ICI Applauds SEC’s Order on ETF Share Class

Washington, DC; November 17, 2025— Today, the Investment Company Institute’s (ICI) President and CEO Eric J. Pan issued the following statement on the Securities and Exchange Commission’s (SEC) order formally allowing the first funds to offer both mutual fund and exchange-traded fund share classes.

“ICI applauds today’s Commission order permitting the first funds to offer both mutual fund and exchange-traded fund share classes. We commend the SEC’s leadership and staff for their dedicated efforts to advance this important initiative.

“Today’s action marks a significant step forward in fostering innovation within the regulated fund industry that can deliver meaningful benefits to fund shareholders. This relief has been a top priority for ICI in our advocacy before the SEC, and we are ready to continue our support as the SEC issues additional orders and members move towards implementation.”

Background:

ICI’s paper, ETF Share Class Operational Considerations, was published in October 2025 and can be found here. The paper is a result of numerous in-depth discussions by ICI with a broad cross-section of the mutual fund and ETF ecosystems. It offers a consolidated overview of the many areas that industry members might consider when evaluating whether they may launch or support the launch of an ETF share class.