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 publication of this notice — seeking comment on a proposed multi-class ETF structure — represents a substantive step forward, not just a procedural formality. It is a signal that the Commission is willing to reexamine outdated constraints, embrace innovation, and consider relief that could benefit investors, fund sponsors, and markets alike. It is similar to the ... (full story)