Federal Register #Investment Company Act Release No. 36070

SEC Notice: Applications for Multi-Class ETF Fund Exemptive Relief

This SEC notice informs the public about applications for exemptive relief under the Investment Company Act of 1940, enabling investment companies to offer both ETF and mutual fund shares within a single fund structure (Multi-Class ETF Fund). - Government Buyer: - Securities and Exchange Commission (SEC) - Applicants (not vendors/OEMs, but notable asset managers): - Franklin Templeton Fund Adviser, LLC - Goldman Sachs Asset Management, L.P. - T. Rowe Price Associates, Inc. - Columbia Management Investment Advisers, LLC - Delaware Management Company - Diamond Hill Capital Management, Inc. - Hotchkis & Wiley Capital Management, LLC - Euro Pacific Asset Management, LLC - IM Global Partner Fund Management, LLC - Madison Asset Management, LLC - Catalyst Capital Advisors LLC - Nationwide Fund Advisors - Northern Trust Investments, Inc. - PGIM Investments LLC - Palmer Square Capital Management, LLC - Principal Global Investors, LLC - RMB Investors Trust - Starboard Investment Trust - Tidal Investments LLC - Transamerica Asset Management, Inc. - Advisors Series Trust - Pzena Investment Management, LLC - Axonic Capital LLC - Cantor Fitzgerald Investment Advisors - And others - Products/Services Requested: - No products or services are being procured; this is a regulatory notice - Unique/Notable Requirements: - Relief from sections of the Investment Company Act and related rules - Permission for registered open-end management investment companies to operate multi-class ETF funds - Exemptions necessary for ETF operations and offering multiple share classes - No purchase quantities, part numbers, or procurement actions are involved - This is an informational regulatory announcement, not a solicitation or contract opportunity

Description

This notice from the Securities and Exchange Commission announces applications for exemptive relief under the Investment Company Act of 1940. The relief would allow registered open-end management investment companies to offer multiple classes of shares, including exchange-traded fund (ETF) shares and mutual fund shares, within a single fund structure. The relief covers operational aspects consistent with ETF rules and exemptions from certain sections of the Act to facilitate multi-class ETF fund operations. Multiple applicants have filed for this relief, with applications filed and amended between 2024 and 2026.

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