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ARTICLE · 29 APRIL 2024

Three Things To Know About Cboe's ETF Share Class Filing

K&L Gates
K&L Gates
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On 15 April 2024, Cboe BZX Exchange, Inc. (Cboe) filed an application pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC).

United StatesCorporate/Commercial Law
K&L Gates
K&L Gates
Christine Mikhael
Christine Mikhael
Kevin R. Gustafson
Kevin R. Gustafson

On 15 April 2024, Cboe BZX Exchange, Inc. (Cboe) filed an application pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC), to amend its exchange-traded funds (ETFs) listing standards to permit ETF share classes issued by open-end investment companies that offer mutual fund share classes pursuant to any exemptive relief to be granted by the SEC.

The ETF Share Class Structure is Not a New Concept

Vanguard Group, Inc. (Vanguard) received exemptive relief from the SEC in 2000 and patented this ETF-as-share-class structure, resulting in Vanguard being the only fund sponsor to offer it. With the patent's expiration in May 2023 and the growing popularity of ETFs, other fund sponsors are seeking SEC exemptive relief to offer the same structure on their mutual funds (ETF Class Relief), which is not included within the general provisions of Rule 6c-11 under the Investment Company Act of 1940, as

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