Morgan Lewis partner John McGuire was quoted in an Ignites article after the Dimensional Fund Advisors (DFA) announced plans to convert six of its tax-managed mutual funds into ETFs. According to John, the SEC “has focused its questions on how firms plan to address operational and structural challenges.” He said, “They want to know how a firm will move direct mutual fund shareholders into brokerage accounts necessary for ETF ownership, as well as how they will handle fractional shares of mutual funds, since ETFs are issued in whole shares.”
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