Northern Trust Submits Exemptive Relief Applications for ETF Share Class Across Sponsored Multiple Series Trusts
Northern Trust Submits Exemptive Relief Applications for ETF Share Class Across Sponsored Multiple Series Trusts
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Key Terms
exemptive reliefregulatory
Exemptive relief is a formal permission from a financial regulator that allows a company or fund to be temporarily or permanently excused from following a specific rule or requirement. It matters to investors because it can change how a business operates, affect the timing and cost of transactions, and alter regulatory risk—think of it like a temporary permit that lets a shop operate under different rules while still staying legal.
exchange-traded fund (etf)financial
An exchange-traded fund (ETF) is a collection of different investments, like stocks or bonds, that can be bought and sold easily on a stock exchange, similar to how shares are traded. It allows investors to diversify their holdings with a single purchase, making it a flexible and convenient way to invest in a broad range of assets without buying each one individually.
multiple series trustsfinancial
A multiple series trust is a legal structure that lets one overall fund issue several independent sub-funds (series) under the same umbrella, with each series’ assets and liabilities kept separate. Think of it like a multi-compartment suitcase where money and obligations in one compartment can't be used to pay another’s bills. For investors this matters because it provides simpler administration, potential cost savings and clearer protection of each series’ assets and risks.
mutual fund share classesfinancial
Mutual fund share classes are different versions of the same investment fund that offer investors varying fee arrangements, minimum investment levels, and ways of paying sales or service charges. They matter because the share class determines how much you pay over time and what services or protections you receive—similar to buying the same product with different warranty and payment options, which can change your net return and suitability for your goals.
asset managersfinancial
Professionals or firms that manage other people’s or institutions’ investments, making decisions about where to buy, hold or sell stocks, bonds, real estate and other financial holdings. They matter to investors because their choices affect returns, risk and fees—like a paid gardener who decides which plants to nurture to grow a client’s financial garden; good management can increase gains while poor choices or high fees can reduce them.
etf share classesfinancial
ETF share classes are different versions of the same exchange-traded fund that track the same underlying assets but have variations in fees, tax treatment, dividend policies, currency denomination or where they trade — like choosing between trim levels of the same car model. For investors this matters because those small differences change how much you pay, how much tax you owe, how easily you can buy or sell, and ultimately your net return, so comparing classes is important before investing.
asset servicingfinancial
Asset servicing is the set of back-office tasks that keep investments safe, paid, and legally recorded—things like holding securities, settling trades, collecting dividends or interest, processing corporate actions, and producing tax and performance reports. Think of it as the custodial and administrative care for a portfolio: it prevents losses, ensures investors receive money and notices on time, and supports accurate records and regulatory compliance, all of which affect costs and returns.
global custodyfinancial
A global custody service is when a bank or financial firm holds and manages an investor’s stocks, bonds and other securities across many countries, acting like a secure international safety-deposit box and local helper. It handles record-keeping, the mechanics of buying and selling in different markets, collecting dividends or interest, and consolidated reporting—services that reduce paperwork, lower operational risk and make it easier for investors to own assets abroad.
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CHICAGO--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) today announced its formal application for exemptive relief to offer Exchange-Traded Fund (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®. Filing these applications demonstrates Northern Trust’s commitment to providing asset managers with support and flexibility to meet the evolving preferences of their investors.
“ETFs continue to be a significant area of growth in the registered funds market,” said Phil Nanof, head of ETF Services, Americas at Northern Trust. “This capability would extend our ETF servicing framework within the multiple series trust model and reflects our focus on supporting asset managers as they consider a wider range of fund structures.”
While subject to regulatory approval, the ability to pursue 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.
“Choosing a trust structure is a long-term operating decision for asset managers,” said Barbara Nelligan, head of Service and Strategy Enablement, Global Fund Services, at Northern Trust. “This capability is intended to provide flexibility as asset managers assess how ETFs may fit into their broader distribution and product strategies, including the potential addition of ETF share classes to existing funds.”
Northern Trust provides a complete suite of Asset Servicing solutions including fund administration, global custody, investment operations outsourcing and data solutions – supporting a range of complex investment strategies across the full spectrum of asset classes.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2026, Northern Trust had assets under custody/administration of US$18.6 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
