Northern Trust has applied for exemptive relief to offer ETF share classes alongside existing mutual fund share classes for certain adviser series within its two sponsored series trusts: Advisers Investment Trust and Datum One Series Trust.
Subject to regulatory approval, the ability to offer ETF share classes alongside mutual fund share classes in a single fund creates additional options for asset managers as they consider changes to their product line-up, distribution strategies, and the benefits to fund shareholders. Multiple series trusts are widely used by unaffiliated asset managers to operate registered investment funds under a shared governance and operational framework. By supporting both mutual funds and ETFs within the same trust structure, asset managers can pursue different fund formats while operating within an established regulatory and administrative environment.