Sequoia ETF

Required next steps for Sequoia Fund shareholders:

There are two steps required in order to finalize the conversion of your shares. Pending a successful shareholder vote, Sequoia Fund is reorganizing into an an exchange-traded fund (ETF).

Shareholder Vote — How to cast your vote in the upcoming shareholder vote.

Your next steps depend on how you currently hold your shares.

Brokerage Accounts — All Sequoia Fund shares must be held in an eligible brokerage account prior to the reorganization. Shareholders can transfer the mutual fund to existing brokerage accounts. Information can be found below for those who need to open a new brokerage account.

Shareholder Vote (Proxy Info)

A shareholder vote is required to approve reorganization of Sequoia Fund into an exchange-traded fund. You can easily cast your vote online. You will need your Control Number, which will be communicated to you via mail. If you do not have your Control Number, please contact Equiniti (866-356-7814) or the Ruane Cunniff client team (212-832-5280; info@ruanecunniff.com) for assistance.

Navigate to vote.proxyonline.com, the online proxy website. Once on the proxyonline website, you will enter your Control Number in the specified box and click “Submit”.

On the next screen, you can click the “View Proposal(s)” button to see the one proposal in question:

On the next screen, you cast your vote — For, Against, or Abstain — by clicking the relevant button. Ruane Cunniff management and the Sequoia Fund Board of Directors recommend voting in favor of the proposal. Then click “Submit Vote” to complete the process.

Upon successful submission, you should see this screen.

Important: You will need to enter a different control number for each account that holds Sequoia Fund shares.

Brokerage Accounts

Shareholders who already hold Sequoia Fund through a brokerage account (e.g. Schwab, Fidelity, etc.):

  • You are in good shape for the ETF conversion. Your only remaining steps are:
    1. Confirm that the account is eligible to hold ETFs (most brokerage accounts are).
    2. Remember to cast your proxy for the upcoming shareholder vote.

Shareholders who hold Sequoia Fund directly with the fund’s transfer agent (SS&C Technologies, formerly DST Systems) will need to transfer their shares to a brokerage account:

  • If you have an existing brokerage account that you would like to use:
    1. Confirm that the account is eligible to hold ETFs.
    2. Confirm that the account is the same registration as your Sequoia Fund account (e.g. IRA, Individual, Joint, Trust, etc.)
    3. Initiate the transfer with your broker. Most brokerage firms have a simple transfer form that instructs the firm to pull your Sequoia Fund shares into the brokerage account. You will need to provide your Sequoia Fund account number.
    4. You may be asked to obtain a Medallion Signature Guarantee (MSG). Sequoia Fund has waived the MSG requirement for transfers to brokerage accounts in the same name as the existing Sequoia Fund account. However, some brokerage firms may have their own MSG requirements.
    5. Remember to cast your proxy for the upcoming shareholder vote.

  • If you would like to open a new brokerage account, you may do so with your broker of choice. However, we have partnered with several brokers to assist in provisioning accounts to our shareholders under our master relationships with each firm.
    1. Fill out this form. Our team will send you a link to a new account application that can be completed electronically.
    2. You may be asked to obtain a Medallion Signature Guarantee (MSG). Sequoia Fund has waived the MSG requirement for transfers to brokerage accounts in the same name as the existing Sequoia Fund account. However, some brokerage firms may have their own MSG requirements.
    3. Remember to cast your proxy for the upcoming shareholder vote.

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