WisdomTree Pushes for Steady $1 Fund Share Trades
Published Date: 1/28/2026
Notice
Summary
WisdomTree companies want permission to let their broker-dealer buy and sell shares of a special government money market fund that aims to keep its share price steady at $1.00. This change affects investors who buy these shares and could speed up trading with some new joint arrangements. If no one objects by February 20, 2026, the plan will move forward without a hearing.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Dealers may trade MMF shares at $1.00
The rule would let broker-dealers ("Covered Dealers") buy and sell shares of certain government money market funds on a principal basis at a fixed price of $1.00 per share (plus or minus dealer compensation) instead of at the fund's next-calculated net asset value (NAV). This applies to individual and institutional investors buying or selling shares through a Covered Dealer as described in the application.
Optional dealer fees and required disclosure
If you buy or sell through a Covered Dealer, the dealer may receive dealer compensation agreed with you; that compensation must be fair, reasonable, fully disclosed before the trade, and itemized on confirmations. You may avoid paying dealer compensation by submitting orders directly to the fund instead of through a Covered Dealer.
Faster settlement and 24/7 trading access
Investors using a Covered Dealer are expected to receive fund shares within minutes after payment, with stablecoin-to-dollar conversions handled by the dealer so settlement can occur in roughly one minute; investors may also be able to transact at any time, including outside normal market hours (24/7 availability).
Protections: no sales loads and NAV deviation cutoff
Covered Funds relying on the relief will not charge a sales load or rule 12b-1 fees on shares available from Covered Dealers, and if a fund's market-based (shadow) NAV deviates from its amortized-cost NAV by 0.25% or more, the option to trade with a Covered Dealer would be temporarily suspended (effective upon filing Form N-CR) or the dealer would process transactions at the fund's next-calculated NAV.
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Key Dates
Department and Agencies
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