On January 16, 2025, the staff of the Disclosure Review and Accounting Office of the SEC’s Division of Investment Management issued an Accounting and Disclosure Information (ADI) publication to highlight issues the SEC staff has observed relating to website posting requirements under various SEC rules and certain exemptive orders. The ADI publication focuses on issues related to summary prospectuses, ETFs and money market funds (MMFs), as further described below.

Summary Prospectuses

• Website Address at Which Required Documents Are Available. The staff observed that some fund summary prospectuses did not include a website address where required fund documents can be found or included a generic website address for the fund’s home page. The staff noted that the website address should take investors directly to a webpage where the required documents can be found.
• Linking of Table of Contents. The staff observed that some funds did not include a table of contents in the statutory prospectus and/or the statement of additional information (SAI) that was hyperlinked to allow the reader to move directly between the tables of contents and the related sections of the document.
• Linking Between Summary Prospectus and Statutory Prospectus/SAI. The staff also observed that some funds did not include any hyperlinking from the summary prospectus to the statutory prospectus and SAI, or only partially satisfied the hyperlinking requirement.
• Variable Products. The staff observed that some variable product funds did not include the permitted means of accessing definitions of special terms in the summary prospectus, either by enabling the reader to view the definition upon command or by hyperlinking the term to a corresponding glossary entry.

Exchange-Traded Funds

• Daily Holdings. The staff noted that some ETFs did not include CUSIPs or other identifiers with their daily holdings information, as required by Rule 6c-11 under the Investment Company Act of 1940 (the ETF Rule).
• Daily Market Information. The staff observed that some ETFs reported their premium and discount information in dollars, rather than as percentages as required by the ETF Rule, and that some ETFs used alternative terminology when referring to premiums and discounts, which, in the staff’s view, may be confusing to investors.
• Historic Premium and Discount Information. The staff noted that some ETFs’ premium and discount disclosures were not updated timely to reflect the most recent quarter-end information. The staff further noted that for some ETFs, it could not locate, or had difficulty locating, the ETF’s historic premium and discount information on its website.
• 30-Day Median Bid-Ask Spread. The staff found that some ETFs used alternative terminology when referring to the 30-day median bid-ask spread (e.g., omitting the reference to “30-day”), such that the figure may be unclear to investors.
• Disclosure of ETF Premiums or Discounts Greater than 2%. The staff observed that, for ETFs that had a premium or discount greater than 2% for more than seven consecutive trading days, a significant number of them did not disclose that fact on their website along with a discussion of the factors reasonably believed to have materially contributed to the premium or discount.

Money Market Funds

• The staff observed that several MMFs did not post on their websites the required link to the SEC’s website where investors may obtain the most recent 12 months of the MMF’s publicly available portfolio holdings information filed on Form N-MFP.

The ADI publication is available here.