SEC Takes Extra Time to Review Nasdaq's Multi-Class ETF Trading Proposal
Published Date: 7/3/2025
Notice
Summary
Nasdaq wants to let investors trade new types of Exchange-Traded Funds (ETFs) that have multiple share classes, which could offer more choices and flexibility. The SEC is taking extra time, until August 25, 2025, to carefully review this change before giving the green light. This affects investors and fund managers who might see new ETF options soon, with no immediate cost changes announced.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Proposal to Allow Multi‑Class ETF Shares
On May 6, 2025, Nasdaq filed a proposed rule change (File No. SR-NASDAQ-2025-037) to adopt Rule 5703 to permit the generic listing and trading of Multi‑Class Exchange‑Traded Fund (ETF) shares. The proposal was published for comment on May 27, 2025.
SEC Extends Review Deadline to August 25, 2025
The Securities and Exchange Commission extended its 45‑day review period for the Nasdaq proposed rule change so that it must act by August 25, 2025 instead of the original July 11, 2025 date. The notice states the extension gives the Commission sufficient time to consider the proposal; the Commission also notes it has received no comments on the filing.
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