One Fund, Two Wrappers: Horizon Seeks ETF-Mutual Fund Hybrid
Published Date: 11/10/2026
Notice
Summary
Horizon Investments and Horizon Funds want permission to offer a new kind of investment fund that combines exchange-traded shares (ETFs) with regular mutual fund shares in one package. This change would make it easier for investors to choose how they want to invest, whether through ETFs or mutual funds, all under one fund. If approved, this could start soon, and anyone interested has until November 30, 2026, to ask for a hearing.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Single Fund: ETF and Mutual Shares
Horizon Investments requested permission to let one registered open-end management investment company offer one class of exchange-traded shares (ETF Shares) and one or more classes of non-exchange-traded mutual fund shares (Mutual Fund Shares) in the same fund (a "Multi-Class ETF Fund"). The application seeks relief needed for standard ETF operations consistent with Rule 6c-11 and additional relief to permit the offering of both ETF and Mutual Fund share classes within a single fund.
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