SEC May Let ETF Trust Skip Shareholder Votes on Agreements
Published Date: 3/25/2026
Notice
Summary
The 2023 ETF Series Trust and Pictet Asset Management want permission to change their subadvisory agreements without asking shareholders every time and to skip some usual fee disclosures. This means they can act faster and keep some fee details private. If no one asks for a hearing by April 14, 2026, the SEC will likely approve these changes.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Subadviser Changes Without Shareholder Approval
The 2023 ETF Series Trust and Pictet Asset Management asked the SEC for permission to enter into and materially change subadvisory agreements without getting shareholder approval. If no hearing is requested by April 14, 2026, the Commission will likely issue an order granting that relief.
Limited Disclosure of Subadviser Fees
The applicants requested relief from certain federal disclosure rules so they would not have to provide some of the usual disclosures about fees paid to subadvisers. That relief, if granted (absent a hearing by April 14, 2026), would affect what fee information shareholders of the named funds receive.
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