ETFs Ditch Shareholder Votes for Quicker Adviser Swaps
Published Date: 12/30/2025
Notice
Summary
The RBB Fund Trust and Twin Oak ETF Company want to change how they work with their subadvisers by skipping shareholder approval for some agreements and sharing less info about fees. This means faster updates and less paperwork for them, but shareholders should watch for any hearing requests by January 16, 2026. No big money changes are announced, just smoother management moves.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Shareholder Approval Removed for Subadvisers
The RBB Fund Trust and Twin Oak ETF Company asked the SEC for permission to enter into and materially amend subadvisory agreements without shareholder approval under an exemption from section 15(a) of the Investment Company Act. If the exemption is granted, shareholders of those funds would not vote to approve new or changed subadvisory agreements for these funds.
Less Fee Disclosure for Subadvisers
The applicants requested relief from specified disclosure requirements (including rule 20a-1, Item 19(a)(3) of Form N-1A, parts of Schedule 14A, and sections of Regulation S-X) as they relate to fees paid to subadvisers. If the relief is granted, these funds could provide shareholders with less information about fees paid to subadvisers.
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