Matisse Capital Files Application for ETF Share Class Exemptive Relief

Matisse seeking SEC approval to run side-by-side ETF share classes in existing mutual fund offerings

PORTLAND, Ore., Nov. 6, 2025 /PRNewswire/ -- Matisse Capital, an investment management firm specializing in strategies that seek to exploit price-to-NAV inefficiencies in closed-end funds (CEFs), announced today that it has filed an application with the U.S. Securities and Exchange Commission (SEC) for exemptive relief under the Investment Company Act of 1940.

Building on its long-standing research and systematic approach to discount capture and mean-reversion trading in CEFs, Matisse Capital is seeking approval to offer exchange-traded fund (ETF) share classes of its existing mutual funds. The firm currently manages two open-end mutual funds—the Matisse Discounted Closed-End Fund Strategy (MDCEX) and the Matisse Discounted Bond CEF Strategy (MDFIX)—both designed to systematically capture alpha and actively monetize discount normalization across the CEF marketplace.

If approved, this development would allow investors to access these established strategies through both mutual fund and ETF structures within a single portfolio—enhancing flexibility, liquidity, and potential tax efficiency. The firm's application was filed on October 27, 2025, and can be viewed on the SEC's website here.

"Filing this application marks an important milestone in our ongoing efforts to broaden investor access to our closed-end fund strategies," said Bryn Torkelson, President and Chief Investment Officer of Matisse Capital. "We believe the ETF share class structure has the potential to deliver meaningful benefits to shareholders, including improved tax efficiency and greater trading flexibility."

If granted, the relief would position Matisse Capital among a select group of asset managers pioneering ETF share class capabilities. The initiative underscores the firm's commitment to evolving its product lineup in ways that enhance efficiency, transparency, and investor choice.

About Matisse Capital

Matisse Capital is an independent investment management firm focused on delivering innovative, evidence-based strategies that aim to help investors achieve long-term success. The firm manages Matisse Funds—a suite of discounted closed-end fund strategies grounded in rigorous research, disciplined portfolio construction, and a long-term, value-oriented approach. Committed to transparency, research integrity, and consistent execution, Matisse Capital provides differentiated solutions for institutions and investors seeking exposure to inefficient market segments. As of September 30, 2025, the firm manages approximately $1.6 billion for investors nationwide.

For more information, please visit www.matissecap.com.

Disclosures:

An investment in the Funds is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Funds will be successful in meeting their investment objectives.

The Matisse Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, North Carolina 27609. There is no affiliation between Matisse Capital, including their principals, and Capital Investment Group, Inc. Serial #RCMAT1125002.

An investor should consider the investment objectives, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the Funds. A copy of the prospectus is available at www.ncfunds.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.

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SOURCE Matisse Capital