# 2026-22853: One Fund, Two Wrappers: Horizon Seeks ETF-Mutual Fund Hybrid

2026-22853, Horizon Investments, LLC and Horizon Funds, is a Federal Register notice from Securities and Exchange Commission published 2026-11-10, effective Hearing requests should be received by the Commission by 5:30 p.m., Eastern Time, on November 30, 2026.; PRIA reads it as touching household money (as of 2026-11-11).

- Canonical: https://policyrisk.com/federal-register/2026-22853
- As of: 2026-11-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22853
- Title: Horizon Investments, LLC and Horizon Funds
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 72603
- Published: 2026-11-10
- Effective: Hearing requests should be received by the Commission by 5:30 p.m., Eastern Time, on November 30, 2026.
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-11-11

## In one line

One Fund, Two Wrappers: Horizon Seeks ETF-Mutual Fund Hybrid

## 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.

## Effects PRIA read

- Single Fund: ETF and Mutual Shares: benefit, low. 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 applic…

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## Sources
- [2026-22853 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/10/2026-22853/horizon-investments-llc-and-horizon-funds)
- [2026-22853 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-10/pdf/2026-22853.pdf)

## Related
- [Previous: 2026-22852, Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and…](https://policyrisk.com/federal-register/2026-22852)
- [Next: 2026-22854, Bluerock ETF Trust and Bluerock ETF Advisor, LLC](https://policyrisk.com/federal-register/2026-22854)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22853 (as of 2026-11-11).