ETFs Seek to Bypass Shareholder Votes for Quicker Subadvisor Swaps
Published Date: 1/15/2026
Notice
Summary
ETF Series Solutions and Defiance ETFs want to change how they work with their subadvisors by skipping shareholder approval for some deals and easing fee disclosure rules. This means faster updates and less paperwork for them, but shareholders should watch for any hearing requests by February 6, 2026. If no one objects, these changes will roll out smoothly, helping the ETFs run more flexibly and efficiently.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Relief From Fee Disclosure Rules
The applicants request relief from specified disclosure requirements (including Rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and Sections 6-07(2)(a)-(c) of Regulation S-X) as they relate to fees paid to subadvisors. The application was filed October 14, 2025, and hearing requests must be received by 5:30 p.m. on February 6, 2026.
Skip Shareholder Vote on Subadvisors
The applicants ask the SEC for an exemption that would let ETF Series Solutions and Defiance ETFs enter into and materially amend subadvisory agreements without getting shareholder approval. The application was filed on October 14, 2025, and interested persons may request a hearing by 5:30 p.m. on February 6, 2026.
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