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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2026-00636 — Sunshine Act Meeting Notice
The U.S. Commission on Civil Rights is holding a public meeting on January 16, 2026, at 10 a.m. EST, available by phone and livestream. They’ll discuss important updates like state committee reports and management plans. This open meeting lets everyone stay in the loop with real-time text support, making it easy to follow along without any cost or travel.
Next: 2026-00638 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form F-1-Registration Statement
The SEC is asking for comments on extending the use of Form F-1, which foreign companies file to register their securities in the U.S. About 270 companies spend a lot of time and money—over 100,000 hours and nearly $200 million yearly—on this form. If you have ideas to make this process easier or clearer, speak up by March 16, 2026!