Sidley Fund Client Launches Asset-Based Income ETF and Two Free Cash Flow ETFs

Sidley is acting as Fund counsel to three new exchange-traded funds (ETFs): VictoryShares Pioneer Asset-Based Income ETF (ABI), VictoryShares International Free Cash Flow ETF (IFLO), and VictoryShares International Free Cash Flow Growth ETF (GRIN).

Victory Capital Management Inc., a diversified global asset management firm with US$293.1 billion in total client assets, is the investment adviser to each new ETF.

The launch of ABI marks the first ETF managed by Pioneer Investments, Victory Capital’s newest Investment Franchise, following the acquisition by Victory Capital Holdings Inc. of Amundi US and management of its Pioneer Funds. ABI primarily invests in “asset-based income investments,” including collateralized loan obligations (CLOs) backed by private credit loans, which may offer investors private-credit-like characteristics in an ETF with inherent liquidity features. IFLO and GRIN represent Victory’s fourth and fifth ETFs within their free cash flow suite. Both ETFs utilize a rules-based index methodology and provide investors with exposure to developed international markets.

The Sidley team was led by Matt Kutner and included senior counsel Jay Baris and partner Robert M. Kreitman, counsel Dustin R. Anderson, and associates John Ekblad, Shameer Riaz, and Michael H. Sliskovich.