On October 28, 2020, the Securities and Exchange Commission (the “SEC” or “Commission”) adopted new rule 18f-4 under the Investment Company Act of 1940 (the “Investment Company Act”) and related amendments (the “Final Rule”) to provide an updated, comprehensive regulatory framework for derivatives use by registered investment companies, including mutual funds (other than money market funds), exchange-traded funds (“ETFs”) and closed-end funds, and business development companies (“BDCs”) (referred to collectively as “funds”). The Commission also adopted new reporting requirements and amendments to certain disclosure forms, and amended rule 6c-11 under the Investment Company Act to allow leveraged or inverse ETFs that comply with all applicable provisions of the Final Rule to operate without obtaining an exemptive order.