Most issuers are planning to convert to the ETF rule close to the deadline. The “ETF rule” applies only to US ETFs and is intended to enable ETF issuers to more easily bring strategies to market by lowering the barriers to entry with less complex regulation. Our survey found that most issuers are intending to make the necessary changes close to the deadline. When are you planning to convert to the ETF rule? By the 62% Deadline Q4 5% Q3 3% Q2 11% Q1 19% 0% 10% 20% 30% 40% 50% 60% 70% 80% Issuer assets under management of survey participants 40% 35% 30% 30% 24% 20% 11% 10% 0% $1mm - $1bn $1bn - $5bn $5bn - $10bn $10bn+ LEARN MORE If you have any questions or would like to know more, please contact your BNY Mellon relationship manager or email us at ETF@bnymellon.com.