SEC Issues Notice on Multi-Class ETF Fund Exemption Application

The Securities and Exchange Commission released a notice of an application filed on July 8, 2026, under section 6(c) of the Investment Company Act of 1940. The application, identified as Investment Company Act Release No. 36297 and File No. 812-16052, requests an exemption from sections 2(a)(32), 5(a)(1), 18(f)(1), 18(i), 22(d) and 22(e) of the Act, rule 22c-1, and from sections 17(a)(1) and 17(a)(2) under sections 6(c) and 17(b) of the Act.

Applicants Northern Lights Fund Trust and Ocean Park Asset Management, LLC seek an order that would allow a registered open-end management investment company to issue one class of exchange-traded shares operating as an exchange-traded fund (ETF Class) and one or more classes of non-exchange-traded shares (Mutual Fund Classes). The proposed structure, termed a "Multi-Class ETF Fund," would receive two broad categories of relief: (i) ETF Operational Relief to permit standard ETF operations consistent with Rule 6c-11, and (ii) ETF Class Relief to enable the offering of both ETF and Mutual Fund classes within the same fund.

The notice states that an order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by emailing the SEC's Secretary and serving the applicants, with the request due by 5:30 p.m., Eastern Time, on September 8, 2026. Requests must include the file number and be accompanied by proof of service, either an affidavit or a lawyer's certificate of service.

Applicants are represented by Timothy Burdick of Northern Lights Fund Trust, located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, and by Andrew Davalla, Esq., of Thompson Hine LLP. For further information, the SEC lists Thomas Ahmadifar, Branch Chief, and Deepak T. Pai, Senior Counsel, at (202) 551-6825. The application and related documents are available through the SEC's EDGAR system.