Pear Tree Funds seeks SEC exemptive relief for ETF and mutual fund share classes

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Pear Tree ETF & mutual fund relief

Highlights

Pear Tree Funds and Pear Tree Advisors, Inc. filed for SEC exemptive relief on August 28, 2025, with amendments through May 6, 2026, seeking approval for a Multi-Class ETF Fund structure.
If granted, the SEC order would enable a single fund to offer both ETF and non-exchange-traded mutual fund share classes within one regulated vehicle.
Requests for a hearing opposing the relief must be submitted to the SEC by interested parties by 5:30 p.m. Eastern on June 29, 2026.

Exemption request and review timeline

As reported by the Securities and Exchange Commission, the application seeks an order under section 6(c) of the Investment Company Act of 1940 and related provisions to allow a fund to operate with one ETF class and one or more mutual fund classes. The requested relief covers both standard ETF operations consistent with Rule 6c-11 and additional exemptions needed for a so-called Multi-Class ETF Fund structure.

The applicants are Pear Tree Funds and Pear Tree Advisors, Inc. The filing was submitted on August 28, 2025, and later amended on April 20, 2026, April 29, 2026, and May 6, 2026.

A Commission order granting the relief will be issued unless the SEC orders a hearing. Interested parties may request a hearing by emailing the SEC Secretary and serving the applicants with a copy, with requests due by 5:30 p.m. Eastern time on June 29, 2026.

Implications for fund structure and investors

If approved, the order would let the registered open-end management investment company combine an exchange-traded share class with non-exchange-traded mutual fund classes under a single fund umbrella. That structure could expand how investment products are packaged and distributed while keeping the underlying vehicle within the regulated fund framework.

The exemption request addresses provisions covering share classification, capital structure, voting rights, pricing and transaction mechanics, as well as affiliated transactions. For the asset management sector, the notice signals continued use of exemptive relief to adapt existing fund rules to hybrid product structures that blend ETF trading features with conventional mutual fund access.

Our earlier article on National Grid’s Fitch rating upgrade explained how the company’s shift toward regulated operations and a large UK and U.S. investment program improved earnings visibility through FY31. We noted that the move was supported by major asset disposals and expanding regulated revenue, even as leverage was expected to rise during the capital-spending cycle.

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