SEC Notice: ETF Series Trust Application for Exemption

Regs.gov: Securities and Exchange Commission

Published March 20th, 2026

Detected March 26th, 2026

Summary

The SEC has issued a notice regarding an application from ETF Series Trust and Pictet Asset Management SA/Ltd. for an exemption from certain disclosure requirements related to subadvisory agreements and fees. The exemption would allow applicants to enter into and amend subadvisory agreements without shareholder approval and waive specific disclosure rules.

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What changed

The Securities and Exchange Commission (SEC) has published a notice concerning an application filed by ETF Series Trust and its subadvisers, Pictet Asset Management SA and Pictet Asset Management Ltd. The applicants seek an exemption under section 6(c) of the Investment Company Act of 1940 from section 15(a) of the Act and specific disclosure requirements under rule 20a-1, Form N-1A, Schedule 14A, and Regulation S-X. The core of the request is to permit the entry into and material amendment of subadvisory agreements without requiring shareholder approval, and to grant relief from disclosure rules pertaining to fees paid to these subadvisers.

This notice signifies a potential shift in the requirements for certain investment funds regarding subadvisory relationships. Compliance officers should review the application details to understand the scope of the proposed exemption and its implications for fund governance and fee transparency. Interested parties have until April 14, 2026, to request a hearing if they believe a hearing is necessary, indicating a potential for further proceedings or modifications to the requested relief. Failure to act by this date may result in the SEC issuing an order granting the exemption without a hearing.

What to do next

Review the application for exemption filed by ETF Series Trust and Pictet Asset Management SA/Ltd.
Submit hearing requests to the SEC Secretary by April 14, 2026, if applicable.
Ensure compliance with disclosure requirements unless the exemption is granted.

Source document (simplified)

Content

March 20, 2026.

ACTION:

Notice.

Notice of an application under section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from section 15(a)
of the Act, as well as from certain disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items
22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the Securities Exchange Act of 1934, and sections
6-07(2)(a), (b), and (c) of Regulation S-X (“Disclosure Requirements”).

SUMMARY OF APPLICATION:

The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with certain subadvisers
without shareholder approval and grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.

APPLICANTS:

The 2023 ETF Series Trust and Pictet Asset Management SA and Pictet Asset Management Ltd.

FILING DATES:

The application was filed on October 23, 2025 and amended on March 4, 2026.

HEARING OR NOTIFICATION OF HEARING:

An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request
a hearing on any application by emailing the SEC's Secretary at Secretarys-Office@sec.gov and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below,
or personally or by mail, if a physical address is listed for the relevant Applicant below. The email should include the file
number referenced above. Hearing requests should be received by the Commission by 5:30 p.m. Eastern time on April 14, 2026,
and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate
of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who
wish to be notified of a hearing may request notification by emailing the Commission's Secretary.

ADDRESSES:

The Commission: Secretarys-Office@sec.gov. Applicants: Lissa Richter, Secretary, 2023 ETF Series Trust, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204;
Christopher Menconi, Esquire, Morgan, Lewis & Bockius LLP, 1111 Pennsylvania Avenue NW, Washington, DC 20004.

FOR FURTHER INFORMATION CONTACT:

Kris Easter Guidroz, Senior Counsel, or Thomas Ahmadifar, Branch Chief, at (202) 551-6825 (Division of Investment Management,
Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:

For Applicants' representations, legal analysis, and conditions, please refer to Applicants' amended and restated application,
dated March 4, 2026, which may be obtained via the Commission's website by searching for the file number at the top of this
document, or for an Applicant using the Company name search field on the SEC's EDGAR system. The SEC's EDGAR system may be
searched at https://www.sec.gov/search-filings. You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.

For the Commission, by the Division of Investment Management, under delegated authority.

Vanessa A. Countryman, Secretary. [FR Doc. 2026-05752 Filed 3-24-26; 8:45 am] BILLING CODE 8011-01-P