Federal Register #Investment Company Act Release No. 36136

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

The Securities and Exchange Commission (SEC) is reviewing multiple applications for exemptive relief to permit multi-class ETF fund structures under the Investment Company Act of 1940. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Investment Management, Office of Market Supervision, Division of Trading and Markets - OEMs and Vendors (Applicants): - Artisan Partners Funds, Inc. - BondBloxx ETF Trust - Brinker Capital Destinations Trust - First Eagle Funds - FMI Funds, Inc. - Investment Managers Series Trust - Janus Investment Fund - Managed Portfolio Series - Manning & Napier Fund, Inc. - The Payden & Rygel Investment Group - PRIMECAP Odyssey Funds - ProShares Trust - RBC Funds Trust - Tortoise Capital Series Trust - Trust for Professional Managers - William Blair Funds - Products/Services Requested: - Exemptive relief to allow registered open-end management investment companies to offer both exchange-traded fund (ETF) share classes and mutual fund share classes within a single fund structure - Acknowledgement of Chicago Mercantile Exchange Inc.'s registration as a national securities exchange for security futures products - Economic Injury Disaster Loan assistance for Arkansas (SBA, not SEC) - Unique or Notable Requirements: - Relief sought is specific to regulatory permissions for multi-class ETF fund structures, consistent with Rule 6c-11 - No specific products, part numbers, or quantities are requested; the focus is on regulatory approval for fund structure innovation - Public comment is invited on the applications - Locations: - SEC headquarters at 100 F Street NE, Washington, DC 20549 - Chicago Mercantile Exchange Inc. (noted as a federal office in Washington, DC) - Economic Injury Disaster Loan assistance covers Arkansas and certain counties in Oklahoma (for SBA disaster relief, not directly related to the SEC notice)

Description

This notice from the Securities and Exchange Commission (SEC) pertains to applications for exemptive relief under the Investment Company Act of 1940. The relief allows registered open-end management investment companies to offer one class of exchange-traded shares (ETF Class) and one or more classes of non-exchange-traded shares (Mutual Fund Classes). The relief includes operational permissions consistent with Rule 6c-11 and provisions for multi-class ETF fund structures. Multiple applicants have filed applications for this relief, with filing and amendment dates ranging from 2024 to 2026. The SEC invites comments and may hold hearings on these applications.

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