# 2025-09186: SEC Buys Time on Multi-Class ETF Trading Shakeup

2025-09186, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Permit the Generic Listing and Trading of Multi-Class ETF Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-05-22, effective 2025-07-23 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-09186
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-09186
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Permit the Generic Listing and Trading of Multi-Class ETF Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 21955
- Published: 2025-05-22
- Effective: 2025-07-23
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Buys Time on Multi-Class ETF Trading Shakeup

## Summary

The SEC is taking more time to decide if Cboe BZX Exchange can let people trade new Multi-Class ETF shares. This change could affect investors and traders by offering more flexible investment options. The decision delay means everyone should stay tuned for updates, as it might impact how ETFs are bought and sold soon.

## Effects PRIA read

- Generic Listing of Multi‑Class ETFs: mixed, medium. The SEC is reviewing a proposal that would permit the generic listing and trading of Multi-Class ETF Shares. Cboe BZX filed the proposal on November 8, 2024, it was published on November 25, 2024, Amendment No. 1 was filed March 11, 2025, and the Commission set July 23, 2025 as the date to approve…

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## Sources
- [2025-09186 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/22/2025-09186/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-designation-of-a-longer-period-for)
- [2025-09186 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-22/pdf/2025-09186.pdf)

## Related
- [Previous: 2025-09185, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2025-09185)
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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-09186 (as of 2026-06-08).