SEC Notice on Multi-Class ETF Fund Exemption Requests
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice moves forward applications that would let listed fund managers offer one fund with both exchange-traded ETF shares and traditional mutual fund shares. If approved, the funds could run an ETF share class alongside one or more non-exchange-traded share classes within the same open-end fund structure. The notice affects the named asset managers, fund boards, compliance teams, distributors, and investors in those funds. The SEC will issue the orders unless it decides to hold a hearing. Anyone seeking a hearing must email the SEC and serve the relevant applicant by 5:30 p.m. Eastern time on May 26, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Advances requests to let open-end funds offer both ETF shares and mutual fund shares in one fund structure
- Would give the listed fund groups permission to use normal ETF operating features and a multi-class share model
- Sets a May 26, 2026 deadline for interested parties to request a hearing before the SEC acts
Obligations
What this law requires
Any interested person requesting a hearing on an application must email the request to the SEC Secretary at [email protected] and include the applicable SEC file number in the email.
Any interested person requesting a hearing must serve the relevant applicant with a copy of the hearing request by email if an applicant email address is listed, or personally or by mail if a physical address is listed.
Any hearing request submitted to the SEC must be accompanied by proof of service on the relevant applicant, in the form of an affidavit or, for lawyers, a certificate of service.
Under Rule 0-5, a hearing request must state the requester’s interest, facts bearing on whether a hearing is desirable, the reason for the request, and the issues contested.
Persons who wish to be notified of any hearing must request notification by writing to the SEC Secretary at [email protected].