Jana L. Cresswell
Partner
Experience
Stradley Ronon Advises Dimensional Funds in Securing Exemptive Relief for ETF Share Class Structure
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.
Michael W. Mundt, Bruce G. Leto and Jana L. CresswellDimensional Enters ETFs Space
Stradley Ronon’s investment management group represented Dimensional funds and its independent directors in the launch of Dimensional ETF (exchange-traded funds) Trust, three new activity managed, tax-efficient ETFs. The new ETFs will broaden Dimensional Fund Advisor’s existing suite of mutual funds, separate accounts and commingled trusts. Dimensional will be one of the first asset managers to launch active transparent ETFs using SEC Rule 6c-11 and convert mutual funds into ETFs in this fashion.
Bruce G. Leto, Jana L. Cresswell, Mark A. Sheehan, Michael W. Mundt, Brian Crowell, Miranda L. Sturgis, Joel D. Corriero, David W. Grim, Michael D. Mabry and J. Stephen Feinour Jr.
