Sullivan & Worcester Counsels ConvexityShares In Launch Of Two New Funds

Sullivan Managed Lengthy, Years-Long Regulator Review of the Innovative ETFs
Press Release
August 18, 2022

Boston, MA - After a years-long review process, Sullivan & Worcester LLP client ConvexitySharesTM this week launched two new exchange traded funds (ETFs) developed to provide investors with access to a new product designed to manage volatility exposure. Sullivan partner Eric Simanek, with partners Michael Dyson and Christopher Curtis, was instrumental in shepherding the new funds, ConvexityShares 1x SPIKES Futures ETF (SPKX) and ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY), through the two-year regulatory process.

“These are sophisticated volatility funds. The Securities and Exchange Commission and the National Futures Association gave both funds a thorough look and requested additional comments and information on several critical points,” Simanek, who is based in Washington, D.C., said. “Ultimately, we took the time to get everything right, forecasted potential impediments, responded to the SEC queries and navigated the process to get these two innovative funds listed on the NYSE Arca, Inc.”

Simanek has previously helped to launch ETFs unique to the marketplace. He was instrumental in advising Exchange Traded Managers Group on the first U.S. listed cannabis focused ETF and the first shipping futures ETF.

Simanek’s practice focuses on financial services, including mutual funds, closed-end funds, exchange-traded funds and commodity pools, and their boards of directors on issues regarding regulatory compliance and product development. Eric often partners with sponsors of exchange-traded funds (including exchange-traded commodity pools) to develop and launch novel exchange-traded products. He assists clients in navigating laws administered by the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), and state securities laws. He also advises investment advisers on issues relating to registration and compliance policies and procedures.

About Sullivan

Sullivan & Worcester (Sullivan) is a leading AmLaw 200 law firm. With more than 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC, they guide organizations that are rewriting the rules. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan represents clients around the world and has a deep bench for working on a variety of matters and issues affecting clients.

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