Etf exemptive application. change-traded of an open-end fund.

Etf exemptive application Apr 1, 2025 · WASHINGTON, DC — Following productive conversations with the U. Such relief would largely mimic the exemptive relief granted to Vanguard in 2000, which had been subject to a Vanguard patent that The SEC granted ETF share class exemptive relief to an applicant once before twenty-five years ago: In 2000, the Commission allowed Vanguard to ofer certain index-based open-end funds with mutual fund classes and exchange-traded classes; under the multi-class structure, one fund could ofer both mutual fund shares and exchange-traded shares. S. Since filing for exemptive relief in July of 2023, Dimensional, the largest active ETF issuer in the US, has consistently advocated for the benefits that the share class structure 3 days ago · The approval follows an application, originally filed in July 2023 and subsequently amended several times through September 2025. Jun 11, 2025 · The Share Class Relief is subject to a number of conditions, which generally are targeted at ensuring that a Combined Class Structure is in the best interests of each class individually and the Fund as a whole. Apr 1, 2025 · Following productive conversations with the U. , Nov. In addition, staying ahead of the The exemptive relief application conditions would require a fund’s adviser-produced report to be provided to the funds’ board at least annually to inform the board’s finding that the dual share class continues to be in the best interests of each class individually and of the fund as a whole. The bigger hurdle was waiting for the SEC to grant exemptive relief from current ETF rules to use the structure. Sep 9, 2025 · Home Rules and Regulations Exchange Act Exemptive Notices and Orders Numerous asset managers and fund complexes have pending exemptive applications with the SEC to offer exchange-traded funds (“ETFs”) as a share class within a multiple share class structure (“ETF share class”). As industry demand for this fund structure has increased, SEI has evaluated the ETF multi-share class model and how it can The Share Class Relief would open a new avenue for sponsors of Mutual Funds to sell existing publicly ofered strategies in an ETF wrapper and ETF sponsors likewise to utilize the Mutual Fund wrapper for existing ETFs, in each case with lower overall organizational and on-going operating costs than forming a new stand-alone fund. Apr 3, 2025 · Learn about the latest developments in exchange-traded fund (ETF) share classes from Stradley Ronon, which recently filed an amended application for exemptive relief on behalf of Dimensional Fund Advisors to offer ETF share classes. Jan 4, 2024 · In July, Dimensional applied for exemptive relief from the US Securities and Exchange Commission (SEC) to be able to offer ETF share classes of our mutual funds. Of the 53 applications filed, Dimensional’s original application is the Mar 28, 1996 · Applicants seeking exemptive relief must file an application with the Commission presenting a basis for the relief requested, and identifying any benefits expected for investors and any conditions imposed to protect investors. Apr 18, 2024 · Cboe’s proposed amendments, if approved, would streamline the exchange-listing process for ETF Class Shares to match the process in place for shares issued by ETFs relying on Rule 6c-11 and add certainty and efficiency to the process for launching open-end investment companies with ETF Class Shares and Mutual Fund Class Shares. Sep 29, 2025 · On September 29, 2025, the SEC issued notice of an application filed by Dimensional Fund Advisors LP and its affiliates (“DFA”) to offer an ETF share class (“ETF Class”) and mutual fund share classes (“Mutual Fund Class”) within the same fund (“ETF Share Class Relief”). Sep 29, 2025 · The US Securities and Exchange Commission (SEC) has issued a public notice that it intends to approve Dimensional’s exemptive relief application to offer exchange-traded fund (ETF) and mutual fund share classes. While some of the discussion above assumes that the appropriate point of comparison may be a On November 17, 2025, the SEC formally granted DFA’s long-pending application to add ETF share classes to existing mutual fund portfolios. In that application, if the Apr 14, 2025 · Following productive conversations with the U. ’ This multi-share class structure is one of the most anticipated developments in the asset management industry in 2025. According to the SEC’s order, the exemptive relief covers sections of the Investment Nov 13, 2025 · The ETF Share Class Toolkit includes: A streamlined exemptive application modeled after DFA’s third amended and restated exemptive application that can be used to quickly draft and file an initial or amended ETF Share Class exemptive application; 4 days ago · Shortly after the SEC indicated its intent to approve the dual-share-class fund structure, Dimensional filed an application on October 9 requesting permission to introduce ETF share classes for 13 U. So far, 53 asset managers have applied for this dual structure Nov 20, 2024 · ACTION: Notice of an application to amend a prior order for exemptive relief. Apr 15, 2025 · Watch Now: BoardIQ spoke to Bruce Leto, one of the lawyers who represented the Dimensional Funds in its amended application for exemptive relief to offer ETF share classes — an application the U. (“DFAIDG”) and Dimensional Investment Group Inc. See SPDR Trust Series I, Investment Company Act Release Nos. The SEC’s long-awaited exchange-traded fund (ETF) share class exemptive relief could redefine how mutual funds and ETFs are offered to investors by permitting both share classes to coexist within a single fund. Leveraging the Aug 28, 2024 · investments in their Baskets to pay redemption proceeds more than seven calendar days after ETF Shares are tendered for redemption. In the filed amendments from April 4, the board would need to monitor (on an ongoing basis) a prescriptive list of items with certain numerical thresholds with respect to brokerage expenses, cash levels, and capital gains. The more flexible share class struc-ture would enhance investor Mar 18, 2025 · The SEC has received 51 applications for so-called exemptive relief from rules that allow the creation of exchange-traded funds from mutual funds, according to a study by Washington, D. We believe that the ability to offer both mutual fund and ETF share classes in certain funds could enable more investor choice and provide lower transaction costs, tax efficiencies, and benefits of scale to all shareholders. Securities and Exchange Commission (SEC) for exemptive relief under the Investment Company Act of 1940. On September 25, 2019, the Securities and Exchange Commission (the “Commission”) adopted new rule 6c-11 under the Investment Company Act of 1940 (the “Investment Company Act”) that will permit exchange-traded funds (“ETFs”) that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order. The publication of this notice represents a substantive step forward, not just a procedural formality. , Dec. , law Jun 28, 2024 · Subject to the Freedom of Information Act, exemptive applications received at either address will not be made available to the public by the Commission unless the Commission chooses to take action on the request. Securities and Exchange Commission staff, Stradley Ronon, on behalf of Dimensional Fund Advisors (DFA), the largest active exchange-traded fund (ETF) issuer ranked by assets under management, has filed an amended application for exemptive relief to offer ETF share classes. In a first-of-its-kind digital interactive report, “ Making Sense of ETF Share Class Apr 25, 2024 · permits the trust issuing the ETF Shares to offer ETF Shares in addition to classes of shares that i-class ETF Shares applications for exemptive relief for Multi-class ETF Shares currently before the Commission. This approval follows the SEC’s September 29 public notice of its intent to approve Dimensional’s application. If you want to submit an application for an exemptive order, please read Commission Release Number 34-39624 and 34-64913. government shutdown delayed the official approval. The Dimensional application has served as the model for the other filings, and the fund industry has been closely monitoring SEC action on the Dimensional request. As described below, the ETF Operational Relief would provide the Funds with the same relief as contained in Rule 6c-11, subject to the same conditions contained in Rule 6c-11, except that any Fund offering ETF Shares in reliance on exemptive relief granted by the Mar 26, 2025 · A major regulatory shift could be on the horizon for asset managers and fund complexes. Dimensional's filing, which seeks to build upon ETF share class relief obtained by Vanguard nearly 20 years ago, as well as the February 2023 SEC filing by Perpetual US Services, LLC, 1 would permit certain actively Oct 18, 2019 · Because certain provisions in the Act would prevent an open-end mutual fund from offering an exchange-traded share class, operating this type of structure, commonly referred to as a share class ETF, requires exemptive relief from the SEC. Baur One Franklin Dec 12, 2024 · SEI® (NASDAQ:SEIC) today announced the filing of an exemptive application with the Securities and Exchange Commission (SEC), seeking approval to establish an ETF multi-share class structure of Sep 29, 2025 · Today, the Commission takes a long-overdue step toward modernizing our regulatory framework for investment companies that reflects the evolution of collective investment vehicles from being primarily daily-redeemable funds to exchange-traded funds (ETFs). The firm’s team representing Dimensional in its ETF share class relief application includes partners Michael Mundt, Bruce Leto and Apr 2, 2025 · Dimensional Fund Advisors has filed an amended application for exemptive relief to offer ETF share classes following productive conversations with the SEC staff. (“DIG”) from Jun 4, 2025 · The SEC has reached out to other companies in the queue, telling them to use Dimensional’s application for exemptive relief under Section 6 (c) of the Investment Company Act of 1940 to offer ETF share classes as the basis for their own. 8 A Multi-Class ETF Fund’s Mutual Fund Shares will not be listed on any securities exchange, and the Multi-Class ETF Funds do not expect there to be, nor will the Funds permit or facilitate, a secondary market for, peer-to-peer trading of, or quotation on any quotation medium of, a Multi-Class ETF Fund’s shares (other than as described in the application). 2 days ago · The exemptive relief allows DFA’s open-end funds to offer an ETF share class alongside existing mutual fund share classes in the same portfolio, a structure that has only become possible 5 days ago · The exemptive application was the longest pending application of more than 80 applications filed by fund sponsors to obtain this relief. Securities and Exchange Commission staff, Stradley Ronon, on behalf of Dimensional Fund Advisors, has filed an amended application for exemptive relief to offer ETF share classes, which was covered by Citywire. ” Dec 12, 2024 · SEI seeks SEC approval for innovative ETF multi-share class structure, potentially transforming mutual fund management for 45+ clients on its $100B+ AIC platform. 3tn asset manager is now the 35th firm to put in such an application. exemption from sections 2(a)(32), 5(a)(1) and 22(d) of the Act and rule 22c-1 thereunder; under Nov 6, 2025 · PORTLAND, Ore. I further certify that the following resolutions were duly adopted by the directors of the ETF Trust with respect to an application (the “Exemptive Application”) for an order pursuant to Sections 6 (c) and 17 (b) of the Act, exempting DFA Investment Dimensions Group Inc. Apr 9, 2025 · Earlier this month, DFA submitted an amended application to address the SEC’s concerns, primarily around how this structure could negatively impact ETF share class holders if cash flows in other classes impacted a fund’s portfolio, thereby generating costs that shareholders of all classes would end up sharing. This would typically happen through brokerage costs, cash drag as a result of 1 The Commission first granted exemptive relief to operate ETFs in the early 1990s when the first index-based ETFs were developed. SEI (NASDAQ:SEIC) today announced the filing of an exemptive application with the Securities and Exchange Commission (SEC), seeking approval to establish an ETF multi-share class structure of mutual funds administered and distributed by SEI. Dec 12, 2024 · While most exemptive applications to date have been filed by the investment advisor to a set of mutual funds, SEI's application is filed on behalf of SEI's mutual fund administration and Exchange-Traded Funds ETFs have become viable new channels for investment advisers to further distribute their investment strategies, and Ultimus provides a comprehensive service offering to help them launch and operate these popular investment vehicles. Jul 13, 2023 · Dimensional Fund Advisors, the industry’s largest active ETF issuer, filed an application for exemptive relief with the Securities and Exchange Commission (SEC) seeking permission to offer ETF share classes of its US mutual funds, which represent approximately $400 billion in investor assets. 5 days ago · Dimensional Fund Advisors, the largest active ETF issuer in the US, has received approval from the US Securities and Exchange Commission (SEC) for exemptive relief to offer exchange-traded fund (ETF) and mutual fund share classes. Jul 23, 2025 · CINCINNATI, OH – July 22, 2025 – Ultimus Fund Solutions® (Ultimus®), a leading provider of comprehensive fund administration services for mutual funds, ETFs and variable insurance products, announced today its formal application for exemptive relief to offer Exchange-Traded Fund (ETF) share classes alongside existing mutual fund share classes for all of its series trusts. It is a signal that the Commission is Jul 17, 2023 · Dimensional Fund Advisors became the second asset manager this year to file an application (“Application”) with the SEC to permit its mutual funds to offer an ETF share class. C. equity mutual funds. 1 Since Apr 1, 2025 · WASHINGTON, DC — Following productive conversations with the U. 2 days ago · Inadvertent Investment Companies - Foreign Banks/Insurance Insurance Products - Substitution Related Affiliated Securities Transactions Jul 13, 2023 · Additionally, if the SEC grants our requested exemptive relief, mutual fund shareholders of any funds that offered an ETF share class could exchange their mutual fund shares for ETF shares, potentially without incurring transaction costs or taxes, to access the same investment approach they appreciate today in an ETF wrapper. Franklin Templeton ETF Trust Franklin Templeton Fund Adviser, LLC Franklin Advisers, Inc. The agency stated after the most recent application that it intended to approve Dimensional’s fund structure, but the U. Experts have praised these fund structures as long overdue and beneficial, particularly for their potential tax efficiency. 2 Applicants believe, however, that the Commission has not granted future fund relief in connection with prior UIT ETFs because In approving a new Mutual Fund or ETF Class in a Combined Class Structure, the Board will be required to determine, based in part on all of the factors discussed above, that the structure is in the best interests of each Mutual Fund Class and the ETF Class individually and of the Fund as a whole. Sep 29, 2025 · The exemptive application is the longest pending application of more than 80 applications filed by fund sponsors to obtain this relief. 11(n) would therefore not need a separate proposed rule change pursuant to Rule 19b-4 before it can be Background There are numerous applications for exemptive relief for Multi-Class ETF Shares Jun 12, 2025 · On May 29, Dimensional Fund Advisors filed a newly amended dual share class application with the Securities and Exchange Commission (SEC). 12, 2024 – SEI® (NASDAQ:SEIC) today announced the filing of an exemptive application with the Securities and Exchange Commission (SEC), seeking approval to establish an ETF multi-share class structure of mutual funds administered and distributed by SEI. Summary of Application: Applicants request an order (“Amended Order”) that would amend a prior order to permit a Fund to use Creation Baskets (as defined below) that include instruments that are not included, or that are included with different weightings, in the Fund's Pro Rata Basket (as defined below Apr 16, 2025 · More than 50 managers have requested exemptive relief to offer dual share classes of traditional mutual funds and ETFs. 6, 2025 /PRNewswire/ -- Matisse Capital, an investment management firm specializing in strategies that seek to exploit price-to-NAV inefficiencies in closed-end funds (CEFs), announced today that it has filed an application with the U. 4 days ago · Vanguard’s patent expiration proved to be the first obstacle for its rivals to clear. Securities and Exchange Commission has encouraged other share class applicants to use as a model for their own amendments. Apr 1, 2025 · Dimensional Fund Advisors (DFA) has updated its application requesting to tack ETF share classes to its mutual funds, following what the asset manager described as ‘productive conversations with the SEC. Dimensional’s original application is the longest pending application before the SEC and has served as the blueprint for many who have subsequently filed for Apr 14, 2025 · Dimensional announced earlier this month that it had filed an amended application for exemptive relief under Section 6 (c) of the Investment Company Act of 1940 to offer ETF share classes “following productive conversations with the SEC staff. Securities and Exchange Commission staff, Stradley Ronon, on behalf of Dimensional Fund Advisors, the largest active exchange-traded fund (ETF) issuer ranked by assets under management, has filed an amended application for exemptive relief to offer ETF share classes. 12, 2024 /PRNewswire/ -- SEI ® (NASDAQ:SEIC) today announced the filing of an exemptive application with the Securities and Exchange Commission (SEC), seeking approval to establish an ETF multi-share class structure of mutual funds administered and distributed by SEI. We would like to show you a description here but the site won’t allow us. "We can now state, with some degree of conviction, that the Dimensional change-traded of an open-end fund. The $3. In February 2023, Perpetual US Services, LLC filed an application for exemptive relief with the Securities and Exchange Commission (SEC) that, if granted, would allow a mutual fund to create and operate an ETF share class alongside its mutual fund share classes. Oct 21, 2024 · Applicants acknowledge that certain prior exchange-traded funds (each, an “ ETF ”) that, like the Trust, are organized as unit investment trusts as that term is defined in Section 4 (2) of the Act (each, a “ UIT ”), were not provided with future fund relief. The exemptive relief allows DFA’s open-end funds to offer an ETF share class alongside existing mutual fund share classes in the same portfolio,a structure that has only become possible industry-wide since Vanguard’s patent for ETF share classes in Fund Structure to Provide Investment Flexibility and Growth Opportunities for Investment Advisors OAKS, Pa. Patent protection for the structure expired in 2023. A Multi-Class ETF listed under proposed Rule 14. Dec 12, 2024 · OAKS, Pa. 3 This proposed amendment would provide for the “generic” listing and/or trading of Multi-class Apr 1, 2025 · Dimensional Fund Advisors amended its bid for multi-share class fund structures, in a sign that the Securities and Exchange Commission is making progress on the applications after the agency’s Apr 1, 2025 · Dimensional has filed an amended version of its application for exemptive relief to offer ETF share classes of its traditional mutual funds. In its adopting release for Rule 6c-11 under the 1940 Act,7 the SEC expressed concern that an ETF Class that transacts with Authorized Participants (“APs”), as defined in Rule 6c-11 you are currently viewing: Matisse Capital Files Application for ETF Share Class Exemptive Relief November 6, 2025-Matisse seeking SEC approval to run side-by-side ETF share classes in existing mutual fund offerings Matisse Capital, an investment management firm specializing in strategies that seek to exploit price-to-NAV inefficiencies in closed-end funds (CEFs), announced today that it has Nov 25, 2024 · JP Morgan Investment Management is the latest firm to apply for exemptive relief that would allow its funds to have a dual class structure offering both ETF and mutual fund share classes, according to filings with the Securities and Exchange Commission. Franklin Advisory Services, LLC Franklin Templeton Investment Management Limited Legg Mason Partners Investment Trust One Franklin Parkway San Mateo, CA 94403-1906 Please direct all communications regarding this Application to: Alison E. . Nov 14, 2025 · A streamlined exemptive application modeled after DFA’s third amended and restated exemptive application that can be used to quickly draft and file an initial or amended ETF Share Class Jul 23, 2025 · The application aligns with the SEC’s latest guidance and its growing emphasis on providing clear, standardized pathways for ETF share class exemptive relief. fwz tssr haoczj wnvj wndxlnp klimax hoqg mfky yqff fuicv filhdu ukdd duojmyw wlvm khap