2019	2019	NUM
cblr-9110	380	45	,	,	PUNCT
cblr-9110	380	46	t]he	t]he	ADV
cblr-9110	380	47	following	follow	VERB
cblr-9110	380	48	fund	fund	NOUN
cblr-9110	380	49	companies	company	NOUN
cblr-9110	380	50	have	have	AUX
cblr-9110	380	51	already	already	ADV
cblr-9110	380	52	licensed	license	VERB
cblr-9110	380	53	activeshares	activeshare	NOUN
cblr-9110	380	54	from	from	ADP
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cblr-9110	380	56	legg	legg	PROPN
cblr-9110	380	57	mason	mason	PROPN
cblr-9110	380	58	,	,	PUNCT
cblr-9110	380	59	blackrock	blackrock	PROPN
cblr-9110	380	60	,	,	PUNCT
cblr-9110	380	61	capital	capital	NOUN
cblr-9110	380	62	group	group	NOUN
cblr-9110	380	63	,	,	PUNCT
cblr-9110	380	64	j.p	j.p	PROPN
cblr-9110	380	65	.	.	PROPN
cblr-9110	380	66	morgan	morgan	PROPN
cblr-9110	380	67	,	,	PUNCT
cblr-9110	380	68	nationwide	nationwide	ADJ
cblr-9110	380	69	,	,	PUNCT
cblr-9110	380	70	gabelli	gabelli	PROPN
cblr-9110	380	71	,	,	PUNCT
cblr-9110	380	72	columbia	columbia	PROPN
cblr-9110	380	73	and	and	CCONJ
cblr-9110	380	74	nuveen	nuveen	NOUN
cblr-9110	381	1	[	[	X
cblr-9110	381	2	and	and	CCONJ
cblr-9110	381	3	]	]	PUNCT
cblr-9110	381	4	american	american	ADJ
cblr-9110	381	5	century	century	NOUN
cblr-9110	381	6	has	have	AUX
cblr-9110	381	7	taken	take	VERB
cblr-9110	381	8	the	the	DET
cblr-9110	381	9	additional	additional	ADJ
cblr-9110	381	10	step	step	NOUN
cblr-9110	381	11	of	of	ADP
cblr-9110	381	12	filing	filing	NOUN
cblr-9110	381	13	for	for	ADP
cblr-9110	381	14	exemptive	exemptive	NOUN
cblr-9110	381	15	relief	relief	NOUN
cblr-9110	381	16	to	to	PART
cblr-9110	381	17	launch	launch	VERB
cblr-9110	381	18	activeshares	activeshare	NOUN
cblr-9110	381	19	etfs	etfs	PROPN
cblr-9110	381	20	.	.	PUNCT
cblr-9110	381	21	”	"	PUNCT
cblr-9110	381	22	)	)	PUNCT
cblr-9110	381	23	.	.	PUNCT
cblr-9110	382	1	99	99	NUM
cblr-9110	382	2	claire	claire	PROPN
cblr-9110	382	3	balletine	balletine	PROPN
cblr-9110	382	4	,	,	PUNCT
cblr-9110	382	5	jpmorgan	jpmorgan	PROPN
cblr-9110	382	6	is	be	AUX
cblr-9110	382	7	boosting	boost	VERB
cblr-9110	382	8	its	its	PRON
cblr-9110	382	9	active	active	ADJ
cblr-9110	382	10	etfs	etfs	NOUN
cblr-9110	382	11	with	with	ADP
cblr-9110	382	12	a	a	DET
cblr-9110	382	13	$	$	SYM
cblr-9110	382	14	10	10	NUM
cblr-9110	382	15	billion	billion	NUM
cblr-9110	382	16	mutual	mutual	ADJ
cblr-9110	382	17	fund	fund	NOUN
cblr-9110	382	18	switch	switch	NOUN
cblr-9110	382	19	,	,	PUNCT
cblr-9110	382	20	bloomberg	bloomberg	PROPN
cblr-9110	382	21	(	(	PUNCT
cblr-9110	382	22	aug	aug	PROPN
cblr-9110	382	23	.	.	PROPN
cblr-9110	382	24	11	11	NUM
cblr-9110	382	25	,	,	PUNCT
cblr-9110	382	26	2021	2021	NUM
cblr-9110	382	27	,	,	PUNCT
cblr-9110	382	28	8:50	8:50	NUM
cblr-9110	382	29	am	am	NOUN
cblr-9110	382	30	)	)	PUNCT
cblr-9110	382	31	,	,	PUNCT
cblr-9110	382	32	https://www.bloomberg.com/news/articles/2021-08-11/cathie-wood-effectjpmorgan-to-convert-10-billion-mutual-funds-to-active-etfs	https://www.bloomberg.com/news/articles/2021-08-11/cathie-wood-effectjpmorgan-to-convert-10-billion-mutual-funds-to-active-etfs	PROPN
cblr-9110	382	33	(	(	PUNCT
cblr-9110	382	34	on	on	ADP
cblr-9110	382	35	file	file	NOUN
cblr-9110	382	36	with	with	ADP
cblr-9110	382	37	the	the	DET
cblr-9110	382	38	columbia	columbia	PROPN
cblr-9110	382	39	business	business	PROPN
cblr-9110	382	40	law	law	PROPN
cblr-9110	382	41	review	review	PROPN
cblr-9110	382	42	)	)	PUNCT
cblr-9110	382	43	(	(	PUNCT
cblr-9110	382	44	“	"	PUNCT
cblr-9110	382	45	[	[	X
cblr-9110	382	46	jpmorgan	jpmorgan	PROPN
cblr-9110	382	47	chase	chase	PROPN
cblr-9110	382	48	&	&	CCONJ
cblr-9110	382	49	co.	co.	PROPN
cblr-9110	382	50	]	]	PUNCT
cblr-9110	382	51	plans	plan	VERB
cblr-9110	382	52	to	to	PART
cblr-9110	382	53	convert	convert	VERB
cblr-9110	382	54	four	four	NUM
cblr-9110	382	55	mutual	mutual	ADJ
cblr-9110	382	56	funds	fund	NOUN
cblr-9110	382	57	with	with	ADP
cblr-9110	382	58	$	$	SYM
cblr-9110	382	59	10	10	NUM
cblr-9110	382	60	billion	billion	NUM
cblr-9110	382	61	in	in	ADP
cblr-9110	382	62	assets	asset	NOUN
cblr-9110	382	63	into	into	ADP
cblr-9110	382	64	etfs	etfs	PROPN
cblr-9110	382	65	in	in	ADP
cblr-9110	382	66	2022	2022	NUM
cblr-9110	382	67	[	[	NOUN
cblr-9110	382	68	.	.	PUNCT
cblr-9110	383	1	[	[	X
cblr-9110	383	2	“	"	PUNCT
cblr-9110	383	3	)	)	PUNCT
cblr-9110	383	4	;	;	PUNCT
cblr-9110	383	5	see	see	VERB
cblr-9110	383	6	also	also	ADV
cblr-9110	383	7	ballentine	ballentine	PROPN
cblr-9110	383	8	,	,	PUNCT
cblr-9110	383	9	supra	supra	PROPN
cblr-9110	383	10	note	note	NOUN
cblr-9110	383	11	95	95	NUM
cblr-9110	383	12	(	(	PUNCT
cblr-9110	383	13	speculating	speculate	VERB
cblr-9110	383	14	that	that	SCONJ
cblr-9110	383	15	companies	company	NOUN
cblr-9110	383	16	could	could	AUX
cblr-9110	383	17	convert	convert	VERB
cblr-9110	383	18	mutual	mutual	ADJ
cblr-9110	383	19	funds	fund	NOUN
cblr-9110	383	20	to	to	ADP
cblr-9110	383	21	nontransparent	nontransparent	ADJ
cblr-9110	383	22	etfs	etfs	NOUN
cblr-9110	383	23	)	)	PUNCT
cblr-9110	383	24	.	.	PUNCT
cblr-9110	384	1	no	no	INTJ
cblr-9110	384	2	.	.	NOUN
cblr-9110	385	1	3:1321	3:1321	NUM
cblr-9110	385	2	]	]	X
cblr-9110	385	3	the	the	DET
cblr-9110	385	4	emergence	emergence	NOUN
cblr-9110	385	5	of	of	ADP
cblr-9110	385	6	the	the	DET
cblr-9110	385	7	actively	actively	ADV
cblr-9110	385	8	managed	manage	VERB
cblr-9110	385	9	etf	etf	NOUN
cblr-9110	385	10	1347	1347	NUM
cblr-9110	385	11	own	own	ADJ
cblr-9110	385	12	accord	accord	NOUN
cblr-9110	385	13	,	,	PUNCT
cblr-9110	385	14	shift	shift	VERB
cblr-9110	385	15	a	a	DET
cblr-9110	385	16	substantial	substantial	ADJ
cblr-9110	385	17	amount	amount	NOUN
cblr-9110	385	18	of	of	ADP
cblr-9110	385	19	their	their	PRON
cblr-9110	385	20	capital	capital	NOUN
cblr-9110	385	21	from	from	ADP
cblr-9110	385	22	actively	actively	ADV
cblr-9110	385	23	managed	manage	VERB
cblr-9110	385	24	mutual	mutual	ADJ
cblr-9110	385	25	funds	fund	NOUN
cblr-9110	385	26	to	to	PART
cblr-9110	385	27	actively	actively	ADV
cblr-9110	385	28	managed	manage	VERB
cblr-9110	385	29	etfs	etfs	PROPN
cblr-9110	385	30	over	over	ADP
cblr-9110	385	31	time	time	NOUN
cblr-9110	385	32	given	give	VERB
cblr-9110	385	33	(	(	PUNCT
cblr-9110	385	34	1	1	X
cblr-9110	385	35	)	)	PUNCT
cblr-9110	385	36	the	the	DET
cblr-9110	385	37	relative	relative	ADJ
cblr-9110	385	38	advantages	advantage	NOUN
cblr-9110	385	39	(	(	PUNCT
cblr-9110	385	40	tax	tax	NOUN
cblr-9110	385	41	and	and	CCONJ
cblr-9110	385	42	otherwise	otherwise	ADV
cblr-9110	385	43	)	)	PUNCT
cblr-9110	385	44	of	of	ADP
cblr-9110	385	45	etfs	etfs	PROPN
cblr-9110	385	46	over	over	ADP
cblr-9110	385	47	mutual	mutual	ADJ
cblr-9110	385	48	funds100	funds100	PROPN
cblr-9110	385	49	and	and	CCONJ
cblr-9110	385	50	(	(	PUNCT
cblr-9110	385	51	2	2	X
cblr-9110	385	52	)	)	PUNCT
cblr-9110	385	53	the	the	DET
cblr-9110	385	54	fact	fact	NOUN
cblr-9110	385	55	that	that	SCONJ
cblr-9110	385	56	nontransparent	nontransparent	ADJ
cblr-9110	385	57	active	active	ADJ
cblr-9110	385	58	management	management	NOUN
cblr-9110	385	59	is	be	AUX
cblr-9110	385	60	now	now	ADV
cblr-9110	385	61	possible	possible	ADJ
cblr-9110	385	62	on	on	ADP
cblr-9110	385	63	the	the	DET
cblr-9110	385	64	etf	etf	NOUN
cblr-9110	385	65	side.101	side.101	PROPN
cblr-9110	385	66	third	third	ADV
cblr-9110	385	67	,	,	PUNCT
cblr-9110	385	68	now	now	ADV
cblr-9110	385	69	that	that	SCONJ
cblr-9110	385	70	active	active	ADJ
cblr-9110	385	71	management	management	NOUN
cblr-9110	385	72	without	without	ADP
cblr-9110	385	73	giving	give	VERB
cblr-9110	385	74	away	away	ADP
cblr-9110	385	75	the	the	DET
cblr-9110	385	76	secret	secret	ADJ
cblr-9110	385	77	sauce	sauce	NOUN
cblr-9110	385	78	is	be	AUX
cblr-9110	385	79	possible	possible	ADJ
cblr-9110	385	80	via	via	ADP
cblr-9110	385	81	etf	etf	NOUN
cblr-9110	385	82	,	,	PUNCT
cblr-9110	385	83	some	some	DET
cblr-9110	385	84	investors	investor	NOUN
cblr-9110	385	85	who	who	PRON
cblr-9110	385	86	have	have	AUX
cblr-9110	385	87	been	be	AUX
cblr-9110	385	88	drawn	draw	VERB
cblr-9110	385	89	to	to	ADP
cblr-9110	385	90	etfs	etfs	PROPN
cblr-9110	385	91	over	over	ADP
cblr-9110	385	92	mutual	mutual	ADJ
cblr-9110	385	93	funds	fund	NOUN
cblr-9110	385	94	(	(	PUNCT
cblr-9110	385	95	and	and	CCONJ
cblr-9110	385	96	thus	thus	ADV
cblr-9110	385	97	passive	passive	ADJ
cblr-9110	385	98	investment	investment	NOUN
cblr-9110	385	99	during	during	ADP
cblr-9110	385	100	the	the	DET
cblr-9110	385	101	passive	passive	ADJ
cblr-9110	385	102	age	age	NOUN
cblr-9110	385	103	)	)	PUNCT
cblr-9110	385	104	may	may	AUX
cblr-9110	385	105	shift	shift	VERB
cblr-9110	385	106	some	some	DET
cblr-9110	385	107	portion	portion	NOUN
cblr-9110	385	108	of	of	ADP
cblr-9110	385	109	their	their	PRON
cblr-9110	385	110	$	$	SYM
cblr-9110	385	111	5	5	NUM
cblr-9110	385	112	trillion	trillion	NUM
cblr-9110	385	113	-	-	PUNCT
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cblr-9110	385	115	holdings	holding	NOUN
cblr-9110	385	116	in	in	ADP
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cblr-9110	385	118	managed	manage	VERB
cblr-9110	385	119	etfs	etfs	NOUN
cblr-9110	385	120	to	to	PART
cblr-9110	385	121	actively	actively	ADV
cblr-9110	385	122	managed	manage	VERB
cblr-9110	385	123	etfs	etfs	NOUN
cblr-9110	385	124	during	during	ADP
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cblr-9110	386	1	fourth	fourth	ADJ
cblr-9110	386	2	,	,	PUNCT
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cblr-9110	386	5	sec	sec	PROPN
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cblr-9110	386	7	from	from	ADP
cblr-9110	386	8	the	the	DET
cblr-9110	386	9	fall	fall	NOUN
cblr-9110	386	10	of	of	ADP
cblr-9110	386	11	2019	2019	NUM
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cblr-9110	386	13	makes	make	VERB
cblr-9110	386	14	it	it	PRON
cblr-9110	386	15	easier	easy	ADJ
cblr-9110	386	16	for	for	SCONJ
cblr-9110	386	17	fund	fund	NOUN
cblr-9110	386	18	sponsors	sponsor	NOUN
cblr-9110	386	19	to	to	PART
cblr-9110	386	20	bring	bring	VERB
cblr-9110	386	21	transparent	transparent	ADJ
cblr-9110	386	22	etfs	etfs	NOUN
cblr-9110	386	23	to	to	ADP
cblr-9110	386	24	market102	market102	PROPN
cblr-9110	386	25	might	might	AUX
cblr-9110	386	26	lead	lead	VERB
cblr-9110	386	27	to	to	ADP
cblr-9110	386	28	more	more	ADJ
cblr-9110	386	29	fund	fund	NOUN
cblr-9110	386	30	sponsors	sponsor	NOUN
cblr-9110	386	31	and	and	CCONJ
cblr-9110	386	32	managers	manager	NOUN
cblr-9110	386	33	offering	offer	VERB
cblr-9110	386	34	transparent	transparent	ADJ
cblr-9110	386	35	actively	actively	ADV
cblr-9110	386	36	managed	manage	VERB
cblr-9110	386	37	etfs	etfs	NOUN
cblr-9110	386	38	(	(	PUNCT
cblr-9110	386	39	specifically	specifically	ADV
cblr-9110	386	40	,	,	PUNCT
cblr-9110	386	41	more	more	ADJ
cblr-9110	386	42	of	of	ADP
cblr-9110	386	43	those	those	PRON
cblr-9110	386	44	who	who	PRON
cblr-9110	386	45	are	be	AUX
cblr-9110	386	46	comfortable	comfortable	ADJ
cblr-9110	386	47	with	with	ADP
cblr-9110	386	48	sharing	share	VERB
cblr-9110	386	49	their	their	PRON
cblr-9110	386	50	secret	secret	ADJ
cblr-9110	386	51	sauce	sauce	NOUN
cblr-9110	386	52	offering	offer	VERB
cblr-9110	386	53	those	those	DET
cblr-9110	386	54	actively	actively	ADV
cblr-9110	386	55	managed	manage	VERB
cblr-9110	386	56	etf	etf	NOUN
cblr-9110	386	57	products	product	NOUN
cblr-9110	386	58	)	)	PUNCT
cblr-9110	386	59	.	.	PUNCT
cblr-9110	387	1	while	while	SCONJ
cblr-9110	387	2	one	one	PRON
cblr-9110	387	3	might	might	AUX
cblr-9110	387	4	not	not	PART
cblr-9110	387	5	expect	expect	VERB
cblr-9110	387	6	many	many	ADJ
cblr-9110	387	7	fund	fund	NOUN
cblr-9110	387	8	sponsors	sponsor	NOUN
cblr-9110	387	9	and	and	CCONJ
cblr-9110	387	10	managers	manager	NOUN
cblr-9110	387	11	to	to	PART
cblr-9110	387	12	proceed	proceed	VERB
cblr-9110	387	13	in	in	ADP
cblr-9110	387	14	this	this	DET
cblr-9110	387	15	way,103	way,103	NOUN
cblr-9110	387	16	the	the	DET
cblr-9110	387	17	experience	experience	NOUN
cblr-9110	387	18	with	with	ADP
cblr-9110	387	19	products	product	NOUN
cblr-9110	387	20	like	like	ADP
cblr-9110	387	21	target	target	NOUN
cblr-9110	387	22	-	-	PUNCT
cblr-9110	387	23	date	date	NOUN
cblr-9110	387	24	funds	fund	NOUN
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cblr-9110	387	28	.	.	PUNCT
cblr-9110	388	1	after	after	ADV
cblr-9110	388	2	all	all	ADV
cblr-9110	388	3	,	,	PUNCT
cblr-9110	388	4	indexed	indexed	ADJ
cblr-9110	388	5	target	target	NOUN
cblr-9110	388	6	-	-	PUNCT
cblr-9110	388	7	date	date	NOUN
cblr-9110	388	8	funds	fund	NOUN
cblr-9110	388	9	are	be	AUX
cblr-9110	388	10	still	still	ADV
cblr-9110	388	11	offered	offer	VERB
cblr-9110	388	12	(	(	PUNCT
cblr-9110	388	13	and	and	CCONJ
cblr-9110	388	14	sold	sell	VERB
cblr-9110	388	15	)	)	PUNCT
cblr-9110	388	16	with	with	ADP
cblr-9110	388	17	great	great	ADJ
cblr-9110	388	18	success	success	NOUN
cblr-9110	388	19	on	on	ADP
cblr-9110	388	20	the	the	DET
cblr-9110	388	21	mutual	mutual	ADJ
cblr-9110	388	22	-	-	PUNCT
cblr-9110	388	23	fund	fund	NOUN
cblr-9110	388	24	side	side	NOUN
cblr-9110	388	25	even	even	ADV
cblr-9110	388	26	though	though	SCONJ
cblr-9110	388	27	they	they	PRON
cblr-9110	388	28	can	can	AUX
cblr-9110	388	29	be	be	AUX
cblr-9110	388	30	closely	closely	ADV
cblr-9110	388	31	replicated	replicate	VERB
cblr-9110	388	32	at	at	ADP
cblr-9110	388	33	lower	low	ADJ
cblr-9110	388	34	cost	cost	NOUN
cblr-9110	388	35	thanks	thank	NOUN
cblr-9110	388	36	to	to	ADP
cblr-9110	388	37	the	the	DET
cblr-9110	388	38	quarterly	quarterly	ADJ
cblr-9110	388	39	disclosure	disclosure	NOUN
cblr-9110	388	40	of	of	ADP
cblr-9110	388	41	their	their	PRON
cblr-9110	388	42	underlying	underlie	VERB
cblr-9110	388	43	investment	investment	NOUN
cblr-9110	388	44	mixes.104	mixes.104	NOUN
cblr-9110	388	45	100	100	NUM
cblr-9110	388	46	see	see	VERB
cblr-9110	388	47	supra	supra	PROPN
cblr-9110	388	48	sections	section	NOUN
cblr-9110	388	49	ii.a	ii.a	PROPN
cblr-9110	388	50	–	–	PUNCT
cblr-9110	388	51	b	b	X
cblr-9110	388	52	(	(	PUNCT
cblr-9110	388	53	describing	describe	VERB
cblr-9110	388	54	these	these	DET
cblr-9110	388	55	investor	investor	NOUN
cblr-9110	388	56	advantages	advantage	NOUN
cblr-9110	388	57	,	,	PUNCT
cblr-9110	388	58	many	many	ADJ
cblr-9110	388	59	of	of	ADP
cblr-9110	388	60	which	which	PRON
cblr-9110	388	61	apply	apply	VERB
cblr-9110	388	62	even	even	ADV
cblr-9110	388	63	for	for	ADP
cblr-9110	388	64	investments	investment	NOUN
cblr-9110	388	65	made	make	VERB
cblr-9110	388	66	in	in	ADP
cblr-9110	388	67	tax	tax	NOUN
cblr-9110	388	68	-	-	PUNCT
cblr-9110	388	69	favored	favor	VERB
cblr-9110	388	70	retirement	retirement	NOUN
cblr-9110	388	71	accounts	account	NOUN
cblr-9110	388	72	)	)	PUNCT
cblr-9110	388	73	.	.	PUNCT
cblr-9110	389	1	101	101	NUM
cblr-9110	389	2	see	see	VERB
cblr-9110	389	3	ballentine	ballentine	PROPN
cblr-9110	389	4	,	,	PUNCT
cblr-9110	389	5	supra	supra	PROPN
cblr-9110	389	6	note	note	NOUN
cblr-9110	389	7	95	95	NUM
cblr-9110	389	8	(	(	PUNCT
cblr-9110	389	9	“	"	PUNCT
cblr-9110	389	10	actively	actively	ADV
cblr-9110	389	11	nontransparent	nontransparent	ADJ
cblr-9110	389	12	etfs	etfs	NOUN
cblr-9110	389	13	.	.	PUNCT
cblr-9110	389	14	.	.	PUNCT
cblr-9110	390	1	.	.	PUNCT
cblr-9110	391	1	are	be	AUX
cblr-9110	391	2	touted	tout	VERB
cblr-9110	391	3	by	by	ADP
cblr-9110	391	4	proponents	proponent	NOUN
cblr-9110	391	5	as	as	ADP
cblr-9110	391	6	the	the	DET
cblr-9110	391	7	key	key	NOUN
cblr-9110	391	8	to	to	ADP
cblr-9110	391	9	sucking	suck	VERB
cblr-9110	391	10	yet	yet	ADV
cblr-9110	391	11	more	more	ADJ
cblr-9110	391	12	assets	asset	NOUN
cblr-9110	391	13	from	from	ADP
cblr-9110	391	14	the	the	DET
cblr-9110	391	15	mutual	mutual	ADJ
cblr-9110	391	16	-	-	PUNCT
cblr-9110	391	17	fund	fund	NOUN
cblr-9110	391	18	world	world	NOUN
cblr-9110	391	19	.	.	PUNCT
cblr-9110	391	20	”	"	PUNCT
cblr-9110	391	21	)	)	PUNCT
cblr-9110	391	22	.	.	PUNCT
cblr-9110	392	1	102	102	NUM
cblr-9110	392	2	see	see	VERB
cblr-9110	392	3	supra	supra	PROPN
cblr-9110	392	4	note	note	NOUN
cblr-9110	392	5	60	60	NUM
cblr-9110	392	6	and	and	CCONJ
cblr-9110	392	7	accompany	accompany	NOUN
cblr-9110	392	8	text	text	NOUN
cblr-9110	392	9	(	(	PUNCT
cblr-9110	392	10	discussing	discuss	VERB
cblr-9110	392	11	adoption	adoption	NOUN
cblr-9110	392	12	of	of	ADP
cblr-9110	392	13	17	17	NUM
cblr-9110	392	14	c.f.r	c.f.r	NOUN
cblr-9110	392	15	.	.	PUNCT
cblr-9110	393	1	§	§	PROPN
cblr-9110	393	2	270.6c-11	270.6c-11	NUM
cblr-9110	393	3	)	)	PUNCT
cblr-9110	393	4	.	.	PUNCT
cblr-9110	394	1	103	103	NUM
cblr-9110	394	2	see	see	VERB
cblr-9110	394	3	supra	supra	PROPN
cblr-9110	394	4	section	section	NOUN
cblr-9110	394	5	iii.a	iii.a	PROPN
cblr-9110	394	6	(	(	PUNCT
cblr-9110	394	7	discussing	discuss	VERB
cblr-9110	394	8	why	why	SCONJ
cblr-9110	394	9	disclosure	disclosure	NOUN
cblr-9110	394	10	concerns	concern	NOUN
cblr-9110	394	11	resulted	result	VERB
cblr-9110	394	12	in	in	ADP
cblr-9110	394	13	few	few	ADJ
cblr-9110	394	14	actively	actively	ADV
cblr-9110	394	15	managed	manage	VERB
cblr-9110	394	16	etfs	etfs	PROPN
cblr-9110	394	17	coming	come	VERB
cblr-9110	394	18	to	to	ADP
cblr-9110	394	19	market	market	NOUN
cblr-9110	394	20	before	before	ADP
cblr-9110	394	21	nontransparent	nontransparent	ADJ
cblr-9110	394	22	actively	actively	ADV
cblr-9110	394	23	managed	manage	VERB
cblr-9110	394	24	etfs	etfs	PROPN
cblr-9110	394	25	began	begin	VERB
cblr-9110	394	26	trading	trade	VERB
cblr-9110	394	27	in	in	ADP
cblr-9110	394	28	mid-2020	mid-2020	NOUN
cblr-9110	394	29	)	)	PUNCT
cblr-9110	394	30	.	.	PUNCT
cblr-9110	395	1	104	104	NUM
cblr-9110	395	2	see	see	VERB
cblr-9110	395	3	david	david	PROPN
cblr-9110	395	4	c.	c.	PROPN
cblr-9110	395	5	brown	brown	PROPN
cblr-9110	395	6	&	&	CCONJ
cblr-9110	395	7	shaun	shaun	PROPN
cblr-9110	395	8	william	william	PROPN
cblr-9110	395	9	davies	davies	PROPN
cblr-9110	395	10	,	,	PUNCT
cblr-9110	395	11	off	off	ADP
cblr-9110	395	12	target	target	NOUN
cblr-9110	395	13	:	:	PUNCT
cblr-9110	395	14	on	on	ADP
cblr-9110	395	15	the	the	DET
cblr-9110	395	16	underperformance	underperformance	NOUN
cblr-9110	395	17	of	of	ADP
cblr-9110	395	18	target	target	NOUN
cblr-9110	395	19	-	-	PUNCT
cblr-9110	395	20	date	date	NOUN
cblr-9110	395	21	funds	fund	NOUN
cblr-9110	395	22	2	2	NUM
cblr-9110	395	23	,	,	PUNCT
cblr-9110	395	24	30–31	30–31	NUM
cblr-9110	395	25	(	(	PUNCT
cblr-9110	395	26	nov	nov	PROPN
cblr-9110	395	27	.	.	PROPN
cblr-9110	395	28	1	1	NUM
cblr-9110	395	29	,	,	PUNCT
cblr-9110	395	30	2021	2021	NUM
cblr-9110	395	31	)	)	PUNCT
cblr-9110	395	32	(	(	PUNCT
cblr-9110	395	33	unpublished	unpublished	ADJ
cblr-9110	395	34	manuscript	manuscript	NOUN
cblr-9110	395	35	)	)	PUNCT
cblr-9110	395	36	,	,	PUNCT
cblr-9110	395	37	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3707755	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3707755	PROPN
cblr-9110	395	38	(	(	PUNCT
cblr-9110	395	39	on	on	ADP
cblr-9110	395	40	file	file	NOUN
cblr-9110	395	41	with	with	ADP
cblr-9110	395	42	the	the	DET
cblr-9110	395	43	columbia	columbia	PROPN
cblr-9110	395	44	business	business	PROPN
cblr-9110	395	45	law	law	PROPN
cblr-9110	395	46	review	review	PROPN
cblr-9110	395	47	)	)	PUNCT
cblr-9110	395	48	(	(	PUNCT
cblr-9110	395	49	documenting	document	VERB
cblr-9110	395	50	the	the	DET
cblr-9110	395	51	lagging	lag	VERB
cblr-9110	395	52	performance	performance	NOUN
cblr-9110	395	53	1348	1348	NUM
cblr-9110	395	54	columbia	columbia	PROPN
cblr-9110	395	55	business	business	NOUN
cblr-9110	395	56	law	law	PROPN
cblr-9110	395	57	review	review	NOUN
cblr-9110	395	58	[	[	X
cblr-9110	395	59	vol	vol	NOUN
cblr-9110	395	60	.	.	PUNCT
cblr-9110	395	61	2021	2021	NUM
cblr-9110	395	62	on	on	ADP
cblr-9110	395	63	these	these	DET
cblr-9110	395	64	points	point	NOUN
cblr-9110	395	65	,	,	PUNCT
cblr-9110	395	66	it	it	PRON
cblr-9110	395	67	is	be	AUX
cblr-9110	395	68	worth	worth	ADJ
cblr-9110	395	69	noting	note	VERB
cblr-9110	395	70	that	that	SCONJ
cblr-9110	395	71	the	the	DET
cblr-9110	395	72	often	often	ADV
cblr-9110	395	73	-	-	PUNCT
cblr-9110	395	74	reported	report	VERB
cblr-9110	395	75	outflows	outflow	NOUN
cblr-9110	395	76	from	from	ADP
cblr-9110	395	77	domestic	domestic	ADJ
cblr-9110	395	78	-	-	PUNCT
cblr-9110	395	79	equities	equity	NOUN
cblr-9110	395	80	-	-	PUNCT
cblr-9110	395	81	focused	focus	VERB
cblr-9110	395	82	actively	actively	ADV
cblr-9110	395	83	managed	manage	VERB
cblr-9110	395	84	mutual	mutual	ADJ
cblr-9110	395	85	funds	fund	NOUN
cblr-9110	395	86	are	be	AUX
cblr-9110	395	87	real.105	real.105	NOUN
cblr-9110	395	88	some	some	PRON
cblr-9110	395	89	of	of	ADP
cblr-9110	395	90	these	these	DET
cblr-9110	395	91	outflows	outflow	NOUN
cblr-9110	395	92	are	be	AUX
cblr-9110	395	93	no	no	ADV
cblr-9110	395	94	doubt	doubt	ADV
cblr-9110	395	95	attributable	attributable	ADJ
cblr-9110	395	96	to	to	ADP
cblr-9110	395	97	portfolio	portfolio	NOUN
cblr-9110	395	98	rebalancing	rebalancing	NOUN
cblr-9110	395	99	in	in	ADP
cblr-9110	395	100	a	a	DET
cblr-9110	395	101	market	market	NOUN
cblr-9110	395	102	where	where	SCONJ
cblr-9110	395	103	those	those	DET
cblr-9110	395	104	equities	equity	NOUN
cblr-9110	395	105	have	have	AUX
cblr-9110	395	106	greatly	greatly	ADV
cblr-9110	395	107	outperformed	outperform	VERB
cblr-9110	395	108	bonds.106	bonds.106	PROPN
cblr-9110	395	109	but	but	CCONJ
cblr-9110	395	110	selling	sell	VERB
cblr-9110	395	111	out	out	ADP
cblr-9110	395	112	of	of	ADP
cblr-9110	395	113	gains	gain	NOUN
cblr-9110	395	114	in	in	ADP
cblr-9110	395	115	equity	equity	NOUN
cblr-9110	395	116	-	-	PUNCT
cblr-9110	395	117	focused	focus	VERB
cblr-9110	395	118	actively	actively	ADV
cblr-9110	395	119	managed	manage	VERB
cblr-9110	395	120	mutual	mutual	ADJ
cblr-9110	395	121	funds	fund	NOUN
cblr-9110	395	122	to	to	PART
cblr-9110	395	123	reduce	reduce	VERB
cblr-9110	395	124	the	the	DET
cblr-9110	395	125	percentage	percentage	NOUN
cblr-9110	395	126	of	of	ADP
cblr-9110	395	127	an	an	DET
cblr-9110	395	128	investment	investment	NOUN
cblr-9110	395	129	portfolio	portfolio	NOUN
cblr-9110	395	130	allocated	allocate	VERB
cblr-9110	395	131	to	to	ADP
cblr-9110	395	132	equities	equity	NOUN
cblr-9110	395	133	and	and	CCONJ
cblr-9110	395	134	increase	increase	VERB
cblr-9110	395	135	the	the	DET
cblr-9110	395	136	percentage	percentage	NOUN
cblr-9110	395	137	allocated	allocate	VERB
cblr-9110	395	138	to	to	ADP
cblr-9110	395	139	less	less	ADV
cblr-9110	395	140	risky	risky	ADJ
cblr-9110	395	141	investments	investment	NOUN
cblr-9110	395	142	only	only	ADV
cblr-9110	395	143	partially	partially	ADV
cblr-9110	395	144	explains	explain	VERB
cblr-9110	395	145	these	these	DET
cblr-9110	395	146	dynamics.107	dynamics.107	PROPN
cblr-9110	395	147	other	other	ADJ
cblr-9110	395	148	such	such	ADJ
cblr-9110	395	149	outflows	outflow	NOUN
cblr-9110	395	150	are	be	AUX
cblr-9110	395	151	likely	likely	ADV
cblr-9110	395	152	associated	associate	VERB
cblr-9110	395	153	with	with	ADP
cblr-9110	395	154	an	an	DET
cblr-9110	395	155	increasing	increase	VERB
cblr-9110	395	156	investor	investor	NOUN
cblr-9110	395	157	preference	preference	NOUN
cblr-9110	395	158	for	for	ADP
cblr-9110	395	159	passive	passive	ADJ
cblr-9110	395	160	investment	investment	NOUN
cblr-9110	395	161	.	.	PUNCT
cblr-9110	396	1	but	but	CCONJ
cblr-9110	396	2	much	much	ADJ
cblr-9110	396	3	of	of	ADP
cblr-9110	396	4	the	the	DET
cblr-9110	396	5	outflows	outflow	NOUN
cblr-9110	396	6	are	be	AUX
cblr-9110	396	7	no	no	ADV
cblr-9110	396	8	doubt	doubt	ADV
cblr-9110	396	9	driven	drive	VERB
cblr-9110	396	10	by	by	ADP
cblr-9110	396	11	a	a	DET
cblr-9110	396	12	preference	preference	NOUN
cblr-9110	396	13	for	for	ADP
cblr-9110	396	14	etfs	etfs	NOUN
cblr-9110	396	15	given	give	VERB
cblr-9110	396	16	the	the	DET
cblr-9110	396	17	advantages	advantage	NOUN
cblr-9110	396	18	they	they	PRON
cblr-9110	396	19	offer	offer	VERB
cblr-9110	396	20	to	to	PART
cblr-9110	396	21	investors.108	investors.108	VERB
cblr-9110	396	22	as	as	ADP
cblr-9110	396	23	a	a	DET
cblr-9110	396	24	consequence	consequence	NOUN
cblr-9110	396	25	,	,	PUNCT
cblr-9110	396	26	in	in	ADP
cblr-9110	396	27	the	the	PRON
cblr-9110	396	28	of	of	ADP
cblr-9110	396	29	target	target	NOUN
cblr-9110	396	30	-	-	PUNCT
cblr-9110	396	31	date	date	NOUN
cblr-9110	396	32	funds	fund	NOUN
cblr-9110	396	33	(	(	PUNCT
cblr-9110	396	34	after	after	ADP
cblr-9110	396	35	considering	consider	VERB
cblr-9110	396	36	fees	fee	NOUN
cblr-9110	396	37	and	and	CCONJ
cblr-9110	396	38	related	related	ADJ
cblr-9110	396	39	considerations	consideration	NOUN
cblr-9110	396	40	including	include	VERB
cblr-9110	396	41	cash	cash	NOUN
cblr-9110	396	42	drag	drag	NOUN
cblr-9110	396	43	)	)	PUNCT
cblr-9110	396	44	relative	relative	ADJ
cblr-9110	396	45	to	to	ADP
cblr-9110	396	46	funds	fund	NOUN
cblr-9110	396	47	consisting	consist	VERB
cblr-9110	396	48	of	of	ADP
cblr-9110	396	49	as	as	ADV
cblr-9110	396	50	little	little	ADJ
cblr-9110	396	51	as	as	ADP
cblr-9110	396	52	four	four	NUM
cblr-9110	396	53	low	low	ADJ
cblr-9110	396	54	-	-	PUNCT
cblr-9110	396	55	cost	cost	NOUN
cblr-9110	396	56	etfs	etfs	NOUN
cblr-9110	396	57	that	that	PRON
cblr-9110	396	58	replicate	replicate	VERB
cblr-9110	396	59	the	the	DET
cblr-9110	396	60	disclosed	disclose	VERB
cblr-9110	396	61	investment	investment	NOUN
cblr-9110	396	62	strategy	strategy	NOUN
cblr-9110	396	63	of	of	ADP
cblr-9110	396	64	the	the	DET
cblr-9110	396	65	target	target	NOUN
cblr-9110	396	66	-	-	PUNCT
cblr-9110	396	67	date	date	NOUN
cblr-9110	396	68	funds	fund	NOUN
cblr-9110	396	69	)	)	PUNCT
cblr-9110	396	70	.	.	PUNCT
cblr-9110	397	1	105	105	NUM
cblr-9110	397	2	see	see	VERB
cblr-9110	397	3	inv	inv	ADJ
cblr-9110	397	4	.	.	PUNCT
cblr-9110	397	5	co.	co.	PROPN
cblr-9110	397	6	inst	inst	PROPN
cblr-9110	397	7	.	.	PROPN
cblr-9110	397	8	,	,	PUNCT
cblr-9110	397	9	supra	supra	PROPN
cblr-9110	397	10	note	note	NOUN
cblr-9110	397	11	4	4	NUM
cblr-9110	397	12	,	,	PUNCT
cblr-9110	397	13	at	at	ADP
cblr-9110	397	14	57	57	NUM
cblr-9110	397	15	(	(	PUNCT
cblr-9110	397	16	“	"	PUNCT
cblr-9110	397	17	actively	actively	ADV
cblr-9110	397	18	managed	manage	VERB
cblr-9110	397	19	domestic	domestic	ADJ
cblr-9110	397	20	equity	equity	NOUN
cblr-9110	397	21	mutual	mutual	ADJ
cblr-9110	397	22	funds	fund	NOUN
cblr-9110	397	23	had	have	VERB
cblr-9110	397	24	outflows	outflow	NOUN
cblr-9110	397	25	in	in	ADP
cblr-9110	397	26	every	every	DET
cblr-9110	397	27	year	year	NOUN
cblr-9110	397	28	after	after	ADP
cblr-9110	397	29	2005	2005	NUM
cblr-9110	397	30	,	,	PUNCT
cblr-9110	397	31	while	while	SCONJ
cblr-9110	397	32	domestic	domestic	ADJ
cblr-9110	397	33	equity	equity	NOUN
cblr-9110	397	34	index	index	NOUN
cblr-9110	397	35	mutual	mutual	ADJ
cblr-9110	397	36	funds	fund	NOUN
cblr-9110	397	37	had	have	VERB
cblr-9110	397	38	inflows	inflow	NOUN
cblr-9110	397	39	in	in	ADP
cblr-9110	397	40	each	each	PRON
cblr-9110	397	41	of	of	ADP
cblr-9110	397	42	these	these	DET
cblr-9110	397	43	years	year	NOUN
cblr-9110	397	44	except	except	SCONJ
cblr-9110	397	45	for	for	ADP
cblr-9110	397	46	2020	2020	NUM
cblr-9110	397	47	.	.	PUNCT
cblr-9110	397	48	”	"	PUNCT
cblr-9110	397	49	)	)	PUNCT
cblr-9110	397	50	.	.	PUNCT
cblr-9110	398	1	106	106	NUM
cblr-9110	398	2	see	see	VERB
cblr-9110	398	3	i	i	PRON
cblr-9110	398	4	d.	d.	PROPN
cblr-9110	398	5	at	at	ADP
cblr-9110	398	6	67	67	NUM
cblr-9110	398	7	(	(	PUNCT
cblr-9110	398	8	“	"	PUNCT
cblr-9110	398	9	domestic	domestic	ADJ
cblr-9110	398	10	equity	equity	NOUN
cblr-9110	398	11	mutual	mutual	ADJ
cblr-9110	398	12	funds	fund	NOUN
cblr-9110	398	13	experienced	experience	VERB
cblr-9110	398	14	net	net	ADJ
cblr-9110	398	15	outflows	outflow	NOUN
cblr-9110	398	16	,	,	PUNCT
cblr-9110	398	17	reflecting	reflect	VERB
cblr-9110	398	18	two	two	NUM
cblr-9110	398	19	major	major	ADJ
cblr-9110	398	20	factors	factor	NOUN
cblr-9110	398	21	:	:	PUNCT
cblr-9110	398	22	an	an	DET
cblr-9110	398	23	ongoing	ongoing	ADJ
cblr-9110	398	24	shift	shift	NOUN
cblr-9110	398	25	to	to	ADP
cblr-9110	398	26	index	index	NOUN
cblr-9110	398	27	-	-	PUNCT
cblr-9110	398	28	based	base	VERB
cblr-9110	398	29	products	product	NOUN
cblr-9110	398	30	and	and	CCONJ
cblr-9110	398	31	redemptions	redemption	NOUN
cblr-9110	398	32	to	to	PART
cblr-9110	398	33	keep	keep	VERB
cblr-9110	398	34	equity	equity	NOUN
cblr-9110	398	35	allocations	allocation	NOUN
cblr-9110	398	36	at	at	ADP
cblr-9110	398	37	their	their	PRON
cblr-9110	398	38	portfolio	portfolio	NOUN
cblr-9110	398	39	targets	target	NOUN
cblr-9110	398	40	in	in	ADP
cblr-9110	398	41	response	response	NOUN
cblr-9110	398	42	to	to	ADP
cblr-9110	398	43	substantial	substantial	ADJ
cblr-9110	398	44	gains	gain	NOUN
cblr-9110	398	45	in	in	ADP
cblr-9110	398	46	us	us	PROPN
cblr-9110	398	47	stock	stock	NOUN
cblr-9110	398	48	prices	price	NOUN
cblr-9110	398	49	during	during	ADP
cblr-9110	398	50	the	the	DET
cblr-9110	398	51	year	year	NOUN
cblr-9110	398	52	.	.	PUNCT
cblr-9110	398	53	”	"	PUNCT
cblr-9110	398	54	)	)	PUNCT
cblr-9110	398	55	.	.	PUNCT
cblr-9110	399	1	107	107	NUM
cblr-9110	399	2	see	see	VERB
cblr-9110	399	3	i	i	PRON
cblr-9110	399	4	d.	d.	PROPN
cblr-9110	399	5	67	67	NUM
cblr-9110	399	6	,	,	PUNCT
cblr-9110	399	7	69	69	NUM
cblr-9110	399	8	(	(	PUNCT
cblr-9110	399	9	“	"	PUNCT
cblr-9110	399	10	long	long	ADJ
cblr-9110	399	11	-	-	PUNCT
cblr-9110	399	12	term	term	NOUN
cblr-9110	399	13	mutual	mutual	ADJ
cblr-9110	399	14	funds	fund	NOUN
cblr-9110	399	15	experienced	experience	VERB
cblr-9110	399	16	net	net	ADJ
cblr-9110	399	17	outflows	outflow	NOUN
cblr-9110	399	18	of	of	ADP
cblr-9110	399	19	$	$	SYM
cblr-9110	399	20	486	486	NUM
cblr-9110	399	21	billion	billion	NUM
cblr-9110	399	22	in	in	ADP
cblr-9110	399	23	2020	2020	NUM
cblr-9110	399	24	,	,	PUNCT
cblr-9110	399	25	as	as	SCONJ
cblr-9110	399	26	outflows	outflow	NOUN
cblr-9110	399	27	from	from	ADP
cblr-9110	399	28	equity	equity	NOUN
cblr-9110	399	29	and	and	CCONJ
cblr-9110	399	30	hybrid	hybrid	ADJ
cblr-9110	399	31	funds	fund	NOUN
cblr-9110	399	32	were	be	AUX
cblr-9110	399	33	only	only	ADV
cblr-9110	399	34	partially	partially	ADV
cblr-9110	399	35	offset	offset	VERB
cblr-9110	399	36	by	by	ADP
cblr-9110	399	37	inflows	inflow	NOUN
cblr-9110	399	38	to	to	PART
cblr-9110	399	39	bond	bond	NOUN
cblr-9110	399	40	funds	fund	NOUN
cblr-9110	399	41	.	.	PUNCT
cblr-9110	399	42	”	"	PUNCT
cblr-9110	399	43	)	)	PUNCT
cblr-9110	399	44	.	.	PUNCT
cblr-9110	400	1	108	108	NUM
cblr-9110	400	2	see	see	VERB
cblr-9110	400	3	supra	supra	PROPN
cblr-9110	400	4	sections	section	NOUN
cblr-9110	400	5	ii.a	ii.a	PROPN
cblr-9110	400	6	–	–	PUNCT
cblr-9110	400	7	b	b	X
cblr-9110	400	8	(	(	PUNCT
cblr-9110	400	9	providing	provide	VERB
cblr-9110	400	10	an	an	DET
cblr-9110	400	11	overview	overview	NOUN
cblr-9110	400	12	of	of	ADP
cblr-9110	400	13	these	these	DET
cblr-9110	400	14	advantages	advantage	NOUN
cblr-9110	400	15	)	)	PUNCT
cblr-9110	400	16	.	.	PUNCT
cblr-9110	401	1	despite	despite	SCONJ
cblr-9110	401	2	all	all	DET
cblr-9110	401	3	the	the	DET
cblr-9110	401	4	reports	report	NOUN
cblr-9110	401	5	of	of	ADP
cblr-9110	401	6	the	the	DET
cblr-9110	401	7	death	death	NOUN
cblr-9110	401	8	of	of	ADP
cblr-9110	401	9	active	active	ADJ
cblr-9110	401	10	management	management	NOUN
cblr-9110	401	11	,	,	PUNCT
cblr-9110	401	12	active	active	ADJ
cblr-9110	401	13	management	management	NOUN
cblr-9110	401	14	still	still	ADV
cblr-9110	401	15	might	might	AUX
cblr-9110	401	16	dominate	dominate	VERB
cblr-9110	401	17	passive	passive	ADJ
cblr-9110	401	18	management	management	NOUN
cblr-9110	401	19	.	.	PUNCT
cblr-9110	402	1	at	at	ADP
cblr-9110	402	2	the	the	DET
cblr-9110	402	3	close	close	NOUN
cblr-9110	402	4	of	of	ADP
cblr-9110	402	5	2020	2020	NUM
cblr-9110	402	6	,	,	PUNCT
cblr-9110	402	7	sixty	sixty	NUM
cblr-9110	402	8	percent	percent	NOUN
cblr-9110	402	9	of	of	ADP
cblr-9110	402	10	long	long	ADJ
cblr-9110	402	11	-	-	PUNCT
cblr-9110	402	12	term	term	NOUN
cblr-9110	402	13	investment	investment	NOUN
cblr-9110	402	14	company	company	NOUN
cblr-9110	402	15	assets	asset	NOUN
cblr-9110	402	16	were	be	AUX
cblr-9110	402	17	managed	manage	VERB
cblr-9110	402	18	by	by	ADP
cblr-9110	402	19	active	active	ADJ
cblr-9110	402	20	mutual	mutual	ADJ
cblr-9110	402	21	funds	fund	NOUN
cblr-9110	402	22	or	or	CCONJ
cblr-9110	402	23	etfs	etfs	NOUN
cblr-9110	402	24	and	and	CCONJ
cblr-9110	402	25	forty	forty	NUM
cblr-9110	402	26	percent	percent	NOUN
cblr-9110	402	27	were	be	AUX
cblr-9110	402	28	managed	manage	VERB
cblr-9110	402	29	by	by	ADP
cblr-9110	402	30	passive	passive	ADJ
cblr-9110	402	31	mutual	mutual	ADJ
cblr-9110	402	32	funds	fund	NOUN
cblr-9110	402	33	or	or	CCONJ
cblr-9110	402	34	etfs	etfs	NOUN
cblr-9110	402	35	.	.	PUNCT
cblr-9110	403	1	inv	inv	PROPN
cblr-9110	403	2	.	.	PUNCT
cblr-9110	403	3	co.	co.	PROPN
cblr-9110	403	4	inst	inst	PROPN
cblr-9110	403	5	.	.	PROPN
cblr-9110	403	6	,	,	PUNCT
cblr-9110	403	7	supra	supra	PROPN
cblr-9110	403	8	note	note	NOUN
cblr-9110	403	9	4	4	NUM
cblr-9110	403	10	,	,	PUNCT
cblr-9110	403	11	at	at	ADP
cblr-9110	403	12	48	48	NUM
cblr-9110	403	13	.	.	PUNCT
cblr-9110	404	1	that	that	PRON
cblr-9110	404	2	said	say	VERB
cblr-9110	404	3	,	,	PUNCT
cblr-9110	404	4	one	one	PRON
cblr-9110	404	5	may	may	AUX
cblr-9110	404	6	properly	properly	ADV
cblr-9110	404	7	question	question	VERB
cblr-9110	404	8	the	the	DET
cblr-9110	404	9	extent	extent	NOUN
cblr-9110	404	10	to	to	ADP
cblr-9110	404	11	the	the	DET
cblr-9110	404	12	which	which	PRON
cblr-9110	404	13	the	the	DET
cblr-9110	404	14	money	money	NOUN
cblr-9110	404	15	deployed	deploy	VERB
cblr-9110	404	16	to	to	ADP
cblr-9110	404	17	active	active	ADJ
cblr-9110	404	18	managers	manager	NOUN
cblr-9110	404	19	is	be	AUX
cblr-9110	404	20	in	in	ADP
cblr-9110	404	21	fact	fact	NOUN
cblr-9110	404	22	actively	actively	ADV
cblr-9110	404	23	managed	manage	VERB
cblr-9110	404	24	.	.	PUNCT
cblr-9110	405	1	see	see	VERB
cblr-9110	405	2	jonathan	jonathan	PROPN
cblr-9110	405	3	lewellen	lewellen	PROPN
cblr-9110	405	4	,	,	PUNCT
cblr-9110	405	5	institutional	institutional	ADJ
cblr-9110	405	6	investors	investor	NOUN
cblr-9110	405	7	and	and	CCONJ
cblr-9110	405	8	the	the	DET
cblr-9110	405	9	limits	limit	NOUN
cblr-9110	405	10	of	of	ADP
cblr-9110	405	11	arbitrage	arbitrage	NOUN
cblr-9110	405	12	,	,	PUNCT
cblr-9110	405	13	102	102	NUM
cblr-9110	405	14	j.	j.	PROPN
cblr-9110	405	15	fin	fin	PROPN
cblr-9110	405	16	.	.	PUNCT
cblr-9110	406	1	econ	econ	PROPN
cblr-9110	406	2	.	.	PUNCT
cblr-9110	407	1	62	62	NUM
cblr-9110	407	2	,	,	PUNCT
cblr-9110	407	3	77	77	NUM
cblr-9110	407	4	(	(	PUNCT
cblr-9110	407	5	2011	2011	NUM
cblr-9110	407	6	)	)	PUNCT
cblr-9110	407	7	(	(	PUNCT
cblr-9110	407	8	providing	provide	VERB
cblr-9110	407	9	empirical	empirical	ADJ
cblr-9110	407	10	evidence	evidence	NOUN
cblr-9110	407	11	to	to	PART
cblr-9110	407	12	support	support	VERB
cblr-9110	407	13	the	the	DET
cblr-9110	407	14	conclusion	conclusion	NOUN
cblr-9110	407	15	that	that	SCONJ
cblr-9110	407	16	“	"	PUNCT
cblr-9110	407	17	institutions	institution	NOUN
cblr-9110	407	18	as	as	ADP
cblr-9110	407	19	a	a	DET
cblr-9110	407	20	whole	whole	NOUN
cblr-9110	407	21	seem	seem	VERB
cblr-9110	407	22	to	to	PART
cblr-9110	407	23	do	do	VERB
cblr-9110	407	24	little	little	ADJ
cblr-9110	407	25	more	more	ADJ
cblr-9110	407	26	than	than	SCONJ
cblr-9110	407	27	hold	hold	VERB
cblr-9110	407	28	the	the	DET
cblr-9110	407	29	market	market	NOUN
cblr-9110	407	30	portfolio	portfolio	NOUN
cblr-9110	407	31	”	"	PUNCT
cblr-9110	407	32	)	)	PUNCT
cblr-9110	407	33	;	;	PUNCT
cblr-9110	407	34	see	see	VERB
cblr-9110	407	35	also	also	ADV
cblr-9110	407	36	jill	jill	PROPN
cblr-9110	407	37	e.	e.	PROPN
cblr-9110	407	38	fisch	fisch	PROPN
cblr-9110	407	39	,	,	PUNCT
cblr-9110	407	40	rethinking	rethink	VERB
cblr-9110	407	41	the	the	DET
cblr-9110	407	42	regulation	regulation	NOUN
cblr-9110	407	43	of	of	ADP
cblr-9110	407	44	securities	security	NOUN
cblr-9110	407	45	intermediaries	intermediary	NOUN
cblr-9110	407	46	,	,	PUNCT
cblr-9110	407	47	158	158	NUM
cblr-9110	407	48	u.	u.	PROPN
cblr-9110	407	49	pa	pa	PROPN
cblr-9110	407	50	.	.	PUNCT
cblr-9110	407	51	l.	l.	PROPN
cblr-9110	407	52	rev	rev	PROPN
cblr-9110	407	53	.	.	PROPN
cblr-9110	407	54	1961	1961	NUM
cblr-9110	407	55	,	,	PUNCT
cblr-9110	407	56	2018	2018	NUM
cblr-9110	407	57	(	(	PUNCT
cblr-9110	407	58	2010	2010	NUM
cblr-9110	407	59	)	)	PUNCT
cblr-9110	407	60	(	(	PUNCT
cblr-9110	407	61	“	"	PUNCT
cblr-9110	407	62	many	many	ADJ
cblr-9110	407	63	actively	actively	ADV
cblr-9110	407	64	no	no	NOUN
cblr-9110	407	65	.	.	NOUN
cblr-9110	408	1	3:1321	3:1321	NUM
cblr-9110	408	2	]	]	X
cblr-9110	408	3	the	the	DET
cblr-9110	408	4	emergence	emergence	NOUN
cblr-9110	408	5	of	of	ADP
cblr-9110	408	6	the	the	DET
cblr-9110	408	7	actively	actively	ADV
cblr-9110	408	8	managed	manage	VERB
cblr-9110	408	9	etf	etf	NOUN
cblr-9110	408	10	1349	1349	NUM
cblr-9110	408	11	coming	coming	ADJ
cblr-9110	408	12	years	year	NOUN
cblr-9110	408	13	,	,	PUNCT
cblr-9110	408	14	outflows	outflow	NOUN
cblr-9110	408	15	from	from	ADP
cblr-9110	408	16	actively	actively	ADV
cblr-9110	408	17	managed	manage	VERB
cblr-9110	408	18	mutual	mutual	ADJ
cblr-9110	408	19	funds	fund	NOUN
cblr-9110	408	20	might	might	AUX
cblr-9110	408	21	increasingly	increasingly	ADV
cblr-9110	408	22	shift	shift	VERB
cblr-9110	408	23	to	to	ADP
cblr-9110	408	24	actively	actively	ADV
cblr-9110	408	25	managed	manage	VERB
cblr-9110	408	26	etfs	etfs	PROPN
cblr-9110	408	27	.	.	PUNCT
cblr-9110	409	1	all	all	DET
cblr-9110	409	2	this	this	PRON
cblr-9110	409	3	said	say	VERB
cblr-9110	409	4	,	,	PUNCT
cblr-9110	409	5	one	one	PRON
cblr-9110	409	6	should	should	AUX
cblr-9110	409	7	not	not	PART
cblr-9110	409	8	assume	assume	VERB
cblr-9110	409	9	that	that	SCONJ
cblr-9110	409	10	all	all	PRON
cblr-9110	409	11	—	—	PUNCT
cblr-9110	409	12	or	or	CCONJ
cblr-9110	409	13	even	even	ADV
cblr-9110	409	14	most	most	ADJ
cblr-9110	409	15	—	—	PUNCT
cblr-9110	409	16	of	of	ADP
cblr-9110	409	17	the	the	DET
cblr-9110	409	18	mutual	mutual	ADJ
cblr-9110	409	19	fund	fund	NOUN
cblr-9110	409	20	money	money	NOUN
cblr-9110	409	21	that	that	PRON
cblr-9110	409	22	is	be	AUX
cblr-9110	409	23	now	now	ADV
cblr-9110	409	24	actively	actively	ADV
cblr-9110	409	25	managed	manage	VERB
cblr-9110	409	26	will	will	AUX
cblr-9110	409	27	shift	shift	VERB
cblr-9110	409	28	to	to	ADP
cblr-9110	409	29	the	the	DET
cblr-9110	409	30	actively	actively	ADV
cblr-9110	409	31	managed	manage	VERB
cblr-9110	409	32	etf	etf	NOUN
cblr-9110	409	33	side	side	NOUN
cblr-9110	409	34	.	.	PUNCT
cblr-9110	410	1	much	much	ADJ
cblr-9110	410	2	of	of	ADP
cblr-9110	410	3	that	that	DET
cblr-9110	410	4	money	money	NOUN
cblr-9110	410	5	will	will	AUX
cblr-9110	410	6	likely	likely	ADV
cblr-9110	410	7	stay	stay	VERB
cblr-9110	410	8	put	put	ADJ
cblr-9110	410	9	for	for	ADP
cblr-9110	410	10	four	four	NUM
cblr-9110	410	11	main	main	ADJ
cblr-9110	410	12	reasons	reason	NOUN
cblr-9110	410	13	.	.	PUNCT
cblr-9110	411	1	first	first	ADV
cblr-9110	411	2	,	,	PUNCT
cblr-9110	411	3	for	for	ADP
cblr-9110	411	4	retirement	retirement	NOUN
cblr-9110	411	5	-	-	PUNCT
cblr-9110	411	6	account	account	NOUN
cblr-9110	411	7	investment	investment	NOUN
cblr-9110	411	8	where	where	SCONJ
cblr-9110	411	9	investors	investor	NOUN
cblr-9110	411	10	are	be	AUX
cblr-9110	411	11	not	not	PART
cblr-9110	411	12	taxed	tax	VERB
cblr-9110	411	13	on	on	ADP
cblr-9110	411	14	capital	capital	NOUN
cblr-9110	411	15	gains	gain	NOUN
cblr-9110	411	16	qua	qua	NOUN
cblr-9110	411	17	capital	capital	NOUN
cblr-9110	411	18	gains,109	gains,109	PROPN
cblr-9110	412	1	the	the	DET
cblr-9110	412	2	tax	tax	NOUN
cblr-9110	412	3	advantages	advantage	NOUN
cblr-9110	412	4	offered	offer	VERB
cblr-9110	412	5	by	by	ADP
cblr-9110	412	6	etfs	etfs	PROPN
cblr-9110	412	7	are	be	AUX
cblr-9110	412	8	limited	limited	ADJ
cblr-9110	412	9	.	.	PUNCT
cblr-9110	413	1	second	second	ADJ
cblr-9110	413	2	,	,	PUNCT
cblr-9110	413	3	at	at	ADP
cblr-9110	413	4	least	least	ADJ
cblr-9110	413	5	thus	thus	ADV
cblr-9110	413	6	far	far	ADV
cblr-9110	413	7	,	,	PUNCT
cblr-9110	413	8	nontransparent	nontransparent	ADJ
cblr-9110	413	9	actively	actively	ADV
cblr-9110	413	10	managed	manage	VERB
cblr-9110	413	11	etfs	etfs	PROPN
cblr-9110	413	12	are	be	AUX
cblr-9110	413	13	generally	generally	ADV
cblr-9110	413	14	expensive	expensive	ADJ
cblr-9110	413	15	relative	relative	ADJ
cblr-9110	413	16	to	to	ADP
cblr-9110	413	17	more	more	ADV
cblr-9110	413	18	traditional	traditional	ADJ
cblr-9110	413	19	etfs	etfs	NOUN
cblr-9110	413	20	and	and	CCONJ
cblr-9110	413	21	perhaps	perhaps	ADV
cblr-9110	413	22	even	even	ADV
cblr-9110	413	23	relative	relative	ADJ
cblr-9110	413	24	to	to	ADP
cblr-9110	413	25	traditional	traditional	ADJ
cblr-9110	413	26	actively	actively	ADV
cblr-9110	413	27	managed	manage	VERB
cblr-9110	413	28	mutual	mutual	ADJ
cblr-9110	413	29	funds.110	funds.110	PROPN
cblr-9110	413	30	third	third	ADJ
cblr-9110	413	31	,	,	PUNCT
cblr-9110	413	32	as	as	SCONJ
cblr-9110	413	33	i	i	PRON
cblr-9110	413	34	discuss	discuss	VERB
cblr-9110	413	35	next	next	ADV
cblr-9110	413	36	in	in	ADP
cblr-9110	413	37	part	part	NOUN
cblr-9110	413	38	iv	iv	NUM
cblr-9110	413	39	,	,	PUNCT
cblr-9110	413	40	we	we	PRON
cblr-9110	413	41	might	might	AUX
cblr-9110	413	42	expect	expect	VERB
cblr-9110	413	43	to	to	PART
cblr-9110	413	44	see	see	VERB
cblr-9110	413	45	a	a	DET
cblr-9110	413	46	reluctance	reluctance	NOUN
cblr-9110	413	47	to	to	PART
cblr-9110	413	48	pursue	pursue	VERB
cblr-9110	413	49	investment	investment	NOUN
cblr-9110	413	50	via	via	ADP
cblr-9110	413	51	these	these	DET
cblr-9110	413	52	new	new	ADJ
cblr-9110	413	53	types	type	NOUN
cblr-9110	413	54	of	of	ADP
cblr-9110	413	55	etfs	etfs	PROPN
cblr-9110	413	56	on	on	ADP
cblr-9110	413	57	the	the	DET
cblr-9110	413	58	part	part	NOUN
cblr-9110	413	59	of	of	ADP
cblr-9110	413	60	both	both	DET
cblr-9110	413	61	investors	investor	NOUN
cblr-9110	413	62	and	and	CCONJ
cblr-9110	413	63	their	their	PRON
cblr-9110	413	64	advisers	adviser	NOUN
cblr-9110	413	65	.	.	PUNCT
cblr-9110	414	1	for	for	ADP
cblr-9110	414	2	the	the	DET
cblr-9110	414	3	latter	latter	ADJ
cblr-9110	414	4	,	,	PUNCT
cblr-9110	414	5	this	this	DET
cblr-9110	414	6	reluctance	reluctance	NOUN
cblr-9110	414	7	could	could	AUX
cblr-9110	414	8	come	come	VERB
cblr-9110	414	9	from	from	ADP
cblr-9110	414	10	the	the	DET
cblr-9110	414	11	below	below	ADV
cblr-9110	414	12	-	-	PUNCT
cblr-9110	414	13	discussed	discuss	VERB
cblr-9110	414	14	legal	legal	ADJ
cblr-9110	414	15	duties	duty	NOUN
cblr-9110	414	16	they	they	PRON
cblr-9110	414	17	owe	owe	VERB
cblr-9110	414	18	to	to	ADP
cblr-9110	414	19	their	their	PRON
cblr-9110	414	20	investor	investor	NOUN
cblr-9110	414	21	clients	client	NOUN
cblr-9110	414	22	.	.	PUNCT
cblr-9110	415	1	lastly	lastly	ADV
cblr-9110	415	2	,	,	PUNCT
cblr-9110	415	3	and	and	CCONJ
cblr-9110	415	4	likewise	likewise	ADV
cblr-9110	415	5	discussed	discuss	VERB
cblr-9110	415	6	below	below	ADV
cblr-9110	415	7	,	,	PUNCT
cblr-9110	415	8	the	the	DET
cblr-9110	415	9	sec	sec	PROPN
cblr-9110	415	10	could	could	AUX
cblr-9110	415	11	take	take	VERB
cblr-9110	415	12	action	action	NOUN
cblr-9110	415	13	that	that	SCONJ
cblr-9110	415	14	,	,	PUNCT
cblr-9110	415	15	at	at	ADP
cblr-9110	415	16	a	a	DET
cblr-9110	415	17	minimum	minimum	NOUN
cblr-9110	415	18	,	,	PUNCT
cblr-9110	415	19	restrains	restrain	VERB
cblr-9110	415	20	the	the	DET
cblr-9110	415	21	emergence	emergence	NOUN
cblr-9110	415	22	of	of	ADP
cblr-9110	415	23	the	the	DET
cblr-9110	415	24	actively	actively	ADV
cblr-9110	415	25	managed	manage	VERB
cblr-9110	415	26	etf	etf	NOUN
cblr-9110	415	27	.	.	PUNCT
cblr-9110	415	28	managed	manage	VERB
cblr-9110	415	29	mutual	mutual	ADJ
cblr-9110	415	30	funds	fund	NOUN
cblr-9110	415	31	hold	hold	VERB
cblr-9110	415	32	portfolios	portfolio	NOUN
cblr-9110	415	33	that	that	PRON
cblr-9110	415	34	do	do	AUX
cblr-9110	415	35	not	not	PART
cblr-9110	415	36	differ	differ	VERB
cblr-9110	415	37	significantly	significantly	ADV
cblr-9110	415	38	from	from	ADP
cblr-9110	415	39	the	the	DET
cblr-9110	415	40	relevant	relevant	ADJ
cblr-9110	415	41	index	index	NOUN
cblr-9110	415	42	-	-	PUNCT
cblr-9110	415	43	fund	fund	NOUN
cblr-9110	415	44	benchmark	benchmark	NOUN
cblr-9110	415	45	.	.	PUNCT
cblr-9110	415	46	.	.	PUNCT
cblr-9110	415	47	.	.	PUNCT
cblr-9110	415	48	.	.	PUNCT
cblr-9110	416	1	investors	investor	NOUN
cblr-9110	416	2	who	who	PRON
cblr-9110	416	3	purchase	purchase	VERB
cblr-9110	416	4	closet	closet	NOUN
cblr-9110	416	5	index	index	NOUN
cblr-9110	416	6	funds	fund	NOUN
cblr-9110	416	7	pay	pay	VERB
cblr-9110	416	8	a	a	DET
cblr-9110	416	9	premium	premium	NOUN
cblr-9110	416	10	for	for	ADP
cblr-9110	416	11	active	active	ADJ
cblr-9110	416	12	management	management	NOUN
cblr-9110	416	13	while	while	SCONJ
cblr-9110	416	14	receiving	receive	VERB
cblr-9110	416	15	index	index	NOUN
cblr-9110	416	16	fund	fund	NOUN
cblr-9110	416	17	returns	return	NOUN
cblr-9110	416	18	.	.	PUNCT
cblr-9110	416	19	”	"	PUNCT
cblr-9110	416	20	)	)	PUNCT
cblr-9110	416	21	.	.	PUNCT
cblr-9110	417	1	whatever	whatever	PRON
cblr-9110	417	2	the	the	DET
cblr-9110	417	3	precise	precise	ADJ
cblr-9110	417	4	level	level	NOUN
cblr-9110	417	5	of	of	ADP
cblr-9110	417	6	active	active	ADJ
cblr-9110	417	7	management	management	NOUN
cblr-9110	417	8	versus	versus	ADP
cblr-9110	417	9	passive	passive	ADJ
cblr-9110	417	10	management	management	NOUN
cblr-9110	417	11	and	and	CCONJ
cblr-9110	417	12	whatever	whatever	PRON
cblr-9110	417	13	the	the	DET
cblr-9110	417	14	equilibrium	equilibrium	NOUN
cblr-9110	417	15	between	between	ADP
cblr-9110	417	16	the	the	DET
cblr-9110	417	17	two	two	NUM
cblr-9110	417	18	one	one	PRON
cblr-9110	417	19	might	might	AUX
cblr-9110	417	20	expect	expect	VERB
cblr-9110	417	21	given	give	VERB
cblr-9110	417	22	the	the	DET
cblr-9110	417	23	increased	increase	VERB
cblr-9110	417	24	incentive	incentive	NOUN
cblr-9110	417	25	to	to	PART
cblr-9110	417	26	engage	engage	VERB
cblr-9110	417	27	in	in	ADP
cblr-9110	417	28	active	active	ADJ
cblr-9110	417	29	management	management	NOUN
cblr-9110	417	30	the	the	PRON
cblr-9110	417	31	more	more	ADJ
cblr-9110	417	32	others	other	NOUN
cblr-9110	417	33	are	be	AUX
cblr-9110	417	34	moving	move	VERB
cblr-9110	417	35	to	to	ADP
cblr-9110	417	36	passive	passive	ADJ
cblr-9110	417	37	management	management	NOUN
cblr-9110	417	38	,	,	PUNCT
cblr-9110	417	39	allowing	allow	VERB
cblr-9110	417	40	for	for	ADP
cblr-9110	417	41	nontransparent	nontransparent	ADJ
cblr-9110	417	42	actively	actively	ADV
cblr-9110	417	43	managed	manage	VERB
cblr-9110	417	44	etfs	etfs	PROPN
cblr-9110	417	45	helps	helps	AUX
cblr-9110	417	46	level	level	VERB
cblr-9110	417	47	the	the	DET
cblr-9110	417	48	playing	play	VERB
cblr-9110	417	49	field	field	NOUN
cblr-9110	417	50	for	for	ADP
cblr-9110	417	51	active	active	ADJ
cblr-9110	417	52	funds	fund	NOUN
cblr-9110	417	53	seeking	seek	VERB
cblr-9110	417	54	to	to	PART
cblr-9110	417	55	better	well	ADV
cblr-9110	417	56	compete	compete	VERB
cblr-9110	417	57	with	with	ADP
cblr-9110	417	58	passive	passive	ADJ
cblr-9110	417	59	ones	one	NOUN
cblr-9110	417	60	.	.	PUNCT
cblr-9110	418	1	109	109	NUM
cblr-9110	418	2	taxation	taxation	NOUN
cblr-9110	418	3	of	of	ADP
cblr-9110	418	4	retirement	retirement	NOUN
cblr-9110	418	5	income	income	NOUN
cblr-9110	418	6	,	,	PUNCT
cblr-9110	418	7	finra	finra	NOUN
cblr-9110	418	8	,	,	PUNCT
cblr-9110	418	9	https://www.finra.org/investors/learn-to-invest/typesinvestments/retirement/managing-retirement-income/taxation-retirementincome	https://www.finra.org/investors/learn-to-invest/typesinvestments/retirement/managing-retirement-income/taxation-retirementincome	PROPN
cblr-9110	419	1	[	[	X
cblr-9110	419	2	https://perma.cc/3bb7-qy6h	https://perma.cc/3bb7-qy6h	NOUN
cblr-9110	419	3	]	]	X
cblr-9110	419	4	(	(	PUNCT
cblr-9110	419	5	last	last	ADV
cblr-9110	419	6	visited	visit	VERB
cblr-9110	419	7	dec	dec	PROPN
cblr-9110	419	8	.	.	PROPN
cblr-9110	419	9	12	12	NUM
cblr-9110	419	10	,	,	PUNCT
cblr-9110	419	11	2021	2021	NUM
cblr-9110	419	12	)	)	PUNCT
cblr-9110	419	13	.	.	PUNCT
cblr-9110	420	1	110	110	NUM
cblr-9110	420	2	see	see	VERB
cblr-9110	420	3	ballentine	ballentine	PROPN
cblr-9110	420	4	,	,	PUNCT
cblr-9110	420	5	supra	supra	PROPN
cblr-9110	420	6	note	note	NOUN
cblr-9110	420	7	95	95	NUM
cblr-9110	420	8	(	(	PUNCT
cblr-9110	420	9	“	"	PUNCT
cblr-9110	420	10	one	one	NUM
cblr-9110	420	11	issue	issue	NOUN
cblr-9110	420	12	that	that	SCONJ
cblr-9110	420	13	active	active	ADJ
cblr-9110	420	14	nontransparent	nontransparent	ADJ
cblr-9110	420	15	funds	fund	NOUN
cblr-9110	420	16	face	face	NOUN
cblr-9110	420	17	are	be	AUX
cblr-9110	420	18	hefty	hefty	ADJ
cblr-9110	420	19	expense	expense	NOUN
cblr-9110	420	20	ratios	ratio	NOUN
cblr-9110	420	21	,	,	PUNCT
cblr-9110	420	22	especially	especially	ADV
cblr-9110	420	23	since	since	SCONJ
cblr-9110	420	24	the	the	DET
cblr-9110	420	25	industry	industry	NOUN
cblr-9110	420	26	overall	overall	ADV
cblr-9110	420	27	is	be	AUX
cblr-9110	420	28	reducing	reduce	VERB
cblr-9110	420	29	costs	cost	NOUN
cblr-9110	420	30	.	.	PUNCT
cblr-9110	420	31	”	"	PUNCT
cblr-9110	420	32	)	)	PUNCT
cblr-9110	420	33	;	;	PUNCT
cblr-9110	420	34	see	see	VERB
cblr-9110	420	35	also	also	ADV
cblr-9110	420	36	infra	infra	ADJ
cblr-9110	420	37	section	section	NOUN
cblr-9110	420	38	iv.2.b	iv.2.b	ADV
cblr-9110	420	39	(	(	PUNCT
cblr-9110	420	40	focusing	focus	VERB
cblr-9110	420	41	on	on	ADP
cblr-9110	420	42	why	why	SCONJ
cblr-9110	420	43	the	the	DET
cblr-9110	420	44	tracking	tracking	NOUN
cblr-9110	420	45	-	-	PUNCT
cblr-9110	420	46	spread	spread	NOUN
cblr-9110	420	47	disadvantages	disadvantage	NOUN
cblr-9110	420	48	of	of	ADP
cblr-9110	420	49	the	the	DET
cblr-9110	420	50	etf	etf	NOUN
cblr-9110	420	51	form	form	NOUN
cblr-9110	420	52	may	may	AUX
cblr-9110	420	53	be	be	AUX
cblr-9110	420	54	exacerbated	exacerbate	VERB
cblr-9110	420	55	for	for	ADP
cblr-9110	420	56	nontransparent	nontransparent	ADJ
cblr-9110	420	57	actively	actively	ADV
cblr-9110	420	58	managed	manage	VERB
cblr-9110	420	59	etfs	etfs	PROPN
cblr-9110	420	60	.	.	PUNCT
cblr-9110	420	61	)	)	PUNCT
cblr-9110	420	62	.	.	PUNCT
cblr-9110	421	1	according	accord	VERB
cblr-9110	421	2	to	to	ADP
cblr-9110	421	3	bloomberg	bloomberg	PROPN
cblr-9110	421	4	,	,	PUNCT
cblr-9110	421	5	costs	cost	NOUN
cblr-9110	421	6	for	for	ADP
cblr-9110	421	7	nontransparent	nontransparent	ADJ
cblr-9110	421	8	funds	fund	NOUN
cblr-9110	421	9	range	range	VERB
cblr-9110	421	10	from	from	ADP
cblr-9110	421	11	charges	charge	NOUN
cblr-9110	421	12	of	of	ADP
cblr-9110	421	13	0.39	0.39	NUM
cblr-9110	421	14	%	%	NOUN
cblr-9110	421	15	to	to	PART
cblr-9110	421	16	0.90	0.90	NUM
cblr-9110	421	17	%	%	NOUN
cblr-9110	421	18	,	,	PUNCT
cblr-9110	421	19	while	while	SCONJ
cblr-9110	421	20	some	some	DET
cblr-9110	421	21	active	active	ADJ
cblr-9110	421	22	etfs	etfs	NOUN
cblr-9110	421	23	charge	charge	VERB
cblr-9110	421	24	less	less	ADJ
cblr-9110	421	25	than	than	ADP
cblr-9110	421	26	0.30	0.30	NUM
cblr-9110	421	27	%	%	NOUN
cblr-9110	421	28	.	.	PUNCT
cblr-9110	422	1	ballentine	ballentine	PROPN
cblr-9110	422	2	,	,	PUNCT
cblr-9110	422	3	supra	supra	PROPN
cblr-9110	422	4	note	note	NOUN
cblr-9110	422	5	95	95	NUM
cblr-9110	422	6	.	.	PUNCT
cblr-9110	423	1	1350	1350	NUM
cblr-9110	423	2	columbia	columbia	PROPN
cblr-9110	423	3	business	business	PROPN
cblr-9110	423	4	law	law	PROPN
cblr-9110	423	5	review	review	NOUN
cblr-9110	423	6	[	[	X
cblr-9110	423	7	vol	vol	NOUN
cblr-9110	423	8	.	.	NOUN
cblr-9110	423	9	2021	2021	NUM
cblr-9110	423	10	in	in	ADP
cblr-9110	423	11	sum	sum	NOUN
cblr-9110	423	12	,	,	PUNCT
cblr-9110	423	13	the	the	DET
cblr-9110	423	14	future	future	NOUN
cblr-9110	423	15	of	of	ADP
cblr-9110	423	16	the	the	DET
cblr-9110	423	17	actively	actively	ADV
cblr-9110	423	18	managed	manage	VERB
cblr-9110	423	19	etf	etf	NOUN
cblr-9110	423	20	remains	remain	VERB
cblr-9110	423	21	uncertain	uncertain	ADJ
cblr-9110	423	22	.	.	PUNCT
cblr-9110	424	1	but	but	CCONJ
cblr-9110	424	2	absent	absent	ADJ
cblr-9110	424	3	restraint	restraint	NOUN
cblr-9110	424	4	arising	arise	VERB
cblr-9110	424	5	from	from	ADP
cblr-9110	424	6	the	the	DET
cblr-9110	424	7	law	law	NOUN
cblr-9110	424	8	,	,	PUNCT
cblr-9110	424	9	there	there	PRON
cblr-9110	424	10	is	be	VERB
cblr-9110	424	11	much	much	ADJ
cblr-9110	424	12	reason	reason	NOUN
cblr-9110	424	13	to	to	PART
cblr-9110	424	14	believe	believe	VERB
cblr-9110	424	15	that	that	SCONJ
cblr-9110	424	16	the	the	DET
cblr-9110	424	17	recently	recently	ADV
cblr-9110	424	18	approved	approve	VERB
cblr-9110	424	19	market	market	NOUN
cblr-9110	424	20	innovations	innovation	NOUN
cblr-9110	424	21	that	that	PRON
cblr-9110	424	22	cure	cure	VERB
cblr-9110	424	23	the	the	DET
cblr-9110	424	24	decades	decade	NOUN
cblr-9110	424	25	-	-	PUNCT
cblr-9110	424	26	old	old	ADJ
cblr-9110	424	27	secret	secret	ADJ
cblr-9110	424	28	-	-	PUNCT
cblr-9110	424	29	sauce	sauce	NOUN
cblr-9110	424	30	problem	problem	NOUN
cblr-9110	424	31	will	will	AUX
cblr-9110	424	32	lead	lead	VERB
cblr-9110	424	33	to	to	ADP
cblr-9110	424	34	a	a	DET
cblr-9110	424	35	significant	significant	ADJ
cblr-9110	424	36	emergence	emergence	NOUN
cblr-9110	424	37	of	of	ADP
cblr-9110	424	38	the	the	DET
cblr-9110	424	39	actively	actively	ADV
cblr-9110	424	40	managed	manage	VERB
cblr-9110	424	41	etf	etf	NOUN
cblr-9110	424	42	over	over	ADP
cblr-9110	424	43	the	the	DET
cblr-9110	424	44	coming	come	VERB
cblr-9110	424	45	years	year	NOUN
cblr-9110	424	46	.	.	PUNCT
cblr-9110	425	1	this	this	DET
cblr-9110	425	2	emergence	emergence	NOUN
cblr-9110	425	3	,	,	PUNCT
cblr-9110	425	4	combined	combine	VERB
cblr-9110	425	5	with	with	ADP
cblr-9110	425	6	the	the	DET
cblr-9110	425	7	traditional	traditional	ADJ
cblr-9110	425	8	dominance	dominance	NOUN
cblr-9110	425	9	of	of	ADP
cblr-9110	425	10	passively	passively	ADV
cblr-9110	425	11	managed	manage	VERB
cblr-9110	425	12	etfs	etfs	NOUN
cblr-9110	425	13	and	and	CCONJ
cblr-9110	425	14	large	large	ADJ
cblr-9110	425	15	inflows	inflow	NOUN
cblr-9110	425	16	into	into	ADP
cblr-9110	425	17	the	the	DET
cblr-9110	425	18	same	same	ADJ
cblr-9110	425	19	in	in	ADP
cblr-9110	425	20	recent	recent	ADJ
cblr-9110	425	21	years	year	NOUN
cblr-9110	425	22	,	,	PUNCT
cblr-9110	425	23	makes	make	VERB
cblr-9110	425	24	it	it	PRON
cblr-9110	425	25	fair	fair	ADJ
cblr-9110	425	26	to	to	PART
cblr-9110	425	27	label	label	VERB
cblr-9110	425	28	the	the	DET
cblr-9110	425	29	current	current	ADJ
cblr-9110	425	30	period	period	NOUN
cblr-9110	425	31	,	,	PUNCT
cblr-9110	425	32	which	which	PRON
cblr-9110	425	33	began	begin	VERB
cblr-9110	425	34	as	as	ADV
cblr-9110	425	35	early	early	ADV
cblr-9110	425	36	as	as	ADP
cblr-9110	425	37	mid-2020	mid-2020	NOUN
cblr-9110	425	38	,	,	PUNCT
cblr-9110	425	39	as	as	ADP
cblr-9110	425	40	“	"	PUNCT
cblr-9110	425	41	etf	etf	NOUN
cblr-9110	425	42	history	history	NOUN
cblr-9110	425	43	part	part	PROPN
cblr-9110	425	44	ii	ii	PROPN
cblr-9110	425	45	:	:	PUNCT
cblr-9110	425	46	the	the	DET
cblr-9110	425	47	varied	varied	ADJ
cblr-9110	425	48	age	age	NOUN
cblr-9110	425	49	.	.	PUNCT
cblr-9110	425	50	”	"	PUNCT
cblr-9110	426	1	iv	iv	X
cblr-9110	426	2	.	.	PUNCT
cblr-9110	427	1	the	the	DET
cblr-9110	427	2	need	need	NOUN
cblr-9110	427	3	for	for	ADP
cblr-9110	427	4	the	the	DET
cblr-9110	427	5	sec	sec	PROPN
cblr-9110	427	6	and	and	CCONJ
cblr-9110	427	7	investment	investment	NOUN
cblr-9110	427	8	intermediaries	intermediary	NOUN
cblr-9110	427	9	to	to	PART
cblr-9110	427	10	keep	keep	VERB
cblr-9110	427	11	an	an	DET
cblr-9110	427	12	eye	eye	NOUN
cblr-9110	427	13	on	on	ADP
cblr-9110	427	14	nontransparent	nontransparent	ADJ
cblr-9110	427	15	actively	actively	ADV
cblr-9110	427	16	managed	manage	VERB
cblr-9110	427	17	etfs	etfs	NOUN
cblr-9110	427	18	during	during	ADP
cblr-9110	427	19	the	the	DET
cblr-9110	427	20	passive	passive	ADJ
cblr-9110	427	21	age	age	NOUN
cblr-9110	427	22	,	,	PUNCT
cblr-9110	427	23	the	the	DET
cblr-9110	427	24	main	main	ADJ
cblr-9110	427	25	downsides	downside	NOUN
cblr-9110	427	26	to	to	PART
cblr-9110	427	27	etf	etf	VERB
cblr-9110	427	28	investing	investing	NOUN
cblr-9110	427	29	(	(	PUNCT
cblr-9110	427	30	the	the	DET
cblr-9110	427	31	introduction	introduction	NOUN
cblr-9110	427	32	of	of	ADP
cblr-9110	427	33	tracking	tracking	NOUN
cblr-9110	427	34	spreads	spread	NOUN
cblr-9110	427	35	and	and	CCONJ
cblr-9110	427	36	bid	bid	NOUN
cblr-9110	427	37	-	-	PUNCT
cblr-9110	427	38	ask	ask	NOUN
cblr-9110	427	39	spreads)111	spreads)111	PROPN
cblr-9110	427	40	were	be	AUX
cblr-9110	427	41	generally	generally	ADV
cblr-9110	427	42	of	of	ADP
cblr-9110	427	43	limited	limited	ADJ
cblr-9110	427	44	significance	significance	NOUN
cblr-9110	427	45	,	,	PUNCT
cblr-9110	427	46	albeit	albeit	SCONJ
cblr-9110	427	47	with	with	ADP
cblr-9110	427	48	notable	notable	ADJ
cblr-9110	427	49	disconcerting	disconcert	VERB
cblr-9110	427	50	exceptions.112	exceptions.112	NOUN
cblr-9110	427	51	as	as	SCONJ
cblr-9110	427	52	demonstrated	demonstrate	VERB
cblr-9110	427	53	in	in	ADP
cblr-9110	427	54	this	this	DET
cblr-9110	427	55	part	part	NOUN
cblr-9110	427	56	,	,	PUNCT
cblr-9110	427	57	the	the	DET
cblr-9110	427	58	sec	sec	PROPN
cblr-9110	427	59	as	as	ADV
cblr-9110	427	60	well	well	ADV
cblr-9110	427	61	as	as	ADP
cblr-9110	427	62	securities	security	NOUN
cblr-9110	427	63	brokers	broker	NOUN
cblr-9110	427	64	and	and	CCONJ
cblr-9110	427	65	investment	investment	NOUN
cblr-9110	427	66	advisers	adviser	NOUN
cblr-9110	427	67	should	should	AUX
cblr-9110	427	68	keep	keep	VERB
cblr-9110	427	69	an	an	DET
cblr-9110	427	70	eye	eye	NOUN
cblr-9110	427	71	on	on	ADP
cblr-9110	427	72	the	the	DET
cblr-9110	427	73	extent	extent	NOUN
cblr-9110	427	74	to	to	PART
cblr-9110	427	75	which	which	PRON
cblr-9110	427	76	the	the	DET
cblr-9110	427	77	new	new	ADJ
cblr-9110	427	78	mechanisms	mechanism	NOUN
cblr-9110	427	79	that	that	PRON
cblr-9110	427	80	have	have	AUX
cblr-9110	427	81	been	be	AUX
cblr-9110	427	82	promised	promise	VERB
cblr-9110	427	83	to	to	PART
cblr-9110	427	84	cure	cure	VERB
cblr-9110	427	85	the	the	DET
cblr-9110	427	86	specialsauce	specialsauce	NOUN
cblr-9110	427	87	problem	problem	NOUN
cblr-9110	427	88	do	do	VERB
cblr-9110	427	89	so	so	ADV
cblr-9110	427	90	without	without	ADP
cblr-9110	427	91	introducing	introduce	VERB
cblr-9110	427	92	countervailing	countervail	VERB
cblr-9110	427	93	problems	problem	NOUN
cblr-9110	427	94	along	along	ADP
cblr-9110	427	95	these	these	DET
cblr-9110	427	96	dimensions	dimension	NOUN
cblr-9110	427	97	.	.	PUNCT
cblr-9110	428	1	i	i	PRON
cblr-9110	428	2	make	make	VERB
cblr-9110	428	3	these	these	DET
cblr-9110	428	4	points	point	NOUN
cblr-9110	428	5	in	in	ADP
cblr-9110	428	6	section	section	NOUN
cblr-9110	428	7	a	a	PRON
cblr-9110	428	8	by	by	ADP
cblr-9110	428	9	focusing	focus	VERB
cblr-9110	428	10	broadly	broadly	ADV
cblr-9110	428	11	on	on	ADP
cblr-9110	428	12	the	the	DET
cblr-9110	428	13	main	main	ADJ
cblr-9110	428	14	relevant	relevant	ADJ
cblr-9110	428	15	investorprotection	investorprotection	NOUN
cblr-9110	428	16	roles	role	NOUN
cblr-9110	428	17	of	of	ADP
cblr-9110	428	18	the	the	DET
cblr-9110	428	19	sec	sec	PROPN
cblr-9110	428	20	and	and	CCONJ
cblr-9110	428	21	these	these	DET
cblr-9110	428	22	investment	investment	NOUN
cblr-9110	428	23	intermediaries	intermediary	NOUN
cblr-9110	428	24	.	.	PUNCT
cblr-9110	429	1	i	i	PRON
cblr-9110	429	2	then	then	ADV
cblr-9110	429	3	illustrate	illustrate	VERB
cblr-9110	429	4	those	those	DET
cblr-9110	429	5	points	point	NOUN
cblr-9110	429	6	in	in	ADP
cblr-9110	429	7	section	section	NOUN
cblr-9110	429	8	b	b	PROPN
cblr-9110	429	9	below	below	ADV
cblr-9110	429	10	by	by	ADP
cblr-9110	429	11	returning	return	VERB
cblr-9110	429	12	to	to	ADP
cblr-9110	429	13	the	the	DET
cblr-9110	429	14	fine	fine	ADV
cblr-9110	429	15	-	-	PUNCT
cblr-9110	429	16	grained	grain	VERB
cblr-9110	429	17	focus	focus	NOUN
cblr-9110	429	18	from	from	ADP
cblr-9110	429	19	section	section	NOUN
cblr-9110	429	20	iii.b	iii.b	PROPN
cblr-9110	429	21	on	on	ADP
cblr-9110	429	22	activeshares	activeshare	NOUN
cblr-9110	429	23	,	,	PUNCT
cblr-9110	429	24	the	the	DET
cblr-9110	429	25	first	first	ADV
cblr-9110	429	26	-	-	PUNCT
cblr-9110	429	27	approved	approve	VERB
cblr-9110	429	28	nontransparent	nontransparent	NOUN
cblr-9110	429	29	actively	actively	ADV
cblr-9110	429	30	managed	manage	VERB
cblr-9110	429	31	etf	etf	NOUN
cblr-9110	429	32	form	form	NOUN
cblr-9110	429	33	and	and	CCONJ
cblr-9110	429	34	its	its	PRON
cblr-9110	429	35	etf	etf	NOUN
cblr-9110	429	36	-	-	PUNCT
cblr-9110	429	37	arbitrage	arbitrage	NOUN
cblr-9110	429	38	mechanism	mechanism	NOUN
cblr-9110	429	39	.	.	PUNCT
cblr-9110	430	1	a.	a.	NOUN
cblr-9110	430	2	the	the	DET
cblr-9110	430	3	main	main	ADJ
cblr-9110	430	4	relevant	relevant	ADJ
cblr-9110	430	5	investor	investor	NOUN
cblr-9110	430	6	-	-	PUNCT
cblr-9110	430	7	protection	protection	NOUN
cblr-9110	430	8	roles	role	NOUN
cblr-9110	430	9	for	for	ADP
cblr-9110	430	10	the	the	DET
cblr-9110	430	11	111	111	NUM
cblr-9110	430	12	supra	supra	PROPN
cblr-9110	430	13	section	section	NOUN
cblr-9110	430	14	ii.c	ii.c	VERB
cblr-9110	430	15	.	.	PUNCT
cblr-9110	431	1	112	112	NUM
cblr-9110	431	2	see	see	VERB
cblr-9110	431	3	antti	antti	PROPN
cblr-9110	431	4	petajisto	petajisto	PROPN
cblr-9110	431	5	,	,	PUNCT
cblr-9110	431	6	inefficiencies	inefficiency	NOUN
cblr-9110	431	7	in	in	ADP
cblr-9110	431	8	the	the	DET
cblr-9110	431	9	pricing	pricing	NOUN
cblr-9110	431	10	of	of	ADP
cblr-9110	431	11	exchange	exchange	NOUN
cblr-9110	431	12	-	-	PUNCT
cblr-9110	431	13	traded	trade	VERB
cblr-9110	431	14	funds	fund	NOUN
cblr-9110	431	15	,	,	PUNCT
cblr-9110	431	16	73	73	NUM
cblr-9110	431	17	fin	fin	NOUN
cblr-9110	431	18	.	.	PUNCT
cblr-9110	432	1	analysts	analyst	NOUN
cblr-9110	432	2	j.	j.	PROPN
cblr-9110	432	3	,	,	PUNCT
cblr-9110	432	4	first	first	ADJ
cblr-9110	432	5	quarter	quarter	NOUN
cblr-9110	432	6	,	,	PUNCT
cblr-9110	432	7	2017	2017	NUM
cblr-9110	432	8	,	,	PUNCT
cblr-9110	432	9	at	at	ADP
cblr-9110	432	10	24	24	NUM
cblr-9110	432	11	,	,	PUNCT
cblr-9110	432	12	25	25	NUM
cblr-9110	432	13	(	(	PUNCT
cblr-9110	432	14	documenting	document	VERB
cblr-9110	432	15	significant	significant	ADJ
cblr-9110	432	16	mispricings	mispricing	NOUN
cblr-9110	432	17	of	of	ADP
cblr-9110	432	18	etfs	etfs	PROPN
cblr-9110	432	19	)	)	PUNCT
cblr-9110	432	20	;	;	PUNCT
cblr-9110	432	21	hu	hu	PROPN
cblr-9110	432	22	&	&	CCONJ
cblr-9110	432	23	morley	morley	PROPN
cblr-9110	432	24	,	,	PUNCT
cblr-9110	432	25	supra	supra	PROPN
cblr-9110	432	26	note	note	PROPN
cblr-9110	432	27	1	1	NUM
cblr-9110	432	28	,	,	PUNCT
cblr-9110	432	29	at	at	ADP
cblr-9110	432	30	843	843	NUM
cblr-9110	432	31	(	(	PUNCT
cblr-9110	432	32	noting	note	VERB
cblr-9110	432	33	that	that	SCONJ
cblr-9110	432	34	the	the	DET
cblr-9110	432	35	etf	etf	NOUN
cblr-9110	432	36	-	-	PUNCT
cblr-9110	432	37	arbitrage	arbitrage	NOUN
cblr-9110	432	38	“	"	PUNCT
cblr-9110	432	39	mechanism	mechanism	NOUN
cblr-9110	432	40	has	have	AUX
cblr-9110	432	41	sometimes	sometimes	ADV
cblr-9110	432	42	failed	fail	VERB
cblr-9110	432	43	catastrophically	catastrophically	ADV
cblr-9110	432	44	,	,	PUNCT
cblr-9110	432	45	even	even	ADV
cblr-9110	432	46	with	with	ADP
cblr-9110	432	47	very	very	ADV
cblr-9110	432	48	large	large	ADJ
cblr-9110	432	49	and	and	CCONJ
cblr-9110	432	50	simple	simple	ADJ
cblr-9110	432	51	etfs	etfs	NOUN
cblr-9110	432	52	.	.	PUNCT
cblr-9110	432	53	”	"	PUNCT
cblr-9110	432	54	)	)	PUNCT
cblr-9110	432	55	.	.	PUNCT
cblr-9110	433	1	no	no	INTJ
cblr-9110	433	2	.	.	NOUN
cblr-9110	434	1	3:1321	3:1321	NUM
cblr-9110	434	2	]	]	X
cblr-9110	434	3	the	the	DET
cblr-9110	434	4	emergence	emergence	NOUN
cblr-9110	434	5	of	of	ADP
cblr-9110	434	6	the	the	DET
cblr-9110	434	7	actively	actively	ADV
cblr-9110	434	8	managed	manage	VERB
cblr-9110	434	9	etf	etf	NOUN
cblr-9110	434	10	1351	1351	NUM
cblr-9110	434	11	sec	sec	PROPN
cblr-9110	434	12	and	and	CCONJ
cblr-9110	434	13	investment	investment	NOUN
cblr-9110	434	14	intermediaries	intermediary	NOUN
cblr-9110	434	15	both	both	CCONJ
cblr-9110	434	16	the	the	DET
cblr-9110	434	17	sec	sec	PROPN
cblr-9110	434	18	and	and	CCONJ
cblr-9110	434	19	investment	investment	NOUN
cblr-9110	434	20	intermediaries	intermediary	NOUN
cblr-9110	434	21	have	have	VERB
cblr-9110	434	22	investor	investor	NOUN
cblr-9110	434	23	-	-	PUNCT
cblr-9110	434	24	protection	protection	NOUN
cblr-9110	434	25	roles	role	NOUN
cblr-9110	434	26	that	that	PRON
cblr-9110	434	27	will	will	AUX
cblr-9110	434	28	be	be	AUX
cblr-9110	434	29	triggered	trigger	VERB
cblr-9110	434	30	by	by	ADP
cblr-9110	434	31	the	the	DET
cblr-9110	434	32	abovepredicted	abovepredicte	VERB
cblr-9110	434	33	emergence	emergence	NOUN
cblr-9110	434	34	of	of	ADP
cblr-9110	434	35	the	the	DET
cblr-9110	434	36	actively	actively	ADV
cblr-9110	434	37	managed	manage	VERB
cblr-9110	434	38	etf	etf	NOUN
cblr-9110	434	39	.	.	PROPN
cblr-9110	435	1	1	1	X
cblr-9110	435	2	.	.	PUNCT
cblr-9110	436	1	the	the	DET
cblr-9110	436	2	role	role	NOUN
cblr-9110	436	3	of	of	ADP
cblr-9110	436	4	the	the	DET
cblr-9110	436	5	sec	sec	PROPN
cblr-9110	436	6	the	the	DET
cblr-9110	436	7	sec	sec	PROPN
cblr-9110	436	8	has	have	VERB
cblr-9110	436	9	a	a	DET
cblr-9110	436	10	good	good	ADJ
cblr-9110	436	11	deal	deal	NOUN
cblr-9110	436	12	of	of	ADP
cblr-9110	436	13	discretion	discretion	NOUN
cblr-9110	436	14	with	with	ADP
cblr-9110	436	15	respect	respect	NOUN
cblr-9110	436	16	to	to	ADP
cblr-9110	436	17	nontransparent	nontransparent	ADJ
cblr-9110	436	18	actively	actively	ADV
cblr-9110	436	19	managed	manage	VERB
cblr-9110	436	20	etfs	etfs	NOUN
cblr-9110	436	21	.	.	PUNCT
cblr-9110	437	1	at	at	ADP
cblr-9110	437	2	the	the	DET
cblr-9110	437	3	most	most	ADV
cblr-9110	437	4	basic	basic	ADJ
cblr-9110	437	5	level	level	NOUN
cblr-9110	437	6	,	,	PUNCT
cblr-9110	437	7	those	those	DET
cblr-9110	437	8	etfs	etfs	PROPN
cblr-9110	437	9	require	require	VERB
cblr-9110	437	10	an	an	DET
cblr-9110	437	11	sec	sec	PROPN
cblr-9110	437	12	exemption	exemption	NOUN
cblr-9110	437	13	to	to	PART
cblr-9110	437	14	come	come	VERB
cblr-9110	437	15	to	to	ADP
cblr-9110	437	16	market113	market113	PROPN
cblr-9110	437	17	as	as	ADV
cblr-9110	437	18	well	well	ADV
cblr-9110	437	19	as	as	ADP
cblr-9110	437	20	a	a	DET
cblr-9110	437	21	distinct	distinct	ADJ
cblr-9110	437	22	sec	sec	PROPN
cblr-9110	437	23	exemption	exemption	NOUN
cblr-9110	437	24	to	to	AUX
cblr-9110	437	25	trade	trade	VERB
cblr-9110	437	26	in	in	ADP
cblr-9110	437	27	the	the	DET
cblr-9110	437	28	national	national	ADJ
cblr-9110	437	29	market	market	NOUN
cblr-9110	437	30	system.114	system.114	NOUN
cblr-9110	437	31	as	as	SCONJ
cblr-9110	437	32	the	the	DET
cblr-9110	437	33	sec	sec	PROPN
cblr-9110	437	34	stated	state	VERB
cblr-9110	437	35	in	in	ADP
cblr-9110	437	36	granting	grant	VERB
cblr-9110	437	37	the	the	DET
cblr-9110	437	38	former	former	ADJ
cblr-9110	437	39	exemption	exemption	NOUN
cblr-9110	437	40	for	for	ADP
cblr-9110	437	41	activeshares	activeshare	NOUN
cblr-9110	437	42	to	to	PART
cblr-9110	437	43	come	come	VERB
cblr-9110	437	44	to	to	ADP
cblr-9110	437	45	market	market	NOUN
cblr-9110	437	46	,	,	PUNCT
cblr-9110	437	47	the	the	DET
cblr-9110	437	48	availability	availability	NOUN
cblr-9110	437	49	of	of	ADP
cblr-9110	437	50	that	that	DET
cblr-9110	437	51	exemption	exemption	NOUN
cblr-9110	437	52	turns	turn	VERB
cblr-9110	437	53	on	on	ADP
cblr-9110	437	54	“	"	PUNCT
cblr-9110	437	55	the	the	DET
cblr-9110	437	56	extent	extent	NOUN
cblr-9110	437	57	that	that	SCONJ
cblr-9110	437	58	such	such	ADJ
cblr-9110	437	59	exemption	exemption	NOUN
cblr-9110	437	60	is	be	AUX
cblr-9110	437	61	necessary	necessary	ADJ
cblr-9110	437	62	or	or	CCONJ
cblr-9110	437	63	appropriate	appropriate	ADJ
cblr-9110	437	64	in	in	ADP
cblr-9110	437	65	the	the	DET
cblr-9110	437	66	public	public	ADJ
cblr-9110	437	67	interest	interest	NOUN
cblr-9110	437	68	and	and	CCONJ
cblr-9110	437	69	consistent	consistent	ADJ
cblr-9110	437	70	with	with	ADP
cblr-9110	437	71	the	the	DET
cblr-9110	437	72	protection	protection	NOUN
cblr-9110	437	73	of	of	ADP
cblr-9110	437	74	investors	investor	NOUN
cblr-9110	437	75	and	and	CCONJ
cblr-9110	437	76	the	the	DET
cblr-9110	437	77	purposes	purpose	NOUN
cblr-9110	437	78	fairly	fairly	ADV
cblr-9110	437	79	intended	intend	VERB
cblr-9110	437	80	by	by	ADP
cblr-9110	437	81	the	the	DET
cblr-9110	437	82	policy	policy	NOUN
cblr-9110	437	83	and	and	CCONJ
cblr-9110	437	84	provisions	provision	NOUN
cblr-9110	437	85	of	of	ADP
cblr-9110	437	86	”	"	PUNCT
cblr-9110	437	87	the	the	DET
cblr-9110	437	88	investment	investment	NOUN
cblr-9110	437	89	company	company	NOUN
cblr-9110	437	90	act	act	PROPN
cblr-9110	437	91	.	.	PUNCT
cblr-9110	437	92	”115	”115	PROPN
cblr-9110	438	1	notably	notably	ADV
cblr-9110	438	2	,	,	PUNCT
cblr-9110	438	3	the	the	DET
cblr-9110	438	4	exemptions	exemption	NOUN
cblr-9110	438	5	for	for	ADP
cblr-9110	438	6	these	these	DET
cblr-9110	438	7	new	new	ADJ
cblr-9110	438	8	products	product	NOUN
cblr-9110	438	9	were	be	AUX
cblr-9110	438	10	not	not	PART
cblr-9110	438	11	granted	grant	VERB
cblr-9110	438	12	overnight	overnight	ADV
cblr-9110	438	13	.	.	PUNCT
cblr-9110	439	1	to	to	ADP
cblr-9110	439	2	the	the	DET
cblr-9110	439	3	contrary	contrary	NOUN
cblr-9110	439	4	,	,	PUNCT
cblr-9110	439	5	they	they	PRON
cblr-9110	439	6	were	be	AUX
cblr-9110	439	7	granted	grant	VERB
cblr-9110	439	8	only	only	ADV
cblr-9110	439	9	after	after	ADP
cblr-9110	439	10	a	a	DET
cblr-9110	439	11	lengthy	lengthy	ADJ
cblr-9110	439	12	series	series	NOUN
cblr-9110	439	13	of	of	ADP
cblr-9110	439	14	unsuccessful	unsuccessful	ADJ
cblr-9110	439	15	proposals.116	proposals.116	NOUN
cblr-9110	439	16	eventually	eventually	ADV
cblr-9110	439	17	,	,	PUNCT
cblr-9110	439	18	those	those	PRON
cblr-9110	439	19	behind	behind	ADP
cblr-9110	439	20	the	the	DET
cblr-9110	439	21	proposals	proposal	NOUN
cblr-9110	439	22	persevered	persevere	VERB
cblr-9110	439	23	by	by	ADP
cblr-9110	439	24	addressing	address	VERB
cblr-9110	439	25	enough	enough	ADJ
cblr-9110	439	26	of	of	ADP
cblr-9110	439	27	the	the	DET
cblr-9110	439	28	concerns	concern	NOUN
cblr-9110	439	29	of	of	ADP
cblr-9110	439	30	a	a	DET
cblr-9110	439	31	majority	majority	NOUN
cblr-9110	439	32	of	of	ADP
cblr-9110	439	33	the	the	DET
cblr-9110	439	34	113	113	NUM
cblr-9110	439	35	see	see	NOUN
cblr-9110	439	36	supra	supra	PROPN
cblr-9110	439	37	note	note	NOUN
cblr-9110	439	38	60	60	NUM
cblr-9110	439	39	and	and	CCONJ
cblr-9110	439	40	accompanying	accompany	VERB
cblr-9110	439	41	text	text	NOUN
cblr-9110	439	42	(	(	PUNCT
cblr-9110	439	43	noting	note	VERB
cblr-9110	439	44	that	that	SCONJ
cblr-9110	439	45	nontransparent	nontransparent	ADJ
cblr-9110	439	46	etfs	etfs	NOUN
cblr-9110	439	47	fall	fall	VERB
cblr-9110	439	48	outside	outside	ADP
cblr-9110	439	49	of	of	ADP
cblr-9110	439	50	the	the	DET
cblr-9110	439	51	new	new	ADJ
cblr-9110	439	52	,	,	PUNCT
cblr-9110	439	53	more	more	ADV
cblr-9110	439	54	permissive	permissive	ADJ
cblr-9110	439	55	approach	approach	NOUN
cblr-9110	439	56	to	to	ADP
cblr-9110	439	57	etfs	etfs	PROPN
cblr-9110	439	58	found	find	VERB
cblr-9110	439	59	in	in	ADP
cblr-9110	439	60	rule	rule	NOUN
cblr-9110	439	61	6c-11	6c-11	PROPN
cblr-9110	439	62	from	from	ADP
cblr-9110	439	63	2019	2019	NUM
cblr-9110	439	64	)	)	PUNCT
cblr-9110	439	65	.	.	PUNCT
cblr-9110	440	1	114	114	NUM
cblr-9110	440	2	see	see	VERB
cblr-9110	440	3	,	,	PUNCT
cblr-9110	440	4	e.g.	e.g.	ADV
cblr-9110	440	5	,	,	PUNCT
cblr-9110	440	6	order	order	NOUN
cblr-9110	440	7	granting	grant	VERB
cblr-9110	440	8	limited	limited	ADJ
cblr-9110	440	9	exemptions	exemption	NOUN
cblr-9110	440	10	to	to	PART
cblr-9110	440	11	exchange	exchange	VERB
cblr-9110	440	12	act	act	NOUN
cblr-9110	440	13	section	section	NOUN
cblr-9110	440	14	11(d)(1	11(d)(1	NUM
cblr-9110	440	15	)	)	PUNCT
cblr-9110	440	16	to	to	ADP
cblr-9110	440	17	activeshares	activeshare	NOUN
cblr-9110	440	18	,	,	PUNCT
cblr-9110	440	19	release	release	VERB
cblr-9110	440	20	no	no	PRON
cblr-9110	440	21	.	.	PUNCT
cblr-9110	441	1	exchange	exchange	NOUN
cblr-9110	441	2	act	act	PROPN
cblr-9110	441	3	release	release	VERB
cblr-9110	441	4	no	no	DET
cblr-9110	441	5	.	.	NOUN
cblr-9110	441	6	88,301a	88,301a	NOUN
cblr-9110	441	7	(	(	PUNCT
cblr-9110	441	8	feb	feb	X
cblr-9110	441	9	.	.	PROPN
cblr-9110	441	10	28	28	NUM
cblr-9110	441	11	,	,	PUNCT
cblr-9110	441	12	2020	2020	NUM
cblr-9110	441	13	)	)	PUNCT
cblr-9110	441	14	.	.	PUNCT
cblr-9110	442	1	115	115	NUM
cblr-9110	442	2	notice	notice	NOUN
cblr-9110	442	3	of	of	ADP
cblr-9110	442	4	application	application	NOUN
cblr-9110	442	5	of	of	ADP
cblr-9110	442	6	precidian	precidian	PROPN
cblr-9110	442	7	etfs	etfs	PROPN
cblr-9110	442	8	trust	trust	PROPN
cblr-9110	442	9	,	,	PUNCT
cblr-9110	442	10	investment	investment	NOUN
cblr-9110	442	11	company	company	NOUN
cblr-9110	442	12	act	act	VERB
cblr-9110	442	13	release	release	VERB
cblr-9110	442	14	no	no	NOUN
cblr-9110	442	15	.	.	NOUN
cblr-9110	442	16	33,440	33,440	NUM
cblr-9110	442	17	,	,	PUNCT
cblr-9110	442	18	84	84	NUM
cblr-9110	442	19	fed	feed	VERB
cblr-9110	442	20	.	.	PUNCT
cblr-9110	443	1	reg	reg	PROPN
cblr-9110	443	2	.	.	PROPN
cblr-9110	444	1	14,690	14,690	NUM
cblr-9110	444	2	,	,	PUNCT
cblr-9110	444	3	14,691	14,691	NUM
cblr-9110	444	4	(	(	PUNCT
cblr-9110	444	5	apr	apr	PROPN
cblr-9110	444	6	.	.	PROPN
cblr-9110	444	7	8	8	NUM
cblr-9110	444	8	,	,	PUNCT
cblr-9110	444	9	2019	2019	NUM
cblr-9110	444	10	)	)	PUNCT
cblr-9110	444	11	(	(	PUNCT
cblr-9110	444	12	quoting	quote	VERB
cblr-9110	444	13	section	section	NOUN
cblr-9110	444	14	6(c	6(c	NUM
cblr-9110	444	15	)	)	PUNCT
cblr-9110	444	16	of	of	ADP
cblr-9110	444	17	the	the	DET
cblr-9110	444	18	investment	investment	NOUN
cblr-9110	444	19	company	company	NOUN
cblr-9110	444	20	act	act	PROPN
cblr-9110	444	21	.	.	PUNCT
cblr-9110	444	22	)	)	PUNCT
cblr-9110	444	23	.	.	PUNCT
cblr-9110	445	1	116	116	NUM
cblr-9110	445	2	see	see	VERB
cblr-9110	445	3	,	,	PUNCT
cblr-9110	445	4	e.g.	e.g.	ADV
cblr-9110	445	5	,	,	PUNCT
cblr-9110	445	6	notice	notice	NOUN
cblr-9110	445	7	of	of	ADP
cblr-9110	445	8	application	application	NOUN
cblr-9110	445	9	of	of	ADP
cblr-9110	445	10	t.	t.	PROPN
cblr-9110	445	11	rowe	rowe	PROPN
cblr-9110	445	12	price	price	PROPN
cblr-9110	445	13	,	,	PUNCT
cblr-9110	445	14	investment	investment	NOUN
cblr-9110	445	15	company	company	NOUN
cblr-9110	445	16	act	act	VERB
cblr-9110	445	17	release	release	VERB
cblr-9110	445	18	no	no	PRON
cblr-9110	445	19	.	.	NOUN
cblr-9110	445	20	33,685	33,685	NUM
cblr-9110	445	21	,	,	PUNCT
cblr-9110	445	22	84	84	NUM
cblr-9110	445	23	fed	feed	VERB
cblr-9110	445	24	.	.	PUNCT
cblr-9110	446	1	reg	reg	PROPN
cblr-9110	446	2	.	.	PROPN
cblr-9110	446	3	64,117	64,117	NUM
cblr-9110	446	4	,	,	PUNCT
cblr-9110	446	5	64,117	64,117	NUM
cblr-9110	446	6	(	(	PUNCT
cblr-9110	446	7	nov	nov	PROPN
cblr-9110	446	8	.	.	PROPN
cblr-9110	446	9	14	14	NUM
cblr-9110	446	10	,	,	PUNCT
cblr-9110	446	11	2019	2019	NUM
cblr-9110	446	12	)	)	PUNCT
cblr-9110	447	1	(	(	PUNCT
cblr-9110	447	2	noting	note	VERB
cblr-9110	447	3	filing	filing	NOUN
cblr-9110	447	4	of	of	ADP
cblr-9110	447	5	the	the	DET
cblr-9110	447	6	original	original	ADJ
cblr-9110	447	7	application	application	NOUN
cblr-9110	447	8	on	on	ADP
cblr-9110	447	9	september	september	PROPN
cblr-9110	447	10	23	23	NUM
cblr-9110	447	11	,	,	PUNCT
cblr-9110	447	12	2013	2013	NUM
cblr-9110	447	13	,	,	PUNCT
cblr-9110	447	14	with	with	ADP
cblr-9110	447	15	seven	seven	NUM
cblr-9110	447	16	amendments	amendment	NOUN
cblr-9110	447	17	filed	file	VERB
cblr-9110	447	18	from	from	ADP
cblr-9110	447	19	2014	2014	NUM
cblr-9110	447	20	through	through	ADP
cblr-9110	447	21	2019	2019	NUM
cblr-9110	447	22	)	)	PUNCT
cblr-9110	447	23	.	.	PUNCT
cblr-9110	448	1	notably	notably	ADV
cblr-9110	448	2	,	,	PUNCT
cblr-9110	448	3	amendments	amendment	NOUN
cblr-9110	448	4	in	in	ADP
cblr-9110	448	5	this	this	DET
cblr-9110	448	6	area	area	NOUN
cblr-9110	448	7	typically	typically	ADV
cblr-9110	448	8	follow	follow	VERB
cblr-9110	448	9	,	,	PUNCT
cblr-9110	448	10	at	at	ADP
cblr-9110	448	11	a	a	DET
cblr-9110	448	12	minimum	minimum	NOUN
cblr-9110	448	13	,	,	PUNCT
cblr-9110	448	14	the	the	DET
cblr-9110	448	15	raising	raising	NOUN
cblr-9110	448	16	of	of	ADP
cblr-9110	448	17	issues	issue	NOUN
cblr-9110	448	18	and	and	CCONJ
cblr-9110	448	19	objections	objection	NOUN
cblr-9110	448	20	and	and	CCONJ
cblr-9110	448	21	related	relate	VERB
cblr-9110	448	22	indications	indication	NOUN
cblr-9110	448	23	of	of	ADP
cblr-9110	448	24	expected	expect	VERB
cblr-9110	448	25	rejection	rejection	NOUN
cblr-9110	448	26	from	from	ADP
cblr-9110	448	27	the	the	DET
cblr-9110	448	28	sec	sec	PROPN
cblr-9110	448	29	.	.	PROPN
cblr-9110	449	1	see	see	PROPN
cblr-9110	449	2	,	,	PUNCT
cblr-9110	449	3	e.g.	e.g.	ADV
cblr-9110	449	4	,	,	PUNCT
cblr-9110	449	5	i	i	PROPN
cblr-9110	449	6	d.	d.	PROPN
cblr-9110	449	7	1352	1352	NUM
cblr-9110	449	8	columbia	columbia	PROPN
cblr-9110	449	9	business	business	PROPN
cblr-9110	449	10	law	law	PROPN
cblr-9110	449	11	review	review	NOUN
cblr-9110	450	1	[	[	X
cblr-9110	450	2	vol	vol	NOUN
cblr-9110	450	3	.	.	PUNCT
cblr-9110	450	4	2021	2021	NUM
cblr-9110	450	5	commissioners	commissioner	NOUN
cblr-9110	450	6	in	in	ADP
cblr-9110	450	7	office	office	NOUN
cblr-9110	450	8	at	at	ADP
cblr-9110	450	9	the	the	DET
cblr-9110	450	10	time117	time117	PROPN
cblr-9110	450	11	and	and	CCONJ
cblr-9110	450	12	by	by	ADP
cblr-9110	450	13	agreeing	agree	VERB
cblr-9110	450	14	to	to	ADP
cblr-9110	450	15	ongoing	ongoing	ADJ
cblr-9110	450	16	disclosure	disclosure	NOUN
cblr-9110	450	17	to	to	PART
cblr-9110	450	18	help	help	VERB
cblr-9110	450	19	the	the	DET
cblr-9110	450	20	sec	sec	PROPN
cblr-9110	450	21	monitor	monitor	VERB
cblr-9110	450	22	the	the	DET
cblr-9110	450	23	performance	performance	NOUN
cblr-9110	450	24	of	of	ADP
cblr-9110	450	25	these	these	DET
cblr-9110	450	26	new	new	ADJ
cblr-9110	450	27	products.118	products.118	NOUN
cblr-9110	450	28	but	but	CCONJ
cblr-9110	450	29	even	even	ADV
cblr-9110	450	30	in	in	ADP
cblr-9110	450	31	granting	grant	VERB
cblr-9110	450	32	the	the	DET
cblr-9110	450	33	exemptions	exemption	NOUN
cblr-9110	450	34	,	,	PUNCT
cblr-9110	450	35	the	the	DET
cblr-9110	450	36	sec	sec	PROPN
cblr-9110	450	37	remained	remain	VERB
cblr-9110	450	38	cautious.119	cautious.119	NOUN
cblr-9110	450	39	in	in	ADP
cblr-9110	450	40	the	the	DET
cblr-9110	450	41	end	end	NOUN
cblr-9110	450	42	,	,	PUNCT
cblr-9110	450	43	one	one	NUM
cblr-9110	450	44	117	117	NUM
cblr-9110	450	45	see	see	ADJ
cblr-9110	450	46	final	final	ADJ
cblr-9110	450	47	commission	commission	NOUN
cblr-9110	450	48	votes	vote	NOUN
cblr-9110	450	49	for	for	ADP
cblr-9110	450	50	agency	agency	NOUN
cblr-9110	450	51	proceedings	proceeding	NOUN
cblr-9110	450	52	:	:	PUNCT
cblr-9110	450	53	calendar	calendar	NOUN
cblr-9110	450	54	year	year	NOUN
cblr-9110	450	55	2019	2019	NUM
cblr-9110	450	56	,	,	PUNCT
cblr-9110	450	57	u.s	u.s	PROPN
cblr-9110	450	58	.	.	PROPN
cblr-9110	450	59	sec	sec	PROPN
cblr-9110	450	60	.	.	PROPN
cblr-9110	450	61	&	&	CCONJ
cblr-9110	450	62	exch	exch	PROPN
cblr-9110	450	63	.	.	PUNCT
cblr-9110	451	1	comm’n	comm’n	PROPN
cblr-9110	451	2	,	,	PUNCT
cblr-9110	451	3	https://www.sec.gov/about/commissionvotes/annual/commission-votes-ap-2019.xml	https://www.sec.gov/about/commissionvotes/annual/commission-votes-ap-2019.xml	INTJ
cblr-9110	451	4	(	(	PUNCT
cblr-9110	451	5	on	on	ADP
cblr-9110	451	6	file	file	NOUN
cblr-9110	451	7	with	with	ADP
cblr-9110	451	8	the	the	DET
cblr-9110	451	9	columbia	columbia	PROPN
cblr-9110	451	10	business	business	PROPN
cblr-9110	451	11	law	law	PROPN
cblr-9110	451	12	review	review	PROPN
cblr-9110	451	13	)	)	PUNCT
cblr-9110	451	14	(	(	PUNCT
cblr-9110	451	15	last	last	ADV
cblr-9110	451	16	visited	visit	VERB
cblr-9110	451	17	dec	dec	PROPN
cblr-9110	451	18	.	.	PROPN
cblr-9110	451	19	11	11	NUM
cblr-9110	451	20	,	,	PUNCT
cblr-9110	451	21	2021	2021	NUM
cblr-9110	451	22	)	)	PUNCT
cblr-9110	451	23	(	(	PUNCT
cblr-9110	451	24	noting	note	VERB
cblr-9110	451	25	that	that	SCONJ
cblr-9110	451	26	the	the	DET
cblr-9110	451	27	investment	investment	NOUN
cblr-9110	451	28	company	company	NOUN
cblr-9110	451	29	act	act	VERB
cblr-9110	451	30	exemption	exemption	NOUN
cblr-9110	451	31	for	for	ADP
cblr-9110	451	32	the	the	DET
cblr-9110	451	33	initial	initial	ADJ
cblr-9110	451	34	nontransparent	nontransparent	ADJ
cblr-9110	451	35	actively	actively	ADV
cblr-9110	451	36	managed	manage	VERB
cblr-9110	451	37	etf	etf	NOUN
cblr-9110	451	38	proposal	proposal	NOUN
cblr-9110	451	39	that	that	SCONJ
cblr-9110	451	40	the	the	DET
cblr-9110	451	41	sec	sec	PROPN
cblr-9110	451	42	approved	approve	VERB
cblr-9110	451	43	on	on	ADP
cblr-9110	451	44	may	may	PROPN
cblr-9110	451	45	20	20	NUM
cblr-9110	451	46	,	,	PUNCT
cblr-9110	451	47	2019	2019	NUM
cblr-9110	451	48	(	(	PUNCT
cblr-9110	451	49	that	that	PRON
cblr-9110	451	50	for	for	ADP
cblr-9110	451	51	activeshares	activeshare	NOUN
cblr-9110	451	52	)	)	PUNCT
cblr-9110	451	53	passed	pass	VERB
cblr-9110	451	54	by	by	ADP
cblr-9110	451	55	a	a	DET
cblr-9110	451	56	three	three	NUM
cblr-9110	451	57	-	-	PUNCT
cblr-9110	451	58	to	to	ADP
cblr-9110	451	59	-	-	PUNCT
cblr-9110	451	60	one	one	NUM
cblr-9110	451	61	vote	vote	NOUN
cblr-9110	451	62	along	along	ADP
cblr-9110	451	63	party	party	NOUN
cblr-9110	451	64	lines	line	NOUN
cblr-9110	451	65	)	)	PUNCT
cblr-9110	451	66	.	.	PUNCT
cblr-9110	452	1	see	see	VERB
cblr-9110	452	2	generally	generally	ADV
cblr-9110	452	3	,	,	PUNCT
cblr-9110	452	4	precidian	precidian	PROPN
cblr-9110	452	5	etf	etf	PROPN
cblr-9110	452	6	trust	trust	PROPN
cblr-9110	452	7	,	,	PUNCT
cblr-9110	452	8	investment	investment	NOUN
cblr-9110	452	9	company	company	NOUN
cblr-9110	452	10	act	act	VERB
cblr-9110	452	11	release	release	VERB
cblr-9110	452	12	no	no	DET
cblr-9110	452	13	.	.	NOUN
cblr-9110	452	14	33,477	33,477	NUM
cblr-9110	452	15	,	,	PUNCT
cblr-9110	452	16	2019	2019	NUM
cblr-9110	452	17	wl	wl	NOUN
cblr-9110	452	18	2176712	2176712	NUM
cblr-9110	452	19	,	,	PUNCT
cblr-9110	452	20	at	at	ADP
cblr-9110	452	21	*	*	NOUN
cblr-9110	452	22	1	1	NUM
cblr-9110	452	23	(	(	PUNCT
cblr-9110	452	24	may	may	PROPN
cblr-9110	452	25	20	20	NUM
cblr-9110	452	26	,	,	PUNCT
cblr-9110	452	27	2019	2019	NUM
cblr-9110	452	28	)	)	PUNCT
cblr-9110	452	29	(	(	PUNCT
cblr-9110	452	30	ordering	order	VERB
cblr-9110	452	31	sec	sec	PROPN
cblr-9110	452	32	approval	approval	NOUN
cblr-9110	452	33	of	of	ADP
cblr-9110	452	34	the	the	DET
cblr-9110	452	35	activeshares	activeshare	NOUN
cblr-9110	452	36	proposal	proposal	NOUN
cblr-9110	452	37	)	)	PUNCT
cblr-9110	452	38	;	;	PUNCT
cblr-9110	452	39	jackson	jackson	PROPN
cblr-9110	452	40	jr	jr	PROPN
cblr-9110	452	41	.	.	PROPN
cblr-9110	452	42	&	&	CCONJ
cblr-9110	452	43	herren	herren	PROPN
cblr-9110	452	44	lee	lee	PROPN
cblr-9110	452	45	,	,	PUNCT
cblr-9110	452	46	supra	supra	PROPN
cblr-9110	452	47	note	note	VERB
cblr-9110	452	48	79	79	NUM
cblr-9110	452	49	(	(	PUNCT
cblr-9110	452	50	“	"	PUNCT
cblr-9110	452	51	each	each	DET
cblr-9110	452	52	fund	fund	NOUN
cblr-9110	452	53	’s	’s	PART
cblr-9110	452	54	portfolio	portfolio	NOUN
cblr-9110	452	55	will	will	AUX
cblr-9110	452	56	only	only	ADV
cblr-9110	452	57	include	include	VERB
cblr-9110	452	58	securities	security	NOUN
cblr-9110	452	59	that	that	PRON
cblr-9110	452	60	trade	trade	VERB
cblr-9110	452	61	on	on	ADP
cblr-9110	452	62	an	an	DET
cblr-9110	452	63	exchange	exchange	NOUN
cblr-9110	452	64	,	,	PUNCT
cblr-9110	452	65	and	and	CCONJ
cblr-9110	452	66	the	the	DET
cblr-9110	452	67	fund	fund	NOUN
cblr-9110	452	68	will	will	AUX
cblr-9110	452	69	establish	establish	VERB
cblr-9110	452	70	thresholds	threshold	NOUN
cblr-9110	452	71	for	for	ADP
cblr-9110	452	72	tracking	track	VERB
cblr-9110	452	73	error	error	NOUN
cblr-9110	452	74	and	and	CCONJ
cblr-9110	452	75	bid	bid	NOUN
cblr-9110	452	76	-	-	PUNCT
cblr-9110	452	77	ask	ask	NOUN
cblr-9110	452	78	spreads	spread	NOUN
cblr-9110	452	79	,	,	PUNCT
cblr-9110	452	80	with	with	ADP
cblr-9110	452	81	the	the	DET
cblr-9110	452	82	board	board	NOUN
cblr-9110	452	83	taking	take	VERB
cblr-9110	452	84	needed	need	VERB
cblr-9110	452	85	action	action	NOUN
cblr-9110	452	86	if	if	SCONJ
cblr-9110	452	87	the	the	DET
cblr-9110	452	88	thresholds	threshold	NOUN
cblr-9110	452	89	are	be	AUX
cblr-9110	452	90	crossed	cross	VERB
cblr-9110	452	91	.	.	PUNCT
cblr-9110	452	92	”	"	PUNCT
cblr-9110	452	93	)	)	PUNCT
cblr-9110	452	94	.	.	PUNCT
cblr-9110	453	1	118	118	NUM
cblr-9110	453	2	see	see	VERB
cblr-9110	453	3	,	,	PUNCT
cblr-9110	453	4	e.g.	e.g.	ADV
cblr-9110	453	5	,	,	PUNCT
cblr-9110	453	6	notice	notice	NOUN
cblr-9110	453	7	of	of	ADP
cblr-9110	453	8	application	application	NOUN
cblr-9110	453	9	of	of	ADP
cblr-9110	453	10	t.	t.	PROPN
cblr-9110	453	11	rowe	rowe	PROPN
cblr-9110	453	12	price	price	PROPN
cblr-9110	453	13	,	,	PUNCT
cblr-9110	453	14	84	84	NUM
cblr-9110	453	15	fed	feed	VERB
cblr-9110	453	16	.	.	PUNCT
cblr-9110	454	1	reg	reg	PROPN
cblr-9110	454	2	.	.	PUNCT
cblr-9110	455	1	at	at	ADP
cblr-9110	455	2	64,123	64,123	NUM
cblr-9110	455	3	(	(	PUNCT
cblr-9110	455	4	stipulating	stipulate	VERB
cblr-9110	455	5	that	that	SCONJ
cblr-9110	455	6	the	the	DET
cblr-9110	455	7	sec	sec	PROPN
cblr-9110	455	8	’s	’s	PART
cblr-9110	455	9	approval	approval	NOUN
cblr-9110	455	10	of	of	ADP
cblr-9110	455	11	the	the	DET
cblr-9110	455	12	novel	novel	ADJ
cblr-9110	455	13	nontransparent	nontransparent	NOUN
cblr-9110	455	14	actively	actively	ADV
cblr-9110	455	15	managed	manage	VERB
cblr-9110	455	16	etf	etf	NOUN
cblr-9110	455	17	at	at	ADP
cblr-9110	455	18	issue	issue	NOUN
cblr-9110	455	19	requires	require	VERB
cblr-9110	455	20	that	that	SCONJ
cblr-9110	455	21	“	"	PUNCT
cblr-9110	455	22	[	[	X
cblr-9110	455	23	e]ach	e]ach	NOUN
cblr-9110	455	24	fund	fund	NOUN
cblr-9110	455	25	will	will	AUX
cblr-9110	455	26	provide	provide	VERB
cblr-9110	455	27	the	the	DET
cblr-9110	455	28	commission	commission	NOUN
cblr-9110	455	29	staff	staff	NOUN
cblr-9110	455	30	with	with	ADP
cblr-9110	455	31	periodic	periodic	ADJ
cblr-9110	455	32	reports	report	NOUN
cblr-9110	455	33	.	.	PUNCT
cblr-9110	455	34	.	.	PUNCT
cblr-9110	455	35	.	.	PUNCT
cblr-9110	456	1	containing	contain	VERB
cblr-9110	456	2	such	such	ADJ
cblr-9110	456	3	information	information	NOUN
cblr-9110	456	4	as	as	SCONJ
cblr-9110	456	5	the	the	DET
cblr-9110	456	6	commission	commission	NOUN
cblr-9110	456	7	staff	staff	NOUN
cblr-9110	456	8	may	may	AUX
cblr-9110	456	9	request	request	VERB
cblr-9110	456	10	.	.	PUNCT
cblr-9110	456	11	”	"	PUNCT
cblr-9110	456	12	)	)	PUNCT
cblr-9110	456	13	.	.	PUNCT
cblr-9110	457	1	119	119	NUM
cblr-9110	457	2	e.g.	e.g.	NOUN
cblr-9110	457	3	,	,	PUNCT
cblr-9110	457	4	i	i	PRON
cblr-9110	457	5	d.	d.	PROPN
cblr-9110	457	6	at	at	ADP
cblr-9110	457	7	64,122	64,122	NUM
cblr-9110	457	8	.	.	PUNCT
cblr-9110	458	1	the	the	DET
cblr-9110	458	2	sec	sec	PROPN
cblr-9110	458	3	noted	note	VERB
cblr-9110	458	4	:	:	PUNCT
cblr-9110	458	5	in	in	ADP
cblr-9110	458	6	considering	consider	VERB
cblr-9110	458	7	relief	relief	NOUN
cblr-9110	458	8	from	from	ADP
cblr-9110	458	9	[	[	PUNCT
cblr-9110	458	10	investment	investment	NOUN
cblr-9110	458	11	company	company	NOUN
cblr-9110	458	12	act	act	NOUN
cblr-9110	458	13	]	]	PUNCT
cblr-9110	458	14	section	section	NOUN
cblr-9110	458	15	22(d	22(d	NUM
cblr-9110	458	16	)	)	PUNCT
cblr-9110	458	17	and	and	CCONJ
cblr-9110	458	18	rule	rule	VERB
cblr-9110	458	19	22c-1	22c-1	NUM
cblr-9110	458	20	for	for	ADP
cblr-9110	458	21	etfs	etfs	PROPN
cblr-9110	458	22	,	,	PUNCT
cblr-9110	458	23	the	the	DET
cblr-9110	458	24	commission	commission	NOUN
cblr-9110	458	25	has	have	AUX
cblr-9110	458	26	focused	focus	VERB
cblr-9110	458	27	on	on	ADP
cblr-9110	458	28	whether	whether	SCONJ
cblr-9110	458	29	the	the	DET
cblr-9110	458	30	etfs	etfs	NOUN
cblr-9110	458	31	’	'	PUNCT
cblr-9110	458	32	arbitrage	arbitrage	NOUN
cblr-9110	458	33	mechanism	mechanism	NOUN
cblr-9110	458	34	addresses	address	VERB
cblr-9110	458	35	the	the	DET
cblr-9110	458	36	concerns	concern	NOUN
cblr-9110	458	37	underlying	underlie	VERB
cblr-9110	458	38	those	those	DET
cblr-9110	458	39	provisions	provision	NOUN
cblr-9110	458	40	.	.	PUNCT
cblr-9110	459	1	the	the	DET
cblr-9110	459	2	commission	commission	NOUN
cblr-9110	459	3	believes	believe	VERB
cblr-9110	459	4	that	that	SCONJ
cblr-9110	459	5	the	the	DET
cblr-9110	459	6	alternative	alternative	ADJ
cblr-9110	459	7	arbitrage	arbitrage	NOUN
cblr-9110	459	8	mechanism	mechanism	NOUN
cblr-9110	459	9	proposed	propose	VERB
cblr-9110	459	10	by	by	ADP
cblr-9110	459	11	applicants	applicant	NOUN
cblr-9110	459	12	can	can	AUX
cblr-9110	459	13	work	work	VERB
cblr-9110	459	14	in	in	ADP
cblr-9110	459	15	an	an	DET
cblr-9110	459	16	efficient	efficient	ADJ
cblr-9110	459	17	manner	manner	NOUN
cblr-9110	459	18	to	to	PART
cblr-9110	459	19	maintain	maintain	VERB
cblr-9110	459	20	a	a	DET
cblr-9110	459	21	fund	fund	NOUN
cblr-9110	459	22	’s	’s	PART
cblr-9110	459	23	secondary	secondary	ADJ
cblr-9110	459	24	market	market	NOUN
cblr-9110	459	25	prices	price	NOUN
cblr-9110	459	26	close	close	ADJ
cblr-9110	459	27	to	to	ADP
cblr-9110	459	28	its	its	PRON
cblr-9110	459	29	nav	nav	NOUN
cblr-9110	459	30	.	.	PUNCT
cblr-9110	460	1	the	the	DET
cblr-9110	460	2	commission	commission	NOUN
cblr-9110	460	3	recognizes	recognize	VERB
cblr-9110	460	4	,	,	PUNCT
cblr-9110	460	5	however	however	ADV
cblr-9110	460	6	,	,	PUNCT
cblr-9110	460	7	that	that	SCONJ
cblr-9110	460	8	the	the	DET
cblr-9110	460	9	lack	lack	NOUN
cblr-9110	460	10	of	of	ADP
cblr-9110	460	11	full	full	ADJ
cblr-9110	460	12	transparency	transparency	NOUN
cblr-9110	460	13	may	may	AUX
cblr-9110	460	14	cause	cause	VERB
cblr-9110	460	15	the	the	DET
cblr-9110	460	16	funds	fund	NOUN
cblr-9110	460	17	to	to	PART
cblr-9110	460	18	trade	trade	VERB
cblr-9110	460	19	with	with	ADP
cblr-9110	460	20	spreads	spread	NOUN
cblr-9110	460	21	and	and	CCONJ
cblr-9110	460	22	premiums	premium	NOUN
cblr-9110	460	23	/	/	SYM
cblr-9110	460	24	discounts	discount	NOUN
cblr-9110	460	25	[	[	PUNCT
cblr-9110	460	26	relative	relative	ADJ
cblr-9110	460	27	to	to	ADP
cblr-9110	460	28	nav	nav	NOUN
cblr-9110	460	29	]	]	PUNCT
cblr-9110	460	30	that	that	PRON
cblr-9110	460	31	are	be	AUX
cblr-9110	460	32	larger	large	ADJ
cblr-9110	460	33	than	than	ADP
cblr-9110	460	34	those	those	PRON
cblr-9110	460	35	of	of	ADP
cblr-9110	460	36	comparable	comparable	ADJ
cblr-9110	460	37	,	,	PUNCT
cblr-9110	460	38	fully	fully	ADV
cblr-9110	460	39	transparent	transparent	ADJ
cblr-9110	460	40	etfs	etfs	NOUN
cblr-9110	460	41	.	.	PUNCT
cblr-9110	461	1	nonetheless	nonetheless	ADV
cblr-9110	461	2	,	,	PUNCT
cblr-9110	461	3	as	as	ADV
cblr-9110	461	4	long	long	ADV
cblr-9110	461	5	as	as	SCONJ
cblr-9110	461	6	arbitrage	arbitrage	NOUN
cblr-9110	461	7	continues	continue	VERB
cblr-9110	461	8	to	to	PART
cblr-9110	461	9	keep	keep	VERB
cblr-9110	461	10	the	the	DET
cblr-9110	461	11	fund	fund	NOUN
cblr-9110	461	12	’s	’s	PART
cblr-9110	461	13	secondary	secondary	ADJ
cblr-9110	461	14	market	market	NOUN
cblr-9110	461	15	price	price	NOUN
cblr-9110	461	16	and	and	CCONJ
cblr-9110	461	17	nav	nav	NOUN
cblr-9110	461	18	close	close	NOUN
cblr-9110	461	19	,	,	PUNCT
cblr-9110	461	20	and	and	CCONJ
cblr-9110	461	21	does	do	AUX
cblr-9110	461	22	so	so	ADV
cblr-9110	461	23	efficiently	efficiently	ADV
cblr-9110	461	24	so	so	SCONJ
cblr-9110	461	25	that	that	SCONJ
cblr-9110	461	26	spreads	spread	NOUN
cblr-9110	461	27	remain	remain	VERB
cblr-9110	461	28	narrow	narrow	ADJ
cblr-9110	461	29	,	,	PUNCT
cblr-9110	461	30	the	the	DET
cblr-9110	461	31	commission	commission	NOUN
cblr-9110	461	32	believes	believe	VERB
cblr-9110	461	33	that	that	SCONJ
cblr-9110	461	34	investors	investor	NOUN
cblr-9110	461	35	would	would	AUX
cblr-9110	461	36	benefit	benefit	VERB
cblr-9110	461	37	from	from	ADP
cblr-9110	461	38	the	the	DET
cblr-9110	461	39	opportunity	opportunity	NOUN
cblr-9110	461	40	to	to	PART
cblr-9110	461	41	invest	invest	VERB
cblr-9110	461	42	in	in	ADP
cblr-9110	461	43	active	active	ADJ
cblr-9110	461	44	strategies	strategy	NOUN
cblr-9110	461	45	through	through	ADP
cblr-9110	461	46	a	a	DET
cblr-9110	461	47	vehicle	vehicle	NOUN
cblr-9110	461	48	that	that	PRON
cblr-9110	461	49	offers	offer	VERB
cblr-9110	461	50	the	the	DET
cblr-9110	461	51	traditional	traditional	ADJ
cblr-9110	461	52	benefits	benefit	NOUN
cblr-9110	461	53	of	of	ADP
cblr-9110	461	54	etfs	etfs	PROPN
cblr-9110	461	55	.	.	PUNCT
cblr-9110	462	1	i	i	PRON
cblr-9110	462	2	d.	d.	PROPN
cblr-9110	462	3	(	(	PUNCT
cblr-9110	462	4	footnotes	footnote	NOUN
cblr-9110	462	5	omitted	omit	VERB
cblr-9110	462	6	)	)	PUNCT
cblr-9110	462	7	;	;	PUNCT
cblr-9110	462	8	i	i	PRON
cblr-9110	462	9	d.	d.	PROPN
cblr-9110	462	10	at	at	ADP
cblr-9110	462	11	64122	64122	NUM
cblr-9110	462	12	n.33	n.33	PROPN
cblr-9110	462	13	(	(	PUNCT
cblr-9110	462	14	“	"	PUNCT
cblr-9110	462	15	the	the	DET
cblr-9110	462	16	performance	performance	NOUN
cblr-9110	462	17	of	of	ADP
cblr-9110	462	18	a	a	DET
cblr-9110	462	19	fund	fund	NOUN
cblr-9110	462	20	’s	’s	PART
cblr-9110	462	21	proxy	proxy	NOUN
cblr-9110	462	22	portfolio	portfolio	NOUN
cblr-9110	462	23	and	and	CCONJ
cblr-9110	462	24	portfolio	portfolio	NOUN
cblr-9110	462	25	holdings	holding	NOUN
cblr-9110	462	26	may	may	AUX
cblr-9110	462	27	deviate	deviate	VERB
cblr-9110	462	28	to	to	ADP
cblr-9110	462	29	some	some	DET
cblr-9110	462	30	extent	extent	NOUN
cblr-9110	462	31	,	,	PUNCT
cblr-9110	462	32	which	which	PRON
cblr-9110	462	33	would	would	AUX
cblr-9110	462	34	make	make	VERB
cblr-9110	462	35	market	market	NOUN
cblr-9110	462	36	participants	participant	NOUN
cblr-9110	462	37	’	'	PUNCT
cblr-9110	462	38	estimates	estimate	NOUN
cblr-9110	462	39	of	of	ADP
cblr-9110	462	40	the	the	DET
cblr-9110	462	41	profitability	profitability	NOUN
cblr-9110	462	42	of	of	ADP
cblr-9110	462	43	their	their	PRON
cblr-9110	462	44	no	no	NOUN
cblr-9110	462	45	.	.	NOUN
cblr-9110	463	1	3:1321	3:1321	NUM
cblr-9110	463	2	]	]	X
cblr-9110	463	3	the	the	DET
cblr-9110	463	4	emergence	emergence	NOUN
cblr-9110	463	5	of	of	ADP
cblr-9110	463	6	the	the	DET
cblr-9110	463	7	actively	actively	ADV
cblr-9110	463	8	managed	manage	VERB
cblr-9110	463	9	etf	etf	NOUN
cblr-9110	463	10	1353	1353	NUM
cblr-9110	463	11	can	can	AUX
cblr-9110	463	12	view	view	VERB
cblr-9110	463	13	this	this	DET
cblr-9110	463	14	victory	victory	NOUN
cblr-9110	463	15	by	by	ADP
cblr-9110	463	16	those	those	PRON
cblr-9110	463	17	in	in	ADP
cblr-9110	463	18	favor	favor	NOUN
cblr-9110	463	19	of	of	ADP
cblr-9110	463	20	this	this	DET
cblr-9110	463	21	new	new	ADJ
cblr-9110	463	22	form	form	NOUN
cblr-9110	463	23	of	of	ADP
cblr-9110	463	24	investment	investment	NOUN
cblr-9110	463	25	as	as	ADP
cblr-9110	463	26	more	more	ADJ
cblr-9110	463	27	the	the	DET
cblr-9110	463	28	product	product	NOUN
cblr-9110	463	29	of	of	ADP
cblr-9110	463	30	the	the	DET
cblr-9110	463	31	regulators	regulator	NOUN
cblr-9110	463	32	’	’	PART
cblr-9110	463	33	inclination	inclination	NOUN
cblr-9110	463	34	to	to	PART
cblr-9110	463	35	give	give	VERB
cblr-9110	463	36	the	the	DET
cblr-9110	463	37	market	market	NOUN
cblr-9110	463	38	a	a	DET
cblr-9110	463	39	chance	chance	NOUN
cblr-9110	463	40	to	to	PART
cblr-9110	463	41	tell	tell	VERB
cblr-9110	463	42	all	all	PRON
cblr-9110	463	43	involved	involve	VERB
cblr-9110	463	44	the	the	DET
cblr-9110	463	45	extent	extent	NOUN
cblr-9110	463	46	to	to	PART
cblr-9110	463	47	which	which	PRON
cblr-9110	463	48	these	these	DET
cblr-9110	463	49	new	new	ADJ
cblr-9110	463	50	etfs	etfs	NOUN
cblr-9110	463	51	will	will	AUX
cblr-9110	463	52	be	be	AUX
cblr-9110	463	53	welfare	welfare	NOUN
cblr-9110	463	54	-	-	PUNCT
cblr-9110	463	55	enhancing	enhance	VERB
cblr-9110	463	56	for	for	ADP
cblr-9110	463	57	investors	investor	NOUN
cblr-9110	463	58	,	,	PUNCT
cblr-9110	463	59	and	and	CCONJ
cblr-9110	463	60	less	less	ADJ
cblr-9110	463	61	of	of	ADP
cblr-9110	463	62	the	the	DET
cblr-9110	463	63	product	product	NOUN
cblr-9110	463	64	of	of	ADP
cblr-9110	463	65	belief	belief	NOUN
cblr-9110	463	66	that	that	SCONJ
cblr-9110	463	67	the	the	DET
cblr-9110	463	68	etfs	etfs	NOUN
cblr-9110	463	69	will	will	AUX
cblr-9110	463	70	in	in	ADP
cblr-9110	463	71	fact	fact	NOUN
cblr-9110	463	72	serve	serve	VERB
cblr-9110	463	73	that	that	DET
cblr-9110	463	74	end	end	NOUN
cblr-9110	463	75	.	.	PUNCT
cblr-9110	464	1	indeed	indeed	ADV
cblr-9110	464	2	,	,	PUNCT
cblr-9110	464	3	for	for	ADP
cblr-9110	464	4	those	those	PRON
cblr-9110	464	5	who	who	PRON
cblr-9110	464	6	have	have	AUX
cblr-9110	464	7	followed	follow	VERB
cblr-9110	464	8	the	the	DET
cblr-9110	464	9	sec	sec	PROPN
cblr-9110	464	10	over	over	ADP
cblr-9110	464	11	the	the	DET
cblr-9110	464	12	past	past	ADJ
cblr-9110	464	13	decade	decade	NOUN
cblr-9110	464	14	,	,	PUNCT
cblr-9110	464	15	the	the	DET
cblr-9110	464	16	regulatory	regulatory	ADJ
cblr-9110	464	17	approach	approach	NOUN
cblr-9110	464	18	might	might	AUX
cblr-9110	464	19	loosely	loosely	ADV
cblr-9110	464	20	resemble	resemble	VERB
cblr-9110	464	21	that	that	PRON
cblr-9110	464	22	embodied	embody	VERB
cblr-9110	464	23	in	in	ADP
cblr-9110	464	24	the	the	DET
cblr-9110	464	25	increasingly	increasingly	ADV
cblr-9110	464	26	popular	popular	ADJ
cblr-9110	464	27	pilot	pilot	NOUN
cblr-9110	464	28	approach	approach	NOUN
cblr-9110	464	29	deployed	deploy	VERB
cblr-9110	464	30	in	in	ADP
cblr-9110	464	31	other	other	ADJ
cblr-9110	464	32	controversial	controversial	ADJ
cblr-9110	464	33	areas.120	areas.120	PROPN
cblr-9110	464	34	however	however	ADV
cblr-9110	464	35	the	the	DET
cblr-9110	464	36	sec	sec	PROPN
cblr-9110	464	37	’s	’s	PART
cblr-9110	464	38	approach	approach	NOUN
cblr-9110	464	39	to	to	ADP
cblr-9110	464	40	these	these	DET
cblr-9110	464	41	etfs	etfs	NOUN
cblr-9110	464	42	should	should	AUX
cblr-9110	464	43	be	be	AUX
cblr-9110	464	44	properly	properly	ADV
cblr-9110	464	45	described	describe	VERB
cblr-9110	464	46	,	,	PUNCT
cblr-9110	464	47	it	it	PRON
cblr-9110	464	48	is	be	AUX
cblr-9110	464	49	fair	fair	ADJ
cblr-9110	464	50	to	to	PART
cblr-9110	464	51	say	say	VERB
cblr-9110	464	52	that	that	SCONJ
cblr-9110	464	53	a	a	DET
cblr-9110	464	54	market	market	NOUN
cblr-9110	464	55	experiment	experiment	NOUN
cblr-9110	464	56	is	be	AUX
cblr-9110	464	57	following	follow	VERB
cblr-9110	464	58	the	the	DET
cblr-9110	464	59	regulatory	regulatory	ADJ
cblr-9110	464	60	approval	approval	NOUN
cblr-9110	464	61	introduced	introduce	VERB
cblr-9110	464	62	above	above	ADV
cblr-9110	464	63	and	and	CCONJ
cblr-9110	464	64	that	that	SCONJ
cblr-9110	464	65	this	this	DET
cblr-9110	464	66	current	current	ADJ
cblr-9110	464	67	and	and	CCONJ
cblr-9110	464	68	ongoing	ongoing	ADJ
cblr-9110	464	69	experiment	experiment	NOUN
cblr-9110	464	70	should	should	AUX
cblr-9110	464	71	continue	continue	VERB
cblr-9110	464	72	to	to	PART
cblr-9110	464	73	be	be	AUX
cblr-9110	464	74	closely	closely	ADV
cblr-9110	464	75	monitored	monitor	VERB
cblr-9110	464	76	by	by	ADP
cblr-9110	464	77	the	the	DET
cblr-9110	464	78	sec	sec	PROPN
cblr-9110	464	79	.	.	PUNCT
cblr-9110	465	1	in	in	ADP
cblr-9110	465	2	particular	particular	ADJ
cblr-9110	465	3	,	,	PUNCT
cblr-9110	465	4	if	if	SCONJ
cblr-9110	465	5	the	the	DET
cblr-9110	465	6	tracking	tracking	NOUN
cblr-9110	465	7	spreads	spread	VERB
cblr-9110	465	8	and	and	CCONJ
cblr-9110	465	9	bid	bid	NOUN
cblr-9110	465	10	-	-	PUNCT
cblr-9110	465	11	ask	ask	VERB
cblr-9110	465	12	spreads	spread	NOUN
cblr-9110	465	13	associated	associate	VERB
cblr-9110	465	14	with	with	ADP
cblr-9110	465	15	nontransparent	nontransparent	ADJ
cblr-9110	465	16	actively	actively	ADV
cblr-9110	465	17	managed	manage	VERB
cblr-9110	465	18	etfs	etfs	PROPN
cblr-9110	465	19	prove	prove	VERB
cblr-9110	465	20	too	too	ADV
cblr-9110	465	21	problematic	problematic	ADJ
cblr-9110	465	22	,	,	PUNCT
cblr-9110	465	23	the	the	DET
cblr-9110	465	24	sec	sec	PROPN
cblr-9110	465	25	’s	’s	PART
cblr-9110	465	26	prior	prior	ADJ
cblr-9110	465	27	decision	decision	NOUN
cblr-9110	465	28	to	to	PART
cblr-9110	465	29	permit	permit	VERB
cblr-9110	465	30	these	these	DET
cblr-9110	465	31	market	market	NOUN
cblr-9110	465	32	experiments	experiment	NOUN
cblr-9110	465	33	pursuant	pursuant	ADJ
cblr-9110	465	34	to	to	ADP
cblr-9110	465	35	the	the	DET
cblr-9110	465	36	above	above	ADV
cblr-9110	465	37	-	-	PUNCT
cblr-9110	465	38	noted	note	VERB
cblr-9110	465	39	standard	standard	NOUN
cblr-9110	465	40	should	should	AUX
cblr-9110	465	41	not	not	PART
cblr-9110	465	42	justify	justify	VERB
cblr-9110	465	43	continued	continued	ADJ
cblr-9110	465	44	exemption	exemption	NOUN
cblr-9110	465	45	from	from	ADP
cblr-9110	465	46	the	the	DET
cblr-9110	465	47	investment	investment	NOUN
cblr-9110	465	48	company	company	NOUN
cblr-9110	465	49	act	act	VERB
cblr-9110	465	50	.	.	PUNCT
cblr-9110	466	1	the	the	DET
cblr-9110	466	2	same	same	ADJ
cblr-9110	466	3	applies	apply	VERB
cblr-9110	466	4	to	to	ADP
cblr-9110	466	5	the	the	DET
cblr-9110	466	6	exchange	exchange	NOUN
cblr-9110	466	7	act	act	PROPN
cblr-9110	466	8	exemptions	exemption	NOUN
cblr-9110	466	9	that	that	PRON
cblr-9110	466	10	allow	allow	VERB
cblr-9110	466	11	for	for	SCONJ
cblr-9110	466	12	these	these	DET
cblr-9110	466	13	shares	share	NOUN
cblr-9110	466	14	to	to	PART
cblr-9110	466	15	trade	trade	VERB
cblr-9110	466	16	in	in	ADP
cblr-9110	466	17	the	the	DET
cblr-9110	466	18	national	national	ADJ
cblr-9110	466	19	market	market	NOUN
cblr-9110	466	20	system.121	system.121	NOUN
cblr-9110	466	21	for	for	ADP
cblr-9110	466	22	example	example	NOUN
cblr-9110	466	23	,	,	PUNCT
cblr-9110	466	24	the	the	DET
cblr-9110	466	25	fruition	fruition	NOUN
cblr-9110	466	26	of	of	ADP
cblr-9110	466	27	the	the	DET
cblr-9110	466	28	problems	problem	NOUN
cblr-9110	466	29	discussed	discuss	VERB
cblr-9110	466	30	below	below	ADV
cblr-9110	466	31	in	in	ADP
cblr-9110	466	32	section	section	NOUN
cblr-9110	466	33	iv.b	iv.b	PROPN
cblr-9110	466	34	during	during	ADP
cblr-9110	466	35	periods	period	NOUN
cblr-9110	466	36	of	of	ADP
cblr-9110	466	37	illiquidity	illiquidity	NOUN
cblr-9110	466	38	would	would	AUX
cblr-9110	466	39	cut	cut	VERB
cblr-9110	466	40	in	in	ADP
cblr-9110	466	41	favor	favor	NOUN
cblr-9110	466	42	of	of	ADP
cblr-9110	466	43	an	an	DET
cblr-9110	466	44	end	end	NOUN
cblr-9110	466	45	to	to	ADP
cblr-9110	466	46	the	the	DET
cblr-9110	466	47	nontransparent	nontransparent	NOUN
cblr-9110	466	48	actively	actively	ADV
cblr-9110	466	49	managed	manage	VERB
cblr-9110	466	50	etf	etf	NOUN
cblr-9110	466	51	market	market	NOUN
cblr-9110	466	52	experiment	experiment	NOUN
cblr-9110	466	53	.	.	PUNCT
cblr-9110	467	1	arbitrage	arbitrage	NOUN
cblr-9110	467	2	transactions	transaction	NOUN
cblr-9110	467	3	less	less	ADV
cblr-9110	467	4	precise	precise	ADJ
cblr-9110	467	5	.	.	PUNCT
cblr-9110	468	1	to	to	PART
cblr-9110	468	2	account	account	VERB
cblr-9110	468	3	for	for	ADP
cblr-9110	468	4	this	this	DET
cblr-9110	468	5	possibility	possibility	NOUN
cblr-9110	468	6	,	,	PUNCT
cblr-9110	468	7	market	market	NOUN
cblr-9110	468	8	participants	participant	NOUN
cblr-9110	468	9	would	would	AUX
cblr-9110	468	10	likely	likely	ADV
cblr-9110	468	11	require	require	VERB
cblr-9110	468	12	wider	wide	ADJ
cblr-9110	468	13	spreads	spread	NOUN
cblr-9110	468	14	to	to	ADP
cblr-9110	468	15	trade	trade	NOUN
cblr-9110	468	16	shares	share	NOUN
cblr-9110	468	17	.	.	PUNCT
cblr-9110	468	18	”	"	PUNCT
cblr-9110	468	19	)	)	PUNCT
cblr-9110	468	20	.	.	PUNCT
cblr-9110	469	1	120	120	NUM
cblr-9110	469	2	see	see	VERB
cblr-9110	469	3	,	,	PUNCT
cblr-9110	469	4	e.g.	e.g.	ADV
cblr-9110	469	5	,	,	PUNCT
cblr-9110	469	6	inv	inv	ADJ
cblr-9110	469	7	.	.	PUNCT
cblr-9110	470	1	advisory	advisory	ADJ
cblr-9110	470	2	comm	comm	NOUN
cblr-9110	470	3	.	.	PUNCT
cblr-9110	471	1	,	,	PUNCT
cblr-9110	471	2	recommendation	recommendation	NOUN
cblr-9110	471	3	of	of	ADP
cblr-9110	471	4	the	the	DET
cblr-9110	471	5	investor	investor	NOUN
cblr-9110	471	6	advisory	advisory	ADJ
cblr-9110	471	7	committee	committee	NOUN
cblr-9110	471	8	:	:	PUNCT
cblr-9110	471	9	decimalization	decimalization	NOUN
cblr-9110	471	10	and	and	CCONJ
cblr-9110	471	11	tick	tick	NOUN
cblr-9110	471	12	sizes	size	NOUN
cblr-9110	471	13	,	,	PUNCT
cblr-9110	471	14	6–7	6–7	NUM
cblr-9110	471	15	(	(	PUNCT
cblr-9110	471	16	2012	2012	NUM
cblr-9110	471	17	)	)	PUNCT
cblr-9110	471	18	,	,	PUNCT
cblr-9110	471	19	https://www.sec.gov/spotlight/investor-advisory-committee2012/investment-adviser-decimilization-recommendation.pdf	https://www.sec.gov/spotlight/investor-advisory-committee2012/investment-adviser-decimilization-recommendation.pdf	PROPN
cblr-9110	472	1	[	[	X
cblr-9110	472	2	https://perma.cc/gkz5-cmtx	https://perma.cc/gkz5-cmtx	X
cblr-9110	472	3	]	]	X
cblr-9110	472	4	(	(	PUNCT
cblr-9110	472	5	recommending	recommend	VERB
cblr-9110	472	6	against	against	ADP
cblr-9110	472	7	pilot	pilot	NOUN
cblr-9110	472	8	program	program	NOUN
cblr-9110	472	9	increasing	increase	VERB
cblr-9110	472	10	tick	tick	NOUN
cblr-9110	472	11	size	size	NOUN
cblr-9110	472	12	for	for	ADP
cblr-9110	472	13	stocks	stock	NOUN
cblr-9110	472	14	)	)	PUNCT
cblr-9110	472	15	;	;	PUNCT
cblr-9110	472	16	order	order	VERB
cblr-9110	472	17	approving	approve	VERB
cblr-9110	472	18	the	the	DET
cblr-9110	472	19	national	national	ADJ
cblr-9110	472	20	market	market	NOUN
cblr-9110	472	21	system	system	NOUN
cblr-9110	472	22	plan	plan	VERB
cblr-9110	472	23	to	to	PART
cblr-9110	472	24	implement	implement	VERB
cblr-9110	472	25	a	a	DET
cblr-9110	472	26	tick	tick	NOUN
cblr-9110	472	27	size	size	NOUN
cblr-9110	472	28	pilot	pilot	NOUN
cblr-9110	472	29	program	program	NOUN
cblr-9110	472	30	,	,	PUNCT
cblr-9110	472	31	exchange	exchange	NOUN
cblr-9110	472	32	act	act	NOUN
cblr-9110	472	33	release	release	VERB
cblr-9110	472	34	no	no	INTJ
cblr-9110	472	35	.	.	NOUN
cblr-9110	472	36	74,892	74,892	NUM
cblr-9110	472	37	,	,	PUNCT
cblr-9110	472	38	80	80	NUM
cblr-9110	472	39	fed	feed	VERB
cblr-9110	472	40	.	.	PUNCT
cblr-9110	473	1	reg	reg	PROPN
cblr-9110	473	2	.	.	PUNCT
cblr-9110	474	1	27,514	27,514	NUM
cblr-9110	474	2	(	(	PUNCT
cblr-9110	474	3	may	may	PROPN
cblr-9110	474	4	6	6	NUM
cblr-9110	474	5	,	,	PUNCT
cblr-9110	474	6	2015	2015	NUM
cblr-9110	474	7	)	)	PUNCT
cblr-9110	474	8	(	(	PUNCT
cblr-9110	474	9	approving	approve	VERB
cblr-9110	474	10	the	the	DET
cblr-9110	474	11	implementation	implementation	NOUN
cblr-9110	474	12	of	of	ADP
cblr-9110	474	13	the	the	DET
cblr-9110	474	14	tick	tick	NOUN
cblr-9110	474	15	size	size	NOUN
cblr-9110	474	16	pilot	pilot	NOUN
cblr-9110	474	17	program	program	PROPN
cblr-9110	474	18	)	)	PUNCT
cblr-9110	474	19	;	;	PUNCT
cblr-9110	474	20	n.y	n.y	PROPN
cblr-9110	474	21	.	.	PROPN
cblr-9110	474	22	stock	stock	PROPN
cblr-9110	474	23	exch	exch	PROPN
cblr-9110	474	24	.	.	PUNCT
cblr-9110	475	1	llc	llc	PROPN
cblr-9110	475	2	v.	v.	PROPN
cblr-9110	475	3	sec	sec	PROPN
cblr-9110	475	4	,	,	PUNCT
cblr-9110	475	5	no	no	INTJ
cblr-9110	475	6	.	.	NOUN
cblr-9110	475	7	19	19	NUM
cblr-9110	475	8	-	-	SYM
cblr-9110	475	9	1042	1042	NUM
cblr-9110	475	10	,	,	PUNCT
cblr-9110	475	11	2020	2020	NUM
cblr-9110	475	12	wl	wl	SYM
cblr-9110	475	13	6020771	6020771	NUM
cblr-9110	475	14	(	(	PUNCT
cblr-9110	475	15	d.c	d.c	PROPN
cblr-9110	475	16	.	.	PROPN
cblr-9110	475	17	cir	cir	PROPN
cblr-9110	475	18	.	.	PUNCT
cblr-9110	476	1	june	june	PROPN
cblr-9110	476	2	16	16	NUM
cblr-9110	476	3	,	,	PUNCT
cblr-9110	476	4	2020	2020	NUM
cblr-9110	476	5	)	)	PUNCT
cblr-9110	476	6	(	(	PUNCT
cblr-9110	476	7	rejecting	reject	VERB
cblr-9110	476	8	the	the	DET
cblr-9110	476	9	sec	sec	PROPN
cblr-9110	476	10	’s	’s	PART
cblr-9110	476	11	plan	plan	NOUN
cblr-9110	476	12	to	to	PART
cblr-9110	476	13	implement	implement	VERB
cblr-9110	476	14	a	a	DET
cblr-9110	476	15	pilot	pilot	NOUN
cblr-9110	476	16	program	program	NOUN
cblr-9110	476	17	to	to	PART
cblr-9110	476	18	test	test	VERB
cblr-9110	476	19	trading	trading	NOUN
cblr-9110	476	20	with	with	ADP
cblr-9110	476	21	lower	low	ADJ
cblr-9110	476	22	fees	fee	NOUN
cblr-9110	476	23	and	and	CCONJ
cblr-9110	476	24	rebates	rebate	NOUN
cblr-9110	476	25	for	for	ADP
cblr-9110	476	26	liquidity	liquidity	NOUN
cblr-9110	476	27	-	-	PUNCT
cblr-9110	476	28	making	make	VERB
cblr-9110	476	29	and	and	CCONJ
cblr-9110	476	30	liquidity	liquidity	NOUN
cblr-9110	476	31	-	-	PUNCT
cblr-9110	476	32	taking	taking	NOUN
cblr-9110	476	33	for	for	ADP
cblr-9110	476	34	brokers	broker	NOUN
cblr-9110	476	35	)	)	PUNCT
cblr-9110	476	36	.	.	PUNCT
cblr-9110	477	1	121	121	NUM
cblr-9110	477	2	see	see	VERB
cblr-9110	477	3	supra	supra	PROPN
cblr-9110	477	4	note	note	PROPN
cblr-9110	477	5	114	114	NUM
cblr-9110	477	6	and	and	CCONJ
cblr-9110	477	7	accompanying	accompany	VERB
cblr-9110	477	8	text	text	NOUN
cblr-9110	477	9	.	.	PUNCT
cblr-9110	478	1	1354	1354	NUM
cblr-9110	478	2	columbia	columbia	PROPN
cblr-9110	478	3	business	business	NOUN
cblr-9110	478	4	law	law	PROPN
cblr-9110	478	5	review	review	NOUN
cblr-9110	478	6	[	[	X
cblr-9110	478	7	vol	vol	NOUN
cblr-9110	478	8	.	.	NOUN
cblr-9110	478	9	2021	2021	NUM
cblr-9110	478	10	to	to	PART
cblr-9110	478	11	be	be	AUX
cblr-9110	478	12	sure	sure	ADJ
cblr-9110	478	13	,	,	PUNCT
cblr-9110	478	14	the	the	DET
cblr-9110	478	15	sec	sec	PROPN
cblr-9110	478	16	is	be	AUX
cblr-9110	478	17	watching	watch	VERB
cblr-9110	478	18	and	and	CCONJ
cblr-9110	478	19	has	have	AUX
cblr-9110	478	20	already	already	ADV
cblr-9110	478	21	achieved	achieve	VERB
cblr-9110	478	22	a	a	DET
cblr-9110	478	23	number	number	NOUN
cblr-9110	478	24	of	of	ADP
cblr-9110	478	25	safeguards	safeguard	NOUN
cblr-9110	478	26	in	in	ADP
cblr-9110	478	27	addition	addition	NOUN
cblr-9110	478	28	to	to	ADP
cblr-9110	478	29	those	those	PRON
cblr-9110	478	30	described	describe	VERB
cblr-9110	478	31	in	in	ADP
cblr-9110	478	32	section	section	NOUN
cblr-9110	478	33	iii.b.122	iii.b.122	PROPN
cblr-9110	478	34	but	but	CCONJ
cblr-9110	478	35	at	at	ADP
cblr-9110	478	36	some	some	DET
cblr-9110	478	37	point	point	NOUN
cblr-9110	478	38	,	,	PUNCT
cblr-9110	478	39	there	there	PRON
cblr-9110	478	40	will	will	AUX
cblr-9110	478	41	be	be	AUX
cblr-9110	478	42	sufficient	sufficient	ADJ
cblr-9110	478	43	market	market	NOUN
cblr-9110	478	44	data	datum	NOUN
cblr-9110	478	45	on	on	ADP
cblr-9110	478	46	the	the	DET
cblr-9110	478	47	tracking	tracking	NOUN
cblr-9110	478	48	spreads	spread	NOUN
cblr-9110	478	49	and	and	CCONJ
cblr-9110	478	50	bid	bid	NOUN
cblr-9110	478	51	-	-	PUNCT
cblr-9110	478	52	ask	ask	NOUN
cblr-9110	478	53	spreads	spread	NOUN
cblr-9110	478	54	(	(	PUNCT
cblr-9110	478	55	including	include	VERB
cblr-9110	478	56	during	during	ADP
cblr-9110	478	57	times	time	NOUN
cblr-9110	478	58	of	of	ADP
cblr-9110	478	59	unusual	unusual	ADJ
cblr-9110	478	60	market	market	NOUN
cblr-9110	478	61	stress	stress	NOUN
cblr-9110	478	62	)	)	PUNCT
cblr-9110	478	63	of	of	ADP
cblr-9110	478	64	these	these	DET
cblr-9110	478	65	new	new	ADJ
cblr-9110	478	66	etfs	etfs	NOUN
cblr-9110	478	67	such	such	ADJ
cblr-9110	478	68	that	that	SCONJ
cblr-9110	478	69	the	the	DET
cblr-9110	478	70	commission	commission	NOUN
cblr-9110	478	71	in	in	ADP
cblr-9110	478	72	office	office	NOUN
cblr-9110	478	73	at	at	ADP
cblr-9110	478	74	the	the	DET
cblr-9110	478	75	time	time	NOUN
cblr-9110	478	76	might	might	AUX
cblr-9110	478	77	find	find	VERB
cblr-9110	478	78	that	that	SCONJ
cblr-9110	478	79	monitoring	monitoring	NOUN
cblr-9110	478	80	and	and	CCONJ
cblr-9110	478	81	those	those	DET
cblr-9110	478	82	safeguards	safeguard	NOUN
cblr-9110	478	83	to	to	PART
cblr-9110	478	84	be	be	AUX
cblr-9110	478	85	insufficient	insufficient	ADJ
cblr-9110	478	86	to	to	PART
cblr-9110	478	87	protect	protect	VERB
cblr-9110	478	88	at	at	ADV
cblr-9110	478	89	least	least	ADJ
cblr-9110	478	90	ordinary	ordinary	ADJ
cblr-9110	478	91	,	,	PUNCT
cblr-9110	478	92	individual	individual	ADJ
cblr-9110	478	93	investors	investor	NOUN
cblr-9110	478	94	.	.	PUNCT
cblr-9110	479	1	more	more	ADV
cblr-9110	479	2	generally	generally	ADV
cblr-9110	479	3	,	,	PUNCT
cblr-9110	479	4	one	one	PRON
cblr-9110	479	5	might	might	AUX
cblr-9110	479	6	still	still	ADV
cblr-9110	479	7	wonder	wonder	VERB
cblr-9110	479	8	whether	whether	SCONJ
cblr-9110	479	9	all	all	PRON
cblr-9110	479	10	of	of	ADP
cblr-9110	479	11	this	this	PRON
cblr-9110	479	12	involves	involve	VERB
cblr-9110	479	13	a	a	DET
cblr-9110	479	14	desirable	desirable	ADJ
cblr-9110	479	15	use	use	NOUN
cblr-9110	479	16	of	of	ADP
cblr-9110	479	17	government	government	NOUN
cblr-9110	479	18	resources	resource	NOUN
cblr-9110	479	19	—	—	PUNCT
cblr-9110	479	20	including	include	VERB
cblr-9110	479	21	those	those	PRON
cblr-9110	479	22	required	require	VERB
cblr-9110	479	23	for	for	ADP
cblr-9110	479	24	the	the	DET
cblr-9110	479	25	sec	sec	PROPN
cblr-9110	479	26	and	and	CCONJ
cblr-9110	479	27	others	other	NOUN
cblr-9110	479	28	to	to	PART
cblr-9110	479	29	monitor	monitor	VERB
cblr-9110	479	30	and	and	CCONJ
cblr-9110	479	31	enforce	enforce	VERB
cblr-9110	479	32	the	the	DET
cblr-9110	479	33	types	type	NOUN
cblr-9110	479	34	of	of	ADP
cblr-9110	479	35	issues	issue	NOUN
cblr-9110	479	36	i	i	PRON
cblr-9110	479	37	note	note	VERB
cblr-9110	479	38	in	in	ADP
cblr-9110	479	39	this	this	DET
cblr-9110	479	40	section	section	NOUN
cblr-9110	479	41	.	.	PUNCT
cblr-9110	480	1	for	for	ADP
cblr-9110	480	2	one	one	NUM
cblr-9110	480	3	thing	thing	NOUN
cblr-9110	480	4	,	,	PUNCT
cblr-9110	480	5	it	it	PRON
cblr-9110	480	6	is	be	AUX
cblr-9110	480	7	far	far	ADV
cblr-9110	480	8	from	from	ADP
cblr-9110	480	9	clear	clear	ADJ
cblr-9110	480	10	that	that	SCONJ
cblr-9110	480	11	the	the	DET
cblr-9110	480	12	benefits	benefit	NOUN
cblr-9110	480	13	investors	investor	NOUN
cblr-9110	480	14	will	will	AUX
cblr-9110	480	15	receive	receive	VERB
cblr-9110	480	16	from	from	ADP
cblr-9110	480	17	etf	etf	NOUN
cblr-9110	480	18	-	-	PUNCT
cblr-9110	480	19	based	base	VERB
cblr-9110	480	20	active	active	ADJ
cblr-9110	480	21	management	management	NOUN
cblr-9110	480	22	dominate	dominate	VERB
cblr-9110	480	23	the	the	DET
cblr-9110	480	24	costs	cost	NOUN
cblr-9110	480	25	traceable	traceable	ADJ
cblr-9110	480	26	to	to	ADP
cblr-9110	480	27	the	the	DET
cblr-9110	480	28	same.123	same.123	NOUN
cblr-9110	480	29	for	for	ADP
cblr-9110	480	30	another	another	PRON
cblr-9110	480	31	,	,	PUNCT
cblr-9110	480	32	even	even	ADV
cblr-9110	480	33	to	to	ADP
cblr-9110	480	34	the	the	DET
cblr-9110	480	35	extent	extent	NOUN
cblr-9110	480	36	that	that	SCONJ
cblr-9110	480	37	quality	quality	NOUN
cblr-9110	480	38	actively	actively	ADV
cblr-9110	480	39	managed	manage	VERB
cblr-9110	480	40	products	product	NOUN
cblr-9110	480	41	dominate	dominate	VERB
cblr-9110	480	42	for	for	ADP
cblr-9110	480	43	investors	investor	NOUN
cblr-9110	480	44	,	,	PUNCT
cblr-9110	480	45	it	it	PRON
cblr-9110	480	46	is	be	AUX
cblr-9110	480	47	likewise	likewise	ADV
cblr-9110	480	48	unclear	unclear	ADJ
cblr-9110	480	49	that	that	SCONJ
cblr-9110	480	50	these	these	DET
cblr-9110	480	51	products	product	NOUN
cblr-9110	480	52	are	be	AUX
cblr-9110	480	53	socially	socially	ADV
cblr-9110	480	54	desirable	desirable	ADJ
cblr-9110	480	55	.	.	PUNCT
cblr-9110	481	1	after	after	ADV
cblr-9110	481	2	all	all	ADV
cblr-9110	481	3	,	,	PUNCT
cblr-9110	481	4	the	the	DET
cblr-9110	481	5	advantages	advantage	NOUN
cblr-9110	481	6	of	of	ADP
cblr-9110	481	7	etf	etf	NOUN
cblr-9110	481	8	investing	investing	NOUN
cblr-9110	481	9	described	describe	VERB
cblr-9110	481	10	in	in	ADP
cblr-9110	481	11	sections	section	NOUN
cblr-9110	481	12	ii.a	ii.a	NOUN
cblr-9110	481	13	and	and	CCONJ
cblr-9110	481	14	b	b	NUM
cblr-9110	481	15	are	be	AUX
cblr-9110	481	16	those	those	PRON
cblr-9110	481	17	specific	specific	ADJ
cblr-9110	481	18	to	to	ADP
cblr-9110	481	19	investors	investor	NOUN
cblr-9110	481	20	.	.	PUNCT
cblr-9110	482	1	for	for	ADP
cblr-9110	482	2	society	society	NOUN
cblr-9110	482	3	,	,	PUNCT
cblr-9110	482	4	the	the	DET
cblr-9110	482	5	advantages	advantage	NOUN
cblr-9110	482	6	of	of	ADP
cblr-9110	482	7	etf	etf	NOUN
cblr-9110	482	8	investing	investing	NOUN
cblr-9110	482	9	are	be	AUX
cblr-9110	482	10	less	less	ADV
cblr-9110	482	11	clear	clear	ADJ
cblr-9110	482	12	.	.	PUNCT
cblr-9110	483	1	indeed	indeed	ADV
cblr-9110	483	2	,	,	PUNCT
cblr-9110	483	3	the	the	DET
cblr-9110	483	4	tax	tax	NOUN
cblr-9110	483	5	benefits	benefit	NOUN
cblr-9110	483	6	described	describe	VERB
cblr-9110	483	7	in	in	ADP
cblr-9110	483	8	section	section	NOUN
cblr-9110	483	9	ii.b.2	ii.b.2	PROPN
cblr-9110	483	10	have	have	AUX
cblr-9110	483	11	no	no	PRON
cblr-9110	483	12	doubt	doubt	ADV
cblr-9110	483	13	played	play	VERB
cblr-9110	483	14	a	a	DET
cblr-9110	483	15	considerable	considerable	ADJ
cblr-9110	483	16	role	role	NOUN
cblr-9110	483	17	in	in	ADP
cblr-9110	483	18	the	the	DET
cblr-9110	483	19	triumph	triumph	NOUN
cblr-9110	483	20	of	of	ADP
cblr-9110	483	21	the	the	DET
cblr-9110	483	22	etf	etf	NOUN
cblr-9110	483	23	from	from	ADP
cblr-9110	483	24	its	its	PRON
cblr-9110	483	25	inception	inception	NOUN
cblr-9110	483	26	in	in	ADP
cblr-9110	483	27	1993	1993	NUM
cblr-9110	483	28	through	through	ADP
cblr-9110	483	29	to	to	ADP
cblr-9110	483	30	today	today	NOUN
cblr-9110	483	31	.	.	PUNCT
cblr-9110	484	1	yet	yet	ADV
cblr-9110	484	2	,	,	PUNCT
cblr-9110	484	3	the	the	DET
cblr-9110	484	4	desirability	desirability	NOUN
cblr-9110	484	5	of	of	ADP
cblr-9110	484	6	those	those	DET
cblr-9110	484	7	tax	tax	NOUN
cblr-9110	484	8	advantages	advantage	NOUN
cblr-9110	484	9	for	for	ADP
cblr-9110	484	10	investors	investor	NOUN
cblr-9110	484	11	must	must	AUX
cblr-9110	484	12	be	be	AUX
cblr-9110	484	13	distinguished	distinguish	VERB
cblr-9110	484	14	from	from	ADP
cblr-9110	484	15	the	the	DET
cblr-9110	484	16	very	very	ADV
cblr-9110	484	17	questionable	questionable	ADJ
cblr-9110	484	18	desirability	desirability	NOUN
cblr-9110	484	19	of	of	ADP
cblr-9110	484	20	the	the	DET
cblr-9110	484	21	same	same	ADJ
cblr-9110	484	22	for	for	ADP
cblr-9110	484	23	society.124	society.124	NOUN
cblr-9110	484	24	thus	thus	ADV
cblr-9110	484	25	,	,	PUNCT
cblr-9110	484	26	one	one	PRON
cblr-9110	484	27	might	might	AUX
cblr-9110	484	28	not	not	PART
cblr-9110	484	29	be	be	AUX
cblr-9110	484	30	surprised	surprised	ADJ
cblr-9110	484	31	to	to	PART
cblr-9110	484	32	see	see	VERB
cblr-9110	484	33	that	that	SCONJ
cblr-9110	484	34	the	the	DET
cblr-9110	484	35	sec	sec	PROPN
cblr-9110	484	36	has	have	AUX
cblr-9110	484	37	allocated	allocate	VERB
cblr-9110	484	38	a	a	DET
cblr-9110	484	39	good	good	ADJ
cblr-9110	484	40	deal	deal	NOUN
cblr-9110	484	41	of	of	ADP
cblr-9110	484	42	scarce	scarce	ADJ
cblr-9110	484	43	government	government	NOUN
cblr-9110	484	44	resources	resource	NOUN
cblr-9110	484	45	toward	toward	ADP
cblr-9110	484	46	122	122	NUM
cblr-9110	484	47	see	see	NOUN
cblr-9110	484	48	,	,	PUNCT
cblr-9110	484	49	e.g.	e.g.	ADV
cblr-9110	484	50	,	,	PUNCT
cblr-9110	484	51	notice	notice	NOUN
cblr-9110	484	52	of	of	ADP
cblr-9110	484	53	application	application	NOUN
cblr-9110	484	54	of	of	ADP
cblr-9110	484	55	fidelity	fidelity	PROPN
cblr-9110	484	56	beach	beach	PROPN
cblr-9110	484	57	street	street	PROPN
cblr-9110	484	58	trust	trust	PROPN
cblr-9110	484	59	,	,	PUNCT
cblr-9110	484	60	investment	investment	NOUN
cblr-9110	484	61	company	company	NOUN
cblr-9110	484	62	act	act	VERB
cblr-9110	484	63	release	release	VERB
cblr-9110	484	64	no	no	PRON
cblr-9110	484	65	.	.	NOUN
cblr-9110	484	66	33,683	33,683	NUM
cblr-9110	484	67	,	,	PUNCT
cblr-9110	484	68	84	84	NUM
cblr-9110	484	69	fed	feed	VERB
cblr-9110	484	70	.	.	PUNCT
cblr-9110	485	1	reg	reg	PROPN
cblr-9110	485	2	.	.	PUNCT
cblr-9110	486	1	64,140	64,140	NUM
cblr-9110	486	2	,	,	PUNCT
cblr-9110	486	3	64,144	64,144	NUM
cblr-9110	486	4	–	–	PUNCT
cblr-9110	486	5	45	45	NUM
cblr-9110	486	6	(	(	PUNCT
cblr-9110	486	7	nov	nov	PROPN
cblr-9110	486	8	.	.	PROPN
cblr-9110	486	9	20	20	NUM
cblr-9110	486	10	,	,	PUNCT
cblr-9110	486	11	2019	2019	NUM
cblr-9110	486	12	)	)	PUNCT
cblr-9110	486	13	(	(	PUNCT
cblr-9110	486	14	detailing	detail	VERB
cblr-9110	486	15	remedial	remedial	ADJ
cblr-9110	486	16	measures	measure	NOUN
cblr-9110	486	17	that	that	PRON
cblr-9110	486	18	the	the	DET
cblr-9110	486	19	funds	fund	NOUN
cblr-9110	486	20	and	and	CCONJ
cblr-9110	486	21	their	their	PRON
cblr-9110	486	22	adviser	adviser	NOUN
cblr-9110	486	23	must	must	AUX
cblr-9110	486	24	take	take	VERB
cblr-9110	486	25	“	"	PUNCT
cblr-9110	486	26	if	if	SCONJ
cblr-9110	486	27	the	the	DET
cblr-9110	486	28	funds	fund	NOUN
cblr-9110	486	29	do	do	AUX
cblr-9110	486	30	not	not	PART
cblr-9110	486	31	function	function	VERB
cblr-9110	486	32	as	as	ADP
cblr-9110	486	33	anticipated	anticipate	VERB
cblr-9110	486	34	”	"	PUNCT
cblr-9110	486	35	)	)	PUNCT
cblr-9110	486	36	.	.	PUNCT
cblr-9110	487	1	123	123	NUM
cblr-9110	487	2	the	the	DET
cblr-9110	487	3	main	main	ADJ
cblr-9110	487	4	quality	quality	NOUN
cblr-9110	487	5	that	that	PRON
cblr-9110	487	6	matters	matter	VERB
cblr-9110	487	7	in	in	ADP
cblr-9110	487	8	the	the	DET
cblr-9110	487	9	active	active	ADJ
cblr-9110	487	10	-	-	PUNCT
cblr-9110	487	11	management	management	NOUN
cblr-9110	487	12	context	context	NOUN
cblr-9110	487	13	more	more	ADV
cblr-9110	487	14	generally	generally	ADV
cblr-9110	487	15	relates	relate	VERB
cblr-9110	487	16	to	to	ADP
cblr-9110	487	17	the	the	DET
cblr-9110	487	18	expectation	expectation	NOUN
cblr-9110	487	19	of	of	ADP
cblr-9110	487	20	profits	profit	NOUN
cblr-9110	487	21	net	net	NOUN
cblr-9110	487	22	of	of	ADP
cblr-9110	487	23	the	the	DET
cblr-9110	487	24	costs	cost	NOUN
cblr-9110	487	25	of	of	ADP
cblr-9110	487	26	that	that	DET
cblr-9110	487	27	management	management	NOUN
cblr-9110	487	28	.	.	PUNCT
cblr-9110	488	1	for	for	ADP
cblr-9110	488	2	decades	decade	NOUN
cblr-9110	488	3	,	,	PUNCT
cblr-9110	488	4	there	there	PRON
cblr-9110	488	5	has	have	AUX
cblr-9110	488	6	been	be	AUX
cblr-9110	488	7	a	a	DET
cblr-9110	488	8	debate	debate	NOUN
cblr-9110	488	9	on	on	ADP
cblr-9110	488	10	the	the	DET
cblr-9110	488	11	extent	extent	NOUN
cblr-9110	488	12	to	to	ADP
cblr-9110	488	13	which	which	PRON
cblr-9110	488	14	actively	actively	ADV
cblr-9110	488	15	managed	manage	VERB
cblr-9110	488	16	investment	investment	NOUN
cblr-9110	488	17	funds	fund	NOUN
cblr-9110	488	18	generate	generate	VERB
cblr-9110	488	19	risk	risk	NOUN
cblr-9110	488	20	-	-	PUNCT
cblr-9110	488	21	adjusted	adjust	VERB
cblr-9110	488	22	returns	return	NOUN
cblr-9110	488	23	net	net	NOUN
cblr-9110	488	24	of	of	ADP
cblr-9110	488	25	the	the	DET
cblr-9110	488	26	fees	fee	NOUN
cblr-9110	488	27	they	they	PRON
cblr-9110	488	28	charge	charge	VERB
cblr-9110	488	29	that	that	DET
cblr-9110	488	30	outpace	outpace	NOUN
cblr-9110	488	31	the	the	DET
cblr-9110	488	32	returns	return	NOUN
cblr-9110	488	33	from	from	ADP
cblr-9110	488	34	passive	passive	ADJ
cblr-9110	488	35	investing	investing	NOUN
cblr-9110	488	36	net	net	NOUN
cblr-9110	488	37	of	of	ADP
cblr-9110	488	38	its	its	PRON
cblr-9110	488	39	far	far	ADV
cblr-9110	488	40	lower	low	ADJ
cblr-9110	488	41	fees	fee	NOUN
cblr-9110	488	42	.	.	PUNCT
cblr-9110	489	1	see	see	VERB
cblr-9110	489	2	,	,	PUNCT
cblr-9110	489	3	e.g.	e.g.	ADV
cblr-9110	489	4	,	,	PUNCT
cblr-9110	489	5	brown	brown	PROPN
cblr-9110	489	6	&	&	CCONJ
cblr-9110	489	7	davies	davy	NOUN
cblr-9110	489	8	,	,	PUNCT
cblr-9110	489	9	supra	supra	PROPN
cblr-9110	489	10	note	note	NOUN
cblr-9110	489	11	104	104	NUM
cblr-9110	489	12	,	,	PUNCT
cblr-9110	489	13	at	at	ADP
cblr-9110	489	14	2–3	2–3	NUM
cblr-9110	489	15	.	.	NOUN
cblr-9110	489	16	124	124	NUM
cblr-9110	489	17	as	as	SCONJ
cblr-9110	489	18	its	its	PRON
cblr-9110	489	19	title	title	NOUN
cblr-9110	489	20	suggests	suggest	VERB
cblr-9110	489	21	,	,	PUNCT
cblr-9110	489	22	jeffrey	jeffrey	PROPN
cblr-9110	489	23	colon	colon	PROPN
cblr-9110	489	24	’s	’s	PART
cblr-9110	489	25	“	"	PUNCT
cblr-9110	489	26	the	the	DET
cblr-9110	489	27	great	great	ADJ
cblr-9110	489	28	etf	etf	NOUN
cblr-9110	489	29	tax	tax	NOUN
cblr-9110	489	30	swindle	swindle	NOUN
cblr-9110	489	31	,	,	PUNCT
cblr-9110	489	32	”	"	PUNCT
cblr-9110	489	33	supra	supra	NOUN
cblr-9110	489	34	note	note	NOUN
cblr-9110	489	35	17	17	NUM
cblr-9110	489	36	,	,	PUNCT
cblr-9110	489	37	provides	provide	VERB
cblr-9110	489	38	an	an	DET
cblr-9110	489	39	in	in	ADP
cblr-9110	489	40	-	-	PUNCT
cblr-9110	489	41	depth	depth	NOUN
cblr-9110	489	42	critique	critique	NOUN
cblr-9110	489	43	of	of	ADP
cblr-9110	489	44	the	the	DET
cblr-9110	489	45	current	current	ADJ
cblr-9110	489	46	approach	approach	NOUN
cblr-9110	489	47	to	to	ADP
cblr-9110	489	48	etf	etf	NOUN
cblr-9110	489	49	taxation	taxation	NOUN
cblr-9110	489	50	.	.	PUNCT
cblr-9110	490	1	no	no	INTJ
cblr-9110	490	2	.	.	NOUN
cblr-9110	491	1	3:1321	3:1321	NUM
cblr-9110	491	2	]	]	X
cblr-9110	491	3	the	the	DET
cblr-9110	491	4	emergence	emergence	NOUN
cblr-9110	491	5	of	of	ADP
cblr-9110	491	6	the	the	DET
cblr-9110	491	7	actively	actively	ADV
cblr-9110	491	8	managed	manage	VERB
cblr-9110	491	9	etf	etf	NOUN
cblr-9110	491	10	1355	1355	NUM
cblr-9110	491	11	bringing	bring	VERB
cblr-9110	491	12	about	about	ADP
cblr-9110	491	13	the	the	DET
cblr-9110	491	14	current	current	ADJ
cblr-9110	491	15	market	market	NOUN
cblr-9110	491	16	experiment	experiment	NOUN
cblr-9110	491	17	for	for	ADP
cblr-9110	491	18	nontransparent	nontransparent	ADJ
cblr-9110	491	19	actively	actively	ADV
cblr-9110	491	20	managed	manage	VERB
cblr-9110	491	21	etfs	etfs	NOUN
cblr-9110	491	22	.	.	PUNCT
cblr-9110	492	1	but	but	CCONJ
cblr-9110	492	2	to	to	ADP
cblr-9110	492	3	the	the	DET
cblr-9110	492	4	extent	extent	NOUN
cblr-9110	492	5	these	these	DET
cblr-9110	492	6	products	product	NOUN
cblr-9110	492	7	(	(	PUNCT
cblr-9110	492	8	1	1	X
cblr-9110	492	9	)	)	PUNCT
cblr-9110	492	10	turn	turn	VERB
cblr-9110	492	11	out	out	ADP
cblr-9110	492	12	to	to	PART
cblr-9110	492	13	raise	raise	VERB
cblr-9110	492	14	costs	cost	NOUN
cblr-9110	492	15	for	for	ADP
cblr-9110	492	16	investors	investor	NOUN
cblr-9110	492	17	without	without	ADP
cblr-9110	492	18	bringing	bring	VERB
cblr-9110	492	19	them	they	PRON
cblr-9110	492	20	sufficient	sufficient	ADJ
cblr-9110	492	21	benefits	benefit	NOUN
cblr-9110	492	22	or	or	CCONJ
cblr-9110	492	23	(	(	PUNCT
cblr-9110	492	24	2	2	X
cblr-9110	492	25	)	)	PUNCT
cblr-9110	492	26	are	be	AUX
cblr-9110	492	27	merely	merely	ADV
cblr-9110	492	28	desirable	desirable	ADJ
cblr-9110	492	29	to	to	ADP
cblr-9110	492	30	investors	investor	NOUN
cblr-9110	492	31	due	due	ADP
cblr-9110	492	32	to	to	ADP
cblr-9110	492	33	a	a	DET
cblr-9110	492	34	tax	tax	NOUN
cblr-9110	492	35	dodge	dodge	NOUN
cblr-9110	492	36	(	(	PUNCT
cblr-9110	492	37	and	and	CCONJ
cblr-9110	492	38	not	not	PART
cblr-9110	492	39	due	due	ADP
cblr-9110	492	40	to	to	ADP
cblr-9110	492	41	the	the	DET
cblr-9110	492	42	financial	financial	ADJ
cblr-9110	492	43	attractiveness	attractiveness	NOUN
cblr-9110	492	44	of	of	ADP
cblr-9110	492	45	active	active	ADJ
cblr-9110	492	46	management	management	NOUN
cblr-9110	492	47	via	via	ADP
cblr-9110	492	48	a	a	DET
cblr-9110	492	49	more	more	ADV
cblr-9110	492	50	liquid	liquid	ADJ
cblr-9110	492	51	and	and	CCONJ
cblr-9110	492	52	perhaps	perhaps	ADV
cblr-9110	492	53	less	less	ADV
cblr-9110	492	54	costly	costly	ADJ
cblr-9110	492	55	form	form	NOUN
cblr-9110	492	56	)	)	PUNCT
cblr-9110	492	57	,	,	PUNCT
cblr-9110	492	58	it	it	PRON
cblr-9110	492	59	becomes	become	VERB
cblr-9110	492	60	harder	hard	ADJ
cblr-9110	492	61	to	to	PART
cblr-9110	492	62	appreciate	appreciate	VERB
cblr-9110	492	63	why	why	SCONJ
cblr-9110	492	64	the	the	DET
cblr-9110	492	65	sec	sec	PROPN
cblr-9110	492	66	should	should	AUX
cblr-9110	492	67	continue	continue	VERB
cblr-9110	492	68	its	its	PRON
cblr-9110	492	69	work	work	NOUN
cblr-9110	492	70	in	in	ADP
cblr-9110	492	71	this	this	DET
cblr-9110	492	72	area	area	NOUN
cblr-9110	492	73	.	.	PUNCT
cblr-9110	493	1	in	in	ADP
cblr-9110	493	2	sum	sum	NOUN
cblr-9110	493	3	,	,	PUNCT
cblr-9110	493	4	it	it	PRON
cblr-9110	493	5	is	be	AUX
cblr-9110	493	6	understandable	understandable	ADJ
cblr-9110	493	7	why	why	SCONJ
cblr-9110	493	8	so	so	ADV
cblr-9110	493	9	many	many	ADJ
cblr-9110	493	10	in	in	ADP
cblr-9110	493	11	the	the	DET
cblr-9110	493	12	fund	fund	NOUN
cblr-9110	493	13	industry	industry	NOUN
cblr-9110	493	14	care	care	VERB
cblr-9110	493	15	about	about	ADP
cblr-9110	493	16	these	these	DET
cblr-9110	493	17	new	new	ADJ
cblr-9110	493	18	products	product	NOUN
cblr-9110	493	19	and	and	CCONJ
cblr-9110	493	20	their	their	PRON
cblr-9110	493	21	success	success	NOUN
cblr-9110	493	22	.	.	PUNCT
cblr-9110	494	1	but	but	CCONJ
cblr-9110	494	2	the	the	DET
cblr-9110	494	3	government	government	NOUN
cblr-9110	494	4	’s	’s	PART
cblr-9110	494	5	interest	interest	NOUN
cblr-9110	494	6	(	(	PUNCT
cblr-9110	494	7	independent	independent	ADJ
cblr-9110	494	8	of	of	ADP
cblr-9110	494	9	direct	direct	ADJ
cblr-9110	494	10	and	and	CCONJ
cblr-9110	494	11	indirect	indirect	ADJ
cblr-9110	494	12	industry	industry	NOUN
cblr-9110	494	13	pressure	pressure	NOUN
cblr-9110	494	14	)	)	PUNCT
cblr-9110	494	15	is	be	AUX
cblr-9110	494	16	less	less	ADV
cblr-9110	494	17	clear	clear	ADJ
cblr-9110	494	18	.	.	PUNCT
cblr-9110	495	1	2	2	X
cblr-9110	495	2	.	.	X
cblr-9110	495	3	the	the	DET
cblr-9110	495	4	role	role	NOUN
cblr-9110	495	5	of	of	ADP
cblr-9110	495	6	securities	security	NOUN
cblr-9110	495	7	brokers	broker	NOUN
cblr-9110	495	8	and	and	CCONJ
cblr-9110	495	9	investment	investment	NOUN
cblr-9110	495	10	advisers	adviser	NOUN
cblr-9110	495	11	similar	similar	ADJ
cblr-9110	495	12	monitoring	monitoring	NOUN
cblr-9110	495	13	is	be	AUX
cblr-9110	495	14	appropriate	appropriate	ADJ
cblr-9110	495	15	for	for	ADP
cblr-9110	495	16	key	key	ADJ
cblr-9110	495	17	investment	investment	NOUN
cblr-9110	495	18	intermediaries	intermediary	NOUN
cblr-9110	495	19	—	—	PUNCT
cblr-9110	495	20	namely	namely	ADV
cblr-9110	495	21	,	,	PUNCT
cblr-9110	495	22	investment	investment	NOUN
cblr-9110	495	23	advisers	adviser	NOUN
cblr-9110	495	24	and	and	CCONJ
cblr-9110	495	25	securities	security	NOUN
cblr-9110	495	26	brokers	broker	NOUN
cblr-9110	495	27	.	.	PUNCT
cblr-9110	496	1	securities	security	NOUN
cblr-9110	496	2	brokers	broker	NOUN
cblr-9110	496	3	have	have	VERB
cblr-9110	496	4	a	a	DET
cblr-9110	496	5	duty	duty	NOUN
cblr-9110	496	6	to	to	PART
cblr-9110	496	7	provide	provide	VERB
cblr-9110	496	8	retail	retail	ADJ
cblr-9110	496	9	investors	investor	NOUN
cblr-9110	496	10	with	with	ADP
cblr-9110	496	11	recommendations	recommendation	NOUN
cblr-9110	496	12	that	that	PRON
cblr-9110	496	13	are	be	AUX
cblr-9110	496	14	in	in	ADP
cblr-9110	496	15	the	the	DET
cblr-9110	496	16	best	good	ADJ
cblr-9110	496	17	interest	interest	NOUN
cblr-9110	496	18	of	of	ADP
cblr-9110	496	19	those	those	PRON
cblr-9110	496	20	investors.125	investors.125	VERB
cblr-9110	496	21	this	this	DET
cblr-9110	496	22	general	general	ADJ
cblr-9110	496	23	best	good	ADJ
cblr-9110	496	24	-	-	PUNCT
cblr-9110	496	25	interest	interest	NOUN
cblr-9110	496	26	obligation	obligation	NOUN
cblr-9110	496	27	owed	owe	VERB
cblr-9110	496	28	by	by	ADP
cblr-9110	496	29	brokers	broker	NOUN
cblr-9110	496	30	is	be	AUX
cblr-9110	496	31	one	one	NUM
cblr-9110	496	32	that	that	PRON
cblr-9110	496	33	includes	include	VERB
cblr-9110	496	34	several	several	ADJ
cblr-9110	496	35	“	"	PUNCT
cblr-9110	496	36	component	component	NOUN
cblr-9110	496	37	obligations	obligation	NOUN
cblr-9110	496	38	,	,	PUNCT
cblr-9110	496	39	”	"	PUNCT
cblr-9110	496	40	including	include	VERB
cblr-9110	496	41	a	a	DET
cblr-9110	496	42	“	"	PUNCT
cblr-9110	496	43	care	care	NOUN
cblr-9110	496	44	obligation	obligation	NOUN
cblr-9110	496	45	.	.	PUNCT
cblr-9110	496	46	”126	”126	PROPN
cblr-9110	496	47	as	as	SCONJ
cblr-9110	496	48	stated	state	VERB
cblr-9110	496	49	in	in	ADP
cblr-9110	496	50	the	the	DET
cblr-9110	496	51	sec	sec	PROPN
cblr-9110	496	52	’s	’s	PART
cblr-9110	496	53	adopting	adopt	VERB
cblr-9110	496	54	release	release	NOUN
cblr-9110	496	55	for	for	ADP
cblr-9110	496	56	regulation	regulation	NOUN
cblr-9110	496	57	best	good	ADJ
cblr-9110	496	58	interest	interest	NOUN
cblr-9110	496	59	:	:	PUNCT
cblr-9110	496	60	under	under	ADP
cblr-9110	496	61	the	the	DET
cblr-9110	496	62	care	care	NOUN
cblr-9110	496	63	obligation	obligation	NOUN
cblr-9110	496	64	,	,	PUNCT
cblr-9110	496	65	a	a	DET
cblr-9110	496	66	broker	broker	NOUN
cblr-9110	496	67	-	-	PUNCT
cblr-9110	496	68	dealer	dealer	NOUN
cblr-9110	496	69	must	must	AUX
cblr-9110	496	70	exercise	exercise	VERB
cblr-9110	496	71	reasonable	reasonable	ADJ
cblr-9110	496	72	diligence	diligence	NOUN
cblr-9110	496	73	,	,	PUNCT
cblr-9110	496	74	care	care	NOUN
cblr-9110	496	75	,	,	PUNCT
cblr-9110	496	76	and	and	CCONJ
cblr-9110	496	77	skill	skill	NOUN
cblr-9110	496	78	when	when	SCONJ
cblr-9110	496	79	making	make	VERB
cblr-9110	496	80	a	a	DET
cblr-9110	496	81	recommendation	recommendation	NOUN
cblr-9110	496	82	to	to	ADP
cblr-9110	496	83	a	a	DET
cblr-9110	496	84	retail	retail	ADJ
cblr-9110	496	85	customer	customer	NOUN
cblr-9110	496	86	.	.	PUNCT
cblr-9110	497	1	the	the	DET
cblr-9110	497	2	broker	broker	NOUN
cblr-9110	497	3	-	-	PUNCT
cblr-9110	497	4	dealer	dealer	NOUN
cblr-9110	497	5	must	must	AUX
cblr-9110	497	6	understand	understand	VERB
cblr-9110	497	7	potential	potential	ADJ
cblr-9110	497	8	risks	risk	NOUN
cblr-9110	497	9	,	,	PUNCT
cblr-9110	497	10	rewards	reward	NOUN
cblr-9110	497	11	,	,	PUNCT
cblr-9110	497	12	and	and	CCONJ
cblr-9110	497	13	costs	cost	NOUN
cblr-9110	497	14	associated	associate	VERB
cblr-9110	497	15	with	with	ADP
cblr-9110	497	16	the	the	DET
cblr-9110	497	17	recommendation	recommendation	NOUN
cblr-9110	497	18	.	.	PUNCT
cblr-9110	498	1	the	the	DET
cblr-9110	498	2	broker	broker	NOUN
cblr-9110	498	3	-	-	PUNCT
cblr-9110	498	4	dealer	dealer	NOUN
cblr-9110	498	5	must	must	AUX
cblr-9110	498	6	then	then	ADV
cblr-9110	498	7	consider	consider	VERB
cblr-9110	498	8	those	those	DET
cblr-9110	498	9	risks	risk	NOUN
cblr-9110	498	10	,	,	PUNCT
cblr-9110	498	11	rewards	reward	NOUN
cblr-9110	498	12	,	,	PUNCT
cblr-9110	498	13	and	and	CCONJ
cblr-9110	498	14	costs	cost	NOUN
cblr-9110	498	15	in	in	ADP
cblr-9110	498	16	light	light	NOUN
cblr-9110	498	17	of	of	ADP
cblr-9110	498	18	the	the	DET
cblr-9110	498	19	customer	customer	NOUN
cblr-9110	498	20	’s	’s	PART
cblr-9110	498	21	investment	investment	NOUN
cblr-9110	498	22	profile	profile	NOUN
cblr-9110	498	23	and	and	CCONJ
cblr-9110	498	24	have	have	VERB
cblr-9110	498	25	a	a	DET
cblr-9110	498	26	reasonable	reasonable	ADJ
cblr-9110	498	27	basis	basis	NOUN
cblr-9110	498	28	to	to	PART
cblr-9110	498	29	believe	believe	VERB
cblr-9110	498	30	that	that	SCONJ
cblr-9110	498	31	the	the	DET
cblr-9110	498	32	recommendation	recommendation	NOUN
cblr-9110	498	33	is	be	AUX
cblr-9110	498	34	in	in	ADP
cblr-9110	498	35	the	the	DET
cblr-9110	498	36	125	125	NUM
cblr-9110	498	37	regulation	regulation	NOUN
cblr-9110	498	38	best	good	ADJ
cblr-9110	498	39	interest	interest	NOUN
cblr-9110	498	40	:	:	PUNCT
cblr-9110	498	41	the	the	DET
cblr-9110	498	42	broker	broker	NOUN
cblr-9110	498	43	-	-	PUNCT
cblr-9110	498	44	dealer	dealer	NOUN
cblr-9110	498	45	standard	standard	NOUN
cblr-9110	498	46	of	of	ADP
cblr-9110	498	47	conduct	conduct	NOUN
cblr-9110	498	48	,	,	PUNCT
cblr-9110	498	49	84	84	NUM
cblr-9110	498	50	fed	feed	VERB
cblr-9110	498	51	.	.	PUNCT
cblr-9110	499	1	reg	reg	PROPN
cblr-9110	499	2	.	.	PROPN
cblr-9110	500	1	33,318	33,318	NUM
cblr-9110	500	2	,	,	PUNCT
cblr-9110	500	3	33,330	33,330	NUM
cblr-9110	500	4	(	(	PUNCT
cblr-9110	500	5	july	july	PROPN
cblr-9110	500	6	12	12	NUM
cblr-9110	500	7	,	,	PUNCT
cblr-9110	500	8	2019	2019	NUM
cblr-9110	500	9	)	)	PUNCT
cblr-9110	500	10	(	(	PUNCT
cblr-9110	500	11	to	to	PART
cblr-9110	500	12	be	be	AUX
cblr-9110	500	13	codified	codify	VERB
cblr-9110	500	14	at	at	ADP
cblr-9110	500	15	17	17	NUM
cblr-9110	500	16	c.f.r	c.f.r	NOUN
cblr-9110	500	17	.	.	PUNCT
cblr-9110	501	1	pt	pt	AUX
cblr-9110	501	2	.	.	PROPN
cblr-9110	501	3	240	240	NUM
cblr-9110	501	4	)	)	PUNCT
cblr-9110	501	5	(	(	PUNCT
cblr-9110	501	6	“	"	PUNCT
cblr-9110	501	7	[	[	X
cblr-9110	501	8	t]he	t]he	ADV
cblr-9110	501	9	retail	retail	ADJ
cblr-9110	501	10	investor	investor	NOUN
cblr-9110	501	11	will	will	AUX
cblr-9110	501	12	be	be	AUX
cblr-9110	501	13	entitled	entitle	VERB
cblr-9110	501	14	to	to	ADP
cblr-9110	501	15	a	a	DET
cblr-9110	501	16	recommendation	recommendation	NOUN
cblr-9110	501	17	(	(	PUNCT
cblr-9110	501	18	from	from	ADP
cblr-9110	501	19	a	a	DET
cblr-9110	501	20	broker	broker	NOUN
cblr-9110	501	21	-	-	PUNCT
cblr-9110	501	22	dealer	dealer	NOUN
cblr-9110	501	23	)	)	PUNCT
cblr-9110	501	24	.	.	PUNCT
cblr-9110	502	1	.	.	PUNCT
cblr-9110	502	2	.	.	PUNCT
cblr-9110	503	1	that	that	PRON
cblr-9110	503	2	is	be	AUX
cblr-9110	503	3	in	in	ADP
cblr-9110	503	4	the	the	DET
cblr-9110	503	5	best	good	ADJ
cblr-9110	503	6	interest	interest	NOUN
cblr-9110	503	7	of	of	ADP
cblr-9110	503	8	the	the	DET
cblr-9110	503	9	retail	retail	ADJ
cblr-9110	503	10	investor	investor	NOUN
cblr-9110	503	11	and	and	CCONJ
cblr-9110	503	12	that	that	PRON
cblr-9110	503	13	does	do	AUX
cblr-9110	503	14	not	not	PART
cblr-9110	503	15	place	place	VERB
cblr-9110	503	16	the	the	DET
cblr-9110	503	17	interests	interest	NOUN
cblr-9110	503	18	of	of	ADP
cblr-9110	503	19	the	the	DET
cblr-9110	503	20	firm	firm	NOUN
cblr-9110	503	21	or	or	CCONJ
cblr-9110	503	22	the	the	DET
cblr-9110	503	23	financial	financial	ADJ
cblr-9110	503	24	professional	professional	NOUN
cblr-9110	503	25	ahead	ahead	ADV
cblr-9110	503	26	of	of	ADP
cblr-9110	503	27	the	the	DET
cblr-9110	503	28	interests	interest	NOUN
cblr-9110	503	29	of	of	ADP
cblr-9110	503	30	the	the	DET
cblr-9110	503	31	retail	retail	ADJ
cblr-9110	503	32	investor	investor	NOUN
cblr-9110	503	33	.	.	PUNCT
cblr-9110	503	34	”	"	PUNCT
cblr-9110	503	35	)	)	PUNCT
cblr-9110	503	36	.	.	PUNCT
cblr-9110	504	1	126	126	NUM
cblr-9110	505	1	i	i	PRON
cblr-9110	505	2	d.	d.	PROPN
cblr-9110	505	3	at	at	ADP
cblr-9110	505	4	33,320	33,320	NUM
cblr-9110	505	5	.	.	PUNCT
cblr-9110	506	1	1356	1356	NUM
cblr-9110	506	2	columbia	columbia	PROPN
cblr-9110	506	3	business	business	PROPN
cblr-9110	506	4	law	law	PROPN
cblr-9110	506	5	review	review	NOUN
cblr-9110	506	6	[	[	X
cblr-9110	506	7	vol	vol	NOUN
cblr-9110	506	8	.	.	NOUN
cblr-9110	506	9	2021	2021	NUM
cblr-9110	506	10	customer	customer	NOUN
cblr-9110	506	11	’s	’s	PART
cblr-9110	506	12	best	good	ADJ
cblr-9110	506	13	interest	interest	NOUN
cblr-9110	506	14	and	and	CCONJ
cblr-9110	506	15	does	do	AUX
cblr-9110	506	16	not	not	PART
cblr-9110	506	17	place	place	VERB
cblr-9110	506	18	the	the	DET
cblr-9110	506	19	brokerdealer	brokerdealer	NOUN
cblr-9110	506	20	’s	’s	PART
cblr-9110	506	21	interest	interest	NOUN
cblr-9110	506	22	ahead	ahead	ADV
cblr-9110	506	23	of	of	ADP
cblr-9110	506	24	the	the	DET
cblr-9110	506	25	retail	retail	ADJ
cblr-9110	506	26	customer	customer	NOUN
cblr-9110	506	27	’s	’s	PART
cblr-9110	506	28	interest	interest	NOUN
cblr-9110	506	29	.	.	PUNCT
cblr-9110	507	1	a	a	DET
cblr-9110	507	2	broker	broker	NOUN
cblr-9110	507	3	-	-	PUNCT
cblr-9110	507	4	dealer	dealer	NOUN
cblr-9110	507	5	should	should	AUX
cblr-9110	507	6	consider	consider	VERB
cblr-9110	507	7	reasonable	reasonable	ADJ
cblr-9110	507	8	alternatives	alternative	NOUN
cblr-9110	507	9	,	,	PUNCT
cblr-9110	507	10	if	if	SCONJ
cblr-9110	507	11	any	any	PRON
cblr-9110	507	12	,	,	PUNCT
cblr-9110	507	13	offered	offer	VERB
cblr-9110	507	14	by	by	ADP
cblr-9110	507	15	the	the	DET
cblr-9110	507	16	broker	broker	NOUN
cblr-9110	507	17	-	-	PUNCT
cblr-9110	507	18	dealer	dealer	NOUN
cblr-9110	507	19	in	in	ADP
cblr-9110	507	20	determining	determine	VERB
cblr-9110	507	21	whether	whether	SCONJ
cblr-9110	507	22	it	it	PRON
cblr-9110	507	23	has	have	VERB
cblr-9110	507	24	a	a	DET
cblr-9110	507	25	reasonable	reasonable	ADJ
cblr-9110	507	26	basis	basis	NOUN
cblr-9110	507	27	for	for	ADP
cblr-9110	507	28	making	make	VERB
cblr-9110	507	29	the	the	DET
cblr-9110	507	30	recommendation.127	recommendation.127	NOUN
cblr-9110	507	31	the	the	DET
cblr-9110	507	32	main	main	ADJ
cblr-9110	507	33	frictions	friction	NOUN
cblr-9110	507	34	introduced	introduce	VERB
cblr-9110	507	35	by	by	ADP
cblr-9110	507	36	nontransparent	nontransparent	ADJ
cblr-9110	507	37	actively	actively	ADV
cblr-9110	507	38	managed	manage	VERB
cblr-9110	507	39	etfs	etfs	PROPN
cblr-9110	507	40	may	may	AUX
cblr-9110	507	41	make	make	VERB
cblr-9110	507	42	those	those	DET
cblr-9110	507	43	products	product	NOUN
cblr-9110	507	44	inimical	inimical	ADJ
cblr-9110	507	45	to	to	ADP
cblr-9110	507	46	the	the	DET
cblr-9110	507	47	best	good	ADJ
cblr-9110	507	48	interests	interest	NOUN
cblr-9110	507	49	of	of	ADP
cblr-9110	507	50	many	many	ADJ
cblr-9110	507	51	retail	retail	ADJ
cblr-9110	507	52	-	-	PUNCT
cblr-9110	507	53	level	level	NOUN
cblr-9110	507	54	investors	investor	NOUN
cblr-9110	507	55	.	.	PUNCT
cblr-9110	508	1	the	the	DET
cblr-9110	508	2	failure	failure	NOUN
cblr-9110	508	3	to	to	PART
cblr-9110	508	4	uphold	uphold	VERB
cblr-9110	508	5	these	these	DET
cblr-9110	508	6	obligations	obligation	NOUN
cblr-9110	508	7	of	of	ADP
cblr-9110	508	8	course	course	NOUN
cblr-9110	508	9	can	can	AUX
cblr-9110	508	10	result	result	VERB
cblr-9110	508	11	in	in	ADP
cblr-9110	508	12	liability	liability	NOUN
cblr-9110	508	13	for	for	ADP
cblr-9110	508	14	brokers.128	brokers.128	NOUN
cblr-9110	508	15	brokers	broker	NOUN
cblr-9110	508	16	will	will	AUX
cblr-9110	508	17	thus	thus	ADV
cblr-9110	508	18	have	have	VERB
cblr-9110	508	19	to	to	PART
cblr-9110	508	20	proceed	proceed	VERB
cblr-9110	508	21	with	with	ADP
cblr-9110	508	22	caution	caution	NOUN
cblr-9110	508	23	before	before	ADP
cblr-9110	508	24	directing	direct	VERB
cblr-9110	508	25	those	those	DET
cblr-9110	508	26	investors	investor	NOUN
cblr-9110	508	27	to	to	ADP
cblr-9110	508	28	these	these	DET
cblr-9110	508	29	new	new	ADJ
cblr-9110	508	30	etfs	etfs	NOUN
cblr-9110	508	31	in	in	ADP
cblr-9110	508	32	place	place	NOUN
cblr-9110	508	33	of	of	ADP
cblr-9110	508	34	,	,	PUNCT
cblr-9110	508	35	for	for	ADP
cblr-9110	508	36	example	example	NOUN
cblr-9110	508	37	,	,	PUNCT
cblr-9110	508	38	more	more	ADV
cblr-9110	508	39	traditional	traditional	ADJ
cblr-9110	508	40	managed	manage	VERB
cblr-9110	508	41	mutual	mutual	ADJ
cblr-9110	508	42	funds	fund	NOUN
cblr-9110	508	43	(	(	PUNCT
cblr-9110	508	44	whether	whether	SCONJ
cblr-9110	508	45	actively	actively	ADV
cblr-9110	508	46	or	or	CCONJ
cblr-9110	508	47	passively	passively	ADV
cblr-9110	508	48	managed	manage	VERB
cblr-9110	508	49	)	)	PUNCT
cblr-9110	508	50	or	or	CCONJ
cblr-9110	508	51	more	more	ADV
cblr-9110	508	52	traditional	traditional	ADJ
cblr-9110	508	53	etfs	etfs	NOUN
cblr-9110	508	54	(	(	PUNCT
cblr-9110	508	55	i.e.	i.e.	X
cblr-9110	508	56	,	,	PUNCT
cblr-9110	508	57	ones	one	NOUN
cblr-9110	508	58	without	without	ADP
cblr-9110	508	59	the	the	DET
cblr-9110	508	60	etf	etf	NOUN
cblr-9110	508	61	-	-	PUNCT
cblr-9110	508	62	arbitrage	arbitrage	NOUN
cblr-9110	508	63	frictions	friction	NOUN
cblr-9110	508	64	in	in	ADP
cblr-9110	508	65	focus	focus	NOUN
cblr-9110	508	66	in	in	ADP
cblr-9110	508	67	this	this	DET
cblr-9110	508	68	article	article	NOUN
cblr-9110	508	69	)	)	PUNCT
cblr-9110	508	70	.	.	PUNCT
cblr-9110	509	1	the	the	DET
cblr-9110	509	2	same	same	ADJ
cblr-9110	509	3	general	general	ADJ
cblr-9110	509	4	principles	principle	NOUN
cblr-9110	509	5	apply	apply	VERB
cblr-9110	509	6	to	to	ADP
cblr-9110	509	7	investment	investment	NOUN
cblr-9110	509	8	advisers.129	advisers.129	PROPN
cblr-9110	509	9	thus	thus	ADV
cblr-9110	509	10	,	,	PUNCT
cblr-9110	509	11	in	in	ADP
cblr-9110	509	12	addition	addition	NOUN
cblr-9110	509	13	to	to	ADP
cblr-9110	509	14	whatever	whatever	DET
cblr-9110	509	15	further	further	ADJ
cblr-9110	509	16	action	action	NOUN
cblr-9110	509	17	the	the	DET
cblr-9110	509	18	sec	sec	PROPN
cblr-9110	509	19	opts	opt	VERB
cblr-9110	509	20	to	to	PART
cblr-9110	509	21	pursue	pursue	VERB
cblr-9110	509	22	in	in	ADP
cblr-9110	509	23	this	this	DET
cblr-9110	509	24	area	area	NOUN
cblr-9110	509	25	to	to	PART
cblr-9110	509	26	protect	protect	VERB
cblr-9110	509	27	investors	investor	NOUN
cblr-9110	509	28	,	,	PUNCT
cblr-9110	509	29	securities	security	NOUN
cblr-9110	509	30	brokers	broker	NOUN
cblr-9110	509	31	and	and	CCONJ
cblr-9110	509	32	investment	investment	NOUN
cblr-9110	509	33	advisers	adviser	NOUN
cblr-9110	509	34	should	should	AUX
cblr-9110	509	35	closely	closely	ADV
cblr-9110	509	36	monitor	monitor	VERB
cblr-9110	509	37	the	the	DET
cblr-9110	509	38	robustness	robustness	NOUN
cblr-9110	509	39	of	of	ADP
cblr-9110	509	40	the	the	DET
cblr-9110	509	41	new	new	ADJ
cblr-9110	509	42	nontransparent	nontransparent	NOUN
cblr-9110	509	43	actively	actively	ADV
cblr-9110	509	44	managed	manage	VERB
cblr-9110	509	45	etfs	etfs	NOUN
cblr-9110	509	46	—	—	PUNCT
cblr-9110	509	47	and	and	CCONJ
cblr-9110	509	48	do	do	VERB
cblr-9110	509	49	so	so	ADV
cblr-9110	509	50	with	with	ADP
cblr-9110	509	51	the	the	DET
cblr-9110	509	52	considerations	consideration	NOUN
cblr-9110	509	53	discussed	discuss	VERB
cblr-9110	509	54	in	in	ADP
cblr-9110	509	55	this	this	DET
cblr-9110	509	56	article	article	NOUN
cblr-9110	509	57	in	in	ADP
cblr-9110	509	58	mind	mind	NOUN
cblr-9110	509	59	.	.	PUNCT
cblr-9110	510	1	any	any	DET
cblr-9110	510	2	defense	defense	NOUN
cblr-9110	510	3	of	of	ADP
cblr-9110	510	4	“	"	PUNCT
cblr-9110	510	5	the	the	DET
cblr-9110	510	6	sec	sec	PROPN
cblr-9110	510	7	permitted	permit	VERB
cblr-9110	510	8	the	the	DET
cblr-9110	510	9	products	product	NOUN
cblr-9110	510	10	”	"	PUNCT
cblr-9110	510	11	should	should	AUX
cblr-9110	510	12	be	be	AUX
cblr-9110	510	13	insufficient	insufficient	ADJ
cblr-9110	510	14	to	to	PART
cblr-9110	510	15	protect	protect	VERB
cblr-9110	510	16	these	these	DET
cblr-9110	510	17	brokers	broker	NOUN
cblr-9110	510	18	and	and	CCONJ
cblr-9110	510	19	investments	investment	NOUN
cblr-9110	510	20	advisers	adviser	NOUN
cblr-9110	510	21	from	from	ADP
cblr-9110	510	22	legal	legal	ADJ
cblr-9110	510	23	actions	action	NOUN
cblr-9110	510	24	by	by	ADP
cblr-9110	510	25	,	,	PUNCT
cblr-9110	510	26	among	among	ADP
cblr-9110	510	27	others	other	NOUN
cblr-9110	510	28	,	,	PUNCT
cblr-9110	510	29	the	the	DET
cblr-9110	510	30	financial	financial	ADJ
cblr-9110	510	31	industry	industry	NOUN
cblr-9110	510	32	regulatory	regulatory	ADJ
cblr-9110	510	33	authority	authority	NOUN
cblr-9110	510	34	(	(	PUNCT
cblr-9110	510	35	finra	finra	PROPN
cblr-9110	510	36	)	)	PUNCT
cblr-9110	510	37	,	,	PUNCT
cblr-9110	510	38	private	private	ADJ
cblr-9110	510	39	plaintiffs	plaintiff	NOUN
cblr-9110	510	40	,	,	PUNCT
cblr-9110	510	41	state	state	NOUN
cblr-9110	510	42	attorney	attorney	NOUN
cblr-9110	510	43	generals	general	NOUN
cblr-9110	510	44	,	,	PUNCT
cblr-9110	510	45	and	and	CCONJ
cblr-9110	510	46	even	even	ADV
cblr-9110	510	47	the	the	DET
cblr-9110	510	48	sec	sec	PROPN
cblr-9110	510	49	itself	itself	PRON
cblr-9110	510	50	.	.	PUNCT
cblr-9110	511	1	b.	b.	PROPN
cblr-9110	511	2	illustration	illustration	NOUN
cblr-9110	511	3	:	:	PUNCT
cblr-9110	511	4	activeshares	activeshare	NOUN
cblr-9110	511	5	and	and	CCONJ
cblr-9110	511	6	the	the	DET
cblr-9110	511	7	robustness	robustness	NOUN
cblr-9110	511	8	of	of	ADP
cblr-9110	511	9	the	the	DET
cblr-9110	511	10	127	127	NUM
cblr-9110	511	11	i	i	PROPN
cblr-9110	511	12	d.	d.	PROPN
cblr-9110	511	13	at	at	ADP
cblr-9110	511	14	33,321	33,321	NUM
cblr-9110	511	15	.	.	PUNCT
cblr-9110	512	1	128	128	NUM
cblr-9110	513	1	i	i	PRON
cblr-9110	513	2	d.	d.	PROPN
cblr-9110	513	3	at	at	ADP
cblr-9110	513	4	33,418–21	33,418–21	NUM
cblr-9110	513	5	.	.	PUNCT
cblr-9110	514	1	129	129	NUM
cblr-9110	514	2	see	see	VERB
cblr-9110	514	3	,	,	PUNCT
cblr-9110	514	4	e.g.	e.g.	ADV
cblr-9110	514	5	,	,	PUNCT
cblr-9110	514	6	commission	commission	NOUN
cblr-9110	514	7	interpretation	interpretation	NOUN
cblr-9110	514	8	regarding	regard	VERB
cblr-9110	514	9	standard	standard	NOUN
cblr-9110	514	10	of	of	ADP
cblr-9110	514	11	conduct	conduct	NOUN
cblr-9110	514	12	for	for	ADP
cblr-9110	514	13	investment	investment	NOUN
cblr-9110	514	14	advisers	adviser	NOUN
cblr-9110	514	15	,	,	PUNCT
cblr-9110	514	16	84	84	NUM
cblr-9110	514	17	fed	feed	VERB
cblr-9110	514	18	.	.	PUNCT
cblr-9110	515	1	reg	reg	PROPN
cblr-9110	515	2	.	.	PROPN
cblr-9110	516	1	33,669	33,669	NUM
cblr-9110	516	2	(	(	PUNCT
cblr-9110	516	3	july	july	PROPN
cblr-9110	516	4	12	12	NUM
cblr-9110	516	5	,	,	PUNCT
cblr-9110	516	6	2019	2019	NUM
cblr-9110	516	7	)	)	PUNCT
cblr-9110	516	8	;	;	PUNCT
cblr-9110	517	1	regulation	regulation	NOUN
cblr-9110	517	2	best	good	ADJ
cblr-9110	517	3	interest	interest	NOUN
cblr-9110	517	4	,	,	PUNCT
cblr-9110	517	5	84	84	NUM
cblr-9110	517	6	fed	feed	VERB
cblr-9110	517	7	.	.	PUNCT
cblr-9110	518	1	reg	reg	PROPN
cblr-9110	518	2	.	.	PUNCT
cblr-9110	519	1	at	at	ADP
cblr-9110	519	2	33,321	33,321	NUM
cblr-9110	519	3	n.23	n.23	NOUN
cblr-9110	519	4	(	(	PUNCT
cblr-9110	519	5	“	"	PUNCT
cblr-9110	519	6	[	[	X
cblr-9110	519	7	a]n	a]n	ADJ
cblr-9110	519	8	investment	investment	NOUN
cblr-9110	519	9	adviser	adviser	NOUN
cblr-9110	519	10	’s	’s	PART
cblr-9110	519	11	fiduciary	fiduciary	ADJ
cblr-9110	519	12	duty	duty	NOUN
cblr-9110	519	13	under	under	ADP
cblr-9110	519	14	the	the	DET
cblr-9110	519	15	advisers	adviser	NOUN
cblr-9110	519	16	act	act	NOUN
cblr-9110	519	17	comprises	comprise	VERB
cblr-9110	519	18	a	a	DET
cblr-9110	519	19	duty	duty	NOUN
cblr-9110	519	20	of	of	ADP
cblr-9110	519	21	care	care	NOUN
cblr-9110	519	22	and	and	CCONJ
cblr-9110	519	23	a	a	DET
cblr-9110	519	24	duty	duty	NOUN
cblr-9110	519	25	of	of	ADP
cblr-9110	519	26	loyalty	loyalty	NOUN
cblr-9110	519	27	.	.	PUNCT
cblr-9110	520	1	this	this	DET
cblr-9110	520	2	combination	combination	NOUN
cblr-9110	520	3	of	of	ADP
cblr-9110	520	4	care	care	NOUN
cblr-9110	520	5	and	and	CCONJ
cblr-9110	520	6	loyalty	loyalty	NOUN
cblr-9110	520	7	obligations	obligation	NOUN
cblr-9110	520	8	has	have	AUX
cblr-9110	520	9	been	be	AUX
cblr-9110	520	10	characterized	characterize	VERB
cblr-9110	520	11	as	as	ADP
cblr-9110	520	12	requiring	require	VERB
cblr-9110	520	13	the	the	DET
cblr-9110	520	14	investment	investment	NOUN
cblr-9110	520	15	adviser	adviser	NOUN
cblr-9110	520	16	to	to	PART
cblr-9110	520	17	act	act	VERB
cblr-9110	520	18	in	in	ADP
cblr-9110	520	19	the	the	DET
cblr-9110	520	20	‘	'	PUNCT
cblr-9110	520	21	best	good	ADJ
cblr-9110	520	22	interest	interest	NOUN
cblr-9110	520	23	’	'	PUNCT
cblr-9110	520	24	of	of	ADP
cblr-9110	520	25	its	its	PRON
cblr-9110	520	26	client	client	NOUN
cblr-9110	520	27	at	at	ADP
cblr-9110	520	28	all	all	DET
cblr-9110	520	29	times	time	NOUN
cblr-9110	520	30	.	.	PUNCT
cblr-9110	520	31	”	"	PUNCT
cblr-9110	520	32	)	)	PUNCT
cblr-9110	520	33	.	.	PUNCT
cblr-9110	521	1	no	no	INTJ
cblr-9110	521	2	.	.	NOUN
cblr-9110	522	1	3:1321	3:1321	NUM
cblr-9110	522	2	]	]	X
cblr-9110	522	3	the	the	DET
cblr-9110	522	4	emergence	emergence	NOUN
cblr-9110	522	5	of	of	ADP
cblr-9110	522	6	the	the	DET
cblr-9110	522	7	actively	actively	ADV
cblr-9110	522	8	managed	manage	VERB
cblr-9110	522	9	etf	etf	PROPN
cblr-9110	522	10	1357	1357	NUM
cblr-9110	522	11	etf	etf	NOUN
cblr-9110	522	12	-	-	PUNCT
cblr-9110	522	13	arbitrage	arbitrage	NOUN
cblr-9110	522	14	mechanism	mechanism	NOUN
cblr-9110	522	15	the	the	DET
cblr-9110	522	16	desirability	desirability	NOUN
cblr-9110	522	17	of	of	ADP
cblr-9110	522	18	heightened	heighten	VERB
cblr-9110	522	19	monitoring	monitoring	NOUN
cblr-9110	522	20	by	by	ADP
cblr-9110	522	21	the	the	DET
cblr-9110	522	22	sec	sec	PROPN
cblr-9110	522	23	and	and	CCONJ
cblr-9110	522	24	investment	investment	NOUN
cblr-9110	522	25	intermediaries	intermediary	NOUN
cblr-9110	522	26	is	be	AUX
cblr-9110	522	27	illustrated	illustrate	VERB
cblr-9110	522	28	by	by	ADP
cblr-9110	522	29	taking	take	VERB
cblr-9110	522	30	a	a	DET
cblr-9110	522	31	finegrained	finegrained	ADJ
cblr-9110	522	32	look	look	NOUN
cblr-9110	522	33	at	at	ADP
cblr-9110	522	34	perhaps	perhaps	ADV
cblr-9110	522	35	overlooked	overlook	VERB
cblr-9110	522	36	costs	cost	NOUN
cblr-9110	522	37	that	that	PRON
cblr-9110	522	38	are	be	AUX
cblr-9110	522	39	likely	likely	ADJ
cblr-9110	522	40	to	to	PART
cblr-9110	522	41	impede	impede	VERB
cblr-9110	522	42	the	the	DET
cblr-9110	522	43	robustness	robustness	NOUN
cblr-9110	522	44	of	of	ADP
cblr-9110	522	45	the	the	DET
cblr-9110	522	46	price	price	NOUN
cblr-9110	522	47	-	-	PUNCT
cblr-9110	522	48	alignment	alignment	NOUN
cblr-9110	522	49	process	process	NOUN
cblr-9110	522	50	for	for	ADP
cblr-9110	522	51	activeshares	activeshare	NOUN
cblr-9110	522	52	.	.	PUNCT
cblr-9110	523	1	these	these	DET
cblr-9110	523	2	costs	cost	NOUN
cblr-9110	523	3	include	include	VERB
cblr-9110	523	4	those	those	PRON
cblr-9110	523	5	incurred	incur	VERB
cblr-9110	523	6	by	by	ADP
cblr-9110	523	7	firms	firm	NOUN
cblr-9110	523	8	in	in	ADP
cblr-9110	523	9	order	order	NOUN
cblr-9110	523	10	to	to	PART
cblr-9110	523	11	provide	provide	VERB
cblr-9110	523	12	ap	ap	PROPN
cblr-9110	523	13	representative	representative	NOUN
cblr-9110	523	14	services	service	NOUN
cblr-9110	523	15	as	as	ADV
cblr-9110	523	16	well	well	ADV
cblr-9110	523	17	as	as	ADP
cblr-9110	523	18	those	those	PRON
cblr-9110	523	19	incurred	incur	VERB
cblr-9110	523	20	by	by	ADP
cblr-9110	523	21	aps	ap	NOUN
cblr-9110	523	22	to	to	PART
cblr-9110	523	23	monitor	monitor	VERB
cblr-9110	523	24	these	these	DET
cblr-9110	523	25	new	new	ADJ
cblr-9110	523	26	wall	wall	PROPN
cblr-9110	523	27	street	street	PROPN
cblr-9110	523	28	intermediaries	intermediary	NOUN
cblr-9110	523	29	.	.	PUNCT
cblr-9110	524	1	both	both	PRON
cblr-9110	524	2	of	of	ADP
cblr-9110	524	3	these	these	DET
cblr-9110	524	4	costs	cost	NOUN
cblr-9110	524	5	may	may	AUX
cblr-9110	524	6	ultimately	ultimately	ADV
cblr-9110	524	7	be	be	AUX
cblr-9110	524	8	borne	bear	VERB
cblr-9110	524	9	by	by	ADP
cblr-9110	524	10	the	the	DET
cblr-9110	524	11	aps	ap	NOUN
cblr-9110	524	12	in	in	ADP
cblr-9110	524	13	a	a	DET
cblr-9110	524	14	way	way	NOUN
cblr-9110	524	15	that	that	PRON
cblr-9110	524	16	reduces	reduce	VERB
cblr-9110	524	17	the	the	DET
cblr-9110	524	18	incentive	incentive	NOUN
cblr-9110	524	19	to	to	PART
cblr-9110	524	20	engage	engage	VERB
cblr-9110	524	21	in	in	ADP
cblr-9110	524	22	sufficient	sufficient	ADJ
cblr-9110	524	23	etf	etf	NOUN
cblr-9110	524	24	-	-	PUNCT
cblr-9110	524	25	arbitrage	arbitrage	NOUN
cblr-9110	524	26	activity	activity	NOUN
cblr-9110	524	27	,	,	PUNCT
cblr-9110	524	28	thereby	thereby	ADV
cblr-9110	524	29	increasing	increase	VERB
cblr-9110	524	30	both	both	PRON
cblr-9110	524	31	tracking	track	VERB
cblr-9110	524	32	spreads	spread	NOUN
cblr-9110	524	33	and	and	CCONJ
cblr-9110	524	34	bid	bid	NOUN
cblr-9110	524	35	-	-	PUNCT
cblr-9110	524	36	ask	ask	VERB
cblr-9110	524	37	spreads	spread	NOUN
cblr-9110	524	38	for	for	ADP
cblr-9110	524	39	these	these	DET
cblr-9110	524	40	etfs	etfs	NOUN
cblr-9110	524	41	.	.	PUNCT
cblr-9110	525	1	at	at	ADP
cblr-9110	525	2	the	the	DET
cblr-9110	525	3	most	most	ADV
cblr-9110	525	4	basic	basic	ADJ
cblr-9110	525	5	level	level	NOUN
cblr-9110	525	6	,	,	PUNCT
cblr-9110	525	7	the	the	DET
cblr-9110	525	8	provision	provision	NOUN
cblr-9110	525	9	of	of	ADP
cblr-9110	525	10	ap	ap	PROPN
cblr-9110	525	11	representative	representative	PROPN
cblr-9110	525	12	services	service	NOUN
cblr-9110	525	13	is	be	AUX
cblr-9110	525	14	not	not	PART
cblr-9110	525	15	free	free	ADJ
cblr-9110	525	16	for	for	ADP
cblr-9110	525	17	the	the	DET
cblr-9110	525	18	firms	firm	NOUN
cblr-9110	525	19	that	that	PRON
cblr-9110	525	20	offer	offer	VERB
cblr-9110	525	21	those	those	DET
cblr-9110	525	22	services	service	NOUN
cblr-9110	525	23	.	.	PUNCT
cblr-9110	526	1	to	to	PART
cblr-9110	526	2	stay	stay	VERB
cblr-9110	526	3	in	in	ADP
cblr-9110	526	4	the	the	DET
cblr-9110	526	5	ap	ap	PROPN
cblr-9110	526	6	representative	representative	NOUN
cblr-9110	526	7	line	line	NOUN
cblr-9110	526	8	of	of	ADP
cblr-9110	526	9	business	business	NOUN
cblr-9110	526	10	,	,	PUNCT
cblr-9110	526	11	these	these	DET
cblr-9110	526	12	firms	firm	NOUN
cblr-9110	526	13	must	must	AUX
cblr-9110	526	14	of	of	ADP
cblr-9110	526	15	course	course	NOUN
cblr-9110	526	16	cover	cover	VERB
cblr-9110	526	17	their	their	PRON
cblr-9110	526	18	costs	cost	NOUN
cblr-9110	526	19	.	.	PUNCT
cblr-9110	527	1	one	one	NUM
cblr-9110	527	2	notable	notable	ADJ
cblr-9110	527	3	industry	industry	NOUN
cblr-9110	527	4	participant	participant	NOUN
cblr-9110	527	5	(	(	PUNCT
cblr-9110	527	6	state	state	NOUN
cblr-9110	527	7	street	street	NOUN
cblr-9110	527	8	)	)	PUNCT
cblr-9110	527	9	publicly	publicly	ADV
cblr-9110	527	10	shared	share	VERB
cblr-9110	527	11	its	its	PRON
cblr-9110	527	12	thoughts	thought	NOUN
cblr-9110	527	13	on	on	ADP
cblr-9110	527	14	the	the	DET
cblr-9110	527	15	scope	scope	NOUN
cblr-9110	527	16	of	of	ADP
cblr-9110	527	17	these	these	DET
cblr-9110	527	18	costs	cost	NOUN
cblr-9110	527	19	:	:	PUNCT
cblr-9110	527	20	“	"	PUNCT
cblr-9110	527	21	do	do	AUX
cblr-9110	527	22	not	not	PART
cblr-9110	527	23	underestimate	underestimate	VERB
cblr-9110	527	24	the	the	DET
cblr-9110	527	25	work	work	NOUN
cblr-9110	527	26	required	require	VERB
cblr-9110	527	27	to	to	PART
cblr-9110	527	28	establish	establish	VERB
cblr-9110	527	29	the	the	DET
cblr-9110	527	30	new	new	ADJ
cblr-9110	527	31	apr	apr	NOUN
cblr-9110	527	32	role	role	NOUN
cblr-9110	527	33	.	.	PUNCT
cblr-9110	527	34	.	.	PUNCT
cblr-9110	527	35	.	.	PUNCT
cblr-9110	527	36	.	.	PUNCT
cblr-9110	528	1	even	even	ADV
cblr-9110	528	2	with	with	ADP
cblr-9110	528	3	all	all	PRON
cblr-9110	528	4	of	of	ADP
cblr-9110	528	5	our	our	PRON
cblr-9110	528	6	experience	experience	NOUN
cblr-9110	528	7	servicing	servicing	NOUN
cblr-9110	528	8	etfs	etfs	NOUN
cblr-9110	528	9	,	,	PUNCT
cblr-9110	528	10	the	the	DET
cblr-9110	528	11	apr	apr	NOUN
cblr-9110	528	12	role	role	NOUN
cblr-9110	528	13	was	be	AUX
cblr-9110	528	14	new	new	ADJ
cblr-9110	528	15	and	and	CCONJ
cblr-9110	528	16	different	different	ADJ
cblr-9110	528	17	.	.	PUNCT
cblr-9110	528	18	.	.	PUNCT
cblr-9110	528	19	.	.	PUNCT
cblr-9110	529	1	.	.	PUNCT
cblr-9110	530	1	receiving	receive	VERB
cblr-9110	530	2	the	the	DET
cblr-9110	530	3	fund	fund	NOUN
cblr-9110	530	4	’s	’s	PART
cblr-9110	530	5	confidential	confidential	ADJ
cblr-9110	530	6	portfolio	portfolio	NOUN
cblr-9110	530	7	information	information	NOUN
cblr-9110	530	8	is	be	AUX
cblr-9110	530	9	a	a	DET
cblr-9110	530	10	monumental	monumental	ADJ
cblr-9110	530	11	undertaking	undertaking	NOUN
cblr-9110	530	12	not	not	PART
cblr-9110	530	13	to	to	PART
cblr-9110	530	14	be	be	AUX
cblr-9110	530	15	dealt	deal	VERB
cblr-9110	530	16	with	with	ADP
cblr-9110	530	17	lightly	lightly	ADV
cblr-9110	530	18	.	.	PUNCT
cblr-9110	531	1	”130	”130	X
cblr-9110	532	1	looking	look	VERB
cblr-9110	532	2	more	more	ADV
cblr-9110	532	3	closely	closely	ADV
cblr-9110	532	4	at	at	ADP
cblr-9110	532	5	the	the	DET
cblr-9110	532	6	ap	ap	PROPN
cblr-9110	532	7	representative	representative	ADJ
cblr-9110	532	8	role	role	NOUN
cblr-9110	532	9	reveals	reveal	VERB
cblr-9110	532	10	particularly	particularly	ADV
cblr-9110	532	11	notable	notable	ADJ
cblr-9110	532	12	compliance	compliance	NOUN
cblr-9110	532	13	costs	cost	NOUN
cblr-9110	532	14	that	that	PRON
cblr-9110	532	15	might	might	AUX
cblr-9110	532	16	not	not	PART
cblr-9110	532	17	be	be	AUX
cblr-9110	532	18	fully	fully	ADV
cblr-9110	532	19	appreciated	appreciated	ADJ
cblr-9110	532	20	today	today	NOUN
cblr-9110	532	21	.	.	PUNCT
cblr-9110	533	1	two	two	NUM
cblr-9110	533	2	such	such	ADJ
cblr-9110	533	3	costs	cost	NOUN
cblr-9110	533	4	are	be	AUX
cblr-9110	533	5	(	(	PUNCT
cblr-9110	533	6	1	1	X
cblr-9110	533	7	)	)	PUNCT
cblr-9110	533	8	those	those	PRON
cblr-9110	533	9	associated	associate	VERB
cblr-9110	533	10	with	with	ADP
cblr-9110	533	11	avoiding	avoid	VERB
cblr-9110	533	12	insider	insider	NOUN
cblr-9110	533	13	trading	trading	NOUN
cblr-9110	533	14	violations	violation	NOUN
cblr-9110	533	15	and	and	CCONJ
cblr-9110	533	16	(	(	PUNCT
cblr-9110	533	17	2	2	X
cblr-9110	533	18	)	)	PUNCT
cblr-9110	533	19	those	those	PRON
cblr-9110	533	20	associated	associate	VERB
cblr-9110	533	21	with	with	ADP
cblr-9110	533	22	avoiding	avoid	VERB
cblr-9110	533	23	illegally	illegally	ADV
cblr-9110	533	24	frontrunnnig	frontrunnnig	NOUN
cblr-9110	533	25	funds	fund	NOUN
cblr-9110	533	26	and	and	CCONJ
cblr-9110	533	27	clients	client	NOUN
cblr-9110	533	28	.	.	PUNCT
cblr-9110	534	1	“	"	PUNCT
cblr-9110	534	2	insider	insider	NOUN
cblr-9110	534	3	”	"	PUNCT
cblr-9110	534	4	trading	trading	NOUN
cblr-9110	534	5	law	law	NOUN
cblr-9110	534	6	is	be	AUX
cblr-9110	534	7	of	of	ADP
cblr-9110	534	8	course	course	NOUN
cblr-9110	534	9	often	often	ADV
cblr-9110	534	10	less	less	ADV
cblr-9110	534	11	about	about	ADP
cblr-9110	534	12	trading	trading	NOUN
cblr-9110	534	13	by	by	ADP
cblr-9110	534	14	c	c	NOUN
cblr-9110	534	15	-	-	PUNCT
cblr-9110	534	16	suite	suite	NOUN
cblr-9110	534	17	insiders	insider	NOUN
cblr-9110	534	18	and	and	CCONJ
cblr-9110	534	19	more	more	ADJ
cblr-9110	534	20	about	about	ADP
cblr-9110	534	21	trading	trading	NOUN
cblr-9110	534	22	by	by	ADP
cblr-9110	534	23	anyone	anyone	PRON
cblr-9110	534	24	(	(	PUNCT
cblr-9110	534	25	director	director	NOUN
cblr-9110	534	26	,	,	PUNCT
cblr-9110	534	27	officer	officer	NOUN
cblr-9110	534	28	,	,	PUNCT
cblr-9110	534	29	or	or	CCONJ
cblr-9110	534	30	complete	complete	ADJ
cblr-9110	534	31	outsider	outsider	NOUN
cblr-9110	534	32	)	)	PUNCT
cblr-9110	534	33	on	on	ADP
cblr-9110	534	34	material	material	NOUN
cblr-9110	534	35	,	,	PUNCT
cblr-9110	534	36	non	non	ADJ
cblr-9110	534	37	-	-	ADJ
cblr-9110	534	38	public	public	ADJ
cblr-9110	534	39	information	information	NOUN
cblr-9110	534	40	in	in	ADP
cblr-9110	534	41	ways	way	NOUN
cblr-9110	534	42	that	that	PRON
cblr-9110	534	43	are	be	AUX
cblr-9110	534	44	said	say	VERB
cblr-9110	534	45	to	to	PART
cblr-9110	534	46	constitute	constitute	VERB
cblr-9110	534	47	“	"	PUNCT
cblr-9110	534	48	deceit	deceit	NOUN
cblr-9110	534	49	.	.	PUNCT
cblr-9110	535	1	”131	”131	VERB
cblr-9110	535	2	130	130	NUM
cblr-9110	535	3	state	state	PROPN
cblr-9110	535	4	st	st	PROPN
cblr-9110	535	5	.	.	PROPN
cblr-9110	535	6	,	,	PUNCT
cblr-9110	535	7	supra	supra	PROPN
cblr-9110	535	8	note	note	PROPN
cblr-9110	535	9	76	76	NUM
cblr-9110	535	10	,	,	PUNCT
cblr-9110	535	11	at	at	ADP
cblr-9110	535	12	4	4	NUM
cblr-9110	535	13	.	.	PUNCT
cblr-9110	535	14	131	131	NUM
cblr-9110	536	1	the	the	DET
cblr-9110	536	2	typical	typical	ADJ
cblr-9110	536	3	focus	focus	NOUN
cblr-9110	536	4	on	on	ADP
cblr-9110	536	5	insider	insider	NOUN
cblr-9110	536	6	trading	trading	NOUN
cblr-9110	536	7	law	law	NOUN
cblr-9110	536	8	in	in	ADP
cblr-9110	536	9	the	the	DET
cblr-9110	536	10	scholarly	scholarly	ADJ
cblr-9110	536	11	literature	literature	NOUN
cblr-9110	536	12	on	on	ADP
cblr-9110	536	13	securities	security	NOUN
cblr-9110	536	14	law	law	NOUN
cblr-9110	536	15	is	be	AUX
cblr-9110	536	16	that	that	PRON
cblr-9110	536	17	embodied	embody	VERB
cblr-9110	536	18	in	in	ADP
cblr-9110	536	19	judicial	judicial	ADJ
cblr-9110	536	20	interpretations	interpretation	NOUN
cblr-9110	536	21	of	of	ADP
cblr-9110	536	22	section	section	NOUN
cblr-9110	536	23	10(b	10(b	NUM
cblr-9110	536	24	)	)	PUNCT
cblr-9110	536	25	of	of	ADP
cblr-9110	536	26	the	the	DET
cblr-9110	536	27	securities	securities	PROPN
cblr-9110	536	28	exchange	exchange	PROPN
cblr-9110	536	29	act	act	PROPN
cblr-9110	536	30	,	,	PUNCT
cblr-9110	536	31	15	15	NUM
cblr-9110	536	32	u.s.c	u.s.c	ADJ
cblr-9110	536	33	.	.	PUNCT
cblr-9110	537	1	§	§	PROPN
cblr-9110	537	2	78j(b	78j(b	X
cblr-9110	537	3	)	)	PUNCT
cblr-9110	537	4	(	(	PUNCT
cblr-9110	537	5	2018	2018	NUM
cblr-9110	537	6	)	)	PUNCT
cblr-9110	537	7	,	,	PUNCT
cblr-9110	537	8	and	and	CCONJ
cblr-9110	537	9	rule	rule	VERB
cblr-9110	537	10	10b-5	10b-5	NUM
cblr-9110	537	11	promulgated	promulgate	VERB
cblr-9110	537	12	thereunder	thereunder	NOUN
cblr-9110	537	13	,	,	PUNCT
cblr-9110	537	14	17	17	NUM
cblr-9110	537	15	c.f.r	c.f.r	NOUN
cblr-9110	537	16	.	.	PUNCT
cblr-9110	538	1	§	§	PROPN
cblr-9110	538	2	240.10b-5	240.10b-5	NUM
cblr-9110	538	3	(	(	PUNCT
cblr-9110	538	4	2021	2021	NUM
cblr-9110	538	5	)	)	PUNCT
cblr-9110	538	6	.	.	PUNCT
cblr-9110	539	1	although	although	SCONJ
cblr-9110	539	2	less	less	ADJ
cblr-9110	539	3	1358	1358	NUM
cblr-9110	539	4	columbia	columbia	PROPN
cblr-9110	539	5	business	business	NOUN
cblr-9110	539	6	law	law	PROPN
cblr-9110	539	7	review	review	NOUN
cblr-9110	539	8	[	[	X
cblr-9110	539	9	vol	vol	NOUN
cblr-9110	539	10	.	.	PUNCT
cblr-9110	539	11	2021	2021	NUM
cblr-9110	539	12	relevant	relevant	ADJ
cblr-9110	539	13	here	here	ADV
cblr-9110	539	14	,	,	PUNCT
cblr-9110	539	15	section	section	NOUN
cblr-9110	539	16	10(b	10(b	NUM
cblr-9110	539	17	)	)	PUNCT
cblr-9110	539	18	and	and	CCONJ
cblr-9110	539	19	rule	rule	NOUN
cblr-9110	539	20	10b-5	10b-5	NUM
cblr-9110	539	21	are	be	AUX
cblr-9110	539	22	read	read	VERB
cblr-9110	539	23	to	to	PART
cblr-9110	539	24	prohibit	prohibit	VERB
cblr-9110	539	25	the	the	DET
cblr-9110	539	26	deceptive	deceptive	ADJ
cblr-9110	539	27	misappropriation	misappropriation	NOUN
cblr-9110	539	28	of	of	ADP
cblr-9110	539	29	material	material	NOUN
cblr-9110	539	30	,	,	PUNCT
cblr-9110	539	31	nonpublic	nonpublic	ADJ
cblr-9110	539	32	information	information	NOUN
cblr-9110	539	33	from	from	ADP
cblr-9110	539	34	its	its	PRON
cblr-9110	539	35	source	source	NOUN
cblr-9110	539	36	for	for	ADP
cblr-9110	539	37	trading	trading	NOUN
cblr-9110	539	38	use.132	use.132	NOUN
cblr-9110	539	39	and	and	CCONJ
cblr-9110	539	40	it	it	PRON
cblr-9110	539	41	is	be	AUX
cblr-9110	539	42	said	say	VERB
cblr-9110	539	43	to	to	PART
cblr-9110	539	44	be	be	AUX
cblr-9110	539	45	deceitful	deceitful	ADJ
cblr-9110	539	46	when	when	SCONJ
cblr-9110	539	47	a	a	DET
cblr-9110	539	48	person	person	NOUN
cblr-9110	539	49	takes	take	VERB
cblr-9110	539	50	material	material	NOUN
cblr-9110	539	51	,	,	PUNCT
cblr-9110	539	52	non	non	ADJ
cblr-9110	539	53	-	-	ADJ
cblr-9110	539	54	public	public	ADJ
cblr-9110	539	55	information	information	NOUN
cblr-9110	539	56	from	from	ADP
cblr-9110	539	57	its	its	PRON
cblr-9110	539	58	source	source	NOUN
cblr-9110	539	59	—	—	PUNCT
cblr-9110	539	60	despite	despite	SCONJ
cblr-9110	539	61	a	a	DET
cblr-9110	539	62	duty	duty	NOUN
cblr-9110	539	63	to	to	PART
cblr-9110	539	64	keep	keep	VERB
cblr-9110	539	65	it	it	PRON
cblr-9110	539	66	confidential	confidential	ADJ
cblr-9110	539	67	—	—	PUNCT
cblr-9110	539	68	and	and	CCONJ
cblr-9110	539	69	then	then	ADV
cblr-9110	539	70	uses	use	VERB
cblr-9110	539	71	that	that	DET
cblr-9110	539	72	information	information	NOUN
cblr-9110	539	73	to	to	PART
cblr-9110	539	74	purchase	purchase	VERB
cblr-9110	539	75	or	or	CCONJ
cblr-9110	539	76	sell	sell	VERB
cblr-9110	539	77	a	a	DET
cblr-9110	539	78	security	security	NOUN
cblr-9110	539	79	(	(	PUNCT
cblr-9110	539	80	or	or	CCONJ
cblr-9110	539	81	tip	tip	VERB
cblr-9110	539	82	others	other	NOUN
cblr-9110	539	83	with	with	ADP
cblr-9110	539	84	an	an	DET
cblr-9110	539	85	eye	eye	NOUN
cblr-9110	539	86	on	on	ADP
cblr-9110	539	87	the	the	DET
cblr-9110	539	88	same).133	same).133	NOUN
cblr-9110	539	89	these	these	DET
cblr-9110	539	90	forms	form	NOUN
cblr-9110	539	91	of	of	ADP
cblr-9110	539	92	securities	security	NOUN
cblr-9110	539	93	deceit	deceit	NOUN
cblr-9110	539	94	are	be	AUX
cblr-9110	539	95	prosecutable	prosecutable	ADJ
cblr-9110	539	96	both	both	PRON
cblr-9110	539	97	civilly	civilly	ADV
cblr-9110	539	98	(	(	PUNCT
cblr-9110	539	99	by	by	ADP
cblr-9110	539	100	the	the	DET
cblr-9110	539	101	sec	sec	PROPN
cblr-9110	539	102	and/or	and/or	CCONJ
cblr-9110	539	103	private	private	ADJ
cblr-9110	539	104	plaintiffs	plaintiff	NOUN
cblr-9110	539	105	)	)	PUNCT
cblr-9110	539	106	as	as	ADV
cblr-9110	539	107	well	well	ADV
cblr-9110	539	108	as	as	ADP
cblr-9110	539	109	criminally	criminally	ADV
cblr-9110	539	110	(	(	PUNCT
cblr-9110	539	111	by	by	ADP
cblr-9110	539	112	the	the	DET
cblr-9110	539	113	doj).134	doj).134	PROPN
cblr-9110	539	114	trading	trading	NOUN
cblr-9110	539	115	by	by	ADP
cblr-9110	539	116	ap	ap	PROPN
cblr-9110	539	117	representatives	representative	NOUN
cblr-9110	539	118	should	should	AUX
cblr-9110	539	119	invoke	invoke	VERB
cblr-9110	539	120	concern	concern	NOUN
cblr-9110	539	121	for	for	ADP
cblr-9110	539	122	illegal	illegal	ADJ
cblr-9110	539	123	misappropriation	misappropriation	NOUN
cblr-9110	539	124	-	-	PUNCT
cblr-9110	539	125	type	type	NOUN
cblr-9110	539	126	insider	insider	NOUN
cblr-9110	539	127	trading	trading	NOUN
cblr-9110	539	128	.	.	PUNCT
cblr-9110	540	1	to	to	PART
cblr-9110	540	2	complete	complete	VERB
cblr-9110	540	3	their	their	PRON
cblr-9110	540	4	trading	trading	NOUN
cblr-9110	540	5	on	on	ADP
cblr-9110	540	6	behalf	behalf	NOUN
cblr-9110	540	7	of	of	ADP
cblr-9110	540	8	aps	aps	PROPN
cblr-9110	540	9	,	,	PUNCT
cblr-9110	540	10	ap	ap	PROPN
cblr-9110	540	11	representatives	representative	NOUN
cblr-9110	540	12	receive	receive	VERB
cblr-9110	540	13	confidential	confidential	ADJ
cblr-9110	540	14	information	information	NOUN
cblr-9110	540	15	(	(	PUNCT
cblr-9110	540	16	i.e.	i.e.	X
cblr-9110	540	17	,	,	PUNCT
cblr-9110	540	18	that	that	SCONJ
cblr-9110	540	19	about	about	ADP
cblr-9110	540	20	the	the	DET
cblr-9110	540	21	portfolio	portfolio	NOUN
cblr-9110	540	22	holdings	holding	NOUN
cblr-9110	540	23	of	of	ADP
cblr-9110	540	24	the	the	DET
cblr-9110	540	25	etfs).135	etfs).135	PROPN
cblr-9110	540	26	ap	ap	PROPN
cblr-9110	540	27	representatives	representative	NOUN
cblr-9110	540	28	therefore	therefore	ADV
cblr-9110	540	29	have	have	VERB
cblr-9110	540	30	access	access	NOUN
cblr-9110	540	31	to	to	ADP
cblr-9110	540	32	information	information	NOUN
cblr-9110	540	33	that	that	SCONJ
cblr-9110	540	34	the	the	DET
cblr-9110	540	35	market	market	NOUN
cblr-9110	540	36	more	more	ADV
cblr-9110	540	37	generally	generally	ADV
cblr-9110	540	38	lacks	lack	VERB
cblr-9110	540	39	.	.	PUNCT
cblr-9110	541	1	moreover	moreover	ADV
cblr-9110	541	2	,	,	PUNCT
cblr-9110	541	3	they	they	PRON
cblr-9110	541	4	have	have	VERB
cblr-9110	541	5	it	it	PRON
cblr-9110	541	6	throughout	throughout	ADP
cblr-9110	541	7	each	each	DET
cblr-9110	541	8	trading	trading	NOUN
cblr-9110	541	9	day	day	NOUN
cblr-9110	541	10	of	of	ADP
cblr-9110	541	11	the	the	DET
cblr-9110	541	12	year	year	NOUN
cblr-9110	541	13	.	.	PUNCT
cblr-9110	542	1	at	at	ADP
cblr-9110	542	2	a	a	DET
cblr-9110	542	3	minimum	minimum	NOUN
cblr-9110	542	4	,	,	PUNCT
cblr-9110	542	5	to	to	ADP
cblr-9110	542	6	the	the	DET
cblr-9110	542	7	extent	extent	NOUN
cblr-9110	542	8	that	that	SCONJ
cblr-9110	542	9	the	the	DET
cblr-9110	542	10	holdings	holding	NOUN
cblr-9110	542	11	of	of	ADP
cblr-9110	542	12	nontransparent	nontransparent	ADJ
cblr-9110	542	13	actively	actively	ADV
cblr-9110	542	14	managed	manage	VERB
cblr-9110	542	15	funds	fund	NOUN
cblr-9110	542	16	are	be	AUX
cblr-9110	542	17	likely	likely	ADJ
cblr-9110	542	18	to	to	PART
cblr-9110	542	19	outperform	outperform	VERB
cblr-9110	542	20	the	the	DET
cblr-9110	542	21	market	market	NOUN
cblr-9110	542	22	,	,	PUNCT
cblr-9110	542	23	having	have	VERB
cblr-9110	542	24	access	access	NOUN
cblr-9110	542	25	to	to	ADP
cblr-9110	542	26	that	that	DET
cblr-9110	542	27	information	information	NOUN
cblr-9110	542	28	is	be	AUX
cblr-9110	542	29	valuable	valuable	ADJ
cblr-9110	542	30	.	.	PUNCT
cblr-9110	543	1	at	at	ADP
cblr-9110	543	2	times	time	NOUN
cblr-9110	543	3	,	,	PUNCT
cblr-9110	543	4	this	this	PRON
cblr-9110	543	5	prominent	prominent	ADJ
cblr-9110	543	6	in	in	ADP
cblr-9110	543	7	that	that	DET
cblr-9110	543	8	literature	literature	NOUN
cblr-9110	543	9	,	,	PUNCT
cblr-9110	543	10	section	section	NOUN
cblr-9110	543	11	17(a	17(a	NUM
cblr-9110	543	12	)	)	PUNCT
cblr-9110	543	13	of	of	ADP
cblr-9110	543	14	the	the	DET
cblr-9110	543	15	securities	security	NOUN
cblr-9110	543	16	act	act	NOUN
cblr-9110	543	17	of	of	ADP
cblr-9110	543	18	1933	1933	NUM
cblr-9110	543	19	,	,	PUNCT
cblr-9110	543	20	15	15	NUM
cblr-9110	543	21	u.s.c	u.s.c	NOUN
cblr-9110	543	22	.	.	PUNCT
cblr-9110	544	1	§	§	PROPN
cblr-9110	544	2	77q	77q	PROPN
cblr-9110	544	3	is	be	AUX
cblr-9110	544	4	also	also	ADV
cblr-9110	544	5	relevant	relevant	ADJ
cblr-9110	544	6	to	to	ADP
cblr-9110	544	7	insider	insider	NOUN
cblr-9110	544	8	selling	selling	NOUN
cblr-9110	544	9	.	.	PUNCT
cblr-9110	545	1	likewise	likewise	ADV
cblr-9110	545	2	,	,	PUNCT
cblr-9110	545	3	under	under	ADV
cblr-9110	545	4	-	-	PUNCT
cblr-9110	545	5	emphasized	emphasize	VERB
cblr-9110	545	6	federal	federal	ADJ
cblr-9110	545	7	prohibitions	prohibition	NOUN
cblr-9110	545	8	on	on	ADP
cblr-9110	545	9	mail	mail	NOUN
cblr-9110	545	10	and	and	CCONJ
cblr-9110	545	11	wire	wire	NOUN
cblr-9110	545	12	fraud	fraud	NOUN
cblr-9110	545	13	also	also	ADV
cblr-9110	545	14	often	often	ADV
cblr-9110	545	15	sit	sit	VERB
cblr-9110	545	16	at	at	ADP
cblr-9110	545	17	the	the	DET
cblr-9110	545	18	center	center	NOUN
cblr-9110	545	19	of	of	ADP
cblr-9110	545	20	criminal	criminal	ADJ
cblr-9110	545	21	prosecutions	prosecution	NOUN
cblr-9110	545	22	in	in	ADP
cblr-9110	545	23	the	the	DET
cblr-9110	545	24	area	area	NOUN
cblr-9110	545	25	.	.	PUNCT
cblr-9110	546	1	see	see	VERB
cblr-9110	546	2	18	18	NUM
cblr-9110	546	3	u.s.c	u.s.c	ADJ
cblr-9110	546	4	.	.	PUNCT
cblr-9110	547	1	§	§	PROPN
cblr-9110	547	2	1341	1341	NUM
cblr-9110	547	3	;	;	PUNCT
cblr-9110	547	4	see	see	VERB
cblr-9110	547	5	generally	generally	ADV
cblr-9110	547	6	william	william	PROPN
cblr-9110	547	7	k.s	k.s	PROPN
cblr-9110	547	8	.	.	PROPN
cblr-9110	547	9	wang	wang	PROPN
cblr-9110	547	10	,	,	PUNCT
cblr-9110	547	11	application	application	NOUN
cblr-9110	547	12	of	of	ADP
cblr-9110	547	13	the	the	DET
cblr-9110	547	14	federal	federal	ADJ
cblr-9110	547	15	mail	mail	NOUN
cblr-9110	547	16	and	and	CCONJ
cblr-9110	547	17	wire	wire	NOUN
cblr-9110	547	18	fraud	fraud	NOUN
cblr-9110	547	19	statutes	statute	NOUN
cblr-9110	547	20	to	to	ADP
cblr-9110	547	21	criminal	criminal	ADJ
cblr-9110	547	22	liability	liability	NOUN
cblr-9110	547	23	for	for	ADP
cblr-9110	547	24	stock	stock	NOUN
cblr-9110	547	25	market	market	NOUN
cblr-9110	547	26	insider	insider	NOUN
cblr-9110	547	27	trading	trading	NOUN
cblr-9110	547	28	and	and	CCONJ
cblr-9110	547	29	tipping	tipping	NOUN
cblr-9110	547	30	,	,	PUNCT
cblr-9110	547	31	70	70	NUM
cblr-9110	547	32	miami	miami	PROPN
cblr-9110	547	33	l.	l.	PROPN
cblr-9110	547	34	rev	rev	PROPN
cblr-9110	547	35	.	.	PROPN
cblr-9110	547	36	220	220	NUM
cblr-9110	547	37	,	,	PUNCT
cblr-9110	547	38	222	222	NUM
cblr-9110	547	39	(	(	PUNCT
cblr-9110	547	40	2015	2015	NUM
cblr-9110	547	41	)	)	PUNCT
cblr-9110	547	42	.	.	PUNCT
cblr-9110	548	1	132	132	NUM
cblr-9110	548	2	see	see	VERB
cblr-9110	548	3	united	united	PROPN
cblr-9110	548	4	states	states	PROPN
cblr-9110	548	5	v.	v.	ADP
cblr-9110	548	6	o’hagan	o’hagan	PROPN
cblr-9110	548	7	,	,	PUNCT
cblr-9110	548	8	521	521	NUM
cblr-9110	548	9	u.s	u.s	PROPN
cblr-9110	548	10	.	.	PROPN
cblr-9110	548	11	642	642	NUM
cblr-9110	548	12	,	,	PUNCT
cblr-9110	548	13	652–53	652–53	NUM
cblr-9110	548	14	(	(	PUNCT
cblr-9110	548	15	1997	1997	NUM
cblr-9110	548	16	)	)	PUNCT
cblr-9110	548	17	.	.	PUNCT
cblr-9110	549	1	133	133	NUM
cblr-9110	550	1	i	i	PRON
cblr-9110	550	2	d.	d.	PROPN
cblr-9110	550	3	at	at	ADP
cblr-9110	550	4	651–52	651–52	NUM
cblr-9110	550	5	.	.	PUNCT
cblr-9110	551	1	arguably	arguably	ADV
cblr-9110	551	2	,	,	PUNCT
cblr-9110	551	3	the	the	DET
cblr-9110	551	4	tipping	tipping	NOUN
cblr-9110	551	5	activity	activity	NOUN
cblr-9110	551	6	is	be	AUX
cblr-9110	551	7	only	only	ADV
cblr-9110	551	8	deceitful	deceitful	ADJ
cblr-9110	551	9	when	when	SCONJ
cblr-9110	551	10	the	the	DET
cblr-9110	551	11	tipper	tipper	NOUN
cblr-9110	551	12	expects	expect	VERB
cblr-9110	551	13	to	to	PART
cblr-9110	551	14	receive	receive	VERB
cblr-9110	551	15	a	a	DET
cblr-9110	551	16	personal	personal	ADJ
cblr-9110	551	17	benefit	benefit	NOUN
cblr-9110	551	18	in	in	ADP
cblr-9110	551	19	return	return	NOUN
cblr-9110	551	20	for	for	ADP
cblr-9110	551	21	the	the	DET
cblr-9110	551	22	tip	tip	NOUN
cblr-9110	551	23	.	.	PUNCT
cblr-9110	552	1	see	see	VERB
cblr-9110	552	2	dirks	dirk	NOUN
cblr-9110	552	3	v.	v.	ADP
cblr-9110	552	4	sec	sec	PROPN
cblr-9110	552	5	,	,	PUNCT
cblr-9110	552	6	463	463	NUM
cblr-9110	552	7	u.s	u.s	PROPN
cblr-9110	552	8	.	.	PROPN
cblr-9110	552	9	646	646	NUM
cblr-9110	552	10	,	,	PUNCT
cblr-9110	552	11	662	662	NUM
cblr-9110	552	12	(	(	PUNCT
cblr-9110	552	13	1983	1983	NUM
cblr-9110	552	14	)	)	PUNCT
cblr-9110	552	15	.	.	PUNCT
cblr-9110	553	1	but	but	CCONJ
cblr-9110	553	2	see	see	VERB
cblr-9110	553	3	merritt	merritt	PROPN
cblr-9110	553	4	b.	b.	PROPN
cblr-9110	553	5	fox	fox	PROPN
cblr-9110	553	6	&	&	CCONJ
cblr-9110	553	7	george	george	PROPN
cblr-9110	553	8	n.	n.	PROPN
cblr-9110	553	9	tepe	tepe	PROPN
cblr-9110	553	10	,	,	PUNCT
cblr-9110	553	11	personal	personal	ADJ
cblr-9110	553	12	benefit	benefit	NOUN
cblr-9110	553	13	has	have	VERB
cblr-9110	553	14	no	no	DET
cblr-9110	553	15	place	place	NOUN
cblr-9110	553	16	in	in	ADP
cblr-9110	553	17	misappropriation	misappropriation	NOUN
cblr-9110	553	18	tipping	tipping	NOUN
cblr-9110	553	19	cases	case	NOUN
cblr-9110	553	20	,	,	PUNCT
cblr-9110	553	21	71	71	NUM
cblr-9110	553	22	smu	smu	PROPN
cblr-9110	553	23	l.	l.	PROPN
cblr-9110	553	24	rev	rev	PROPN
cblr-9110	553	25	.	.	PROPN
cblr-9110	553	26	767	767	NUM
cblr-9110	553	27	,	,	PUNCT
cblr-9110	553	28	768	768	NUM
cblr-9110	553	29	(	(	PUNCT
cblr-9110	553	30	2018	2018	NUM
cblr-9110	553	31	)	)	PUNCT
cblr-9110	553	32	(	(	PUNCT
cblr-9110	553	33	arguing	argue	VERB
cblr-9110	553	34	that	that	SCONJ
cblr-9110	553	35	the	the	DET
cblr-9110	553	36	personal	personal	ADJ
cblr-9110	553	37	benefit	benefit	NOUN
cblr-9110	553	38	requirement	requirement	NOUN
cblr-9110	553	39	,	,	PUNCT
cblr-9110	553	40	while	while	SCONJ
cblr-9110	553	41	part	part	NOUN
cblr-9110	553	42	of	of	ADP
cblr-9110	553	43	the	the	DET
cblr-9110	553	44	classical	classical	ADJ
cblr-9110	553	45	theory	theory	NOUN
cblr-9110	553	46	of	of	ADP
cblr-9110	553	47	insider	insider	NOUN
cblr-9110	553	48	trading	trading	NOUN
cblr-9110	553	49	,	,	PUNCT
cblr-9110	553	50	should	should	AUX
cblr-9110	553	51	not	not	PART
cblr-9110	553	52	be	be	AUX
cblr-9110	553	53	inserted	insert	VERB
cblr-9110	553	54	into	into	ADP
cblr-9110	553	55	the	the	DET
cblr-9110	553	56	misappropriation	misappropriation	NOUN
cblr-9110	553	57	theory	theory	NOUN
cblr-9110	553	58	of	of	ADP
cblr-9110	553	59	insider	insider	NOUN
cblr-9110	553	60	trading	trading	NOUN
cblr-9110	553	61	)	)	PUNCT
cblr-9110	553	62	.	.	PUNCT
cblr-9110	554	1	134	134	NUM
cblr-9110	554	2	see	see	VERB
cblr-9110	554	3	15	15	NUM
cblr-9110	554	4	u.s.c	u.s.c	ADJ
cblr-9110	554	5	.	.	PUNCT
cblr-9110	555	1	§	§	PROPN
cblr-9110	555	2	78ff	78ff	PROPN
cblr-9110	555	3	(	(	PUNCT
cblr-9110	555	4	criminalizing	criminalize	VERB
cblr-9110	555	5	“	"	PUNCT
cblr-9110	555	6	willful	willful	ADJ
cblr-9110	555	7	”	"	PUNCT
cblr-9110	555	8	violations	violation	NOUN
cblr-9110	555	9	of	of	ADP
cblr-9110	555	10	most	most	ADJ
cblr-9110	555	11	exchange	exchange	NOUN
cblr-9110	555	12	act	act	NOUN
cblr-9110	555	13	provisions	provision	NOUN
cblr-9110	555	14	)	)	PUNCT
cblr-9110	555	15	.	.	PUNCT
cblr-9110	556	1	135	135	NUM
cblr-9110	556	2	see	see	VERB
cblr-9110	556	3	supra	supra	PROPN
cblr-9110	556	4	notes	note	VERB
cblr-9110	556	5	82–83	82–83	NUM
cblr-9110	556	6	and	and	CCONJ
cblr-9110	556	7	accompanying	accompany	VERB
cblr-9110	556	8	text	text	NOUN
cblr-9110	556	9	.	.	PUNCT
cblr-9110	557	1	no	no	INTJ
cblr-9110	557	2	.	.	NOUN
cblr-9110	558	1	3:1321	3:1321	NUM
cblr-9110	558	2	]	]	X
cblr-9110	558	3	the	the	DET
cblr-9110	558	4	emergence	emergence	NOUN
cblr-9110	558	5	of	of	ADP
cblr-9110	558	6	the	the	DET
cblr-9110	558	7	actively	actively	ADV
cblr-9110	558	8	managed	manage	VERB
cblr-9110	558	9	etf	etf	NOUN
cblr-9110	558	10	1359	1359	NUM
cblr-9110	558	11	information	information	NOUN
cblr-9110	558	12	will	will	AUX
cblr-9110	558	13	be	be	AUX
cblr-9110	558	14	sufficiently	sufficiently	ADV
cblr-9110	558	15	valuable	valuable	ADJ
cblr-9110	558	16	to	to	PART
cblr-9110	558	17	make	make	VERB
cblr-9110	558	18	it	it	PRON
cblr-9110	558	19	“	"	PUNCT
cblr-9110	558	20	material	material	NOUN
cblr-9110	558	21	.	.	PUNCT
cblr-9110	558	22	”136	”136	PUNCT
cblr-9110	559	1	ap	ap	PROPN
cblr-9110	559	2	representatives	representative	NOUN
cblr-9110	559	3	work	work	VERB
cblr-9110	559	4	under	under	ADP
cblr-9110	559	5	agreements	agreement	NOUN
cblr-9110	559	6	that	that	PRON
cblr-9110	559	7	bar	bar	VERB
cblr-9110	559	8	them	they	PRON
cblr-9110	559	9	from	from	ADP
cblr-9110	559	10	trading	trade	VERB
cblr-9110	559	11	on	on	ADP
cblr-9110	559	12	this	this	DET
cblr-9110	559	13	portfolio	portfolio	NOUN
cblr-9110	559	14	information	information	NOUN
cblr-9110	559	15	and	and	CCONJ
cblr-9110	559	16	from	from	ADP
cblr-9110	559	17	tipping	tip	VERB
cblr-9110	559	18	others	other	NOUN
cblr-9110	559	19	to	to	PART
cblr-9110	559	20	do	do	VERB
cblr-9110	559	21	the	the	DET
cblr-9110	559	22	same.137	same.137	NOUN
cblr-9110	559	23	under	under	ADP
cblr-9110	559	24	insider	insider	NOUN
cblr-9110	559	25	-	-	PUNCT
cblr-9110	559	26	trading	trading	NOUN
cblr-9110	559	27	law	law	NOUN
cblr-9110	559	28	as	as	SCONJ
cblr-9110	559	29	it	it	PRON
cblr-9110	559	30	is	be	AUX
cblr-9110	559	31	understood	understand	VERB
cblr-9110	559	32	today	today	NOUN
cblr-9110	559	33	,	,	PUNCT
cblr-9110	559	34	ap	ap	PROPN
cblr-9110	559	35	representatives	representative	NOUN
cblr-9110	559	36	therefore	therefore	ADV
cblr-9110	559	37	owe	owe	VERB
cblr-9110	559	38	a	a	DET
cblr-9110	559	39	duty	duty	NOUN
cblr-9110	559	40	of	of	ADP
cblr-9110	559	41	trust	trust	NOUN
cblr-9110	559	42	and	and	CCONJ
cblr-9110	559	43	confidence	confidence	NOUN
cblr-9110	559	44	to	to	ADP
cblr-9110	559	45	the	the	DET
cblr-9110	559	46	source	source	NOUN
cblr-9110	559	47	of	of	ADP
cblr-9110	559	48	that	that	DET
cblr-9110	559	49	information	information	NOUN
cblr-9110	559	50	(	(	PUNCT
cblr-9110	559	51	the	the	DET
cblr-9110	559	52	funds).138	funds).138	PROPN
cblr-9110	559	53	yet	yet	ADV
cblr-9110	559	54	,	,	PUNCT
cblr-9110	559	55	mere	mere	ADJ
cblr-9110	559	56	possession	possession	NOUN
cblr-9110	559	57	of	of	ADP
cblr-9110	559	58	material	material	NOUN
cblr-9110	559	59	,	,	PUNCT
cblr-9110	559	60	non	non	ADJ
cblr-9110	559	61	-	-	ADJ
cblr-9110	559	62	public	public	ADJ
cblr-9110	559	63	information	information	NOUN
cblr-9110	559	64	while	while	SCONJ
cblr-9110	559	65	trading	trade	VERB
cblr-9110	559	66	in	in	ADP
cblr-9110	559	67	relevant	relevant	ADJ
cblr-9110	559	68	securities	security	NOUN
cblr-9110	559	69	involves	involve	VERB
cblr-9110	559	70	the	the	DET
cblr-9110	559	71	use	use	NOUN
cblr-9110	559	72	of	of	ADP
cblr-9110	559	73	that	that	DET
cblr-9110	559	74	information.139	information.139	VERB
cblr-9110	559	75	trading	trading	NOUN
cblr-9110	559	76	while	while	SCONJ
cblr-9110	559	77	in	in	ADP
cblr-9110	559	78	possession	possession	NOUN
cblr-9110	559	79	of	of	ADP
cblr-9110	559	80	material	material	NOUN
cblr-9110	559	81	,	,	PUNCT
cblr-9110	559	82	non	non	ADJ
cblr-9110	559	83	-	-	ADJ
cblr-9110	559	84	public	public	ADJ
cblr-9110	559	85	information	information	NOUN
cblr-9110	559	86	while	while	SCONJ
cblr-9110	559	87	operating	operate	VERB
cblr-9110	559	88	under	under	ADP
cblr-9110	559	89	an	an	DET
cblr-9110	559	90	agreement	agreement	NOUN
cblr-9110	559	91	that	that	PRON
cblr-9110	559	92	bars	bar	VERB
cblr-9110	559	93	a	a	DET
cblr-9110	559	94	party	party	NOUN
cblr-9110	559	95	from	from	ADP
cblr-9110	559	96	trading	trade	VERB
cblr-9110	559	97	on	on	ADP
cblr-9110	559	98	confidential	confidential	ADJ
cblr-9110	559	99	136	136	NUM
cblr-9110	559	100	see	see	NOUN
cblr-9110	559	101	tsc	tsc	PROPN
cblr-9110	559	102	indus	indus	PROPN
cblr-9110	559	103	.	.	PUNCT
cblr-9110	559	104	inc	inc	PROPN
cblr-9110	559	105	.	.	PROPN
cblr-9110	560	1	v.	v.	PROPN
cblr-9110	560	2	northway	northway	PROPN
cblr-9110	560	3	,	,	PUNCT
cblr-9110	560	4	inc	inc	PROPN
cblr-9110	560	5	.	.	PROPN
cblr-9110	560	6	,	,	PUNCT
cblr-9110	560	7	426	426	NUM
cblr-9110	561	1	u.s	u.s	AUX
cblr-9110	561	2	.	.	PROPN
cblr-9110	561	3	438	438	NUM
cblr-9110	561	4	,	,	PUNCT
cblr-9110	561	5	449	449	NUM
cblr-9110	561	6	(	(	PUNCT
cblr-9110	561	7	1976	1976	NUM
cblr-9110	561	8	)	)	PUNCT
cblr-9110	561	9	(	(	PUNCT
cblr-9110	561	10	defining	define	VERB
cblr-9110	561	11	a	a	DET
cblr-9110	561	12	material	material	ADJ
cblr-9110	561	13	fact	fact	NOUN
cblr-9110	561	14	in	in	ADP
cblr-9110	561	15	the	the	DET
cblr-9110	561	16	context	context	NOUN
cblr-9110	561	17	of	of	ADP
cblr-9110	561	18	alleged	allege	VERB
cblr-9110	561	19	fraudulent	fraudulent	ADJ
cblr-9110	561	20	proxy	proxy	ADJ
cblr-9110	561	21	statements	statement	NOUN
cblr-9110	561	22	under	under	ADP
cblr-9110	561	23	exchange	exchange	NOUN
cblr-9110	561	24	act	act	NOUN
cblr-9110	561	25	rule	rule	VERB
cblr-9110	561	26	14a-9	14a-9	NUM
cblr-9110	561	27	as	as	ADP
cblr-9110	561	28	one	one	NUM
cblr-9110	561	29	where	where	SCONJ
cblr-9110	561	30	“	"	PUNCT
cblr-9110	561	31	there	there	PRON
cblr-9110	561	32	is	be	VERB
cblr-9110	561	33	a	a	DET
cblr-9110	561	34	substantial	substantial	ADJ
cblr-9110	561	35	likelihood	likelihood	NOUN
cblr-9110	561	36	that	that	SCONJ
cblr-9110	561	37	a	a	DET
cblr-9110	561	38	reasonable	reasonable	ADJ
cblr-9110	561	39	shareholder	shareholder	NOUN
cblr-9110	561	40	would	would	AUX
cblr-9110	561	41	consider	consider	VERB
cblr-9110	561	42	it	it	PRON
cblr-9110	561	43	important	important	ADJ
cblr-9110	561	44	in	in	ADP
cblr-9110	561	45	deciding	decide	VERB
cblr-9110	561	46	how	how	SCONJ
cblr-9110	561	47	to	to	PART
cblr-9110	561	48	vote[]”—and	vote[]”—and	VERB
cblr-9110	561	49	thereby	thereby	ADV
cblr-9110	561	50	laying	lay	VERB
cblr-9110	561	51	the	the	DET
cblr-9110	561	52	foundation	foundation	NOUN
cblr-9110	561	53	for	for	ADP
cblr-9110	561	54	the	the	DET
cblr-9110	561	55	definition	definition	NOUN
cblr-9110	561	56	of	of	ADP
cblr-9110	561	57	materiality	materiality	NOUN
cblr-9110	561	58	under	under	ADP
cblr-9110	561	59	the	the	DET
cblr-9110	561	60	federal	federal	ADJ
cblr-9110	561	61	securities	security	NOUN
cblr-9110	561	62	laws	law	NOUN
cblr-9110	561	63	more	more	ADV
cblr-9110	561	64	generally	generally	ADV
cblr-9110	561	65	)	)	PUNCT
cblr-9110	561	66	.	.	PUNCT
cblr-9110	562	1	137	137	NUM
cblr-9110	562	2	see	see	VERB
cblr-9110	562	3	proposed	propose	VERB
cblr-9110	562	4	rule	rule	NOUN
cblr-9110	562	5	change	change	NOUN
cblr-9110	562	6	to	to	PART
cblr-9110	562	7	adopt	adopt	VERB
cblr-9110	562	8	a	a	DET
cblr-9110	562	9	new	new	ADJ
cblr-9110	562	10	nyse	nyse	PROPN
cblr-9110	562	11	arca	arca	PROPN
cblr-9110	562	12	rule	rule	PROPN
cblr-9110	562	13	8.900e	8.900e	PROPN
cblr-9110	562	14	,	,	PUNCT
cblr-9110	562	15	83	83	NUM
cblr-9110	562	16	fed	feed	VERB
cblr-9110	562	17	.	.	PUNCT
cblr-9110	563	1	reg	reg	PROPN
cblr-9110	563	2	.	.	PUNCT
cblr-9110	563	3	3846	3846	NUM
cblr-9110	563	4	,	,	PUNCT
cblr-9110	563	5	3852	3852	NUM
cblr-9110	563	6	n.	n.	NOUN
cblr-9110	563	7	23	23	NUM
cblr-9110	563	8	(	(	PUNCT
cblr-9110	563	9	proposed	propose	VERB
cblr-9110	563	10	jan	jan	PROPN
cblr-9110	563	11	.	.	PROPN
cblr-9110	563	12	19	19	NUM
cblr-9110	563	13	,	,	PUNCT
cblr-9110	563	14	2018	2018	NUM
cblr-9110	563	15	)	)	PUNCT
cblr-9110	563	16	.	.	PUNCT
cblr-9110	564	1	138	138	NUM
cblr-9110	565	1	the	the	DET
cblr-9110	565	2	relevant	relevant	ADJ
cblr-9110	565	3	duty	duty	NOUN
cblr-9110	565	4	first	first	ADV
cblr-9110	565	5	arose	arise	VERB
cblr-9110	565	6	under	under	ADP
cblr-9110	565	7	the	the	DET
cblr-9110	565	8	common	common	ADJ
cblr-9110	565	9	law	law	NOUN
cblr-9110	565	10	out	out	ADP
cblr-9110	565	11	of	of	ADP
cblr-9110	565	12	relationships	relationship	NOUN
cblr-9110	565	13	of	of	ADP
cblr-9110	565	14	trust	trust	NOUN
cblr-9110	565	15	and	and	CCONJ
cblr-9110	565	16	confidence	confidence	NOUN
cblr-9110	565	17	between	between	ADP
cblr-9110	565	18	counterparties	counterpartie	NOUN
cblr-9110	565	19	to	to	ADP
cblr-9110	565	20	a	a	DET
cblr-9110	565	21	transaction	transaction	NOUN
cblr-9110	565	22	.	.	PUNCT
cblr-9110	566	1	but	but	CCONJ
cblr-9110	566	2	these	these	DET
cblr-9110	566	3	duties	duty	NOUN
cblr-9110	566	4	were	be	AUX
cblr-9110	566	5	then	then	ADV
cblr-9110	566	6	greatly	greatly	ADV
cblr-9110	566	7	expanded	expand	VERB
cblr-9110	566	8	in	in	ADP
cblr-9110	566	9	the	the	DET
cblr-9110	566	10	insidertrading	insidertrade	VERB
cblr-9110	566	11	context	context	NOUN
cblr-9110	566	12	via	via	ADP
cblr-9110	566	13	purported	purport	VERB
cblr-9110	566	14	statutory	statutory	ADJ
cblr-9110	566	15	interpretation	interpretation	NOUN
cblr-9110	566	16	by	by	ADP
cblr-9110	566	17	federal	federal	ADJ
cblr-9110	566	18	judges	judge	NOUN
cblr-9110	566	19	.	.	PUNCT
cblr-9110	567	1	see	see	VERB
cblr-9110	567	2	,	,	PUNCT
cblr-9110	567	3	e.g.	e.g.	ADV
cblr-9110	567	4	,	,	PUNCT
cblr-9110	567	5	united	united	PROPN
cblr-9110	567	6	states	states	PROPN
cblr-9110	567	7	v.	v.	ADP
cblr-9110	567	8	chestman	chestman	PROPN
cblr-9110	567	9	,	,	PUNCT
cblr-9110	567	10	947	947	NUM
cblr-9110	567	11	f.2d	f.2d	SYM
cblr-9110	567	12	551	551	NUM
cblr-9110	567	13	,	,	PUNCT
cblr-9110	567	14	567–70	567–70	PROPN
cblr-9110	567	15	(	(	PUNCT
cblr-9110	567	16	2d	2d	PROPN
cblr-9110	567	17	cir	cir	NOUN
cblr-9110	567	18	.	.	PROPN
cblr-9110	567	19	1991	1991	NUM
cblr-9110	567	20	)	)	PUNCT
cblr-9110	567	21	.	.	PUNCT
cblr-9110	568	1	today	today	NOUN
cblr-9110	568	2	,	,	PUNCT
cblr-9110	568	3	the	the	DET
cblr-9110	568	4	duty	duty	NOUN
cblr-9110	568	5	at	at	ADP
cblr-9110	568	6	issue	issue	NOUN
cblr-9110	568	7	is	be	AUX
cblr-9110	568	8	also	also	ADV
cblr-9110	568	9	traceable	traceable	ADJ
cblr-9110	568	10	to	to	ADP
cblr-9110	568	11	an	an	DET
cblr-9110	568	12	sec	sec	PROPN
cblr-9110	568	13	rule	rule	NOUN
cblr-9110	568	14	.	.	PUNCT
cblr-9110	569	1	17	17	NUM
cblr-9110	569	2	c.f.r	c.f.r	NOUN
cblr-9110	569	3	.	.	PUNCT
cblr-9110	570	1	§	§	PROPN
cblr-9110	570	2	240.10b5	240.10b5	NUM
cblr-9110	570	3	-	-	SYM
cblr-9110	570	4	2	2	NUM
cblr-9110	570	5	(	(	PUNCT
cblr-9110	570	6	2021	2021	NUM
cblr-9110	570	7	)	)	PUNCT
cblr-9110	570	8	.	.	PUNCT
cblr-9110	571	1	139	139	NUM
cblr-9110	571	2	see	see	VERB
cblr-9110	571	3	17	17	NUM
cblr-9110	571	4	c.f.r	c.f.r	NOUN
cblr-9110	571	5	.	.	PUNCT
cblr-9110	572	1	§	§	PROPN
cblr-9110	572	2	240.10b5	240.10b5	NUM
cblr-9110	572	3	-	-	SYM
cblr-9110	572	4	1(b	1(b	NUM
cblr-9110	572	5	)	)	PUNCT
cblr-9110	572	6	(	(	PUNCT
cblr-9110	572	7	“	"	PUNCT
cblr-9110	572	8	[	[	X
cblr-9110	572	9	a	a	X
cblr-9110	572	10	]	]	X
cblr-9110	572	11	purchase	purchase	NOUN
cblr-9110	572	12	or	or	CCONJ
cblr-9110	572	13	sale	sale	NOUN
cblr-9110	572	14	of	of	ADP
cblr-9110	572	15	a	a	DET
cblr-9110	572	16	security	security	NOUN
cblr-9110	572	17	of	of	ADP
cblr-9110	572	18	an	an	DET
cblr-9110	572	19	issuer	issuer	NOUN
cblr-9110	572	20	is	be	AUX
cblr-9110	572	21	‘	'	PUNCT
cblr-9110	572	22	on	on	ADP
cblr-9110	572	23	the	the	DET
cblr-9110	572	24	basis	basis	NOUN
cblr-9110	572	25	of	of	ADP
cblr-9110	572	26	’	'	PUNCT
cblr-9110	572	27	material	material	ADJ
cblr-9110	572	28	non	non	ADJ
cblr-9110	572	29	-	-	ADJ
cblr-9110	572	30	public	public	ADJ
cblr-9110	572	31	information	information	NOUN
cblr-9110	572	32	about	about	ADP
cblr-9110	572	33	that	that	DET
cblr-9110	572	34	security	security	NOUN
cblr-9110	572	35	or	or	CCONJ
cblr-9110	572	36	issuer	issuer	NOUN
cblr-9110	572	37	if	if	SCONJ
cblr-9110	572	38	the	the	DET
cblr-9110	572	39	person	person	NOUN
cblr-9110	572	40	making	make	VERB
cblr-9110	572	41	the	the	DET
cblr-9110	572	42	purchase	purchase	NOUN
cblr-9110	572	43	or	or	CCONJ
cblr-9110	572	44	sale	sale	NOUN
cblr-9110	572	45	was	be	AUX
cblr-9110	572	46	aware	aware	ADJ
cblr-9110	572	47	of	of	ADP
cblr-9110	572	48	the	the	DET
cblr-9110	572	49	material	material	NOUN
cblr-9110	572	50	nonpublic	nonpublic	ADJ
cblr-9110	572	51	information	information	NOUN
cblr-9110	572	52	when	when	SCONJ
cblr-9110	572	53	the	the	DET
cblr-9110	572	54	person	person	NOUN
cblr-9110	572	55	made	make	VERB
cblr-9110	572	56	the	the	DET
cblr-9110	572	57	purchase	purchase	NOUN
cblr-9110	572	58	or	or	CCONJ
cblr-9110	572	59	sale	sale	NOUN
cblr-9110	572	60	.	.	PUNCT
cblr-9110	572	61	”	"	PUNCT
cblr-9110	572	62	)	)	PUNCT
cblr-9110	572	63	.	.	PUNCT
cblr-9110	573	1	similarly	similarly	ADV
cblr-9110	573	2	,	,	PUNCT
cblr-9110	573	3	caselaw	caselaw	NOUN
cblr-9110	573	4	provides	provide	VERB
cblr-9110	573	5	that	that	SCONJ
cblr-9110	573	6	“	"	PUNCT
cblr-9110	573	7	when	when	SCONJ
cblr-9110	573	8	an	an	DET
cblr-9110	573	9	insider	insider	NOUN
cblr-9110	573	10	trades	trade	NOUN
cblr-9110	573	11	while	while	SCONJ
cblr-9110	573	12	in	in	ADP
cblr-9110	573	13	possession	possession	NOUN
cblr-9110	573	14	of	of	ADP
cblr-9110	573	15	material	material	ADJ
cblr-9110	573	16	nonpublic	nonpublic	ADJ
cblr-9110	573	17	information	information	NOUN
cblr-9110	573	18	,	,	PUNCT
cblr-9110	573	19	a	a	DET
cblr-9110	573	20	strong	strong	ADJ
cblr-9110	573	21	inference	inference	NOUN
cblr-9110	573	22	arises	arise	VERB
cblr-9110	573	23	that	that	SCONJ
cblr-9110	573	24	such	such	ADJ
cblr-9110	573	25	information	information	NOUN
cblr-9110	573	26	was	be	AUX
cblr-9110	573	27	used	use	VERB
cblr-9110	573	28	by	by	ADP
cblr-9110	573	29	the	the	DET
cblr-9110	573	30	insider	insider	NOUN
cblr-9110	573	31	in	in	ADP
cblr-9110	573	32	trading	trading	NOUN
cblr-9110	573	33	.	.	PUNCT
cblr-9110	573	34	”	"	PUNCT
cblr-9110	574	1	sec	sec	PROPN
cblr-9110	574	2	v.	v.	PROPN
cblr-9110	574	3	adler	adler	PROPN
cblr-9110	574	4	,	,	PUNCT
cblr-9110	574	5	137	137	NUM
cblr-9110	574	6	f.3d	f.3d	NUM
cblr-9110	574	7	1325	1325	NUM
cblr-9110	574	8	,	,	PUNCT
cblr-9110	574	9	1337	1337	NUM
cblr-9110	574	10	(	(	PUNCT
cblr-9110	574	11	11th	11th	ADJ
cblr-9110	574	12	cir	cir	NOUN
cblr-9110	574	13	.	.	PUNCT
cblr-9110	574	14	1998	1998	NUM
cblr-9110	574	15	)	)	PUNCT
cblr-9110	574	16	.	.	PUNCT
cblr-9110	575	1	the	the	DET
cblr-9110	575	2	extent	extent	NOUN
cblr-9110	575	3	to	to	PART
cblr-9110	575	4	which	which	PRON
cblr-9110	575	5	this	this	DET
cblr-9110	575	6	caselaw	caselaw	NOUN
cblr-9110	575	7	is	be	AUX
cblr-9110	575	8	preempted	preempt	VERB
cblr-9110	575	9	by	by	ADP
cblr-9110	575	10	the	the	DET
cblr-9110	575	11	aforementioned	aforementioned	ADJ
cblr-9110	575	12	sec	sec	PROPN
cblr-9110	575	13	rule	rule	NOUN
cblr-9110	575	14	is	be	AUX
cblr-9110	575	15	unclear	unclear	ADJ
cblr-9110	575	16	.	.	PUNCT
cblr-9110	576	1	for	for	ADP
cblr-9110	576	2	ease	ease	NOUN
cblr-9110	576	3	of	of	ADP
cblr-9110	576	4	exposition	exposition	NOUN
cblr-9110	576	5	,	,	PUNCT
cblr-9110	576	6	here	here	ADV
cblr-9110	576	7	forward	forward	ADV
cblr-9110	576	8	i	i	PRON
cblr-9110	576	9	focus	focus	VERB
cblr-9110	576	10	only	only	ADV
cblr-9110	576	11	on	on	ADP
cblr-9110	576	12	the	the	DET
cblr-9110	576	13	sec	sec	PROPN
cblr-9110	576	14	rule	rule	NOUN
cblr-9110	576	15	when	when	SCONJ
cblr-9110	576	16	thinking	think	VERB
cblr-9110	576	17	about	about	ADP
cblr-9110	576	18	the	the	DET
cblr-9110	576	19	extent	extent	NOUN
cblr-9110	576	20	to	to	PART
cblr-9110	576	21	which	which	DET
cblr-9110	576	22	possession	possession	NOUN
cblr-9110	576	23	of	of	ADP
cblr-9110	576	24	confidential	confidential	ADJ
cblr-9110	576	25	fund	fund	NOUN
cblr-9110	576	26	information	information	NOUN
cblr-9110	576	27	means	mean	VERB
cblr-9110	576	28	the	the	DET
cblr-9110	576	29	use	use	NOUN
cblr-9110	576	30	of	of	ADP
cblr-9110	576	31	it	it	PRON
cblr-9110	576	32	by	by	ADP
cblr-9110	576	33	ap	ap	PROPN
cblr-9110	576	34	representatives	representatives	PROPN
cblr-9110	576	35	.	.	PUNCT
cblr-9110	577	1	1360	1360	NUM
cblr-9110	577	2	columbia	columbia	PROPN
cblr-9110	577	3	business	business	PROPN
cblr-9110	577	4	law	law	PROPN
cblr-9110	577	5	review	review	NOUN
cblr-9110	577	6	[	[	X
cblr-9110	577	7	vol	vol	NOUN
cblr-9110	577	8	.	.	NOUN
cblr-9110	577	9	2021	2021	NUM
cblr-9110	577	10	information	information	NOUN
cblr-9110	577	11	is	be	AUX
cblr-9110	577	12	thus	thus	ADV
cblr-9110	577	13	illegal	illegal	ADJ
cblr-9110	577	14	when	when	SCONJ
cblr-9110	577	15	affirmative	affirmative	ADJ
cblr-9110	577	16	defenses140	defenses140	PROPN
cblr-9110	577	17	are	be	AUX
cblr-9110	577	18	not	not	PART
cblr-9110	577	19	available	available	ADJ
cblr-9110	577	20	.	.	PUNCT
cblr-9110	578	1	of	of	ADP
cblr-9110	578	2	course	course	ADV
cblr-9110	578	3	,	,	PUNCT
cblr-9110	578	4	those	those	PRON
cblr-9110	578	5	prosecuting	prosecute	VERB
cblr-9110	578	6	such	such	DET
cblr-9110	578	7	an	an	DET
cblr-9110	578	8	insider	insider	NOUN
cblr-9110	578	9	-	-	PUNCT
cblr-9110	578	10	trading	trading	NOUN
cblr-9110	578	11	case	case	NOUN
cblr-9110	578	12	also	also	ADV
cblr-9110	578	13	need	need	VERB
cblr-9110	578	14	to	to	PART
cblr-9110	578	15	prove	prove	VERB
cblr-9110	578	16	additional	additional	ADJ
cblr-9110	578	17	elements	element	NOUN
cblr-9110	578	18	.	.	PUNCT
cblr-9110	579	1	but	but	CCONJ
cblr-9110	579	2	when	when	SCONJ
cblr-9110	579	3	the	the	DET
cblr-9110	579	4	information	information	NOUN
cblr-9110	579	5	at	at	ADP
cblr-9110	579	6	issue	issue	NOUN
cblr-9110	579	7	is	be	AUX
cblr-9110	579	8	material	material	ADJ
cblr-9110	579	9	,	,	PUNCT
cblr-9110	579	10	the	the	DET
cblr-9110	579	11	key	key	ADJ
cblr-9110	579	12	duty	duty	NOUN
cblr-9110	579	13	and	and	CCONJ
cblr-9110	579	14	use	use	NOUN
cblr-9110	579	15	elements	element	NOUN
cblr-9110	579	16	are	be	AUX
cblr-9110	579	17	met	meet	VERB
cblr-9110	579	18	due	due	ADP
cblr-9110	579	19	to	to	ADP
cblr-9110	579	20	the	the	DET
cblr-9110	579	21	mix	mix	NOUN
cblr-9110	579	22	of	of	ADP
cblr-9110	579	23	the	the	DET
cblr-9110	579	24	confidentiality	confidentiality	NOUN
cblr-9110	579	25	agreement	agreement	NOUN
cblr-9110	579	26	,	,	PUNCT
cblr-9110	579	27	the	the	DET
cblr-9110	579	28	trading	trading	NOUN
cblr-9110	579	29	and/or	and/or	CCONJ
cblr-9110	579	30	tipping	tipping	NOUN
cblr-9110	579	31	,	,	PUNCT
cblr-9110	579	32	and	and	CCONJ
cblr-9110	579	33	the	the	DET
cblr-9110	579	34	possession	possession	NOUN
cblr-9110	579	35	of	of	ADP
cblr-9110	579	36	the	the	DET
cblr-9110	579	37	information	information	NOUN
cblr-9110	579	38	during	during	ADP
cblr-9110	579	39	the	the	DET
cblr-9110	579	40	time	time	NOUN
cblr-9110	579	41	of	of	ADP
cblr-9110	579	42	that	that	DET
cblr-9110	579	43	trading	trading	NOUN
cblr-9110	579	44	and/or	and/or	CCONJ
cblr-9110	579	45	tipping	tipping	NOUN
cblr-9110	579	46	.	.	PUNCT
cblr-9110	580	1	yet	yet	ADV
cblr-9110	580	2	,	,	PUNCT
cblr-9110	580	3	rule	rule	VERB
cblr-9110	580	4	10b5	10b5	NUM
cblr-9110	580	5	-	-	SYM
cblr-9110	580	6	1	1	NUM
cblr-9110	580	7	contains	contain	VERB
cblr-9110	580	8	no	no	DET
cblr-9110	580	9	apparent	apparent	ADJ
cblr-9110	580	10	affirmative	affirmative	ADJ
cblr-9110	580	11	defense	defense	NOUN
cblr-9110	580	12	for	for	ADP
cblr-9110	580	13	this	this	DET
cblr-9110	580	14	ap	ap	PROPN
cblr-9110	580	15	representative	representative	NOUN
cblr-9110	580	16	trading.141	trading.141	NOUN
cblr-9110	580	17	and	and	CCONJ
cblr-9110	580	18	given	give	VERB
cblr-9110	580	19	the	the	DET
cblr-9110	580	20	scope	scope	NOUN
cblr-9110	580	21	of	of	ADP
cblr-9110	580	22	the	the	DET
cblr-9110	580	23	emergence	emergence	NOUN
cblr-9110	580	24	of	of	ADP
cblr-9110	580	25	investment	investment	NOUN
cblr-9110	580	26	via	via	ADP
cblr-9110	580	27	actively	actively	ADV
cblr-9110	580	28	managed	manage	VERB
cblr-9110	580	29	etf	etf	NOUN
cblr-9110	580	30	(	(	PUNCT
cblr-9110	580	31	namely	namely	ADV
cblr-9110	580	32	,	,	PUNCT
cblr-9110	580	33	via	via	ADP
cblr-9110	580	34	nontransparent	nontransparent	ADJ
cblr-9110	580	35	actively	actively	ADV
cblr-9110	580	36	managed	manage	VERB
cblr-9110	580	37	etf	etf	NOUN
cblr-9110	580	38	)	)	PUNCT
cblr-9110	580	39	predicted	predict	VERB
cblr-9110	580	40	above,142	above,142	PROPN
cblr-9110	580	41	ap	ap	PROPN
cblr-9110	580	42	representatives	representative	NOUN
cblr-9110	580	43	could	could	AUX
cblr-9110	580	44	have	have	VERB
cblr-9110	580	45	information	information	NOUN
cblr-9110	580	46	relating	relate	VERB
cblr-9110	580	47	to	to	ADP
cblr-9110	580	48	the	the	DET
cblr-9110	580	49	demand	demand	NOUN
cblr-9110	580	50	for	for	ADP
cblr-9110	580	51	every	every	DET
cblr-9110	580	52	publicly	publicly	ADV
cblr-9110	580	53	traded	trade	VERB
cblr-9110	580	54	stock	stock	NOUN
cblr-9110	580	55	in	in	ADP
cblr-9110	580	56	the	the	DET
cblr-9110	580	57	market	market	NOUN
cblr-9110	580	58	each	each	PRON
cblr-9110	580	59	and	and	CCONJ
cblr-9110	580	60	every	every	DET
cblr-9110	580	61	trading	trading	NOUN
cblr-9110	580	62	day	day	NOUN
cblr-9110	580	63	of	of	ADP
cblr-9110	580	64	the	the	DET
cblr-9110	580	65	year	year	NOUN
cblr-9110	580	66	.	.	PUNCT
cblr-9110	581	1	consequently	consequently	ADV
cblr-9110	581	2	,	,	PUNCT
cblr-9110	581	3	ap	ap	PROPN
cblr-9110	581	4	representatives	representative	NOUN
cblr-9110	581	5	can	can	AUX
cblr-9110	581	6	even	even	ADV
cblr-9110	581	7	be	be	AUX
cblr-9110	581	8	said	say	VERB
cblr-9110	581	9	to	to	PART
cblr-9110	581	10	be	be	AUX
cblr-9110	581	11	acting	act	VERB
cblr-9110	581	12	in	in	ADP
cblr-9110	581	13	a	a	DET
cblr-9110	581	14	way	way	NOUN
cblr-9110	581	15	that	that	PRON
cblr-9110	581	16	is	be	AUX
cblr-9110	581	17	presumptively	presumptively	ADV
cblr-9110	581	18	inconsistent	inconsistent	ADJ
cblr-9110	581	19	with	with	ADP
cblr-9110	581	20	these	these	DET
cblr-9110	581	21	same	same	ADJ
cblr-9110	581	22	standards	standard	NOUN
cblr-9110	581	23	when	when	SCONJ
cblr-9110	581	24	those	those	DET
cblr-9110	581	25	representatives	representative	NOUN
cblr-9110	581	26	are	be	AUX
cblr-9110	581	27	merely	merely	ADV
cblr-9110	581	28	engaging	engage	VERB
cblr-9110	581	29	in	in	ADP
cblr-9110	581	30	the	the	DET
cblr-9110	581	31	brokering	brokering	ADJ
cblr-9110	581	32	activity	activity	NOUN
cblr-9110	581	33	on	on	ADP
cblr-9110	581	34	third	third	ADJ
cblr-9110	581	35	-	-	PUNCT
cblr-9110	581	36	party	party	NOUN
cblr-9110	581	37	trading	trading	NOUN
cblr-9110	581	38	platforms	platform	NOUN
cblr-9110	581	39	at	at	ADP
cblr-9110	581	40	arm	arm	NOUN
cblr-9110	581	41	’s	’s	PART
cblr-9110	581	42	length	length	NOUN
cblr-9110	581	43	that	that	PRON
cblr-9110	581	44	the	the	DET
cblr-9110	581	45	ap	ap	PROPN
cblr-9110	581	46	-	-	PUNCT
cblr-9110	581	47	representative	representative	ADJ
cblr-9110	581	48	arrangement	arrangement	NOUN
cblr-9110	581	49	contemplates	contemplate	VERB
cblr-9110	581	50	.	.	PUNCT
cblr-9110	582	1	as	as	ADP
cblr-9110	582	2	a	a	DET
cblr-9110	582	3	technical	technical	ADJ
cblr-9110	582	4	matter	matter	NOUN
cblr-9110	582	5	,	,	PUNCT
cblr-9110	582	6	even	even	ADV
cblr-9110	582	7	merely	merely	ADV
cblr-9110	582	8	assisting	assist	VERB
cblr-9110	582	9	the	the	DET
cblr-9110	582	10	aps	ap	NOUN
cblr-9110	582	11	in	in	ADP
cblr-9110	582	12	their	their	PRON
cblr-9110	582	13	etfarbitrage	etfarbitrage	NOUN
cblr-9110	582	14	creation	creation	NOUN
cblr-9110	582	15	and	and	CCONJ
cblr-9110	582	16	redemption	redemption	NOUN
cblr-9110	582	17	transactions	transaction	NOUN
cblr-9110	582	18	dictates	dictate	VERB
cblr-9110	582	19	that	that	PRON
cblr-9110	582	20	ap	ap	PROPN
cblr-9110	582	21	representatives	representative	NOUN
cblr-9110	582	22	are	be	AUX
cblr-9110	582	23	trading	trade	VERB
cblr-9110	582	24	“	"	PUNCT
cblr-9110	582	25	on	on	ADP
cblr-9110	582	26	the	the	DET
cblr-9110	582	27	basis	basis	NOUN
cblr-9110	582	28	of	of	ADP
cblr-9110	582	29	”	"	PUNCT
cblr-9110	582	30	confidential	confidential	ADJ
cblr-9110	582	31	portfolio	portfolio	NOUN
cblr-9110	582	32	information	information	NOUN
cblr-9110	582	33	when	when	SCONJ
cblr-9110	582	34	they	they	PRON
cblr-9110	582	35	transact	transact	VERB
cblr-9110	582	36	in	in	ADP
cblr-9110	582	37	shares	share	NOUN
cblr-9110	582	38	of	of	ADP
cblr-9110	582	39	the	the	DET
cblr-9110	582	40	securities	security	NOUN
cblr-9110	582	41	in	in	ADP
cblr-9110	582	42	the	the	DET
cblr-9110	582	43	underlying	underlie	VERB
cblr-9110	582	44	creation	creation	NOUN
cblr-9110	582	45	and	and	CCONJ
cblr-9110	582	46	redemption	redemption	NOUN
cblr-9110	582	47	basket	basket	NOUN
cblr-9110	582	48	.	.	PUNCT
cblr-9110	583	1	after	after	ADV
cblr-9110	583	2	all	all	ADV
cblr-9110	583	3	,	,	PUNCT
cblr-9110	583	4	the	the	DET
cblr-9110	583	5	possession	possession	NOUN
cblr-9110	583	6	of	of	ADP
cblr-9110	583	7	such	such	ADJ
cblr-9110	583	8	information	information	NOUN
cblr-9110	583	9	while	while	SCONJ
cblr-9110	583	10	trading	trade	VERB
cblr-9110	583	11	in	in	ADP
cblr-9110	583	12	relevant	relevant	ADJ
cblr-9110	583	13	securities	security	NOUN
cblr-9110	583	14	equals	equal	VERB
cblr-9110	583	15	its	its	PRON
cblr-9110	583	16	use	use	NOUN
cblr-9110	583	17	under	under	ADP
cblr-9110	583	18	the	the	DET
cblr-9110	583	19	law	law	NOUN
cblr-9110	583	20	.	.	PUNCT
cblr-9110	584	1	to	to	PART
cblr-9110	584	2	be	be	AUX
cblr-9110	584	3	sure	sure	ADJ
cblr-9110	584	4	,	,	PUNCT
cblr-9110	584	5	the	the	DET
cblr-9110	584	6	analysis	analysis	NOUN
cblr-9110	584	7	in	in	ADP
cblr-9110	584	8	the	the	DET
cblr-9110	584	9	immediately	immediately	ADV
cblr-9110	584	10	preceding	precede	VERB
cblr-9110	584	11	paragraph	paragraph	NOUN
cblr-9110	584	12	could	could	AUX
cblr-9110	584	13	be	be	AUX
cblr-9110	584	14	said	say	VERB
cblr-9110	584	15	to	to	PART
cblr-9110	584	16	be	be	AUX
cblr-9110	584	17	exceedingly	exceedingly	ADV
cblr-9110	584	18	technical	technical	ADJ
cblr-9110	584	19	.	.	PUNCT
cblr-9110	585	1	and	and	CCONJ
cblr-9110	585	2	“	"	PUNCT
cblr-9110	585	3	materiality	materiality	NOUN
cblr-9110	585	4	”	"	PUNCT
cblr-9110	585	5	of	of	ADP
cblr-9110	585	6	the	the	DET
cblr-9110	585	7	information	information	NOUN
cblr-9110	585	8	at	at	ADP
cblr-9110	585	9	issue	issue	NOUN
cblr-9110	585	10	is	be	AUX
cblr-9110	585	11	far	far	ADV
cblr-9110	585	12	from	from	ADP
cblr-9110	585	13	clear	clear	ADJ
cblr-9110	585	14	.	.	PUNCT
cblr-9110	586	1	but	but	CCONJ
cblr-9110	586	2	even	even	ADV
cblr-9110	586	3	if	if	SCONJ
cblr-9110	586	4	so	so	ADV
cblr-9110	586	5	and	and	CCONJ
cblr-9110	586	6	prosecutors	prosecutor	NOUN
cblr-9110	586	7	,	,	PUNCT
cblr-9110	586	8	private	private	ADJ
cblr-9110	586	9	plaintiffs	plaintiff	NOUN
cblr-9110	586	10	,	,	PUNCT
cblr-9110	586	11	the	the	DET
cblr-9110	586	12	sec	sec	PROPN
cblr-9110	586	13	,	,	PUNCT
cblr-9110	586	14	and	and	CCONJ
cblr-9110	586	15	finra	finra	PROPN
cblr-9110	586	16	had	have	VERB
cblr-9110	586	17	no	no	DET
cblr-9110	586	18	issue	issue	NOUN
cblr-9110	586	19	with	with	ADP
cblr-9110	586	20	such	such	ADJ
cblr-9110	586	21	trading	trading	NOUN
cblr-9110	586	22	,	,	PUNCT
cblr-9110	586	23	closely	closely	ADV
cblr-9110	586	24	related	relate	VERB
cblr-9110	586	25	problems	problem	NOUN
cblr-9110	586	26	remain	remain	VERB
cblr-9110	586	27	.	.	PUNCT
cblr-9110	587	1	for	for	ADP
cblr-9110	587	2	example	example	NOUN
cblr-9110	587	3	,	,	PUNCT
cblr-9110	587	4	an	an	DET
cblr-9110	587	5	ap	ap	PROPN
cblr-9110	587	6	representative	representative	NOUN
cblr-9110	587	7	would	would	AUX
cblr-9110	587	8	be	be	AUX
cblr-9110	587	9	proceeding	proceed	VERB
cblr-9110	587	10	on	on	ADP
cblr-9110	587	11	very	very	ADV
cblr-9110	587	12	thin	thin	ADJ
cblr-9110	587	13	ice	ice	NOUN
cblr-9110	587	14	if	if	SCONJ
cblr-9110	587	15	it	it	PRON
cblr-9110	587	16	used	use	VERB
cblr-9110	587	17	shares	share	NOUN
cblr-9110	587	18	from	from	ADP
cblr-9110	587	19	its	its	PRON
cblr-9110	587	20	own	own	ADJ
cblr-9110	587	21	140	140	NUM
cblr-9110	587	22	see	see	VERB
cblr-9110	587	23	17	17	NUM
cblr-9110	587	24	c.f.r	c.f.r	NOUN
cblr-9110	587	25	.	.	PUNCT
cblr-9110	588	1	§	§	PROPN
cblr-9110	588	2	240.10b5	240.10b5	NUM
cblr-9110	588	3	-	-	SYM
cblr-9110	588	4	1(c	1(c	NUM
cblr-9110	588	5	)	)	PUNCT
cblr-9110	588	6	(	(	PUNCT
cblr-9110	588	7	specifying	specify	VERB
cblr-9110	588	8	affirmative	affirmative	ADJ
cblr-9110	588	9	defenses	defense	NOUN
cblr-9110	588	10	)	)	PUNCT
cblr-9110	588	11	.	.	PUNCT
cblr-9110	589	1	141	141	NUM
cblr-9110	589	2	see	see	VERB
cblr-9110	589	3	i	i	PRON
cblr-9110	589	4	d.	d.	PROPN
cblr-9110	589	5	142	142	NUM
cblr-9110	589	6	see	see	VERB
cblr-9110	589	7	supra	supra	PROPN
cblr-9110	589	8	section	section	PROPN
cblr-9110	589	9	iii.b	iii.b	PROPN
cblr-9110	589	10	.	.	PUNCT
cblr-9110	590	1	no	no	INTJ
cblr-9110	590	2	.	.	NOUN
cblr-9110	591	1	3:1321	3:1321	NUM
cblr-9110	591	2	]	]	X
cblr-9110	591	3	the	the	DET
cblr-9110	591	4	emergence	emergence	NOUN
cblr-9110	591	5	of	of	ADP
cblr-9110	591	6	the	the	DET
cblr-9110	591	7	actively	actively	ADV
cblr-9110	591	8	managed	manage	VERB
cblr-9110	591	9	etf	etf	NOUN
cblr-9110	591	10	1361	1361	NUM
cblr-9110	591	11	inventory	inventory	NOUN
cblr-9110	591	12	(	(	PUNCT
cblr-9110	591	13	i.e.	i.e.	X
cblr-9110	591	14	,	,	PUNCT
cblr-9110	591	15	as	as	SCONJ
cblr-9110	591	16	a	a	DET
cblr-9110	591	17	broker	broker	NOUN
cblr-9110	591	18	-	-	PUNCT
cblr-9110	591	19	dealer143	dealer143	PROPN
cblr-9110	591	20	)	)	PUNCT
cblr-9110	591	21	to	to	PART
cblr-9110	591	22	help	help	VERB
cblr-9110	591	23	assemble	assemble	VERB
cblr-9110	591	24	some	some	PRON
cblr-9110	591	25	of	of	ADP
cblr-9110	591	26	the	the	DET
cblr-9110	591	27	shares	share	NOUN
cblr-9110	591	28	required	require	VERB
cblr-9110	591	29	for	for	ADP
cblr-9110	591	30	a	a	DET
cblr-9110	591	31	creation	creation	NOUN
cblr-9110	591	32	-	-	PUNCT
cblr-9110	591	33	unit	unit	NOUN
cblr-9110	591	34	transaction	transaction	NOUN
cblr-9110	591	35	.	.	PUNCT
cblr-9110	592	1	in	in	ADP
cblr-9110	592	2	this	this	DET
cblr-9110	592	3	situation	situation	NOUN
cblr-9110	592	4	,	,	PUNCT
cblr-9110	592	5	the	the	DET
cblr-9110	592	6	ap	ap	PROPN
cblr-9110	592	7	representative	representative	NOUN
cblr-9110	592	8	would	would	AUX
cblr-9110	592	9	be	be	AUX
cblr-9110	592	10	selling	sell	VERB
cblr-9110	592	11	those	those	DET
cblr-9110	592	12	shares	share	NOUN
cblr-9110	592	13	to	to	ADP
cblr-9110	592	14	the	the	DET
cblr-9110	592	15	ap	ap	PROPN
cblr-9110	592	16	(	(	PUNCT
cblr-9110	592	17	as	as	ADP
cblr-9110	592	18	beneficial	beneficial	ADJ
cblr-9110	592	19	owner	owner	NOUN
cblr-9110	592	20	)	)	PUNCT
cblr-9110	592	21	while	while	SCONJ
cblr-9110	592	22	having	have	VERB
cblr-9110	592	23	knowledge	knowledge	NOUN
cblr-9110	592	24	of	of	ADP
cblr-9110	592	25	the	the	DET
cblr-9110	592	26	funds	fund	NOUN
cblr-9110	592	27	’	'	PUNCT
cblr-9110	592	28	trading	trading	NOUN
cblr-9110	592	29	patterns	pattern	NOUN
cblr-9110	592	30	with	with	ADP
cblr-9110	592	31	respect	respect	NOUN
cblr-9110	592	32	to	to	ADP
cblr-9110	592	33	the	the	DET
cblr-9110	592	34	security	security	NOUN
cblr-9110	592	35	at	at	ADP
cblr-9110	592	36	issue	issue	NOUN
cblr-9110	592	37	.	.	PUNCT
cblr-9110	593	1	yet	yet	ADV
cblr-9110	593	2	,	,	PUNCT
cblr-9110	593	3	that	that	SCONJ
cblr-9110	593	4	ap	ap	PROPN
cblr-9110	593	5	representative	representative	ADJ
cblr-9110	593	6	possession	possession	NOUN
cblr-9110	593	7	of	of	ADP
cblr-9110	593	8	that	that	DET
cblr-9110	593	9	information	information	NOUN
cblr-9110	593	10	—	—	PUNCT
cblr-9110	593	11	at	at	ADP
cblr-9110	593	12	least	least	ADJ
cblr-9110	593	13	if	if	SCONJ
cblr-9110	593	14	material	material	NOUN
cblr-9110	593	15	—	—	PUNCT
cblr-9110	593	16	constitutes	constitute	VERB
cblr-9110	593	17	its	its	PRON
cblr-9110	593	18	use	use	NOUN
cblr-9110	593	19	.	.	PUNCT
cblr-9110	594	1	by	by	ADP
cblr-9110	594	2	buying	buy	VERB
cblr-9110	594	3	these	these	DET
cblr-9110	594	4	shares	share	NOUN
cblr-9110	594	5	for	for	ADP
cblr-9110	594	6	the	the	DET
cblr-9110	594	7	ap	ap	PROPN
cblr-9110	594	8	from	from	ADP
cblr-9110	594	9	its	its	PRON
cblr-9110	594	10	own	own	ADJ
cblr-9110	594	11	inventory	inventory	NOUN
cblr-9110	594	12	,	,	PUNCT
cblr-9110	594	13	the	the	DET
cblr-9110	594	14	ap	ap	PROPN
cblr-9110	594	15	representative	representative	NOUN
cblr-9110	594	16	would	would	AUX
cblr-9110	594	17	thus	thus	ADV
cblr-9110	594	18	be	be	AUX
cblr-9110	594	19	violating	violate	VERB
cblr-9110	594	20	insider	insider	NOUN
cblr-9110	594	21	trading	trading	NOUN
cblr-9110	594	22	law	law	NOUN
cblr-9110	594	23	.	.	PUNCT
cblr-9110	595	1	further	far	ADV
cblr-9110	595	2	,	,	PUNCT
cblr-9110	595	3	the	the	DET
cblr-9110	595	4	logic	logic	NOUN
cblr-9110	595	5	(	(	PUNCT
cblr-9110	595	6	even	even	ADV
cblr-9110	595	7	if	if	SCONJ
cblr-9110	595	8	not	not	PART
cblr-9110	595	9	current	current	ADJ
cblr-9110	595	10	application	application	NOUN
cblr-9110	595	11	)	)	PUNCT
cblr-9110	595	12	of	of	ADP
cblr-9110	595	13	the	the	DET
cblr-9110	595	14	misappropriation	misappropriation	NOUN
cblr-9110	595	15	theory	theory	NOUN
cblr-9110	595	16	of	of	ADP
cblr-9110	595	17	insider	insider	NOUN
cblr-9110	595	18	trading	trading	NOUN
cblr-9110	595	19	suggests	suggest	VERB
cblr-9110	595	20	that	that	SCONJ
cblr-9110	595	21	securities	security	NOUN
cblr-9110	595	22	deceit	deceit	NOUN
cblr-9110	595	23	may	may	AUX
cblr-9110	595	24	be	be	AUX
cblr-9110	595	25	found	find	VERB
cblr-9110	595	26	even	even	ADV
cblr-9110	595	27	where	where	SCONJ
cblr-9110	595	28	the	the	DET
cblr-9110	595	29	information	information	NOUN
cblr-9110	595	30	secretly	secretly	ADV
cblr-9110	595	31	misappropriated	misappropriate	VERB
cblr-9110	595	32	and	and	CCONJ
cblr-9110	595	33	used	use	VERB
cblr-9110	595	34	for	for	ADP
cblr-9110	595	35	trading	trading	NOUN
cblr-9110	595	36	purposes	purpose	NOUN
cblr-9110	595	37	is	be	AUX
cblr-9110	595	38	valuable	valuable	ADJ
cblr-9110	595	39	,	,	PUNCT
cblr-9110	595	40	yet	yet	ADV
cblr-9110	595	41	not	not	PART
cblr-9110	595	42	quite	quite	ADV
cblr-9110	595	43	“	"	PUNCT
cblr-9110	595	44	material	material	NOUN
cblr-9110	595	45	.	.	PUNCT
cblr-9110	595	46	”	"	PUNCT
cblr-9110	596	1	in	in	ADP
cblr-9110	596	2	this	this	DET
cblr-9110	596	3	situation	situation	NOUN
cblr-9110	596	4	,	,	PUNCT
cblr-9110	596	5	the	the	DET
cblr-9110	596	6	valuable	valuable	ADJ
cblr-9110	596	7	information	information	NOUN
cblr-9110	596	8	can	can	AUX
cblr-9110	596	9	said	say	VERB
cblr-9110	596	10	to	to	PART
cblr-9110	596	11	be	be	AUX
cblr-9110	596	12	deceptively	deceptively	ADV
cblr-9110	596	13	misappropriated	misappropriate	VERB
cblr-9110	596	14	in	in	ADP
cblr-9110	596	15	connection	connection	NOUN
cblr-9110	596	16	with	with	ADP
cblr-9110	596	17	the	the	DET
cblr-9110	596	18	purchase	purchase	NOUN
cblr-9110	596	19	or	or	CCONJ
cblr-9110	596	20	sale	sale	NOUN
cblr-9110	596	21	of	of	ADP
cblr-9110	596	22	a	a	DET
cblr-9110	596	23	security	security	NOUN
cblr-9110	596	24	because	because	SCONJ
cblr-9110	596	25	the	the	DET
cblr-9110	596	26	information	information	NOUN
cblr-9110	596	27	was	be	AUX
cblr-9110	596	28	secretly	secretly	ADV
cblr-9110	596	29	used	use	VERB
cblr-9110	596	30	for	for	ADP
cblr-9110	596	31	trading	trading	NOUN
cblr-9110	596	32	purposes	purpose	NOUN
cblr-9110	596	33	—	—	PUNCT
cblr-9110	596	34	thereby	thereby	ADV
cblr-9110	596	35	violating	violate	VERB
cblr-9110	596	36	the	the	DET
cblr-9110	596	37	prohibition	prohibition	NOUN
cblr-9110	596	38	on	on	ADP
cblr-9110	596	39	deceit	deceit	NOUN
cblr-9110	596	40	in	in	ADP
cblr-9110	596	41	connection	connection	NOUN
cblr-9110	596	42	with	with	ADP
cblr-9110	596	43	the	the	DET
cblr-9110	596	44	purchase	purchase	NOUN
cblr-9110	596	45	or	or	CCONJ
cblr-9110	596	46	sale	sale	NOUN
cblr-9110	596	47	of	of	ADP
cblr-9110	596	48	a	a	DET
cblr-9110	596	49	security	security	NOUN
cblr-9110	596	50	found	find	VERB
cblr-9110	596	51	,	,	PUNCT
cblr-9110	596	52	among	among	ADP
cblr-9110	596	53	other	other	ADJ
cblr-9110	596	54	places	place	NOUN
cblr-9110	596	55	,	,	PUNCT
cblr-9110	596	56	in	in	ADP
cblr-9110	596	57	section	section	NOUN
cblr-9110	596	58	10(b	10(b	NUM
cblr-9110	596	59	)	)	PUNCT
cblr-9110	596	60	of	of	ADP
cblr-9110	596	61	the	the	DET
cblr-9110	596	62	exchange	exchange	NOUN
cblr-9110	596	63	act.144	act.144	PROPN
cblr-9110	596	64	thus	thus	ADV
cblr-9110	596	65	,	,	PUNCT
cblr-9110	596	66	the	the	DET
cblr-9110	596	67	logic	logic	NOUN
cblr-9110	596	68	of	of	ADP
cblr-9110	596	69	section	section	NOUN
cblr-9110	596	70	10(b	10(b	NUM
cblr-9110	596	71	)	)	PUNCT
cblr-9110	596	72	and	and	CCONJ
cblr-9110	596	73	rule	rule	VERB
cblr-9110	596	74	10b-5	10b-5	NOUN
cblr-9110	596	75	’s	’s	PART
cblr-9110	596	76	prohibition	prohibition	NOUN
cblr-9110	596	77	on	on	ADP
cblr-9110	596	78	deceptive	deceptive	ADJ
cblr-9110	596	79	misappropriation	misappropriation	NOUN
cblr-9110	596	80	of	of	ADP
cblr-9110	596	81	material	material	NOUN
cblr-9110	596	82	,	,	PUNCT
cblr-9110	596	83	non	non	ADJ
cblr-9110	596	84	-	-	ADJ
cblr-9110	596	85	public	public	ADJ
cblr-9110	596	86	information	information	NOUN
cblr-9110	596	87	could	could	AUX
cblr-9110	596	88	be	be	AUX
cblr-9110	596	89	argued	argue	VERB
cblr-9110	596	90	to	to	PART
cblr-9110	596	91	apply	apply	VERB
cblr-9110	596	92	equally	equally	ADV
cblr-9110	596	93	to	to	ADP
cblr-9110	596	94	the	the	DET
cblr-9110	596	95	misappropriation	misappropriation	NOUN
cblr-9110	596	96	of	of	ADP
cblr-9110	596	97	other	other	ADJ
cblr-9110	596	98	valuable	valuable	ADJ
cblr-9110	596	99	confidential	confidential	ADJ
cblr-9110	596	100	information	information	NOUN
cblr-9110	596	101	that	that	PRON
cblr-9110	596	102	falls	fall	VERB
cblr-9110	596	103	short	short	ADV
cblr-9110	596	104	of	of	ADP
cblr-9110	596	105	being	be	AUX
cblr-9110	596	106	deemed	deem	VERB
cblr-9110	596	107	“	"	PUNCT
cblr-9110	596	108	material	material	NOUN
cblr-9110	596	109	,	,	PUNCT
cblr-9110	596	110	”	"	PUNCT
cblr-9110	596	111	as	as	SCONJ
cblr-9110	596	112	that	that	DET
cblr-9110	596	113	term	term	NOUN
cblr-9110	596	114	of	of	ADP
cblr-9110	596	115	art	art	NOUN
cblr-9110	596	116	is	be	AUX
cblr-9110	596	117	defined	define	VERB
cblr-9110	596	118	.	.	PUNCT
cblr-9110	597	1	if	if	SCONJ
cblr-9110	597	2	that	that	PRON
cblr-9110	597	3	is	be	AUX
cblr-9110	597	4	the	the	DET
cblr-9110	597	5	case	case	NOUN
cblr-9110	597	6	,	,	PUNCT
cblr-9110	597	7	then	then	ADV
cblr-9110	597	8	use	use	NOUN
cblr-9110	597	9	of	of	ADP
cblr-9110	597	10	confidential	confidential	ADJ
cblr-9110	597	11	fund	fund	NOUN
cblr-9110	597	12	information	information	NOUN
cblr-9110	597	13	by	by	ADP
cblr-9110	597	14	ap	ap	PROPN
cblr-9110	597	15	representatives	representative	NOUN
cblr-9110	597	16	could	could	AUX
cblr-9110	597	17	give	give	VERB
cblr-9110	597	18	rise	rise	NOUN
cblr-9110	597	19	to	to	ADP
cblr-9110	597	20	legal	legal	ADJ
cblr-9110	597	21	sanction	sanction	NOUN
cblr-9110	597	22	under	under	ADP
cblr-9110	597	23	a	a	DET
cblr-9110	597	24	more	more	ADV
cblr-9110	597	25	liberal	liberal	ADJ
cblr-9110	597	26	interpretation	interpretation	NOUN
cblr-9110	597	27	of	of	ADP
cblr-9110	597	28	section	section	NOUN
cblr-9110	597	29	10(b	10(b	NUM
cblr-9110	597	30	)	)	PUNCT
cblr-9110	597	31	and	and	CCONJ
cblr-9110	597	32	rule	rule	VERB
cblr-9110	597	33	10b-5	10b-5	NUM
cblr-9110	597	34	as	as	ADV
cblr-9110	597	35	well	well	ADV
cblr-9110	597	36	.	.	PUNCT
cblr-9110	598	1	closely	closely	ADV
cblr-9110	598	2	related	relate	VERB
cblr-9110	598	3	concerns	concern	NOUN
cblr-9110	598	4	exist	exist	VERB
cblr-9110	598	5	with	with	ADP
cblr-9110	598	6	respect	respect	NOUN
cblr-9110	598	7	to	to	ADP
cblr-9110	598	8	trading	trade	VERB
cblr-9110	598	9	with	with	ADP
cblr-9110	598	10	the	the	DET
cblr-9110	598	11	help	help	NOUN
cblr-9110	598	12	of	of	ADP
cblr-9110	598	13	fund	fund	NOUN
cblr-9110	598	14	information	information	NOUN
cblr-9110	598	15	even	even	ADV
cblr-9110	598	16	when	when	SCONJ
cblr-9110	598	17	that	that	DET
cblr-9110	598	18	trading	trading	NOUN
cblr-9110	598	19	does	do	AUX
cblr-9110	598	20	not	not	PART
cblr-9110	598	21	rise	rise	VERB
cblr-9110	598	22	to	to	ADP
cblr-9110	598	23	the	the	DET
cblr-9110	598	24	level	level	NOUN
cblr-9110	598	25	of	of	ADP
cblr-9110	598	26	illegal	illegal	ADJ
cblr-9110	598	27	insider	insider	NOUN
cblr-9110	598	28	trading	trading	NOUN
cblr-9110	598	29	.	.	PUNCT
cblr-9110	599	1	for	for	ADP
cblr-9110	599	2	example	example	NOUN
cblr-9110	599	3	,	,	PUNCT
cblr-9110	599	4	the	the	DET
cblr-9110	599	5	ap	ap	PROPN
cblr-9110	599	6	representatives	representative	NOUN
cblr-9110	599	7	will	will	AUX
cblr-9110	599	8	also	also	ADV
cblr-9110	599	9	have	have	VERB
cblr-9110	599	10	to	to	PART
cblr-9110	599	11	undertake	undertake	VERB
cblr-9110	599	12	efforts	effort	NOUN
cblr-9110	599	13	to	to	PART
cblr-9110	599	14	comply	comply	VERB
cblr-9110	599	15	143	143	NUM
cblr-9110	599	16	see	see	NOUN
cblr-9110	599	17	securities	security	NOUN
cblr-9110	599	18	exchange	exchange	PROPN
cblr-9110	599	19	act	act	NOUN
cblr-9110	599	20	of	of	ADP
cblr-9110	599	21	1934	1934	NUM
cblr-9110	599	22	,	,	PUNCT
cblr-9110	599	23	15	15	NUM
cblr-9110	599	24	u.s.c	u.s.c	ADJ
cblr-9110	599	25	.	.	PUNCT
cblr-9110	600	1	§	§	PROPN
cblr-9110	600	2	78c(a)(5	78c(a)(5	PROPN
cblr-9110	600	3	)	)	PUNCT
cblr-9110	600	4	(	(	PUNCT
cblr-9110	600	5	2018	2018	NUM
cblr-9110	600	6	)	)	PUNCT
cblr-9110	600	7	(	(	PUNCT
cblr-9110	600	8	defining	define	VERB
cblr-9110	600	9	“	"	PUNCT
cblr-9110	600	10	dealer	dealer	NOUN
cblr-9110	600	11	”	"	PUNCT
cblr-9110	600	12	as	as	ADP
cblr-9110	600	13	“	"	PUNCT
cblr-9110	600	14	any	any	DET
cblr-9110	600	15	person	person	NOUN
cblr-9110	600	16	engaged	engage	VERB
cblr-9110	600	17	in	in	ADP
cblr-9110	600	18	the	the	DET
cblr-9110	600	19	business	business	NOUN
cblr-9110	600	20	of	of	ADP
cblr-9110	600	21	buying	buying	NOUN
cblr-9110	600	22	and	and	CCONJ
cblr-9110	600	23	selling	sell	VERB
cblr-9110	600	24	securities	security	NOUN
cblr-9110	600	25	.	.	PUNCT
cblr-9110	600	26	.	.	PUNCT
cblr-9110	600	27	.	.	PUNCT
cblr-9110	601	1	for	for	ADP
cblr-9110	601	2	such	such	ADJ
cblr-9110	601	3	person	person	NOUN
cblr-9110	601	4	’s	’s	PART
cblr-9110	601	5	own	own	ADJ
cblr-9110	601	6	account	account	NOUN
cblr-9110	601	7	through	through	ADP
cblr-9110	601	8	a	a	DET
cblr-9110	601	9	broker	broker	NOUN
cblr-9110	601	10	or	or	CCONJ
cblr-9110	601	11	otherwise	otherwise	ADV
cblr-9110	601	12	.	.	PUNCT
cblr-9110	601	13	”	"	PUNCT
cblr-9110	601	14	)	)	PUNCT
cblr-9110	601	15	.	.	PUNCT
cblr-9110	602	1	144	144	NUM
cblr-9110	602	2	see	see	VERB
cblr-9110	602	3	15	15	NUM
cblr-9110	602	4	u.s.c	u.s.c	ADJ
cblr-9110	602	5	.	.	PUNCT
cblr-9110	603	1	§	§	PROPN
cblr-9110	603	2	78j(a)(2)(b	78j(a)(2)(b	PROPN
cblr-9110	603	3	)	)	PUNCT
cblr-9110	603	4	.	.	PUNCT
cblr-9110	604	1	1362	1362	NUM
cblr-9110	604	2	columbia	columbia	PROPN
cblr-9110	604	3	business	business	NOUN
cblr-9110	604	4	law	law	PROPN
cblr-9110	604	5	review	review	NOUN
cblr-9110	604	6	[	[	X
cblr-9110	604	7	vol	vol	NOUN
cblr-9110	604	8	.	.	PUNCT
cblr-9110	604	9	2021	2021	NUM
cblr-9110	604	10	with	with	ADP
cblr-9110	604	11	rules	rule	NOUN
cblr-9110	604	12	barring	bar	VERB
cblr-9110	604	13	frontrunning.145	frontrunning.145	NOUN
cblr-9110	604	14	whether	whether	SCONJ
cblr-9110	604	15	labeled	label	VERB
cblr-9110	604	16	as	as	ADP
cblr-9110	604	17	“	"	PUNCT
cblr-9110	604	18	deceit	deceit	NOUN
cblr-9110	604	19	”	"	PUNCT
cblr-9110	604	20	or	or	CCONJ
cblr-9110	604	21	“	"	PUNCT
cblr-9110	604	22	frontrunning	frontrunne	VERB
cblr-9110	604	23	,	,	PUNCT
cblr-9110	604	24	”	"	PUNCT
cblr-9110	604	25	it	it	PRON
cblr-9110	604	26	is	be	AUX
cblr-9110	604	27	clear	clear	ADJ
cblr-9110	604	28	that	that	SCONJ
cblr-9110	604	29	ap	ap	PROPN
cblr-9110	604	30	representatives	representative	NOUN
cblr-9110	604	31	have	have	VERB
cblr-9110	604	32	an	an	DET
cblr-9110	604	33	incentive	incentive	NOUN
cblr-9110	604	34	to	to	PART
cblr-9110	604	35	use	use	VERB
cblr-9110	604	36	the	the	DET
cblr-9110	604	37	confidential	confidential	ADJ
cblr-9110	604	38	portfolio	portfolio	NOUN
cblr-9110	604	39	information	information	NOUN
cblr-9110	604	40	in	in	ADP
cblr-9110	604	41	their	their	PRON
cblr-9110	604	42	possession	possession	NOUN
cblr-9110	604	43	to	to	ADP
cblr-9110	604	44	frontrun	frontrun	VERB
cblr-9110	604	45	funds	fund	NOUN
cblr-9110	604	46	and/or	and/or	CCONJ
cblr-9110	604	47	ap	ap	PROPN
cblr-9110	604	48	clients	client	NOUN
cblr-9110	604	49	(	(	PUNCT
cblr-9110	604	50	or	or	CCONJ
cblr-9110	604	51	tip	tip	VERB
cblr-9110	604	52	others	other	NOUN
cblr-9110	604	53	to	to	PART
cblr-9110	604	54	do	do	VERB
cblr-9110	604	55	the	the	DET
cblr-9110	604	56	same	same	ADJ
cblr-9110	604	57	)	)	PUNCT
cblr-9110	604	58	.	.	PUNCT
cblr-9110	605	1	the	the	DET
cblr-9110	605	2	incentive	incentive	PROPN
cblr-9110	605	3	broker	broker	NOUN
cblr-9110	605	4	-	-	PUNCT
cblr-9110	605	5	dealers	dealer	NOUN
cblr-9110	605	6	have	have	VERB
cblr-9110	605	7	to	to	PART
cblr-9110	605	8	frontrun	frontrun	VERB
cblr-9110	605	9	customers	customer	NOUN
cblr-9110	605	10	’	'	PUNCT
cblr-9110	605	11	orders	order	NOUN
cblr-9110	605	12	exists	exist	VERB
cblr-9110	605	13	today	today	NOUN
cblr-9110	605	14	even	even	ADV
cblr-9110	605	15	when	when	SCONJ
cblr-9110	605	16	they	they	PRON
cblr-9110	605	17	have	have	VERB
cblr-9110	605	18	only	only	ADV
cblr-9110	605	19	limited	limit	VERB
cblr-9110	605	20	information	information	NOUN
cblr-9110	605	21	as	as	ADP
cblr-9110	605	22	to	to	ADP
cblr-9110	605	23	the	the	DET
cblr-9110	605	24	customers	customer	NOUN
cblr-9110	605	25	’	’	PART
cblr-9110	605	26	holdings	holding	NOUN
cblr-9110	605	27	(	(	PUNCT
cblr-9110	605	28	e.g.	e.g.	ADV
cblr-9110	605	29	,	,	PUNCT
cblr-9110	605	30	a	a	DET
cblr-9110	605	31	single	single	ADJ
cblr-9110	605	32	mutual	mutual	ADJ
cblr-9110	605	33	fund	fund	NOUN
cblr-9110	605	34	is	be	AUX
cblr-9110	605	35	interested	interested	ADJ
cblr-9110	605	36	in	in	ADP
cblr-9110	605	37	selling	sell	VERB
cblr-9110	605	38	a	a	DET
cblr-9110	605	39	block	block	NOUN
cblr-9110	605	40	of	of	ADP
cblr-9110	605	41	oracle	oracle	NOUN
cblr-9110	605	42	stock	stock	NOUN
cblr-9110	605	43	this	this	DET
cblr-9110	605	44	week	week	NOUN
cblr-9110	605	45	)	)	PUNCT
cblr-9110	605	46	.	.	PUNCT
cblr-9110	606	1	securities	security	NOUN
cblr-9110	606	2	regulators	regulator	NOUN
cblr-9110	606	3	and	and	CCONJ
cblr-9110	606	4	institutional	institutional	ADJ
cblr-9110	606	5	investors	investor	NOUN
cblr-9110	606	6	have	have	AUX
cblr-9110	606	7	long	long	ADV
cblr-9110	606	8	allocated	allocate	VERB
cblr-9110	606	9	significant	significant	ADJ
cblr-9110	606	10	resources	resource	NOUN
cblr-9110	606	11	to	to	ADP
cblr-9110	606	12	police	police	VERB
cblr-9110	606	13	and	and	CCONJ
cblr-9110	606	14	curb	curb	VERB
cblr-9110	606	15	front	front	ADJ
cblr-9110	606	16	-	-	PUNCT
cblr-9110	606	17	running	running	NOUN
cblr-9110	606	18	activity	activity	NOUN
cblr-9110	606	19	.	.	PUNCT
cblr-9110	607	1	yet	yet	ADV
cblr-9110	607	2	,	,	PUNCT
cblr-9110	607	3	when	when	SCONJ
cblr-9110	607	4	it	it	PRON
cblr-9110	607	5	comes	come	VERB
cblr-9110	607	6	to	to	ADP
cblr-9110	607	7	nontransparent	nontransparent	ADJ
cblr-9110	607	8	actively	actively	ADV
cblr-9110	607	9	managed	manage	VERB
cblr-9110	607	10	funds	fund	NOUN
cblr-9110	607	11	,	,	PUNCT
cblr-9110	607	12	the	the	DET
cblr-9110	607	13	information	information	NOUN
cblr-9110	607	14	at	at	ADP
cblr-9110	607	15	issue	issue	NOUN
cblr-9110	607	16	is	be	AUX
cblr-9110	607	17	the	the	DET
cblr-9110	607	18	composition	composition	NOUN
cblr-9110	607	19	of	of	ADP
cblr-9110	607	20	the	the	DET
cblr-9110	607	21	funds	fund	NOUN
cblr-9110	607	22	’	'	PUNCT
cblr-9110	607	23	entire	entire	ADJ
cblr-9110	607	24	portfolio	portfolio	NOUN
cblr-9110	607	25	—	—	PUNCT
cblr-9110	607	26	and	and	CCONJ
cblr-9110	607	27	not	not	PART
cblr-9110	607	28	just	just	ADV
cblr-9110	607	29	a	a	DET
cblr-9110	607	30	single	single	ADJ
cblr-9110	607	31	security	security	NOUN
cblr-9110	607	32	or	or	CCONJ
cblr-9110	607	33	smalls	small	NOUN
cblr-9110	607	34	set	set	VERB
cblr-9110	607	35	of	of	ADP
cblr-9110	607	36	securities	security	NOUN
cblr-9110	607	37	,	,	PUNCT
cblr-9110	607	38	as	as	ADP
cblr-9110	607	39	in	in	ADP
cblr-9110	607	40	the	the	DET
cblr-9110	607	41	more	more	ADV
cblr-9110	607	42	traditional	traditional	ADJ
cblr-9110	607	43	basic	basic	ADJ
cblr-9110	607	44	frontrunning	frontrunne	VERB
cblr-9110	607	45	case	case	NOUN
cblr-9110	607	46	.	.	PUNCT
cblr-9110	608	1	and	and	CCONJ
cblr-9110	608	2	if	if	SCONJ
cblr-9110	608	3	ap	ap	PROPN
cblr-9110	608	4	representatives	representative	NOUN
cblr-9110	608	5	are	be	AUX
cblr-9110	608	6	to	to	PART
cblr-9110	608	7	achieve	achieve	VERB
cblr-9110	608	8	any	any	DET
cblr-9110	608	9	kind	kind	NOUN
cblr-9110	608	10	of	of	ADP
cblr-9110	608	11	efficiency	efficiency	NOUN
cblr-9110	608	12	with	with	ADP
cblr-9110	608	13	respect	respect	NOUN
cblr-9110	608	14	to	to	ADP
cblr-9110	608	15	their	their	PRON
cblr-9110	608	16	narrow	narrow	ADJ
cblr-9110	608	17	line	line	NOUN
cblr-9110	608	18	of	of	ADP
cblr-9110	608	19	business	business	NOUN
cblr-9110	608	20	,	,	PUNCT
cblr-9110	608	21	they	they	PRON
cblr-9110	608	22	will	will	AUX
cblr-9110	608	23	have	have	VERB
cblr-9110	608	24	such	such	ADJ
cblr-9110	608	25	information	information	NOUN
cblr-9110	608	26	for	for	ADP
cblr-9110	608	27	a	a	DET
cblr-9110	608	28	large	large	ADJ
cblr-9110	608	29	number	number	NOUN
cblr-9110	608	30	of	of	ADP
cblr-9110	608	31	funds	fund	NOUN
cblr-9110	608	32	.	.	PUNCT
cblr-9110	609	1	ap	ap	PROPN
cblr-9110	609	2	representatives	representative	NOUN
cblr-9110	609	3	can	can	AUX
cblr-9110	609	4	thus	thus	ADV
cblr-9110	609	5	use	use	VERB
cblr-9110	609	6	their	their	PRON
cblr-9110	609	7	inside	inside	ADJ
cblr-9110	609	8	knowledge	knowledge	NOUN
cblr-9110	609	9	of	of	ADP
cblr-9110	609	10	funds	fund	NOUN
cblr-9110	609	11	’	'	PUNCT
cblr-9110	609	12	trading	trading	NOUN
cblr-9110	609	13	patterns	pattern	NOUN
cblr-9110	609	14	to	to	PART
cblr-9110	609	15	anticipate	anticipate	VERB
cblr-9110	609	16	those	those	DET
cblr-9110	609	17	funds	fund	NOUN
cblr-9110	609	18	’	'	PUNCT
cblr-9110	609	19	likely	likely	ADJ
cblr-9110	609	20	future	future	ADJ
cblr-9110	609	21	purchases	purchase	NOUN
cblr-9110	609	22	and	and	CCONJ
cblr-9110	609	23	sales	sale	NOUN
cblr-9110	609	24	of	of	ADP
cblr-9110	609	25	securities	security	NOUN
cblr-9110	609	26	,	,	PUNCT
cblr-9110	609	27	and	and	CCONJ
cblr-9110	609	28	frontrun	frontrun	VERB
cblr-9110	609	29	them	they	PRON
cblr-9110	609	30	profitably	profitably	ADV
cblr-9110	609	31	in	in	ADP
cblr-9110	609	32	a	a	DET
cblr-9110	609	33	way	way	NOUN
cblr-9110	609	34	that	that	PRON
cblr-9110	609	35	is	be	AUX
cblr-9110	609	36	perhaps	perhaps	ADV
cblr-9110	609	37	far	far	ADV
cblr-9110	609	38	more	more	ADV
cblr-9110	609	39	disconcerting	disconcerting	ADJ
cblr-9110	609	40	than	than	ADP
cblr-9110	609	41	that	that	DET
cblr-9110	609	42	present	present	NOUN
cblr-9110	609	43	in	in	ADP
cblr-9110	609	44	more	more	ADV
cblr-9110	609	45	traditional	traditional	ADJ
cblr-9110	609	46	frontrunning	frontrunne	VERB
cblr-9110	609	47	contexts	contexts	NOUN
cblr-9110	609	48	.	.	PUNCT
cblr-9110	610	1	moreover	moreover	ADV
cblr-9110	610	2	,	,	PUNCT
cblr-9110	610	3	ap	ap	PROPN
cblr-9110	610	4	representatives	representative	NOUN
cblr-9110	610	5	working	work	VERB
cblr-9110	610	6	as	as	ADP
cblr-9110	610	7	broker	broker	NOUN
cblr-9110	610	8	-	-	PUNCT
cblr-9110	610	9	dealers	dealer	NOUN
cblr-9110	610	10	are	be	AUX
cblr-9110	610	11	operating	operate	VERB
cblr-9110	610	12	on	on	ADP
cblr-9110	610	13	the	the	DET
cblr-9110	610	14	sell	sell	NOUN
cblr-9110	610	15	-	-	PUNCT
cblr-9110	610	16	side	side	NOUN
cblr-9110	610	17	of	of	ADP
cblr-9110	610	18	wall	wall	PROPN
cblr-9110	610	19	street	street	PROPN
cblr-9110	610	20	.	.	PUNCT
cblr-9110	611	1	they	they	PRON
cblr-9110	611	2	therefore	therefore	ADV
cblr-9110	611	3	have	have	VERB
cblr-9110	611	4	the	the	DET
cblr-9110	611	5	incentive	incentive	NOUN
cblr-9110	611	6	to	to	PART
cblr-9110	611	7	pass	pass	VERB
cblr-9110	611	8	along	along	ADP
cblr-9110	611	9	valuable	valuable	ADJ
cblr-9110	611	10	frontrunning	frontrunne	VERB
cblr-9110	611	11	opportunities	opportunity	NOUN
cblr-9110	611	12	to	to	ADP
cblr-9110	611	13	those	those	PRON
cblr-9110	611	14	who	who	PRON
cblr-9110	611	15	might	might	AUX
cblr-9110	611	16	buy	buy	VERB
cblr-9110	611	17	their	their	PRON
cblr-9110	611	18	liquidity	liquidity	NOUN
cblr-9110	611	19	services	service	NOUN
cblr-9110	611	20	in	in	ADP
cblr-9110	611	21	the	the	DET
cblr-9110	611	22	future	future	NOUN
cblr-9110	611	23	.	.	PUNCT
cblr-9110	612	1	in	in	ADP
cblr-9110	612	2	short	short	ADJ
cblr-9110	612	3	,	,	PUNCT
cblr-9110	612	4	for	for	ADP
cblr-9110	612	5	at	at	ADP
cblr-9110	612	6	least	least	ADJ
cblr-9110	612	7	broker	broker	NOUN
cblr-9110	612	8	-	-	PUNCT
cblr-9110	612	9	dealers	dealer	NOUN
cblr-9110	612	10	,	,	PUNCT
cblr-9110	612	11	having	have	VERB
cblr-9110	612	12	access	access	NOUN
cblr-9110	612	13	to	to	ADP
cblr-9110	612	14	the	the	DET
cblr-9110	612	15	funds	fund	NOUN
cblr-9110	612	16	’	'	PUNCT
cblr-9110	612	17	confidential	confidential	ADJ
cblr-9110	612	18	portfolio	portfolio	NOUN
cblr-9110	612	19	information	information	NOUN
cblr-9110	612	20	means	mean	VERB
cblr-9110	612	21	having	have	VERB
cblr-9110	612	22	access	access	NOUN
cblr-9110	612	23	to	to	ADP
cblr-9110	612	24	valuable	valuable	ADJ
cblr-9110	612	25	information	information	NOUN
cblr-9110	612	26	not	not	PART
cblr-9110	612	27	just	just	ADV
cblr-9110	612	28	for	for	ADP
cblr-9110	612	29	themselves	themselves	PRON
cblr-9110	612	30	directly	directly	ADV
cblr-9110	612	31	,	,	PUNCT
cblr-9110	612	32	but	but	CCONJ
cblr-9110	612	33	also	also	ADV
cblr-9110	612	34	for	for	ADP
cblr-9110	612	35	non	non	ADJ
cblr-9110	612	36	-	-	ADJ
cblr-9110	612	37	ap	ap	ADJ
cblr-9110	612	38	clients	client	NOUN
cblr-9110	612	39	of	of	ADP
cblr-9110	612	40	the	the	DET
cblr-9110	612	41	broker	broker	NOUN
cblr-9110	612	42	-	-	PUNCT
cblr-9110	612	43	dealer	dealer	NOUN
cblr-9110	612	44	firm	firm	NOUN
cblr-9110	612	45	.	.	PUNCT
cblr-9110	613	1	of	of	ADP
cblr-9110	613	2	course	course	ADV
cblr-9110	613	3	,	,	PUNCT
cblr-9110	613	4	ap	ap	PROPN
cblr-9110	613	5	representatives	representative	NOUN
cblr-9110	613	6	operate	operate	VERB
cblr-9110	613	7	walled	wall	VERB
cblr-9110	613	8	off	off	ADP
cblr-9110	613	9	from	from	ADP
cblr-9110	613	10	their	their	PRON
cblr-9110	613	11	intra	intra	ADJ
cblr-9110	613	12	-	-	ADJ
cblr-9110	613	13	firm	firm	ADJ
cblr-9110	613	14	and	and	CCONJ
cblr-9110	613	15	extra	extra	ADJ
cblr-9110	613	16	-	-	ADJ
cblr-9110	613	17	firm	firm	ADJ
cblr-9110	613	18	colleagues.146	colleagues.146	PROPN
cblr-9110	613	19	questioning	question	VERB
cblr-9110	613	20	the	the	DET
cblr-9110	613	21	extent	extent	NOUN
cblr-9110	613	22	to	to	PART
cblr-9110	613	23	which	which	PRON
cblr-9110	613	24	traditional	traditional	ADJ
cblr-9110	613	25	wall	wall	PROPN
cblr-9110	613	26	street	street	PROPN
cblr-9110	613	27	walls	wall	NOUN
cblr-9110	613	28	erected	erect	VERB
cblr-9110	613	29	between	between	ADP
cblr-9110	613	30	investment	investment	NOUN
cblr-9110	613	31	bankers	banker	NOUN
cblr-9110	613	32	and	and	CCONJ
cblr-9110	613	33	sell	sell	NOUN
cblr-9110	613	34	-	-	PUNCT
cblr-9110	613	35	side	side	NOUN
cblr-9110	613	36	colleagues	colleague	NOUN
cblr-9110	613	37	at	at	ADP
cblr-9110	613	38	the	the	DET
cblr-9110	613	39	same	same	ADJ
cblr-9110	613	40	firm	firm	NOUN
cblr-9110	613	41	are	be	AUX
cblr-9110	613	42	sufficiently	sufficiently	ADV
cblr-9110	613	43	robust	robust	ADJ
cblr-9110	613	44	is	be	AUX
cblr-9110	613	45	beyond	beyond	ADP
cblr-9110	613	46	the	the	DET
cblr-9110	613	47	scope	scope	NOUN
cblr-9110	613	48	of	of	ADP
cblr-9110	613	49	this	this	DET
cblr-9110	613	50	article	article	NOUN
cblr-9110	613	51	.	.	PUNCT
cblr-9110	614	1	but	but	CCONJ
cblr-9110	614	2	145	145	NUM
cblr-9110	614	3	see	see	VERB
cblr-9110	614	4	finra	finra	PROPN
cblr-9110	614	5	manual	manual	PROPN
cblr-9110	614	6	r.	r.	PROPN
cblr-9110	614	7	5270	5270	NUM
cblr-9110	614	8	(	(	PUNCT
cblr-9110	614	9	fin	fin	NOUN
cblr-9110	614	10	.	.	PUNCT
cblr-9110	614	11	indus	indus	PROPN
cblr-9110	614	12	.	.	PUNCT
cblr-9110	615	1	regul	regul	NOUN
cblr-9110	615	2	.	.	PUNCT
cblr-9110	616	1	auth	auth	PROPN
cblr-9110	616	2	.	.	PUNCT
cblr-9110	616	3	2021	2021	NUM
cblr-9110	616	4	)	)	PUNCT
cblr-9110	616	5	.	.	PUNCT
cblr-9110	617	1	146	146	NUM
cblr-9110	617	2	see	see	VERB
cblr-9110	617	3	supra	supra	PROPN
cblr-9110	617	4	section	section	PROPN
cblr-9110	617	5	iii.b	iii.b	PROPN
cblr-9110	617	6	.	.	PUNCT
cblr-9110	618	1	no	no	INTJ
cblr-9110	618	2	.	.	NOUN
cblr-9110	619	1	3:1321	3:1321	NUM
cblr-9110	619	2	]	]	X
cblr-9110	619	3	the	the	DET
cblr-9110	619	4	emergence	emergence	NOUN
cblr-9110	619	5	of	of	ADP
cblr-9110	619	6	the	the	DET
cblr-9110	619	7	actively	actively	ADV
cblr-9110	619	8	managed	manage	VERB
cblr-9110	619	9	etf	etf	NOUN
cblr-9110	619	10	1363	1363	NUM
cblr-9110	619	11	the	the	DET
cblr-9110	619	12	idea	idea	NOUN
cblr-9110	619	13	that	that	PRON
cblr-9110	619	14	ap	ap	PROPN
cblr-9110	619	15	representative	representative	PROPN
cblr-9110	619	16	broker	broker	NOUN
cblr-9110	619	17	-	-	PUNCT
cblr-9110	619	18	dealers	dealer	NOUN
cblr-9110	619	19	will	will	AUX
cblr-9110	619	20	be	be	AUX
cblr-9110	619	21	able	able	ADJ
cblr-9110	619	22	to	to	PART
cblr-9110	619	23	be	be	AUX
cblr-9110	619	24	sufficiently	sufficiently	ADV
cblr-9110	619	25	separated	separate	VERB
cblr-9110	619	26	from	from	ADP
cblr-9110	619	27	their	their	PRON
cblr-9110	619	28	fellow	fellow	ADJ
cblr-9110	619	29	sell	sell	NOUN
cblr-9110	619	30	-	-	PUNCT
cblr-9110	619	31	side	side	NOUN
cblr-9110	619	32	colleagues	colleague	NOUN
cblr-9110	619	33	performing	perform	VERB
cblr-9110	619	34	more	more	ADJ
cblr-9110	619	35	general	general	ADJ
cblr-9110	619	36	broker	broker	NOUN
cblr-9110	619	37	-	-	PUNCT
cblr-9110	619	38	dealer	dealer	NOUN
cblr-9110	619	39	services	service	NOUN
cblr-9110	619	40	at	at	ADP
cblr-9110	619	41	the	the	DET
cblr-9110	619	42	same	same	ADJ
cblr-9110	619	43	firm	firm	NOUN
cblr-9110	619	44	is	be	AUX
cblr-9110	619	45	fair	fair	ADJ
cblr-9110	619	46	to	to	PART
cblr-9110	619	47	question	question	VERB
cblr-9110	619	48	here	here	ADV
cblr-9110	619	49	.	.	PUNCT
cblr-9110	620	1	lastly	lastly	ADV
cblr-9110	620	2	,	,	PUNCT
cblr-9110	620	3	aps	aps	PROPN
cblr-9110	620	4	themselves	themselves	PRON
cblr-9110	620	5	will	will	AUX
cblr-9110	620	6	be	be	AUX
cblr-9110	620	7	in	in	ADP
cblr-9110	620	8	the	the	DET
cblr-9110	620	9	dark	dark	NOUN
cblr-9110	620	10	on	on	ADP
cblr-9110	620	11	the	the	DET
cblr-9110	620	12	contents	content	NOUN
cblr-9110	620	13	of	of	ADP
cblr-9110	620	14	the	the	DET
cblr-9110	620	15	creation	creation	NOUN
cblr-9110	620	16	and	and	CCONJ
cblr-9110	620	17	redemption	redemption	NOUN
cblr-9110	620	18	baskets	basket	NOUN
cblr-9110	620	19	.	.	PUNCT
cblr-9110	621	1	they	they	PRON
cblr-9110	621	2	will	will	AUX
cblr-9110	621	3	therefore	therefore	ADV
cblr-9110	621	4	be	be	AUX
cblr-9110	621	5	less	less	ADV
cblr-9110	621	6	able	able	ADJ
cblr-9110	621	7	to	to	PART
cblr-9110	621	8	monitor	monitor	VERB
cblr-9110	621	9	the	the	DET
cblr-9110	621	10	extent	extent	NOUN
cblr-9110	621	11	to	to	PART
cblr-9110	621	12	which	which	PRON
cblr-9110	621	13	their	their	PRON
cblr-9110	621	14	trusted	trust	VERB
cblr-9110	621	15	agents	agent	NOUN
cblr-9110	621	16	are	be	AUX
cblr-9110	621	17	acting	act	VERB
cblr-9110	621	18	in	in	ADP
cblr-9110	621	19	the	the	DET
cblr-9110	621	20	interests	interest	NOUN
cblr-9110	621	21	of	of	ADP
cblr-9110	621	22	the	the	DET
cblr-9110	621	23	aps	ap	NOUN
cblr-9110	621	24	as	as	SCONJ
cblr-9110	621	25	opposed	oppose	VERB
cblr-9110	621	26	to	to	ADP
cblr-9110	621	27	pursuing	pursue	VERB
cblr-9110	621	28	their	their	PRON
cblr-9110	621	29	own	own	ADJ
cblr-9110	621	30	distinct	distinct	ADJ
cblr-9110	621	31	interests	interest	NOUN
cblr-9110	621	32	.	.	PUNCT
cblr-9110	622	1	for	for	ADP
cblr-9110	622	2	example	example	NOUN
cblr-9110	622	3	,	,	PUNCT
cblr-9110	622	4	aps	aps	PROPN
cblr-9110	622	5	will	will	AUX
cblr-9110	622	6	have	have	VERB
cblr-9110	622	7	difficulty	difficulty	NOUN
cblr-9110	622	8	determining	determine	VERB
cblr-9110	622	9	the	the	DET
cblr-9110	622	10	extent	extent	NOUN
cblr-9110	622	11	to	to	PART
cblr-9110	622	12	which	which	PRON
cblr-9110	622	13	ap	ap	PROPN
cblr-9110	622	14	representatives	representative	NOUN
cblr-9110	622	15	are	be	AUX
cblr-9110	622	16	providing	provide	VERB
cblr-9110	622	17	them	they	PRON
cblr-9110	622	18	with	with	ADP
cblr-9110	622	19	“	"	PUNCT
cblr-9110	622	20	best	good	ADJ
cblr-9110	622	21	execution	execution	NOUN
cblr-9110	622	22	”	"	PUNCT
cblr-9110	622	23	as	as	SCONJ
cblr-9110	622	24	required	require	VERB
cblr-9110	622	25	under	under	ADP
cblr-9110	622	26	both	both	DET
cblr-9110	622	27	finra	finra	PROPN
cblr-9110	622	28	rules	rule	NOUN
cblr-9110	622	29	and	and	CCONJ
cblr-9110	622	30	state	state	NOUN
cblr-9110	622	31	common	common	ADJ
cblr-9110	622	32	law.147	law.147	NOUN
cblr-9110	622	33	the	the	DET
cblr-9110	622	34	aps	ap	NOUN
cblr-9110	622	35	will	will	AUX
cblr-9110	622	36	not	not	PART
cblr-9110	622	37	be	be	AUX
cblr-9110	622	38	able	able	ADJ
cblr-9110	622	39	to	to	PART
cblr-9110	622	40	engage	engage	VERB
cblr-9110	622	41	in	in	ADP
cblr-9110	622	42	any	any	DET
cblr-9110	622	43	kind	kind	NOUN
cblr-9110	622	44	of	of	ADP
cblr-9110	622	45	real	real	ADJ
cblr-9110	622	46	-	-	PUNCT
cblr-9110	622	47	time	time	NOUN
cblr-9110	622	48	(	(	PUNCT
cblr-9110	622	49	or	or	CCONJ
cblr-9110	622	50	even	even	ADV
cblr-9110	622	51	proximatetime	proximatetime	NOUN
cblr-9110	622	52	)	)	PUNCT
cblr-9110	622	53	monitoring	monitoring	NOUN
cblr-9110	622	54	of	of	ADP
cblr-9110	622	55	the	the	DET
cblr-9110	622	56	extent	extent	NOUN
cblr-9110	622	57	to	to	PART
cblr-9110	622	58	which	which	PRON
cblr-9110	622	59	the	the	DET
cblr-9110	622	60	shares	share	NOUN
cblr-9110	622	61	accumulated	accumulate	VERB
cblr-9110	622	62	by	by	ADP
cblr-9110	622	63	ap	ap	PROPN
cblr-9110	622	64	representatives	representative	NOUN
cblr-9110	622	65	in	in	ADP
cblr-9110	622	66	a	a	DET
cblr-9110	622	67	creation	creation	NOUN
cblr-9110	622	68	-	-	PUNCT
cblr-9110	622	69	basket	basket	NOUN
cblr-9110	622	70	transaction	transaction	NOUN
cblr-9110	622	71	are	be	AUX
cblr-9110	622	72	in	in	ADP
cblr-9110	622	73	fact	fact	NOUN
cblr-9110	622	74	purchased	purchase	VERB
cblr-9110	622	75	at	at	ADP
cblr-9110	622	76	prices	price	NOUN
cblr-9110	622	77	that	that	PRON
cblr-9110	622	78	are	be	AUX
cblr-9110	622	79	consistent	consistent	ADJ
cblr-9110	622	80	with	with	ADP
cblr-9110	622	81	those	those	DET
cblr-9110	622	82	brokers	broker	NOUN
cblr-9110	622	83	-	-	PUNCT
cblr-9110	622	84	dealers	dealer	NOUN
cblr-9110	622	85	’	'	PUNCT
cblr-9110	622	86	duty	duty	NOUN
cblr-9110	622	87	of	of	ADP
cblr-9110	622	88	best	good	ADJ
cblr-9110	622	89	execution.148	execution.148	NOUN
cblr-9110	622	90	the	the	DET
cblr-9110	622	91	same	same	ADJ
cblr-9110	622	92	goes	go	VERB
cblr-9110	622	93	for	for	ADP
cblr-9110	622	94	policing	police	VERB
cblr-9110	622	95	the	the	DET
cblr-9110	622	96	best	good	ADJ
cblr-9110	622	97	-	-	PUNCT
cblr-9110	622	98	execution	execution	NOUN
cblr-9110	622	99	by	by	ADP
cblr-9110	622	100	ap	ap	PROPN
cblr-9110	622	101	representatives	representative	NOUN
cblr-9110	622	102	when	when	SCONJ
cblr-9110	622	103	those	those	DET
cblr-9110	622	104	broker	broker	NOUN
cblr-9110	622	105	-	-	PUNCT
cblr-9110	622	106	dealers	dealer	NOUN
cblr-9110	622	107	are	be	AUX
cblr-9110	622	108	selling	sell	VERB
cblr-9110	622	109	redemption	redemption	NOUN
cblr-9110	622	110	-	-	PUNCT
cblr-9110	622	111	basket	basket	NOUN
cblr-9110	622	112	securities	security	NOUN
cblr-9110	622	113	on	on	ADP
cblr-9110	622	114	behalf	behalf	NOUN
cblr-9110	622	115	of	of	ADP
cblr-9110	622	116	the	the	DET
cblr-9110	622	117	ap	ap	PROPN
cblr-9110	622	118	to	to	PART
cblr-9110	622	119	assist	assist	VERB
cblr-9110	622	120	the	the	DET
cblr-9110	622	121	ap	ap	PROPN
cblr-9110	622	122	in	in	ADP
cblr-9110	622	123	redeeming	redeem	VERB
cblr-9110	622	124	etf	etf	NOUN
cblr-9110	622	125	shares	share	NOUN
cblr-9110	622	126	in	in	ADP
cblr-9110	622	127	return	return	NOUN
cblr-9110	622	128	for	for	ADP
cblr-9110	622	129	the	the	DET
cblr-9110	622	130	liquidated	liquidate	VERB
cblr-9110	622	131	value	value	NOUN
cblr-9110	622	132	of	of	ADP
cblr-9110	622	133	the	the	DET
cblr-9110	622	134	securities	security	NOUN
cblr-9110	622	135	in	in	ADP
cblr-9110	623	1	that	that	DET
cblr-9110	623	2	basket.149	basket.149	NOUN
cblr-9110	623	3	given	give	VERB
cblr-9110	623	4	well	well	ADV
cblr-9110	623	5	-	-	PUNCT
cblr-9110	623	6	established	establish	VERB
cblr-9110	623	7	concerns	concern	NOUN
cblr-9110	623	8	about	about	ADP
cblr-9110	623	9	broker	broker	NOUN
cblr-9110	623	10	-	-	PUNCT
cblr-9110	623	11	dealer	dealer	NOUN
cblr-9110	623	12	conflicts	conflict	NOUN
cblr-9110	623	13	in	in	ADP
cblr-9110	623	14	today	today	NOUN
cblr-9110	623	15	’s	’s	PART
cblr-9110	623	16	market	market	NOUN
cblr-9110	623	17	(	(	PUNCT
cblr-9110	623	18	e.g.	e.g.	ADV
cblr-9110	623	19	,	,	PUNCT
cblr-9110	623	20	those	those	PRON
cblr-9110	623	21	relating	relate	VERB
cblr-9110	623	22	to	to	ADP
cblr-9110	623	23	the	the	DET
cblr-9110	623	24	incentive	incentive	NOUN
cblr-9110	623	25	to	to	PART
cblr-9110	623	26	route	route	VERB
cblr-9110	623	27	orders	order	NOUN
cblr-9110	623	28	to	to	ADP
cblr-9110	623	29	the	the	DET
cblr-9110	623	30	broker	broker	NOUN
cblr-9110	623	31	147	147	NUM
cblr-9110	623	32	see	see	VERB
cblr-9110	623	33	finra	finra	PROPN
cblr-9110	623	34	manual	manual	PROPN
cblr-9110	623	35	r.	r.	PROPN
cblr-9110	623	36	5310(a)(1	5310(a)(1	NUM
cblr-9110	623	37	)	)	PUNCT
cblr-9110	623	38	(	(	PUNCT
cblr-9110	624	1	fin	fin	NOUN
cblr-9110	624	2	.	.	PUNCT
cblr-9110	624	3	indus	indus	PROPN
cblr-9110	624	4	.	.	PUNCT
cblr-9110	625	1	regul	regul	NOUN
cblr-9110	625	2	.	.	PUNCT
cblr-9110	626	1	auth	auth	PROPN
cblr-9110	626	2	.	.	PROPN
cblr-9110	626	3	2021	2021	NUM
cblr-9110	626	4	)	)	PUNCT
cblr-9110	627	1	(	(	PUNCT
cblr-9110	627	2	“	"	PUNCT
cblr-9110	627	3	in	in	ADP
cblr-9110	627	4	any	any	DET
cblr-9110	627	5	transaction	transaction	NOUN
cblr-9110	627	6	for	for	ADP
cblr-9110	627	7	or	or	CCONJ
cblr-9110	627	8	with	with	ADP
cblr-9110	627	9	a	a	DET
cblr-9110	627	10	customer	customer	NOUN
cblr-9110	627	11	.	.	PUNCT
cblr-9110	627	12	.	.	PUNCT
cblr-9110	627	13	.	.	PUNCT
cblr-9110	628	1	a	a	DET
cblr-9110	628	2	member	member	NOUN
cblr-9110	628	3	and	and	CCONJ
cblr-9110	628	4	persons	person	NOUN
cblr-9110	628	5	associated	associate	VERB
cblr-9110	628	6	with	with	ADP
cblr-9110	628	7	a	a	DET
cblr-9110	628	8	member	member	NOUN
cblr-9110	628	9	shall	shall	AUX
cblr-9110	628	10	use	use	VERB
cblr-9110	628	11	reasonable	reasonable	ADJ
cblr-9110	628	12	diligence	diligence	NOUN
cblr-9110	628	13	to	to	PART
cblr-9110	628	14	ascertain	ascertain	VERB
cblr-9110	628	15	the	the	DET
cblr-9110	628	16	best	good	ADJ
cblr-9110	628	17	market	market	NOUN
cblr-9110	628	18	for	for	ADP
cblr-9110	628	19	the	the	DET
cblr-9110	628	20	subject	subject	ADJ
cblr-9110	628	21	security	security	NOUN
cblr-9110	628	22	and	and	CCONJ
cblr-9110	628	23	buy	buy	VERB
cblr-9110	628	24	or	or	CCONJ
cblr-9110	628	25	sell	sell	VERB
cblr-9110	628	26	in	in	ADP
cblr-9110	628	27	such	such	ADJ
cblr-9110	628	28	market	market	NOUN
cblr-9110	628	29	so	so	SCONJ
cblr-9110	628	30	that	that	SCONJ
cblr-9110	628	31	the	the	DET
cblr-9110	628	32	resultant	resultant	NOUN
cblr-9110	628	33	price	price	NOUN
cblr-9110	628	34	to	to	ADP
cblr-9110	628	35	the	the	DET
cblr-9110	628	36	customer	customer	NOUN
cblr-9110	628	37	is	be	AUX
cblr-9110	628	38	as	as	ADV
cblr-9110	628	39	favorable	favorable	ADJ
cblr-9110	628	40	as	as	ADP
cblr-9110	628	41	possible	possible	ADJ
cblr-9110	628	42	under	under	ADP
cblr-9110	628	43	prevailing	prevail	VERB
cblr-9110	628	44	market	market	NOUN
cblr-9110	628	45	conditions	condition	NOUN
cblr-9110	628	46	.	.	PUNCT
cblr-9110	628	47	”	"	PUNCT
cblr-9110	628	48	)	)	PUNCT
cblr-9110	628	49	.	.	PUNCT
cblr-9110	629	1	for	for	ADP
cblr-9110	629	2	prominent	prominent	ADJ
cblr-9110	629	3	examples	example	NOUN
cblr-9110	629	4	of	of	ADP
cblr-9110	629	5	the	the	DET
cblr-9110	629	6	common	common	ADJ
cblr-9110	629	7	law	law	NOUN
cblr-9110	629	8	best	good	ADJ
cblr-9110	629	9	-	-	PUNCT
cblr-9110	629	10	execution	execution	NOUN
cblr-9110	629	11	standard	standard	NOUN
cblr-9110	629	12	,	,	PUNCT
cblr-9110	629	13	see	see	VERB
cblr-9110	629	14	in	in	ADP
cblr-9110	629	15	re	re	PROPN
cblr-9110	629	16	merrill	merrill	PROPN
cblr-9110	629	17	lynch	lynch	PROPN
cblr-9110	629	18	,	,	PUNCT
cblr-9110	629	19	911	911	NUM
cblr-9110	629	20	f.	f.	PROPN
cblr-9110	629	21	supp	supp	PROPN
cblr-9110	629	22	754	754	NUM
cblr-9110	629	23	,	,	PUNCT
cblr-9110	629	24	760–61	760–61	NUM
cblr-9110	629	25	(	(	PUNCT
cblr-9110	629	26	d.n.j	d.n.j	PROPN
cblr-9110	629	27	.	.	PROPN
cblr-9110	629	28	1995	1995	NUM
cblr-9110	629	29	)	)	PUNCT
cblr-9110	629	30	;	;	PUNCT
cblr-9110	629	31	i	i	PRON
cblr-9110	629	32	d.	d.	PROPN
cblr-9110	629	33	at	at	ADP
cblr-9110	629	34	769	769	NUM
cblr-9110	629	35	.	.	PUNCT
cblr-9110	630	1	(	(	PUNCT
cblr-9110	630	2	“	"	PUNCT
cblr-9110	630	3	a	a	DET
cblr-9110	630	4	broker	broker	NOUN
cblr-9110	630	5	-	-	PUNCT
cblr-9110	630	6	dealer	dealer	NOUN
cblr-9110	630	7	’s	’s	PART
cblr-9110	630	8	duty	duty	NOUN
cblr-9110	630	9	to	to	PART
cblr-9110	630	10	seek	seek	VERB
cblr-9110	630	11	to	to	PART
cblr-9110	630	12	obtain	obtain	VERB
cblr-9110	630	13	the	the	DET
cblr-9110	630	14	best	good	ADJ
cblr-9110	630	15	execution	execution	NOUN
cblr-9110	630	16	of	of	ADP
cblr-9110	630	17	customer	customer	NOUN
cblr-9110	630	18	orders	order	NOUN
cblr-9110	630	19	derives	derive	VERB
cblr-9110	630	20	from	from	ADP
cblr-9110	630	21	the	the	DET
cblr-9110	630	22	common	common	ADJ
cblr-9110	630	23	law	law	NOUN
cblr-9110	630	24	agency	agency	NOUN
cblr-9110	630	25	of	of	ADP
cblr-9110	630	26	loyalty	loyalty	NOUN
cblr-9110	630	27	,	,	PUNCT
cblr-9110	630	28	which	which	PRON
cblr-9110	630	29	obligates	obligate	VERB
cblr-9110	630	30	an	an	DET
cblr-9110	630	31	agent	agent	NOUN
cblr-9110	630	32	to	to	PART
cblr-9110	630	33	act	act	VERB
cblr-9110	630	34	exclusively	exclusively	ADV
cblr-9110	630	35	in	in	ADP
cblr-9110	630	36	the	the	DET
cblr-9110	630	37	principal	principal	NOUN
cblr-9110	630	38	’s	’s	PART
cblr-9110	630	39	best	good	ADJ
cblr-9110	630	40	interests	interest	NOUN
cblr-9110	630	41	.	.	PUNCT
cblr-9110	630	42	.	.	PUNCT
cblr-9110	630	43	.	.	PUNCT
cblr-9110	631	1	.	.	PUNCT
cblr-9110	631	2	”	"	PUNCT
cblr-9110	632	1	(	(	PUNCT
cblr-9110	632	2	citations	citation	NOUN
cblr-9110	632	3	and	and	CCONJ
cblr-9110	632	4	quotation	quotation	NOUN
cblr-9110	632	5	marks	mark	NOUN
cblr-9110	632	6	omitted	omit	VERB
cblr-9110	632	7	)	)	PUNCT
cblr-9110	632	8	(	(	PUNCT
cblr-9110	632	9	alteration	alteration	NOUN
cblr-9110	632	10	in	in	ADP
cblr-9110	632	11	original	original	ADJ
cblr-9110	632	12	)	)	PUNCT
cblr-9110	632	13	)	)	PUNCT
cblr-9110	632	14	.	.	PUNCT
cblr-9110	632	15	)	)	PUNCT
cblr-9110	632	16	)	)	PUNCT
cblr-9110	632	17	;	;	PUNCT
cblr-9110	632	18	newton	newton	PROPN
cblr-9110	632	19	v.	v.	PROPN
cblr-9110	632	20	merrill	merrill	PROPN
cblr-9110	632	21	lynch	lynch	PROPN
cblr-9110	632	22	,	,	PUNCT
cblr-9110	632	23	pierce	pierce	PROPN
cblr-9110	632	24	,	,	PUNCT
cblr-9110	632	25	fenner	fenner	PROPN
cblr-9110	632	26	&	&	CCONJ
cblr-9110	632	27	smith	smith	PROPN
cblr-9110	632	28	,	,	PUNCT
cblr-9110	632	29	inc	inc	PROPN
cblr-9110	632	30	.	.	PROPN
cblr-9110	632	31	,	,	PUNCT
cblr-9110	632	32	135	135	NUM
cblr-9110	632	33	f.3d	f.3d	NUM
cblr-9110	632	34	266	266	NUM
cblr-9110	632	35	,	,	PUNCT
cblr-9110	632	36	270	270	NUM
cblr-9110	632	37	–	–	PUNCT
cblr-9110	632	38	71	71	NUM
cblr-9110	632	39	(	(	PUNCT
cblr-9110	632	40	3d	3d	NUM
cblr-9110	632	41	cir	cir	NOUN
cblr-9110	632	42	.	.	PROPN
cblr-9110	632	43	1998	1998	NUM
cblr-9110	632	44	)	)	PUNCT
cblr-9110	632	45	(	(	PUNCT
cblr-9110	632	46	“	"	PUNCT
cblr-9110	632	47	the	the	DET
cblr-9110	632	48	duty	duty	NOUN
cblr-9110	632	49	of	of	ADP
cblr-9110	632	50	best	good	ADJ
cblr-9110	632	51	execution	execution	NOUN
cblr-9110	632	52	,	,	PUNCT
cblr-9110	632	53	which	which	PRON
cblr-9110	632	54	predates	predate	VERB
cblr-9110	632	55	the	the	DET
cblr-9110	632	56	federal	federal	ADJ
cblr-9110	632	57	securities	security	NOUN
cblr-9110	632	58	laws	law	NOUN
cblr-9110	632	59	,	,	PUNCT
cblr-9110	632	60	has	have	VERB
cblr-9110	632	61	its	its	PRON
cblr-9110	632	62	roots	root	NOUN
cblr-9110	632	63	in	in	ADP
cblr-9110	632	64	the	the	DET
cblr-9110	632	65	common	common	ADJ
cblr-9110	632	66	law	law	NOUN
cblr-9110	632	67	agency	agency	NOUN
cblr-9110	632	68	obligations	obligation	NOUN
cblr-9110	632	69	of	of	ADP
cblr-9110	632	70	undivided	undivided	ADJ
cblr-9110	632	71	loyalty	loyalty	NOUN
cblr-9110	632	72	and	and	CCONJ
cblr-9110	632	73	reasonable	reasonable	ADJ
cblr-9110	632	74	care	care	NOUN
cblr-9110	632	75	that	that	SCONJ
cblr-9110	632	76	an	an	DET
cblr-9110	632	77	agent	agent	NOUN
cblr-9110	632	78	owes	owe	VERB
cblr-9110	632	79	to	to	ADP
cblr-9110	632	80	his	his	PRON
cblr-9110	632	81	principal	principal	NOUN
cblr-9110	632	82	.	.	PUNCT
cblr-9110	632	83	”	"	PUNCT
cblr-9110	632	84	)	)	PUNCT
cblr-9110	632	85	.	.	PUNCT
cblr-9110	633	1	148	148	NUM
cblr-9110	633	2	see	see	VERB
cblr-9110	633	3	supra	supra	PROPN
cblr-9110	633	4	notes	note	VERB
cblr-9110	633	5	72–75	72–75	PROPN
cblr-9110	633	6	and	and	CCONJ
cblr-9110	633	7	accompanying	accompany	VERB
cblr-9110	633	8	text	text	NOUN
cblr-9110	633	9	.	.	PUNCT
cblr-9110	634	1	149	149	NUM
cblr-9110	634	2	see	see	VERB
cblr-9110	634	3	i	i	PRON
cblr-9110	634	4	d.	d.	PROPN
cblr-9110	634	5	1364	1364	NUM
cblr-9110	634	6	columbia	columbia	PROPN
cblr-9110	634	7	business	business	PROPN
cblr-9110	634	8	law	law	PROPN
cblr-9110	634	9	review	review	NOUN
cblr-9110	634	10	[	[	X
cblr-9110	634	11	vol	vol	NOUN
cblr-9110	634	12	.	.	NOUN
cblr-9110	634	13	2021	2021	NUM
cblr-9110	634	14	dealer	dealer	NOUN
cblr-9110	634	15	’s	’s	PART
cblr-9110	634	16	own	own	ADJ
cblr-9110	634	17	dark	dark	ADJ
cblr-9110	634	18	pool150	pool150	PROPN
cblr-9110	634	19	or	or	CCONJ
cblr-9110	634	20	to	to	ADP
cblr-9110	634	21	trading	trading	NOUN
cblr-9110	634	22	platforms	platform	NOUN
cblr-9110	634	23	that	that	PRON
cblr-9110	634	24	provide	provide	VERB
cblr-9110	634	25	the	the	DET
cblr-9110	634	26	highest	high	ADJ
cblr-9110	634	27	rebates	rebate	NOUN
cblr-9110	634	28	to	to	ADP
cblr-9110	634	29	the	the	DET
cblr-9110	634	30	broker	broker	NOUN
cblr-9110	634	31	rather	rather	ADV
cblr-9110	634	32	than	than	ADP
cblr-9110	634	33	the	the	DET
cblr-9110	634	34	best	good	ADJ
cblr-9110	634	35	execution	execution	NOUN
cblr-9110	634	36	for	for	ADP
cblr-9110	634	37	the	the	DET
cblr-9110	634	38	client151	client151	PROPN
cblr-9110	634	39	)	)	PUNCT
cblr-9110	634	40	,	,	PUNCT
cblr-9110	634	41	the	the	DET
cblr-9110	634	42	above	above	ADV
cblr-9110	634	43	-	-	PUNCT
cblr-9110	634	44	raised	raise	VERB
cblr-9110	634	45	issues	issue	NOUN
cblr-9110	634	46	should	should	AUX
cblr-9110	634	47	not	not	PART
cblr-9110	634	48	be	be	AUX
cblr-9110	634	49	dismissed	dismiss	VERB
cblr-9110	634	50	without	without	ADP
cblr-9110	634	51	careful	careful	ADJ
cblr-9110	634	52	study	study	NOUN
cblr-9110	634	53	.	.	PUNCT
cblr-9110	635	1	it	it	PRON
cblr-9110	635	2	follows	follow	VERB
cblr-9110	635	3	that	that	SCONJ
cblr-9110	635	4	firms	firm	NOUN
cblr-9110	635	5	offering	offer	VERB
cblr-9110	635	6	ap	ap	PROPN
cblr-9110	635	7	representative	representative	ADJ
cblr-9110	635	8	services	service	NOUN
cblr-9110	635	9	will	will	AUX
cblr-9110	635	10	be	be	AUX
cblr-9110	635	11	operating	operate	VERB
cblr-9110	635	12	on	on	ADP
cblr-9110	635	13	thin	thin	ADJ
cblr-9110	635	14	ice	ice	NOUN
cblr-9110	635	15	with	with	ADP
cblr-9110	635	16	respect	respect	NOUN
cblr-9110	635	17	to	to	ADP
cblr-9110	635	18	insider	insider	NOUN
cblr-9110	635	19	trading	trading	NOUN
cblr-9110	635	20	law	law	NOUN
cblr-9110	635	21	as	as	ADV
cblr-9110	635	22	well	well	ADV
cblr-9110	635	23	as	as	ADP
cblr-9110	635	24	broker	broker	NOUN
cblr-9110	635	25	-	-	PUNCT
cblr-9110	635	26	dealer	dealer	NOUN
cblr-9110	635	27	-	-	PUNCT
cblr-9110	635	28	specific	specific	ADJ
cblr-9110	635	29	areas	area	NOUN
cblr-9110	635	30	of	of	ADP
cblr-9110	635	31	regulation	regulation	NOUN
cblr-9110	635	32	.	.	PUNCT
cblr-9110	636	1	they	they	PRON
cblr-9110	636	2	will	will	AUX
cblr-9110	636	3	therefore	therefore	ADV
cblr-9110	636	4	have	have	VERB
cblr-9110	636	5	to	to	PART
cblr-9110	636	6	incur	incur	VERB
cblr-9110	636	7	significant	significant	ADJ
cblr-9110	636	8	costs	cost	NOUN
cblr-9110	636	9	to	to	PART
cblr-9110	636	10	avoid	avoid	VERB
cblr-9110	636	11	violating	violate	VERB
cblr-9110	636	12	the	the	DET
cblr-9110	636	13	law	law	NOUN
cblr-9110	636	14	.	.	PUNCT
cblr-9110	637	1	all	all	PRON
cblr-9110	637	2	of	of	ADP
cblr-9110	637	3	this	this	PRON
cblr-9110	637	4	is	be	AUX
cblr-9110	637	5	not	not	PART
cblr-9110	637	6	to	to	PART
cblr-9110	637	7	say	say	VERB
cblr-9110	637	8	that	that	SCONJ
cblr-9110	637	9	the	the	DET
cblr-9110	637	10	introduction	introduction	NOUN
cblr-9110	637	11	of	of	ADP
cblr-9110	637	12	the	the	DET
cblr-9110	637	13	viiv	viiv	NOUN
cblr-9110	637	14	is	be	AUX
cblr-9110	637	15	not	not	PART
cblr-9110	637	16	helpful.152	helpful.152	NOUN
cblr-9110	637	17	but	but	CCONJ
cblr-9110	637	18	the	the	DET
cblr-9110	637	19	etf	etf	NOUN
cblr-9110	637	20	-	-	PUNCT
cblr-9110	637	21	arbitrage	arbitrage	NOUN
cblr-9110	637	22	process	process	NOUN
cblr-9110	637	23	envisioned	envision	VERB
cblr-9110	637	24	for	for	ADP
cblr-9110	637	25	nontransparent	nontransparent	ADJ
cblr-9110	637	26	etfs	etfs	NOUN
cblr-9110	637	27	with	with	ADP
cblr-9110	637	28	the	the	DET
cblr-9110	637	29	help	help	NOUN
cblr-9110	637	30	of	of	ADP
cblr-9110	637	31	this	this	DET
cblr-9110	637	32	viiv	viiv	NOUN
cblr-9110	637	33	only	only	ADV
cblr-9110	637	34	works	work	VERB
cblr-9110	637	35	if	if	SCONJ
cblr-9110	637	36	the	the	DET
cblr-9110	637	37	market	market	NOUN
cblr-9110	637	38	incentive	incentive	NOUN
cblr-9110	637	39	to	to	PART
cblr-9110	637	40	engage	engage	VERB
cblr-9110	637	41	in	in	ADP
cblr-9110	637	42	ap	ap	PROPN
cblr-9110	637	43	redemptions	redemption	NOUN
cblr-9110	637	44	and	and	CCONJ
cblr-9110	637	45	creations	creation	NOUN
cblr-9110	637	46	is	be	AUX
cblr-9110	637	47	sufficient	sufficient	ADJ
cblr-9110	637	48	.	.	PUNCT
cblr-9110	638	1	and	and	CCONJ
cblr-9110	638	2	that	that	DET
cblr-9110	638	3	incentive	incentive	NOUN
cblr-9110	638	4	is	be	AUX
cblr-9110	638	5	only	only	ADV
cblr-9110	638	6	as	as	ADV
cblr-9110	638	7	good	good	ADJ
cblr-9110	638	8	as	as	ADP
cblr-9110	638	9	the	the	DET
cblr-9110	638	10	ability	ability	NOUN
cblr-9110	638	11	to	to	PART
cblr-9110	638	12	carry	carry	VERB
cblr-9110	638	13	out	out	ADP
cblr-9110	638	14	the	the	DET
cblr-9110	638	15	ap	ap	PROPN
cblr-9110	638	16	function	function	NOUN
cblr-9110	638	17	profitably	profitably	ADV
cblr-9110	638	18	.	.	PUNCT
cblr-9110	639	1	yet	yet	ADV
cblr-9110	639	2	,	,	PUNCT
cblr-9110	639	3	performing	perform	VERB
cblr-9110	639	4	ap	ap	PROPN
cblr-9110	639	5	representative	representative	ADJ
cblr-9110	639	6	duties	duty	NOUN
cblr-9110	639	7	is	be	AUX
cblr-9110	639	8	not	not	PART
cblr-9110	639	9	free	free	ADJ
cblr-9110	639	10	.	.	PUNCT
cblr-9110	640	1	and	and	CCONJ
cblr-9110	640	2	,	,	PUNCT
cblr-9110	640	3	like	like	ADP
cblr-9110	640	4	most	most	ADJ
cblr-9110	640	5	principals	principal	NOUN
cblr-9110	640	6	,	,	PUNCT
cblr-9110	640	7	aps	aps	PROPN
cblr-9110	640	8	will	will	AUX
cblr-9110	640	9	find	find	VERB
cblr-9110	640	10	it	it	PRON
cblr-9110	640	11	in	in	ADP
cblr-9110	640	12	their	their	PRON
cblr-9110	640	13	interest	interest	NOUN
cblr-9110	640	14	to	to	PART
cblr-9110	640	15	monitor	monitor	VERB
cblr-9110	640	16	their	their	PRON
cblr-9110	640	17	agents	agent	NOUN
cblr-9110	640	18	.	.	PUNCT
cblr-9110	641	1	to	to	ADP
cblr-9110	641	2	the	the	DET
cblr-9110	641	3	extent	extent	NOUN
cblr-9110	641	4	that	that	PRON
cblr-9110	641	5	all	all	PRON
cblr-9110	641	6	of	of	ADP
cblr-9110	641	7	these	these	DET
cblr-9110	641	8	costs	cost	NOUN
cblr-9110	641	9	150	150	NUM
cblr-9110	641	10	see	see	NOUN
cblr-9110	641	11	,	,	PUNCT
cblr-9110	641	12	e.g.	e.g.	ADV
cblr-9110	641	13	,	,	PUNCT
cblr-9110	641	14	scott	scott	PROPN
cblr-9110	641	15	patterson	patterson	PROPN
cblr-9110	641	16	,	,	PUNCT
cblr-9110	641	17	the	the	DET
cblr-9110	641	18	questions	question	NOUN
cblr-9110	641	19	hovering	hover	VERB
cblr-9110	641	20	over	over	ADP
cblr-9110	641	21	dark	dark	ADJ
cblr-9110	641	22	pools	pool	NOUN
cblr-9110	641	23	,	,	PUNCT
cblr-9110	641	24	wall	wall	PROPN
cblr-9110	641	25	st	st	PROPN
cblr-9110	641	26	.	.	PROPN
cblr-9110	641	27	j.	j.	PROPN
cblr-9110	641	28	(	(	PUNCT
cblr-9110	641	29	june	june	PROPN
cblr-9110	641	30	16	16	NUM
cblr-9110	641	31	,	,	PUNCT
cblr-9110	641	32	2013	2013	NUM
cblr-9110	641	33	,	,	PUNCT
cblr-9110	641	34	3:33	3:33	NUM
cblr-9110	641	35	pm	pm	NOUN
cblr-9110	641	36	)	)	PUNCT
cblr-9110	641	37	,	,	PUNCT
cblr-9110	641	38	https://www.wsj.com/amp/articles/blmbb-2405?responsive=y	https://www.wsj.com/amp/articles/blmbb-2405?responsive=y	PROPN
cblr-9110	641	39	(	(	PUNCT
cblr-9110	641	40	on	on	ADP
cblr-9110	641	41	file	file	NOUN
cblr-9110	641	42	with	with	ADP
cblr-9110	641	43	the	the	DET
cblr-9110	641	44	columbia	columbia	PROPN
cblr-9110	641	45	business	business	PROPN
cblr-9110	641	46	law	law	PROPN
cblr-9110	641	47	review	review	PROPN
cblr-9110	641	48	)	)	PUNCT
cblr-9110	641	49	(	(	PUNCT
cblr-9110	641	50	“	"	PUNCT
cblr-9110	641	51	because	because	SCONJ
cblr-9110	641	52	the	the	DET
cblr-9110	641	53	firms	firm	NOUN
cblr-9110	641	54	benefit	benefit	VERB
cblr-9110	641	55	from	from	ADP
cblr-9110	641	56	executing	execute	VERB
cblr-9110	641	57	as	as	ADV
cblr-9110	641	58	many	many	ADJ
cblr-9110	641	59	trades	trade	NOUN
cblr-9110	641	60	in	in	ADP
cblr-9110	641	61	their	their	PRON
cblr-9110	641	62	dark	dark	ADJ
cblr-9110	641	63	pool	pool	NOUN
cblr-9110	641	64	as	as	ADP
cblr-9110	641	65	possible	possible	ADJ
cblr-9110	641	66	,	,	PUNCT
cblr-9110	641	67	they	they	PRON
cblr-9110	641	68	have	have	VERB
cblr-9110	641	69	an	an	DET
cblr-9110	641	70	incentive	incentive	NOUN
cblr-9110	641	71	to	to	PART
cblr-9110	641	72	route	route	VERB
cblr-9110	641	73	as	as	ADV
cblr-9110	641	74	many	many	ADJ
cblr-9110	641	75	possible	possible	ADJ
cblr-9110	641	76	orders	order	NOUN
cblr-9110	641	77	to	to	ADP
cblr-9110	641	78	their	their	PRON
cblr-9110	641	79	own	own	ADJ
cblr-9110	641	80	venues	venue	NOUN
cblr-9110	641	81	.	.	PUNCT
cblr-9110	641	82	”	"	PUNCT
cblr-9110	641	83	)	)	PUNCT
cblr-9110	641	84	;	;	PUNCT
cblr-9110	641	85	kristin	kristin	PROPN
cblr-9110	641	86	n.	n.	PROPN
cblr-9110	641	87	johnson	johnson	PROPN
cblr-9110	641	88	,	,	PUNCT
cblr-9110	641	89	regulating	regulate	VERB
cblr-9110	641	90	innovation	innovation	NOUN
cblr-9110	641	91	:	:	PUNCT
cblr-9110	641	92	high	high	ADJ
cblr-9110	641	93	frequency	frequency	NOUN
cblr-9110	641	94	trading	trading	NOUN
cblr-9110	641	95	in	in	ADP
cblr-9110	641	96	dark	dark	ADJ
cblr-9110	641	97	pools	pool	NOUN
cblr-9110	641	98	,	,	PUNCT
cblr-9110	641	99	42	42	NUM
cblr-9110	641	100	j.	j.	PROPN
cblr-9110	641	101	corp	corp	PROPN
cblr-9110	641	102	.	.	PROPN
cblr-9110	641	103	l.	l.	PROPN
cblr-9110	641	104	834	834	NUM
cblr-9110	641	105	,	,	PUNCT
cblr-9110	641	106	867	867	NUM
cblr-9110	641	107	(	(	PUNCT
cblr-9110	641	108	“	"	PUNCT
cblr-9110	641	109	[	[	X
cblr-9110	641	110	c]onflicts	c]onflict	NOUN
cblr-9110	641	111	of	of	ADP
cblr-9110	641	112	interest	interest	NOUN
cblr-9110	641	113	abound	abound	VERB
cblr-9110	641	114	in	in	ADP
cblr-9110	641	115	dark	dark	ADJ
cblr-9110	641	116	pools	pool	NOUN
cblr-9110	641	117	.	.	PUNCT
cblr-9110	641	118	”	"	PUNCT
cblr-9110	641	119	)	)	PUNCT
cblr-9110	641	120	.	.	PUNCT
cblr-9110	642	1	151	151	NUM
cblr-9110	642	2	see	see	VERB
cblr-9110	642	3	generally	generally	ADV
cblr-9110	642	4	merritt	merritt	PROPN
cblr-9110	642	5	b.	b.	PROPN
cblr-9110	642	6	fox	fox	PROPN
cblr-9110	642	7	,	,	PUNCT
cblr-9110	642	8	lawrence	lawrence	PROPN
cblr-9110	642	9	r.	r.	PROPN
cblr-9110	642	10	glosten	glosten	PROPN
cblr-9110	642	11	&	&	CCONJ
cblr-9110	642	12	gabriel	gabriel	PROPN
cblr-9110	642	13	v.	v.	PROPN
cblr-9110	642	14	rauterberg	rauterberg	PROPN
cblr-9110	642	15	,	,	PUNCT
cblr-9110	642	16	the	the	DET
cblr-9110	642	17	new	new	ADJ
cblr-9110	642	18	stock	stock	NOUN
cblr-9110	642	19	market	market	NOUN
cblr-9110	642	20	:	:	PUNCT
cblr-9110	642	21	law	law	NOUN
cblr-9110	642	22	,	,	PUNCT
cblr-9110	642	23	economic	economic	ADJ
cblr-9110	642	24	,	,	PUNCT
cblr-9110	642	25	and	and	CCONJ
cblr-9110	642	26	policy	policy	NOUN
cblr-9110	642	27	281	281	NUM
cblr-9110	642	28	–	–	PUNCT
cblr-9110	642	29	288	288	NUM
cblr-9110	642	30	(	(	PUNCT
cblr-9110	642	31	2019	2019	NUM
cblr-9110	642	32	)	)	PUNCT
cblr-9110	642	33	(	(	PUNCT
cblr-9110	642	34	discussing	discuss	VERB
cblr-9110	642	35	maker	maker	NOUN
cblr-9110	642	36	-	-	PUNCT
cblr-9110	642	37	taker	taker	NOUN
cblr-9110	642	38	fees	fee	NOUN
cblr-9110	642	39	under	under	ADP
cblr-9110	642	40	the	the	DET
cblr-9110	642	41	current	current	ADJ
cblr-9110	642	42	structure	structure	NOUN
cblr-9110	642	43	of	of	ADP
cblr-9110	642	44	the	the	DET
cblr-9110	642	45	stock	stock	NOUN
cblr-9110	642	46	market	market	NOUN
cblr-9110	642	47	)	)	PUNCT
cblr-9110	642	48	.	.	PUNCT
cblr-9110	643	1	152	152	NUM
cblr-9110	643	2	it	it	PRON
cblr-9110	643	3	is	be	AUX
cblr-9110	643	4	worth	worth	ADJ
cblr-9110	643	5	noting	note	VERB
cblr-9110	643	6	that	that	SCONJ
cblr-9110	643	7	the	the	DET
cblr-9110	643	8	viiv	viiv	NOUN
cblr-9110	643	9	,	,	PUNCT
cblr-9110	643	10	even	even	ADV
cblr-9110	643	11	if	if	SCONJ
cblr-9110	643	12	calculated	calculate	VERB
cblr-9110	643	13	based	base	VERB
cblr-9110	643	14	on	on	ADP
cblr-9110	643	15	the	the	DET
cblr-9110	643	16	midpoint	midpoint	NOUN
cblr-9110	643	17	price	price	NOUN
cblr-9110	643	18	of	of	ADP
cblr-9110	643	19	the	the	DET
cblr-9110	643	20	bid	bid	NOUN
cblr-9110	643	21	-	-	PUNCT
cblr-9110	643	22	ask	ask	NOUN
cblr-9110	643	23	spread	spread	NOUN
cblr-9110	643	24	for	for	ADP
cblr-9110	643	25	each	each	DET
cblr-9110	643	26	portfolio	portfolio	NOUN
cblr-9110	643	27	holding	holding	NOUN
cblr-9110	643	28	,	,	PUNCT
cblr-9110	643	29	see	see	VERB
cblr-9110	643	30	alger	alger	NOUN
cblr-9110	643	31	,	,	PUNCT
cblr-9110	643	32	verified	verify	VERB
cblr-9110	643	33	intraday	intraday	PROPN
cblr-9110	643	34	indicative	indicative	ADJ
cblr-9110	643	35	value	value	NOUN
cblr-9110	643	36	(	(	PUNCT
cblr-9110	643	37	viiv	viiv	NOUN
cblr-9110	643	38	)	)	PUNCT
cblr-9110	643	39	price	price	NOUN
cblr-9110	643	40	calculation	calculation	NOUN
cblr-9110	643	41	&	&	CCONJ
cblr-9110	643	42	methodology	methodology	NOUN
cblr-9110	643	43	,	,	PUNCT
cblr-9110	643	44	https://www.alger.com/algerdocuments/viiv_methodology.pdf	https://www.alger.com/algerdocuments/viiv_methodology.pdf	VERB
cblr-9110	643	45	[	[	X
cblr-9110	643	46	https://perma.cc/2hhb-r3a4	https://perma.cc/2hhb-r3a4	X
cblr-9110	643	47	]	]	X
cblr-9110	643	48	(	(	PUNCT
cblr-9110	643	49	last	last	ADV
cblr-9110	643	50	visited	visit	VERB
cblr-9110	643	51	jan	jan	PROPN
cblr-9110	643	52	.	.	PROPN
cblr-9110	643	53	16	16	NUM
cblr-9110	643	54	,	,	PUNCT
cblr-9110	643	55	2022	2022	NUM
cblr-9110	643	56	)	)	PUNCT
cblr-9110	643	57	,	,	PUNCT
cblr-9110	643	58	is	be	AUX
cblr-9110	643	59	not	not	PART
cblr-9110	643	60	an	an	DET
cblr-9110	643	61	exact	exact	ADJ
cblr-9110	643	62	replication	replication	NOUN
cblr-9110	643	63	of	of	ADP
cblr-9110	643	64	the	the	DET
cblr-9110	643	65	cost	cost	NOUN
cblr-9110	643	66	an	an	DET
cblr-9110	643	67	ap	ap	NOUN
cblr-9110	643	68	or	or	CCONJ
cblr-9110	643	69	arbitrageur	arbitrageur	PROPN
cblr-9110	643	70	would	would	AUX
cblr-9110	643	71	face	face	VERB
cblr-9110	643	72	in	in	ADP
cblr-9110	643	73	,	,	PUNCT
cblr-9110	643	74	for	for	ADP
cblr-9110	643	75	example	example	NOUN
cblr-9110	643	76	,	,	PUNCT
cblr-9110	643	77	accumulating	accumulate	VERB
cblr-9110	643	78	portfolio	portfolio	NOUN
cblr-9110	643	79	holdings	holding	NOUN
cblr-9110	643	80	in	in	ADP
cblr-9110	643	81	order	order	NOUN
cblr-9110	643	82	to	to	PART
cblr-9110	643	83	engage	engage	VERB
cblr-9110	643	84	in	in	ADP
cblr-9110	643	85	a	a	DET
cblr-9110	643	86	creation	creation	NOUN
cblr-9110	643	87	-	-	PUNCT
cblr-9110	643	88	unit	unit	NOUN
cblr-9110	643	89	transaction	transaction	NOUN
cblr-9110	643	90	.	.	PUNCT
cblr-9110	644	1	this	this	PRON
cblr-9110	644	2	is	be	AUX
cblr-9110	644	3	because	because	SCONJ
cblr-9110	644	4	the	the	DET
cblr-9110	644	5	true	true	ADJ
cblr-9110	644	6	price	price	NOUN
cblr-9110	644	7	to	to	PART
cblr-9110	644	8	accumulate	accumulate	VERB
cblr-9110	644	9	the	the	DET
cblr-9110	644	10	underlying	underlie	VERB
cblr-9110	644	11	holdings	holding	NOUN
cblr-9110	644	12	in	in	ADP
cblr-9110	644	13	significant	significant	ADJ
cblr-9110	644	14	size	size	NOUN
cblr-9110	644	15	would	would	AUX
cblr-9110	644	16	generally	generally	ADV
cblr-9110	644	17	be	be	AUX
cblr-9110	644	18	at	at	ADP
cblr-9110	644	19	least	least	ADJ
cblr-9110	644	20	the	the	DET
cblr-9110	644	21	best	good	ADJ
cblr-9110	644	22	(	(	PUNCT
cblr-9110	644	23	lowest	low	ADJ
cblr-9110	644	24	)	)	PUNCT
cblr-9110	644	25	ask	ask	VERB
cblr-9110	644	26	price	price	NOUN
cblr-9110	644	27	for	for	ADP
cblr-9110	644	28	each	each	DET
cblr-9110	644	29	holding	holding	NOUN
cblr-9110	644	30	.	.	PUNCT
cblr-9110	645	1	moreover	moreover	ADV
cblr-9110	645	2	,	,	PUNCT
cblr-9110	645	3	without	without	ADP
cblr-9110	645	4	knowing	know	VERB
cblr-9110	645	5	the	the	DET
cblr-9110	645	6	particular	particular	ADJ
cblr-9110	645	7	holdings	holding	NOUN
cblr-9110	645	8	,	,	PUNCT
cblr-9110	645	9	the	the	DET
cblr-9110	645	10	ap	ap	PROPN
cblr-9110	645	11	or	or	CCONJ
cblr-9110	645	12	arbitrageur	arbitrageur	NOUN
cblr-9110	645	13	can	can	AUX
cblr-9110	645	14	not	not	PART
cblr-9110	645	15	know	know	VERB
cblr-9110	645	16	the	the	DET
cblr-9110	645	17	precise	precise	ADJ
cblr-9110	645	18	bid	bid	NOUN
cblr-9110	645	19	-	-	PUNCT
cblr-9110	645	20	ask	ask	NOUN
cblr-9110	645	21	spread	spread	NOUN
cblr-9110	645	22	for	for	ADP
cblr-9110	645	23	each	each	DET
cblr-9110	645	24	holding	holding	NOUN
cblr-9110	645	25	.	.	PUNCT
cblr-9110	646	1	and	and	CCONJ
cblr-9110	646	2	bid	bid	NOUN
cblr-9110	646	3	-	-	PUNCT
cblr-9110	646	4	ask	ask	VERB
cblr-9110	646	5	spreads	spread	NOUN
cblr-9110	646	6	of	of	ADP
cblr-9110	646	7	course	course	NOUN
cblr-9110	646	8	vary	vary	VERB
cblr-9110	646	9	widely	widely	ADV
cblr-9110	646	10	for	for	ADP
cblr-9110	646	11	different	different	ADJ
cblr-9110	646	12	types	type	NOUN
cblr-9110	646	13	of	of	ADP
cblr-9110	646	14	even	even	ADV
cblr-9110	646	15	relatively	relatively	ADV
cblr-9110	646	16	liquid	liquid	ADJ
cblr-9110	646	17	securities	security	NOUN
cblr-9110	646	18	.	.	PUNCT
cblr-9110	647	1	no	no	INTJ
cblr-9110	647	2	.	.	NOUN
cblr-9110	648	1	3:1321	3:1321	NUM
cblr-9110	648	2	]	]	X
cblr-9110	648	3	the	the	DET
cblr-9110	648	4	emergence	emergence	NOUN
cblr-9110	648	5	of	of	ADP
cblr-9110	648	6	the	the	DET
cblr-9110	648	7	actively	actively	ADV
cblr-9110	648	8	managed	manage	VERB
cblr-9110	648	9	etf	etf	NOUN
cblr-9110	648	10	1365	1365	NUM
cblr-9110	648	11	ultimately	ultimately	ADV
cblr-9110	648	12	fall	fall	VERB
cblr-9110	648	13	on	on	ADP
cblr-9110	648	14	the	the	DET
cblr-9110	648	15	aps	ap	NOUN
cblr-9110	648	16	and	and	CCONJ
cblr-9110	648	17	those	those	PRON
cblr-9110	648	18	who	who	PRON
cblr-9110	648	19	pursue	pursue	VERB
cblr-9110	648	20	etf	etf	NOUN
cblr-9110	648	21	arbitrage	arbitrage	NOUN
cblr-9110	648	22	through	through	ADP
cblr-9110	648	23	them,153	them,153	NOUN
cblr-9110	648	24	they	they	PRON
cblr-9110	648	25	will	will	AUX
cblr-9110	648	26	affect	affect	VERB
cblr-9110	648	27	the	the	DET
cblr-9110	648	28	extent	extent	NOUN
cblr-9110	648	29	to	to	PART
cblr-9110	648	30	which	which	PRON
cblr-9110	648	31	aps	ap	NOUN
cblr-9110	648	32	and	and	CCONJ
cblr-9110	648	33	these	these	DET
cblr-9110	648	34	arbitrageurs	arbitrageur	NOUN
cblr-9110	648	35	perform	perform	VERB
cblr-9110	648	36	their	their	PRON
cblr-9110	648	37	pricing	pricing	NOUN
cblr-9110	648	38	function.154	function.154	NOUN
cblr-9110	648	39	in	in	ADP
cblr-9110	648	40	particular	particular	ADJ
cblr-9110	648	41	,	,	PUNCT
cblr-9110	648	42	these	these	DET
cblr-9110	648	43	costs	cost	NOUN
cblr-9110	648	44	will	will	AUX
cblr-9110	648	45	add	add	VERB
cblr-9110	648	46	to	to	ADP
cblr-9110	648	47	the	the	DET
cblr-9110	648	48	transaction	transaction	NOUN
cblr-9110	648	49	costs	cost	NOUN
cblr-9110	648	50	associated	associate	VERB
cblr-9110	648	51	with	with	ADP
cblr-9110	648	52	ap	ap	PROPN
cblr-9110	648	53	trading	trading	NOUN
cblr-9110	648	54	and	and	CCONJ
cblr-9110	648	55	thus	thus	ADV
cblr-9110	648	56	add	add	VERB
cblr-9110	648	57	frictions	friction	NOUN
cblr-9110	648	58	for	for	ADP
cblr-9110	648	59	the	the	DET
cblr-9110	648	60	allimportant	allimportant	ADJ
cblr-9110	648	61	etf	etf	NOUN
cblr-9110	648	62	-	-	PUNCT
cblr-9110	648	63	arbitrage	arbitrage	NOUN
cblr-9110	648	64	mechanism	mechanism	NOUN
cblr-9110	648	65	.	.	PUNCT
cblr-9110	649	1	in	in	ADP
cblr-9110	649	2	the	the	DET
cblr-9110	649	3	end	end	NOUN
cblr-9110	649	4	,	,	PUNCT
cblr-9110	649	5	we	we	PRON
cblr-9110	649	6	might	might	AUX
cblr-9110	649	7	therefore	therefore	ADV
cblr-9110	649	8	expect	expect	VERB
cblr-9110	649	9	these	these	DET
cblr-9110	649	10	types	type	NOUN
cblr-9110	649	11	of	of	ADP
cblr-9110	649	12	nontransparent	nontransparent	ADJ
cblr-9110	649	13	actively	actively	ADV
cblr-9110	649	14	managed	manage	VERB
cblr-9110	649	15	etf	etf	NOUN
cblr-9110	649	16	shares	share	NOUN
cblr-9110	649	17	to	to	PART
cblr-9110	649	18	have	have	VERB
cblr-9110	649	19	larger	large	ADJ
cblr-9110	649	20	tracking	tracking	NOUN
cblr-9110	649	21	spreads.155	spreads.155	NOUN
cblr-9110	649	22	those	those	DET
cblr-9110	649	23	larger	large	ADJ
cblr-9110	649	24	tracking	tracking	NOUN
cblr-9110	649	25	spreads	spread	NOUN
cblr-9110	649	26	can	can	AUX
cblr-9110	649	27	add	add	VERB
cblr-9110	649	28	risk	risk	NOUN
cblr-9110	649	29	for	for	ADP
cblr-9110	649	30	market	market	NOUN
cblr-9110	649	31	makers	maker	NOUN
cblr-9110	649	32	,	,	PUNCT
cblr-9110	649	33	thereby	thereby	ADV
cblr-9110	649	34	leading	lead	VERB
cblr-9110	649	35	them	they	PRON
cblr-9110	649	36	to	to	PART
cblr-9110	649	37	quote	quote	VERB
cblr-9110	649	38	larger	large	ADJ
cblr-9110	649	39	bid	bid	NOUN
cblr-9110	649	40	-	-	PUNCT
cblr-9110	649	41	ask	ask	VERB
cblr-9110	649	42	spreads	spread	NOUN
cblr-9110	649	43	for	for	ADP
cblr-9110	649	44	these	these	DET
cblr-9110	649	45	etfs	etfs	NOUN
cblr-9110	649	46	.	.	PUNCT
cblr-9110	650	1	these	these	DET
cblr-9110	650	2	heightened	heighten	VERB
cblr-9110	650	3	tracking	tracking	NOUN
cblr-9110	650	4	spreads	spread	NOUN
cblr-9110	650	5	along	along	ADP
cblr-9110	650	6	with	with	ADP
cblr-9110	650	7	any	any	DET
cblr-9110	650	8	closely	closely	ADV
cblr-9110	650	9	connected	connect	VERB
cblr-9110	650	10	problem	problem	NOUN
cblr-9110	650	11	relating	relate	VERB
cblr-9110	650	12	to	to	ADP
cblr-9110	650	13	the	the	DET
cblr-9110	650	14	size	size	NOUN
cblr-9110	650	15	of	of	ADP
cblr-9110	650	16	bid	bid	NOUN
cblr-9110	650	17	-	-	PUNCT
cblr-9110	650	18	ask	ask	VERB
cblr-9110	650	19	spreads	spread	NOUN
cblr-9110	650	20	matter	matter	ADV
cblr-9110	650	21	even	even	ADV
cblr-9110	650	22	if	if	SCONJ
cblr-9110	650	23	they	they	PRON
cblr-9110	650	24	were	be	AUX
cblr-9110	650	25	to	to	PART
cblr-9110	650	26	only	only	ADV
cblr-9110	650	27	manifest	manifest	VERB
cblr-9110	650	28	themselves	themselves	PRON
cblr-9110	650	29	during	during	ADP
cblr-9110	650	30	periods	period	NOUN
cblr-9110	650	31	of	of	ADP
cblr-9110	650	32	heightened	heightened	ADJ
cblr-9110	650	33	market	market	NOUN
cblr-9110	650	34	stress.156	stress.156	NOUN
cblr-9110	650	35	in	in	ADP
cblr-9110	650	36	sum	sum	NOUN
cblr-9110	650	37	,	,	PUNCT
cblr-9110	650	38	the	the	DET
cblr-9110	650	39	sec	sec	PROPN
cblr-9110	650	40	and	and	CCONJ
cblr-9110	650	41	investment	investment	NOUN
cblr-9110	650	42	intermediaries	intermediary	NOUN
cblr-9110	650	43	should	should	AUX
cblr-9110	650	44	keep	keep	VERB
cblr-9110	650	45	an	an	DET
cblr-9110	650	46	eye	eye	NOUN
cblr-9110	650	47	on	on	ADP
cblr-9110	650	48	the	the	DET
cblr-9110	650	49	extent	extent	NOUN
cblr-9110	650	50	to	to	PART
cblr-9110	650	51	which	which	PRON
cblr-9110	650	52	the	the	DET
cblr-9110	650	53	types	type	NOUN
cblr-9110	650	54	of	of	ADP
cblr-9110	650	55	costs	cost	NOUN
cblr-9110	650	56	examined	examine	VERB
cblr-9110	650	57	above	above	ADV
cblr-9110	650	58	will	will	AUX
cblr-9110	650	59	limit	limit	VERB
cblr-9110	650	60	the	the	DET
cblr-9110	650	61	robustness	robustness	NOUN
cblr-9110	650	62	of	of	ADP
cblr-9110	650	63	activeshares	activeshare	NOUN
cblr-9110	650	64	’s	’s	PART
cblr-9110	650	65	arbitrage	arbitrage	NOUN
cblr-9110	650	66	mechanism.157	mechanism.157	PROPN
cblr-9110	650	67	there	there	PRON
cblr-9110	650	68	are	be	VERB
cblr-9110	650	69	of	of	ADP
cblr-9110	650	70	course	course	NOUN
cblr-9110	650	71	distinct	distinct	ADJ
cblr-9110	650	72	types	type	NOUN
cblr-9110	650	73	of	of	ADP
cblr-9110	650	74	etf	etf	NOUN
cblr-9110	650	75	153	153	NUM
cblr-9110	650	76	see	see	NOUN
cblr-9110	650	77	inv	inv	PROPN
cblr-9110	650	78	.	.	PUNCT
cblr-9110	650	79	co.	co.	PROPN
cblr-9110	650	80	inst	inst	PROPN
cblr-9110	650	81	.	.	PROPN
cblr-9110	650	82	,	,	PUNCT
cblr-9110	650	83	supra	supra	PROPN
cblr-9110	650	84	note	note	NOUN
cblr-9110	650	85	4	4	NUM
cblr-9110	650	86	,	,	PUNCT
cblr-9110	650	87	at	at	ADP
cblr-9110	650	88	100	100	NUM
cblr-9110	650	89	(	(	PUNCT
cblr-9110	650	90	discussing	discuss	VERB
cblr-9110	650	91	the	the	DET
cblr-9110	650	92	trading	trading	NOUN
cblr-9110	650	93	of	of	ADP
cblr-9110	650	94	non	non	ADJ
cblr-9110	650	95	-	-	ADJ
cblr-9110	650	96	ap	ap	ADJ
cblr-9110	650	97	etf	etf	NOUN
cblr-9110	650	98	arbitrageurs	arbitrageurs	PROPN
cblr-9110	650	99	)	)	PUNCT
cblr-9110	650	100	.	.	PUNCT
cblr-9110	651	1	154	154	NUM
cblr-9110	651	2	see	see	VERB
cblr-9110	651	3	michael	michael	PROPN
cblr-9110	651	4	c.	c.	PROPN
cblr-9110	651	5	jensen	jensen	PROPN
cblr-9110	651	6	&	&	CCONJ
cblr-9110	651	7	william	william	PROPN
cblr-9110	651	8	h.	h.	PROPN
cblr-9110	651	9	meckling	meckling	PROPN
cblr-9110	651	10	,	,	PUNCT
cblr-9110	651	11	theory	theory	NOUN
cblr-9110	651	12	of	of	ADP
cblr-9110	651	13	the	the	DET
cblr-9110	651	14	firm	firm	NOUN
cblr-9110	651	15	:	:	PUNCT
cblr-9110	651	16	managerial	managerial	ADJ
cblr-9110	651	17	behavior	behavior	NOUN
cblr-9110	651	18	,	,	PUNCT
cblr-9110	651	19	agency	agency	NOUN
cblr-9110	651	20	costs	cost	NOUN
cblr-9110	651	21	and	and	CCONJ
cblr-9110	651	22	ownership	ownership	NOUN
cblr-9110	651	23	structure	structure	NOUN
cblr-9110	651	24	,	,	PUNCT
cblr-9110	651	25	3	3	NUM
cblr-9110	651	26	j.	j.	PROPN
cblr-9110	651	27	fin	fin	PROPN
cblr-9110	651	28	.	.	PUNCT
cblr-9110	651	29	econ	econ	PROPN
cblr-9110	651	30	.	.	PUNCT
cblr-9110	652	1	305	305	NUM
cblr-9110	652	2	,	,	PUNCT
cblr-9110	652	3	308	308	NUM
cblr-9110	652	4	(	(	PUNCT
cblr-9110	652	5	1976	1976	NUM
cblr-9110	652	6	)	)	PUNCT
cblr-9110	652	7	(	(	PUNCT
cblr-9110	652	8	describing	describe	VERB
cblr-9110	652	9	agency	agency	NOUN
cblr-9110	652	10	costs	cost	NOUN
cblr-9110	652	11	)	)	PUNCT
cblr-9110	652	12	.	.	PUNCT
cblr-9110	653	1	155	155	NUM
cblr-9110	653	2	see	see	PROPN
cblr-9110	653	3	jackson	jackson	PROPN
cblr-9110	653	4	jr	jr	PROPN
cblr-9110	653	5	.	.	PROPN
cblr-9110	653	6	&	&	CCONJ
cblr-9110	653	7	herren	herren	PROPN
cblr-9110	653	8	lee	lee	PROPN
cblr-9110	653	9	,	,	PUNCT
cblr-9110	653	10	supra	supra	PROPN
cblr-9110	653	11	note	note	VERB
cblr-9110	653	12	79	79	NUM
cblr-9110	653	13	(	(	PUNCT
cblr-9110	653	14	asserting	assert	VERB
cblr-9110	653	15	that	that	SCONJ
cblr-9110	653	16	etfs	etfs	PROPN
cblr-9110	653	17	hold	hold	VERB
cblr-9110	653	18	$	$	SYM
cblr-9110	653	19	5	5	NUM
cblr-9110	653	20	trillion	trillion	NUM
cblr-9110	653	21	worth	worth	NOUN
cblr-9110	653	22	of	of	ADP
cblr-9110	653	23	the	the	DET
cblr-9110	653	24	american	american	ADJ
cblr-9110	653	25	people	people	NOUN
cblr-9110	653	26	’s	’s	PART
cblr-9110	653	27	savings	saving	NOUN
cblr-9110	653	28	in	in	ADP
cblr-9110	653	29	large	large	ADJ
cblr-9110	653	30	part	part	NOUN
cblr-9110	653	31	due	due	ADP
cblr-9110	653	32	to	to	ADP
cblr-9110	653	33	the	the	DET
cblr-9110	653	34	enhanced	enhanced	ADJ
cblr-9110	653	35	liquidity	liquidity	NOUN
cblr-9110	653	36	of	of	ADP
cblr-9110	653	37	etfs	etfs	PROPN
cblr-9110	653	38	over	over	ADP
cblr-9110	653	39	mutual	mutual	ADJ
cblr-9110	653	40	funds	fund	NOUN
cblr-9110	653	41	,	,	PUNCT
cblr-9110	653	42	and	and	CCONJ
cblr-9110	653	43	noting	note	VERB
cblr-9110	653	44	that	that	SCONJ
cblr-9110	653	45	such	such	ADJ
cblr-9110	653	46	liquidity	liquidity	NOUN
cblr-9110	653	47	hinges	hinge	NOUN
cblr-9110	653	48	upon	upon	SCONJ
cblr-9110	653	49	the	the	DET
cblr-9110	653	50	price	price	NOUN
cblr-9110	653	51	reliance	reliance	NOUN
cblr-9110	653	52	that	that	PRON
cblr-9110	653	53	has	have	AUX
cblr-9110	653	54	until	until	ADP
cblr-9110	653	55	now	now	ADV
cblr-9110	653	56	only	only	ADV
cblr-9110	653	57	been	be	AUX
cblr-9110	653	58	assured	assure	VERB
cblr-9110	653	59	through	through	ADP
cblr-9110	653	60	transparency	transparency	NOUN
cblr-9110	653	61	)	)	PUNCT
cblr-9110	653	62	.	.	PUNCT
cblr-9110	654	1	156	156	NUM
cblr-9110	654	2	there	there	PRON
cblr-9110	654	3	has	have	AUX
cblr-9110	654	4	been	be	AUX
cblr-9110	654	5	a	a	DET
cblr-9110	654	6	longstanding	longstanding	ADJ
cblr-9110	654	7	concern	concern	NOUN
cblr-9110	654	8	for	for	ADP
cblr-9110	654	9	the	the	DET
cblr-9110	654	10	robustness	robustness	NOUN
cblr-9110	654	11	of	of	ADP
cblr-9110	654	12	the	the	DET
cblr-9110	654	13	etf	etf	NOUN
cblr-9110	654	14	-	-	PUNCT
cblr-9110	654	15	arbitrage	arbitrage	NOUN
cblr-9110	654	16	mechanism	mechanism	NOUN
cblr-9110	654	17	for	for	ADP
cblr-9110	654	18	even	even	ADV
cblr-9110	654	19	traditional	traditional	ADJ
cblr-9110	654	20	,	,	PUNCT
cblr-9110	654	21	passive	passive	ADJ
cblr-9110	654	22	etfs	etfs	NOUN
cblr-9110	654	23	during	during	ADP
cblr-9110	654	24	times	time	NOUN
cblr-9110	654	25	of	of	ADP
cblr-9110	654	26	heightened	heightened	ADJ
cblr-9110	654	27	market	market	NOUN
cblr-9110	654	28	stress	stress	NOUN
cblr-9110	654	29	.	.	PUNCT
cblr-9110	655	1	see	see	VERB
cblr-9110	655	2	,	,	PUNCT
cblr-9110	655	3	e.g.	e.g.	ADV
cblr-9110	655	4	,	,	PUNCT
cblr-9110	655	5	inv	inv	ADJ
cblr-9110	655	6	.	.	PUNCT
cblr-9110	655	7	co.	co.	PROPN
cblr-9110	655	8	inst	inst	PROPN
cblr-9110	655	9	.	.	PROPN
cblr-9110	655	10	,	,	PUNCT
cblr-9110	655	11	supra	supra	PROPN
cblr-9110	655	12	note	note	VERB
cblr-9110	655	13	4	4	NUM
cblr-9110	655	14	at	at	ADP
cblr-9110	655	15	102	102	NUM
cblr-9110	655	16	(	(	PUNCT
cblr-9110	655	17	“	"	PUNCT
cblr-9110	655	18	over	over	ADP
cblr-9110	655	19	the	the	DET
cblr-9110	655	20	years	year	NOUN
cblr-9110	655	21	,	,	PUNCT
cblr-9110	655	22	policymakers	policymaker	NOUN
cblr-9110	655	23	have	have	AUX
cblr-9110	655	24	expressed	express	VERB
cblr-9110	655	25	concern	concern	NOUN
cblr-9110	655	26	that	that	SCONJ
cblr-9110	655	27	aps	ap	NOUN
cblr-9110	655	28	will	will	AUX
cblr-9110	655	29	step	step	VERB
cblr-9110	655	30	away	away	ADV
cblr-9110	655	31	from	from	ADP
cblr-9110	655	32	their	their	PRON
cblr-9110	655	33	role	role	NOUN
cblr-9110	655	34	in	in	ADP
cblr-9110	655	35	facilitating	facilitate	VERB
cblr-9110	655	36	creations	creation	NOUN
cblr-9110	655	37	and	and	CCONJ
cblr-9110	655	38	redemptions	redemption	NOUN
cblr-9110	655	39	of	of	ADP
cblr-9110	655	40	etf	etf	NOUN
cblr-9110	655	41	shares	share	NOUN
cblr-9110	655	42	during	during	ADP
cblr-9110	655	43	periods	period	NOUN
cblr-9110	655	44	of	of	ADP
cblr-9110	655	45	market	market	NOUN
cblr-9110	655	46	stress	stress	NOUN
cblr-9110	656	1	[	[	X
cblr-9110	656	2	.	.	X
cblr-9110	656	3	]	]	X
cblr-9110	656	4	”	"	PUNCT
cblr-9110	656	5	)	)	PUNCT
cblr-9110	656	6	.	.	PUNCT
cblr-9110	657	1	157	157	NUM
cblr-9110	657	2	of	of	ADP
cblr-9110	657	3	course	course	NOUN
cblr-9110	657	4	,	,	PUNCT
cblr-9110	657	5	if	if	SCONJ
cblr-9110	657	6	the	the	DET
cblr-9110	657	7	types	type	NOUN
cblr-9110	657	8	of	of	ADP
cblr-9110	657	9	concerns	concern	NOUN
cblr-9110	657	10	raised	raise	VERB
cblr-9110	657	11	in	in	ADP
cblr-9110	657	12	this	this	DET
cblr-9110	657	13	section	section	NOUN
cblr-9110	657	14	prove	prove	VERB
cblr-9110	657	15	too	too	ADV
cblr-9110	657	16	much	much	ADJ
cblr-9110	657	17	for	for	ADP
cblr-9110	657	18	aps	ap	NOUN
cblr-9110	657	19	and	and	CCONJ
cblr-9110	657	20	etf	etf	NOUN
cblr-9110	657	21	arbitrageurs	arbitrageur	NOUN
cblr-9110	657	22	more	more	ADV
cblr-9110	657	23	generally	generally	ADV
cblr-9110	657	24	,	,	PUNCT
cblr-9110	657	25	then	then	ADV
cblr-9110	657	26	fund	fund	NOUN
cblr-9110	657	27	sponsors	sponsor	NOUN
cblr-9110	657	28	will	will	AUX
cblr-9110	657	29	be	be	AUX
cblr-9110	657	30	hesitant	hesitant	ADJ
cblr-9110	657	31	to	to	PART
cblr-9110	657	32	offer	offer	VERB
cblr-9110	657	33	nontransparent	nontransparent	ADJ
cblr-9110	657	34	etfs	etfs	NOUN
cblr-9110	657	35	in	in	ADP
cblr-9110	657	36	the	the	DET
cblr-9110	657	37	first	first	ADJ
cblr-9110	657	38	place	place	NOUN
cblr-9110	657	39	and	and	CCONJ
cblr-9110	657	40	the	the	DET
cblr-9110	657	41	emergence	emergence	NOUN
cblr-9110	657	42	i	i	PRON
cblr-9110	657	43	predict	predict	VERB
cblr-9110	657	44	above	above	ADV
cblr-9110	657	45	in	in	ADP
cblr-9110	657	46	section	section	NOUN
cblr-9110	657	47	iii.b	iii.b	PRON
cblr-9110	657	48	will	will	AUX
cblr-9110	657	49	be	be	AUX
cblr-9110	657	50	less	less	ADV
cblr-9110	657	51	robust	robust	ADJ
cblr-9110	657	52	.	.	PUNCT
cblr-9110	658	1	in	in	ADP
cblr-9110	658	2	that	that	DET
cblr-9110	658	3	scenario	scenario	NOUN
cblr-9110	658	4	,	,	PUNCT
cblr-9110	658	5	the	the	DET
cblr-9110	658	6	sec	sec	PROPN
cblr-9110	658	7	and	and	CCONJ
cblr-9110	658	8	investment	investment	NOUN
cblr-9110	658	9	intermediaries	intermediary	NOUN
cblr-9110	658	10	will	will	AUX
cblr-9110	658	11	have	have	VERB
cblr-9110	658	12	less	less	ADJ
cblr-9110	658	13	work	work	NOUN
cblr-9110	658	14	cut	cut	VERB
cblr-9110	658	15	out	out	ADP
cblr-9110	658	16	for	for	ADP
cblr-9110	658	17	them	they	PRON
cblr-9110	658	18	with	with	ADP
cblr-9110	658	19	respect	respect	NOUN
cblr-9110	658	20	to	to	ADP
cblr-9110	658	21	these	these	DET
cblr-9110	658	22	products	product	NOUN
cblr-9110	658	23	and	and	CCONJ
cblr-9110	658	24	will	will	AUX
cblr-9110	658	25	perhaps	perhaps	ADV
cblr-9110	658	26	even	even	ADV
cblr-9110	658	27	be	be	AUX
cblr-9110	658	28	able	able	ADJ
cblr-9110	658	29	to	to	PART
cblr-9110	658	30	steer	steer	VERB
cblr-9110	658	31	clear	clear	ADJ
cblr-9110	658	32	of	of	ADP
cblr-9110	658	33	them	they	PRON
cblr-9110	658	34	to	to	ADP
cblr-9110	658	35	a	a	DET
cblr-9110	658	36	good	good	ADJ
cblr-9110	658	37	degree	degree	NOUN
cblr-9110	658	38	.	.	PUNCT
cblr-9110	659	1	1366	1366	NUM
cblr-9110	659	2	columbia	columbia	PROPN
cblr-9110	659	3	business	business	NOUN
cblr-9110	659	4	law	law	PROPN
cblr-9110	659	5	review	review	NOUN
cblr-9110	659	6	[	[	X
cblr-9110	659	7	vol	vol	NOUN
cblr-9110	659	8	.	.	NOUN
cblr-9110	659	9	2021	2021	NUM
cblr-9110	659	10	arbitrage	arbitrage	NOUN
cblr-9110	659	11	mechanisms	mechanism	NOUN
cblr-9110	659	12	(	(	PUNCT
cblr-9110	659	13	namely	namely	ADV
cblr-9110	659	14	,	,	PUNCT
cblr-9110	659	15	the	the	DET
cblr-9110	659	16	proxy	proxy	ADJ
cblr-9110	659	17	-	-	PUNCT
cblr-9110	659	18	portfolio	portfolio	NOUN
cblr-9110	659	19	ones	one	NOUN
cblr-9110	659	20	discussed	discuss	VERB
cblr-9110	659	21	in	in	ADP
cblr-9110	659	22	section	section	NOUN
cblr-9110	659	23	iii.b	iii.b	NUM
cblr-9110	659	24	)	)	PUNCT
cblr-9110	659	25	for	for	ADP
cblr-9110	659	26	the	the	DET
cblr-9110	659	27	other	other	ADJ
cblr-9110	659	28	types	type	NOUN
cblr-9110	659	29	of	of	ADP
cblr-9110	659	30	nontransparent	nontransparent	ADJ
cblr-9110	659	31	actively	actively	ADV
cblr-9110	659	32	managed	manage	VERB
cblr-9110	659	33	etfs	etfs	NOUN
cblr-9110	659	34	that	that	PRON
cblr-9110	659	35	came	come	VERB
cblr-9110	659	36	to	to	ADP
cblr-9110	659	37	market	market	NOUN
cblr-9110	659	38	in	in	ADP
cblr-9110	659	39	mid-2020	mid-2020	NOUN
cblr-9110	659	40	.	.	PUNCT
cblr-9110	660	1	a	a	DET
cblr-9110	660	2	similar	similar	ADJ
cblr-9110	660	3	close	close	ADJ
cblr-9110	660	4	look	look	NOUN
cblr-9110	660	5	at	at	ADP
cblr-9110	660	6	their	their	PRON
cblr-9110	660	7	arbitrage	arbitrage	NOUN
cblr-9110	660	8	mechanism	mechanism	NOUN
cblr-9110	660	9	is	be	AUX
cblr-9110	660	10	outside	outside	ADP
cblr-9110	660	11	the	the	DET
cblr-9110	660	12	scope	scope	NOUN
cblr-9110	660	13	of	of	ADP
cblr-9110	660	14	this	this	DET
cblr-9110	660	15	article	article	NOUN
cblr-9110	660	16	.	.	PUNCT
cblr-9110	661	1	but	but	CCONJ
cblr-9110	661	2	the	the	DET
cblr-9110	661	3	activeshares	activeshare	NOUN
cblr-9110	661	4	illustration	illustration	NOUN
cblr-9110	661	5	provided	provide	VERB
cblr-9110	661	6	in	in	ADP
cblr-9110	661	7	this	this	DET
cblr-9110	661	8	section	section	NOUN
cblr-9110	661	9	gives	give	VERB
cblr-9110	661	10	reason	reason	NOUN
cblr-9110	661	11	to	to	PART
cblr-9110	661	12	believe	believe	VERB
cblr-9110	661	13	that	that	SCONJ
cblr-9110	661	14	such	such	ADJ
cblr-9110	661	15	similar	similar	ADJ
cblr-9110	661	16	innovative	innovative	ADJ
cblr-9110	661	17	mechanisms	mechanism	NOUN
cblr-9110	661	18	developed	develop	VERB
cblr-9110	661	19	to	to	PART
cblr-9110	661	20	allow	allow	VERB
cblr-9110	661	21	funds	fund	NOUN
cblr-9110	661	22	and	and	CCONJ
cblr-9110	661	23	their	their	PRON
cblr-9110	661	24	managers	manager	NOUN
cblr-9110	661	25	to	to	PART
cblr-9110	661	26	protect	protect	VERB
cblr-9110	661	27	their	their	PRON
cblr-9110	661	28	secret	secret	ADJ
cblr-9110	661	29	sauce	sauce	NOUN
cblr-9110	661	30	while	while	SCONJ
cblr-9110	661	31	still	still	ADV
cblr-9110	661	32	fostering	foster	VERB
cblr-9110	661	33	an	an	DET
cblr-9110	661	34	effective	effective	ADJ
cblr-9110	661	35	etf	etf	NOUN
cblr-9110	661	36	arbitrage	arbitrage	NOUN
cblr-9110	661	37	mechanism	mechanism	NOUN
cblr-9110	661	38	are	be	AUX
cblr-9110	661	39	likely	likely	ADJ
cblr-9110	661	40	to	to	PART
cblr-9110	661	41	introduce	introduce	VERB
cblr-9110	661	42	frictions	friction	NOUN
cblr-9110	661	43	similar	similar	ADJ
cblr-9110	661	44	to	to	ADP
cblr-9110	661	45	the	the	DET
cblr-9110	661	46	ones	one	NOUN
cblr-9110	661	47	detailed	detail	VERB
cblr-9110	661	48	here	here	ADV
cblr-9110	661	49	.	.	PUNCT
cblr-9110	662	1	v.	v.	ADP
cblr-9110	662	2	conclusion	conclusion	NOUN
cblr-9110	662	3	this	this	DET
cblr-9110	662	4	article	article	NOUN
cblr-9110	662	5	sought	seek	VERB
cblr-9110	662	6	to	to	PART
cblr-9110	662	7	contribute	contribute	VERB
cblr-9110	662	8	to	to	ADP
cblr-9110	662	9	this	this	DET
cblr-9110	662	10	symposium	symposium	NOUN
cblr-9110	662	11	on	on	ADP
cblr-9110	662	12	the	the	DET
cblr-9110	662	13	future	future	NOUN
cblr-9110	662	14	of	of	ADP
cblr-9110	662	15	securities	security	NOUN
cblr-9110	662	16	law	law	NOUN
cblr-9110	662	17	by	by	ADP
cblr-9110	662	18	addressing	address	VERB
cblr-9110	662	19	the	the	DET
cblr-9110	662	20	current	current	ADJ
cblr-9110	662	21	development	development	NOUN
cblr-9110	662	22	of	of	ADP
cblr-9110	662	23	notable	notable	ADJ
cblr-9110	662	24	features	feature	NOUN
cblr-9110	662	25	in	in	ADP
cblr-9110	662	26	the	the	DET
cblr-9110	662	27	investment	investment	NOUN
cblr-9110	662	28	landscape	landscape	NOUN
cblr-9110	662	29	.	.	PUNCT
cblr-9110	663	1	in	in	ADP
cblr-9110	663	2	particular	particular	ADJ
cblr-9110	663	3	,	,	PUNCT
cblr-9110	663	4	it	it	PRON
cblr-9110	663	5	argued	argue	VERB
cblr-9110	663	6	(	(	PUNCT
cblr-9110	663	7	1	1	X
cblr-9110	663	8	)	)	PUNCT
cblr-9110	663	9	that	that	SCONJ
cblr-9110	663	10	there	there	PRON
cblr-9110	663	11	is	be	VERB
cblr-9110	663	12	much	much	ADJ
cblr-9110	663	13	reason	reason	NOUN
cblr-9110	663	14	to	to	PART
cblr-9110	663	15	believe	believe	VERB
cblr-9110	663	16	the	the	DET
cblr-9110	663	17	actively	actively	ADV
cblr-9110	663	18	managed	manage	VERB
cblr-9110	663	19	etf	etf	NOUN
cblr-9110	663	20	is	be	AUX
cblr-9110	663	21	set	set	VERB
cblr-9110	663	22	to	to	PART
cblr-9110	663	23	emerge	emerge	VERB
cblr-9110	663	24	as	as	ADP
cblr-9110	663	25	a	a	DET
cblr-9110	663	26	significant	significant	ADJ
cblr-9110	663	27	feature	feature	NOUN
cblr-9110	663	28	of	of	ADP
cblr-9110	663	29	that	that	DET
cblr-9110	663	30	landscape	landscape	NOUN
cblr-9110	663	31	,	,	PUNCT
cblr-9110	663	32	and	and	CCONJ
cblr-9110	663	33	(	(	PUNCT
cblr-9110	663	34	2	2	X
cblr-9110	663	35	)	)	PUNCT
cblr-9110	663	36	that	that	SCONJ
cblr-9110	663	37	this	this	DET
cblr-9110	663	38	emergence	emergence	NOUN
cblr-9110	663	39	should	should	AUX
cblr-9110	663	40	trigger	trigger	VERB
cblr-9110	663	41	investor	investor	NOUN
cblr-9110	663	42	-	-	PUNCT
cblr-9110	663	43	protection	protection	NOUN
cblr-9110	663	44	work	work	NOUN
cblr-9110	663	45	by	by	ADP
cblr-9110	663	46	the	the	DET
cblr-9110	663	47	sec	sec	PROPN
cblr-9110	663	48	and	and	CCONJ
cblr-9110	663	49	investment	investment	NOUN
cblr-9110	663	50	intermediaries	intermediary	NOUN
cblr-9110	663	51	.	.	PUNCT
cblr-9110	664	1	in	in	ADP
cblr-9110	664	2	so	so	ADV
cblr-9110	664	3	doing	do	VERB
cblr-9110	664	4	,	,	PUNCT
cblr-9110	664	5	the	the	DET
cblr-9110	664	6	article	article	NOUN
cblr-9110	664	7	took	take	VERB
cblr-9110	664	8	a	a	DET
cblr-9110	664	9	close	close	ADJ
cblr-9110	664	10	look	look	NOUN
cblr-9110	664	11	at	at	ADP
cblr-9110	664	12	the	the	DET
cblr-9110	664	13	nontransparent	nontransparent	ADJ
cblr-9110	664	14	actively	actively	ADV
cblr-9110	664	15	managed	manage	VERB
cblr-9110	664	16	etfs	etfs	PROPN
cblr-9110	664	17	that	that	PRON
cblr-9110	664	18	came	come	VERB
cblr-9110	664	19	to	to	ADP
cblr-9110	664	20	market	market	NOUN
cblr-9110	664	21	in	in	ADP
cblr-9110	664	22	mid-2020	mid-2020	NOUN
cblr-9110	664	23	,	,	PUNCT
cblr-9110	664	24	with	with	ADP
cblr-9110	664	25	a	a	DET
cblr-9110	664	26	special	special	ADJ
cblr-9110	664	27	focus	focus	NOUN
cblr-9110	664	28	on	on	ADP
cblr-9110	664	29	the	the	DET
cblr-9110	664	30	first	first	ADJ
cblr-9110	664	31	such	such	ADJ
cblr-9110	664	32	product	product	NOUN
cblr-9110	664	33	,	,	PUNCT
cblr-9110	664	34	activeshares	activeshare	NOUN
cblr-9110	664	35	.	.	PUNCT
cblr-9110	665	1	these	these	DET
cblr-9110	665	2	actively	actively	ADV
cblr-9110	665	3	managed	manage	VERB
cblr-9110	665	4	etfs	etfs	NOUN
cblr-9110	665	5	,	,	PUNCT
cblr-9110	665	6	i	i	PRON
cblr-9110	665	7	argued	argue	VERB
cblr-9110	665	8	,	,	PUNCT
cblr-9110	665	9	present	present	ADJ
cblr-9110	665	10	special	special	ADJ
cblr-9110	665	11	concern	concern	NOUN
cblr-9110	665	12	—	—	PUNCT
cblr-9110	665	13	most	most	ADV
cblr-9110	665	14	notably	notably	ADV
cblr-9110	665	15	relating	relate	VERB
cblr-9110	665	16	to	to	ADP
cblr-9110	665	17	the	the	DET
cblr-9110	665	18	robustness	robustness	NOUN
cblr-9110	665	19	of	of	ADP
cblr-9110	665	20	their	their	PRON
cblr-9110	665	21	etf	etf	NOUN
cblr-9110	665	22	-	-	PUNCT
cblr-9110	665	23	arbitrage	arbitrage	NOUN
cblr-9110	665	24	mechanisms	mechanism	NOUN
cblr-9110	665	25	.	.	PUNCT
cblr-9110	666	1	among	among	ADP
cblr-9110	666	2	the	the	DET
cblr-9110	666	3	key	key	ADJ
cblr-9110	666	4	questions	question	NOUN
cblr-9110	666	5	in	in	ADP
cblr-9110	666	6	this	this	DET
cblr-9110	666	7	area	area	NOUN
cblr-9110	666	8	that	that	PRON
cblr-9110	666	9	remain	remain	VERB
cblr-9110	666	10	are	be	AUX
cblr-9110	666	11	the	the	DET
cblr-9110	666	12	following	following	NOUN
cblr-9110	666	13	.	.	PUNCT
cblr-9110	667	1	first	first	ADV
cblr-9110	667	2	,	,	PUNCT
cblr-9110	667	3	have	have	VERB
cblr-9110	667	4	market	market	NOUN
cblr-9110	667	5	participants	participant	NOUN
cblr-9110	667	6	cracked	crack	VERB
cblr-9110	667	7	the	the	DET
cblr-9110	667	8	code	code	NOUN
cblr-9110	667	9	for	for	ADP
cblr-9110	667	10	a	a	DET
cblr-9110	667	11	sufficiently	sufficiently	ADV
cblr-9110	667	12	robust	robust	ADJ
cblr-9110	667	13	etf	etf	NOUN
cblr-9110	667	14	arbitrage	arbitrage	NOUN
cblr-9110	667	15	mechanism	mechanism	NOUN
cblr-9110	667	16	that	that	PRON
cblr-9110	667	17	allows	allow	VERB
cblr-9110	667	18	for	for	ADP
cblr-9110	667	19	actively	actively	ADV
cblr-9110	667	20	managed	manage	VERB
cblr-9110	667	21	etfs	etfs	PROPN
cblr-9110	667	22	to	to	PART
cblr-9110	667	23	trade	trade	VERB
cblr-9110	667	24	while	while	SCONJ
cblr-9110	667	25	protecting	protect	VERB
cblr-9110	667	26	their	their	PRON
cblr-9110	667	27	managers	manager	NOUN
cblr-9110	667	28	’	'	PUNCT
cblr-9110	667	29	secret	secret	ADJ
cblr-9110	667	30	sauce	sauce	NOUN
cblr-9110	667	31	?	?	PUNCT
cblr-9110	667	32	or	or	CCONJ
cblr-9110	667	33	have	have	VERB
cblr-9110	667	34	those	those	DET
cblr-9110	667	35	participants	participant	NOUN
cblr-9110	667	36	,	,	PUNCT
cblr-9110	667	37	after	after	ADP
cblr-9110	667	38	years	year	NOUN
cblr-9110	667	39	of	of	ADP
cblr-9110	667	40	pushing	push	VERB
cblr-9110	667	41	,	,	PUNCT
cblr-9110	667	42	instead	instead	ADV
cblr-9110	667	43	cracked	crack	VERB
cblr-9110	667	44	the	the	DET
cblr-9110	667	45	code	code	NOUN
cblr-9110	667	46	for	for	SCONJ
cblr-9110	667	47	the	the	DET
cblr-9110	667	48	right	right	ADJ
cblr-9110	667	49	commission	commission	NOUN
cblr-9110	667	50	membership	membership	NOUN
cblr-9110	667	51	to	to	PART
cblr-9110	667	52	allow	allow	VERB
cblr-9110	667	53	them	they	PRON
cblr-9110	667	54	to	to	PART
cblr-9110	667	55	offer	offer	VERB
cblr-9110	667	56	such	such	ADJ
cblr-9110	667	57	etfs	etfs	NOUN
cblr-9110	667	58	—	—	PUNCT
cblr-9110	667	59	perhaps	perhaps	ADV
cblr-9110	667	60	without	without	ADP
cblr-9110	667	61	a	a	DET
cblr-9110	667	62	satisfactory	satisfactory	ADJ
cblr-9110	667	63	etf	etf	NOUN
cblr-9110	667	64	-	-	PUNCT
cblr-9110	667	65	arbitrage	arbitrage	NOUN
cblr-9110	667	66	mechanism	mechanism	NOUN
cblr-9110	667	67	?	?	PUNCT
cblr-9110	668	1	second	second	ADJ
cblr-9110	668	2	,	,	PUNCT
cblr-9110	668	3	and	and	CCONJ
cblr-9110	668	4	relatedly	relatedly	ADV
cblr-9110	668	5	,	,	PUNCT
cblr-9110	668	6	one	one	PRON
cblr-9110	668	7	must	must	AUX
cblr-9110	668	8	wonder	wonder	VERB
cblr-9110	668	9	how	how	SCONJ
cblr-9110	668	10	regulatory	regulatory	ADJ
cblr-9110	668	11	approval	approval	NOUN
cblr-9110	668	12	of	of	ADP
cblr-9110	668	13	new	new	ADJ
cblr-9110	668	14	entrants	entrant	NOUN
cblr-9110	668	15	in	in	ADP
cblr-9110	668	16	this	this	DET
cblr-9110	668	17	area	area	NOUN
cblr-9110	668	18	will	will	AUX
cblr-9110	668	19	proceed	proceed	VERB
cblr-9110	668	20	in	in	ADP
cblr-9110	668	21	the	the	DET
cblr-9110	668	22	future	future	NOUN
cblr-9110	668	23	.	.	PUNCT
cblr-9110	669	1	will	will	AUX
cblr-9110	669	2	that	that	DET
cblr-9110	669	3	approval	approval	NOUN
cblr-9110	669	4	primarily	primarily	ADV
cblr-9110	669	5	turn	turn	VERB
cblr-9110	669	6	on	on	ADP
cblr-9110	669	7	the	the	DET
cblr-9110	669	8	political	political	ADJ
cblr-9110	669	9	or	or	CCONJ
cblr-9110	669	10	ideological	ideological	ADJ
cblr-9110	669	11	leanings	leaning	NOUN
cblr-9110	669	12	of	of	ADP
cblr-9110	669	13	the	the	DET
cblr-9110	669	14	members	member	NOUN
cblr-9110	669	15	that	that	PRON
cblr-9110	669	16	compose	compose	VERB
cblr-9110	669	17	the	the	DET
cblr-9110	669	18	commission	commission	NOUN
cblr-9110	669	19	,	,	PUNCT
cblr-9110	669	20	thus	thus	ADV
cblr-9110	669	21	allowing	allow	VERB
cblr-9110	669	22	for	for	ADP
cblr-9110	669	23	more	more	ADJ
cblr-9110	669	24	new	new	ADJ
cblr-9110	669	25	entrants	entrant	NOUN
cblr-9110	669	26	in	in	ADP
cblr-9110	669	27	some	some	DET
cblr-9110	669	28	four	four	NUM
cblr-9110	669	29	-	-	PUNCT
cblr-9110	669	30	year	year	NOUN
cblr-9110	669	31	periods	period	NOUN
cblr-9110	669	32	but	but	CCONJ
cblr-9110	669	33	not	not	PART
cblr-9110	669	34	others	other	NOUN
cblr-9110	669	35	?	?	PUNCT
cblr-9110	670	1	or	or	CCONJ
cblr-9110	670	2	will	will	AUX
cblr-9110	670	3	it	it	PRON
cblr-9110	670	4	eventually	eventually	ADV
cblr-9110	670	5	follow	follow	VERB
cblr-9110	670	6	no	no	INTJ
cblr-9110	670	7	.	.	PUNCT
cblr-9110	671	1	3:1321	3:1321	NUM
cblr-9110	671	2	]	]	X
cblr-9110	671	3	the	the	DET
cblr-9110	671	4	emergence	emergence	NOUN
cblr-9110	671	5	of	of	ADP
cblr-9110	671	6	the	the	DET
cblr-9110	671	7	actively	actively	ADV
cblr-9110	671	8	managed	manage	VERB
cblr-9110	671	9	etf	etf	NOUN
cblr-9110	671	10	1367	1367	NUM
cblr-9110	671	11	the	the	DET
cblr-9110	671	12	new	new	ADJ
cblr-9110	671	13	regime	regime	NOUN
cblr-9110	671	14	for	for	ADP
cblr-9110	671	15	etfs	etfs	PROPN
cblr-9110	671	16	more	more	ADV
cblr-9110	671	17	generally	generally	ADV
cblr-9110	671	18	(	(	PUNCT
cblr-9110	671	19	which	which	PRON
cblr-9110	671	20	of	of	ADP
cblr-9110	671	21	course	course	NOUN
cblr-9110	671	22	currently	currently	ADV
cblr-9110	671	23	excludes	exclude	VERB
cblr-9110	671	24	nontransparent	nontransparent	ADJ
cblr-9110	671	25	actively	actively	ADV
cblr-9110	671	26	managed	manage	VERB
cblr-9110	671	27	etfs	etfs	PROPN
cblr-9110	671	28	)	)	PUNCT
cblr-9110	671	29	and	and	CCONJ
cblr-9110	671	30	be	be	AUX
cblr-9110	671	31	subject	subject	ADJ
cblr-9110	671	32	to	to	ADP
cblr-9110	671	33	a	a	DET
cblr-9110	671	34	more	more	ADV
cblr-9110	671	35	standardized	standardized	ADJ
cblr-9110	671	36	regulatory	regulatory	ADJ
cblr-9110	671	37	process	process	NOUN
cblr-9110	671	38	governed	govern	VERB
cblr-9110	671	39	by	by	ADP
cblr-9110	671	40	longer	long	ADJ
cblr-9110	671	41	-	-	PUNCT
cblr-9110	671	42	term	term	NOUN
cblr-9110	671	43	sec	sec	PROPN
cblr-9110	671	44	staff	staff	NOUN
cblr-9110	671	45	members?158	members?158	PROPN
cblr-9110	671	46	and	and	CCONJ
cblr-9110	671	47	just	just	ADV
cblr-9110	671	48	how	how	SCONJ
cblr-9110	671	49	far	far	ADV
cblr-9110	671	50	should	should	AUX
cblr-9110	671	51	the	the	DET
cblr-9110	671	52	sec	sec	PROPN
cblr-9110	671	53	’s	’s	PART
cblr-9110	671	54	current	current	ADJ
cblr-9110	671	55	rope	rope	NOUN
cblr-9110	671	56	extend	extend	VERB
cblr-9110	671	57	to	to	ADP
cblr-9110	671	58	the	the	DET
cblr-9110	671	59	current	current	ADJ
cblr-9110	671	60	nontransparent	nontransparent	NOUN
cblr-9110	671	61	actively	actively	ADV
cblr-9110	671	62	managed	manage	VERB
cblr-9110	671	63	etfs	etfs	NOUN
cblr-9110	671	64	and	and	CCONJ
cblr-9110	671	65	those	those	PRON
cblr-9110	671	66	who	who	PRON
cblr-9110	671	67	sponsor	sponsor	VERB
cblr-9110	671	68	and	and	CCONJ
cblr-9110	671	69	manage	manage	VERB
cblr-9110	671	70	them	they	PRON
cblr-9110	671	71	?	?	PUNCT
cblr-9110	672	1	lastly	lastly	ADV
cblr-9110	672	2	,	,	PUNCT
cblr-9110	672	3	to	to	ADP
cblr-9110	672	4	what	what	DET
cblr-9110	672	5	extent	extent	NOUN
cblr-9110	672	6	is	be	AUX
cblr-9110	672	7	it	it	PRON
cblr-9110	672	8	best	good	ADJ
cblr-9110	672	9	to	to	PART
cblr-9110	672	10	continue	continue	VERB
cblr-9110	672	11	the	the	DET
cblr-9110	672	12	market	market	NOUN
cblr-9110	672	13	experiment	experiment	NOUN
cblr-9110	672	14	with	with	ADP
cblr-9110	672	15	as	as	ADV
cblr-9110	672	16	much	much	ADJ
cblr-9110	672	17	competition	competition	NOUN
cblr-9110	672	18	in	in	ADP
cblr-9110	672	19	the	the	DET
cblr-9110	672	20	space	space	NOUN
cblr-9110	672	21	as	as	ADP
cblr-9110	672	22	possible	possible	ADJ
cblr-9110	672	23	under	under	ADP
cblr-9110	672	24	the	the	DET
cblr-9110	672	25	existing	exist	VERB
cblr-9110	672	26	regulatory	regulatory	ADJ
cblr-9110	672	27	framework	framework	NOUN
cblr-9110	672	28	now	now	ADV
cblr-9110	672	29	that	that	SCONJ
cblr-9110	672	30	some	some	PRON
cblr-9110	672	31	of	of	ADP
cblr-9110	672	32	these	these	DET
cblr-9110	672	33	products	product	NOUN
cblr-9110	672	34	have	have	AUX
cblr-9110	672	35	been	be	AUX
cblr-9110	672	36	approved	approve	VERB
cblr-9110	672	37	?	?	PUNCT
cblr-9110	673	1	158	158	NUM
cblr-9110	673	2	see	see	VERB
cblr-9110	673	3	hu	hu	PROPN
cblr-9110	673	4	&	&	CCONJ
cblr-9110	673	5	morley	morley	PROPN
cblr-9110	673	6	,	,	PUNCT
cblr-9110	673	7	supra	supra	PROPN
cblr-9110	673	8	note	note	NOUN
cblr-9110	673	9	60	60	NUM
cblr-9110	673	10	(	(	PUNCT
cblr-9110	673	11	discussing	discuss	VERB
cblr-9110	673	12	the	the	DET
cblr-9110	673	13	new	new	ADJ
cblr-9110	673	14	framework	framework	NOUN
cblr-9110	673	15	for	for	ADP
cblr-9110	673	16	etf	etf	NOUN
cblr-9110	673	17	regulation	regulation	NOUN
cblr-9110	673	18	following	follow	VERB
cblr-9110	673	19	the	the	DET
cblr-9110	673	20	adoption	adoption	NOUN
cblr-9110	673	21	of	of	ADP
cblr-9110	673	22	rule	rule	NOUN
cblr-9110	673	23	6c-11	6c-11	PROPN
cblr-9110	673	24	in	in	ADP
cblr-9110	673	25	late	late	ADJ
cblr-9110	673	26	2019	2019	NUM
cblr-9110	673	27	.	.	PUNCT
cblr-9110	673	28	)	)	PUNCT
cblr-9110	673	29	.	.	PUNCT