SEC receives exemption request for Horizon multi-class ETF funds
Horizon Investments and Horizon Funds seek SEC relief to offer both exchange-traded and mutual-fund share classes, with hearing requests due Nov. 30, 2026.
The Securities and Exchange Commission published a notice of an application under section 6(c) of the Investment Company Act of 1940 for an exemption from sections 2(a)(32), 5(a)(1), 18(f)(1), 18(i), 22(d) and 22(e) of the Act and rule 22c-1, as well as from sections 17(a)(1) and 17(a)(2) under sections 6(c) and 17(b) of the Act. The filing is identified as Investment Company Act Release No. 36383; File No. 812-16073.
Applicants Horizon Investments, LLC and Horizon Funds request 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 order would provide two categories of relief: ETF operational relief consistent with Rule 6c-11 and ETF class relief to permit the dual-share structure.
The original application was filed on August 18, 2026, and amended on September 30, 2026. The notice, dated November 5, 2026, 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 requests due by 5:30 p.m., Eastern Time, on November 30, 2026. Proof of service must accompany the request.
For further information, the SEC listed Thomas Ahmadifar, Branch Chief, and Wiley Cole, Senior Counsel, at (202) 551-6720, and provided email contacts. The applicants are represented by Katherine A. McCurry, Esq., and Jeffrey T. Skinner, Esq., of Kilpatrick Townsend & Stockton LLP.
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