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Stradley Ronon Advises Dimensional Funds in Securing Exemptive Relief for ETF Share Class Structure
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As counsel to the Dimensional funds, Stradley Ronon prepared the application for exemptive relief recently granted by the U.S. Securities and Exchange Commission (SEC) to Dimensional Fund Advisors to offer exchange-traded funds (ETFs) as a share class within a multiple share class structure (ETF share class). The SEC issued its order on November 17 after Dimensional filed its third amended application on September 26 for relief from certain provisions of the Investment Company Act of 1940 to operate such funds.
The ETF share class delivers potential tax efficiency to fund shareholders and promotes greater investor choice. Dimensional currently advises mutual funds and is also one of the largest active ETF sponsors ranked by assets under management.
