SEC notices Fenimore Asset Management's multi-class ETF exemption filing
Fenimore Asset Management Inc. and its trust filed an exemption request on August 10, 2026, to offer both ETF and mutual fund share classes.
The Securities and Exchange Commission issued a notice (FR Doc 2026-17520) on August 25, 2026 concerning an application under section 6(c) of the Investment Company Act of 1940 for exemptions from multiple provisions of the Act and related rules.
The applicants seek an order that would permit a registered open-end management investment company to issue one class of exchange-traded shares (an "ETF Class") and one or more classes of non-exchange-traded shares ("Mutual Fund Classes"), creating what they term "Multi-Class ETF Funds." The order would provide two categories of relief: ETF Operational Relief consistent with Rule 6c-11 and ETF Class Relief to allow the dual-class structure.
The application, identified as Investment Company Act Release No. 36309; File No. 812-16068, was filed on August 10, 2026. Interested parties may request a hearing by emailing the SEC's Secretary and serving the applicants, with requests due by 5:30 p.m., Eastern Time, on September 21, 2026.
Applicants are represented by Stephen T. Cohen, Esq. and Adam T. Teufel, Esq., of Dechert LLP, and Michael F. Balboa. For additional information, contact Thomas Ahmadifar, Branch Chief, or Deepak T. Pai, Senior Counsel, at (202) 551-6825.
Unless the Commission orders a hearing, an order granting the requested relief will be issued.
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