Preparing for Changes to the Registered Fund Marketplace, Grip

Partners John McGuire, Jack O’Brien, Beau Yanoshik, and associate Mary Zimmerman co-authored an article for Global Relay Intelligence & Practice (Grip analyzing the US Securities and Exchange Commission’s November 17, 2025 exemptive order permitting Dimensional Fund Advisors LP to offer open-end funds with one class of exchange-traded fund shares and one or more classes of mutual fund shares, commonly referred to as dual share class funds.

The article further examines the conditions imposed by the order, such as board reporting, required findings, ongoing monitoring, and disclosure obligations, and highlights key considerations for fund managers, boards, authorized participants, fund administrators, investors, and intermediaries as they prepare for potential operational, compliance, and marketplace implications associated with broader adoption of the dual share class structure.

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