The Securities and Exchange Commission announced a notice regarding an application from the Esoterica Thematic Trust and Esoterica Capital LLC. They are seeking an exemption to allow modifications of subadvisory agreements without shareholder approval and relief from certain disclosure rules about fees. The requested exemption would enable more efficient operations by allowing the Adviser to select and amend agreements with subadvisers, subject to approval by the board of trustees, without the need for shareholder meetings. This is intended to streamline processes while ensuring transparency through aggregated fee disclosures.
Simple Explanation
The SEC is saying that Esoterica wants permission to change "helpers" who manage money without asking the people who own the money every time. They also want to keep some money secrets about what they pay the helpers, but promise to keep everything fair.