Blue Tractor Group Files Eighth Amended Application With the Securities and Exchange Commission

Firm’s Shielded Alpha℠ structure would provide novel way for active managers to port their strategy into an ETF wrapper while fully protecting key sources of alpha

NEW YORK, June 21, 2019 (GLOBE NEWSWIRE) -- Blue Tractor Group, LLC (“Blue Tractor”) today announced that it has filed an eighth amended and restated application with the U.S. Securities and Exchange Commission (“SEC”) for its innovative Shielded Alpha ETF structure for use by active portfolio managers.

The Shielded Alpha℠ ETF structure would be highly transparent and would disseminate daily to the market a creation basket (a.k.a. the portfolio composition file or “PCF”) consisting of 100% of the securities in the fund’s actual portfolio but importantly, not their actual portfolio weightings, thereby fully obscuring an active manager’s alpha generation strategy. A Shielded Alpha℠ ETF’s creation basket weightings would have a minimum 90% asset value overlap with the fund’s actual portfolio weightings at the beginning of each trading day. As such, a Shielded Alpha℠ ETF would not be a non-transparent ETF, but rather a highly transparent ETF.

Because a Shielded Alpha℠ ETF would not be a non-transparent ETF, Blue Tractor’s proposal would provide asset managers additional choice over what type of actively managed ETF structure to utilize.

Said Terry Norman, Founder of Blue Tractor, “We continue to refine and enhance the Shielded Alpha℠ ETF framework.  Our new application would allow for actively managed ETFs with portfolios consisting of large, mid and small cap domestic equity securities, as well as American Depositary Receipts.”

Added Simon Goulet, Co-Founder of Blue Tractor, “We filed our seventh application with the SEC approximately six weeks ago and the SEC has been most constructive as we finalized this latest filing. We remain buoyed by their flexibility and positive engagement.”

Blue Tractor’s application, filed on June 20, 2019, was prepared by Michael W. Mundt, Partner in the Washington, D.C. office of Stradley Ronon Stevens & Young, LLP and is available for review on the SEC’s website through the EDGAR database at  The SEC has yet to approve the Shielded Alpha℠ ETF structure.

Blue Tractor seeks to enter into licensing agreements with investment advisers to utilize the Shielded Alpha solution to bring to market their own Shielded Alpha ETFs. 

About Blue Tractor Group
Blue Tractor Group, LLC develops proprietary solutions to facilitate novel exchange-traded fund products. Blue Tractor’s Shielded Alpha ETF structure (patent pending) permits active fund management within an ETF wrapper, while fully shielding the fund’s proprietary alpha strategy. More information can be found at

Chris Sullivan/David Savino
MacMillan Communications
(212) 473-4442