TLDR:
- The SEC issued an exemptive order on Feb. 23, 2026, allowing WisdomTree’s digital MMF to trade at $1 intraday.
- The order grants relief from Section 22(d) and Rule 22c-1, bypassing the standard next-calculated NAV pricing requirement.
- Registered broker-dealers with dealer agreements can now sell Covered Fund shares at a stable $1.00 on a principal basis.
- Rule 17d-1 Relief also permits WisdomTree’s affiliated dealer to transact with the fund under terms consistent with the Act.
WisdomTree Government Money Market Digital Fund has received a landmark exemptive order from the U.S. Securities and Exchange Commission.
The order allows investors to trade the fund’s shares at a fixed $1.00 price with a dealer on an intraday basis.
This approval marks a notable shift in how digital money market fund shares can be bought and sold, regardless of the fund’s end-of-day net asset value (NAV).
SEC Grants Pricing Relief for Intraday Transactions
The Division of Investment Management issued the order on February 23, 2026. It covers WisdomTree Digital Trust, WisdomTree Securities Inc., WisdomTree Digital Management Inc., and WisdomTree Transfers Inc.
Together, these entities filed the original application on May 8, 2025. An amendment followed on January 16, 2026.
The exemptive order grants relief from Section 22(d) of the Investment Company Act of 1940 and Rule 22c-1 under the Act. Under normal rules, fund shares must be sold at the next-calculated NAV. This order creates an exception specifically for digital money market fund shares.
Under the new structure, registered broker-dealers who enter a dealer agreement with a Covered Fund can trade shares at $1.00 on a principal basis.
This means individual and institutional investors alike can transact at a stable price throughout the trading day. The fixed price applies regardless of what the NAV calculates to at day’s end.
The SEC posted the development publicly, noting the order permits investors to trade shares at $1 with a dealer on an intraday basis.
Rule 17d-1 Relief Permits Affiliated Dealer Participation
Beyond the pricing relief, the SEC also granted Rule 17d-1 Relief under Section 17(d) of the Act. This portion of the order addresses transactions between the fund and its affiliated dealer, WisdomTree Securities Inc. Without this relief, such arrangements would be prohibited under the Act.
The Commission found that the affiliated dealer’s participation in these transactions is consistent with the Act’s provisions, policies, and purposes.
It also determined the arrangement is no less advantageous than participation by other parties. Both orders took effect immediately upon issuance.
A public notice of the application was issued on January 26, 2026. Interested parties had an opportunity to request a hearing, but no such request was filed. The Commission then moved forward without ordering a hearing.
The relief also extends beyond the Applicant Fund. It applies to any series of the Applicant Trust or other registered open-end management investment companies meeting specific criteria.
This broader scope means other digital money market funds could potentially benefit from the same pricing structure in the future.
