Sequoia Fund, Inc. holders must redeem by Thursday or their shares convert to the ETF

Sequoia Fund, Inc. stockholders have until Thursday, October 15, 2026, to redeem, or their shares will be converted into Sequoia ETF, SEQ.

The date is in a supplement Sequoia Fund dated July 27, after stockholders approved the conversion at a meeting that day. The Securities and Exchange Commission was closed on Monday, October 12, for Columbus Day, so the latest paper is Friday, October 9.

What Friday filed for Sequoia

Sequoia ETF is a series of Northern Lights Fund Trust II, the Delaware trust that will issue the shares. Ruane Cunniff L.P. advises the ETF and Sequoia Fund.

On Friday, Northern Lights filed an updated prospectus for the ETF that took effect the same day. The prospectus says that on October 16 the ETF will take on Sequoia Fund's assets and liabilities. A companion filing of the same date says the ETF had not commenced operations.

The July 27 supplement still describes the conversion as expected after trading on or about October 16. The last day to buy Sequoia Fund shares was Friday, October 2. The ETF is expected to begin trading on Monday, October 19, on NYSE Arca.

The supplement points to exceptions in a combined proxy dated May 11. ETF shares have to sit in a brokerage account that can hold them. Shares held directly with the fund, or in an account that cannot hold an ETF, go into a hold-only account, which cannot be traded, for up to a year, and will then be sold for cash. Some retirement accounts that cannot hold the ETF may be cashed out at the conversion instead.

Registered Tuesday, not yet trading

Select Sector SPDR Trust filed Friday to update its registration. The funds carry the State Street name. The adviser, SSGA Funds Management, Inc., is a subsidiary of State Street Global Advisors, Inc. The filing is proposed to become effective on Tuesday, October 13, 2026. The prospectus is dated that day and names NYSE Arca as the listing exchange.

A companion filing of the same date says the funds had not commenced operations.

Each new fund tracks an S&P 500 sector index that holds the same stocks as the Select Sector index behind the fund beside it, and weights them by market value. Those Select Sector indexes cap any one stock at 24%, which the new indexes do not use, as State Street delays four new sector funds' effective date to October 13 reported on October 1, when the tickers were still blank. Friday's prospectus says the different weighting can change a stock's weight.

Each of the four lists total annual operating expenses of 0.12%, equal to the management fee. Other expenses are estimated at zero, and there is no distribution fee. The consumer discretionary fund's fee was blank in that earlier prospectus. The four funds already listed charge 0.08%.

The liquidations filed Friday are the ones already set out in USCF's board approves five fund liquidations, and two Hedgeye funds file to close.