Rule Largely Finalized

The SEC finalizes a framework close to the proposal, allowing registered retail vehicles to access private equity, private credit, infrastructure, and real estate with performance fees capped near 20%. This is the most likely path because it aligns with the prior SEC staff guidance, mutual-fund access changes, the Trump 401(k) rule, and asset-manager commitments on daily pricing.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.