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PHILADELPHIA — Stradley Ronon has launched the firm’s updated exchange-traded funds (ETF) digital report ahead of the first-ever Investment Company Institute (ICI) conference dedicated to ETFs. The report provides new insights into the ETF share class governance framework, highlighting its impact on boards and advisers and outlining how product development teams should be preparing for the potential groundbreaking regulatory development currently under consideration by the U.S. Securities and Exchange Commission (SEC). In addition, the firm is set to host an interactive panel discussion during the conference on September 9 in Nashville, which will be structured to give attendees a platform to ask their most pressing ETF legal questions.

“The ETF industry is at a pivotal moment, driven by a surge in product innovation and pending ETF share class relief. This report aims to guide market participants in understanding and preparing for the new regulatory framework for ETF classes,” said Michael Mundt, partner in Stradley Ronon’s investment management practice and counsel to Dimensional Fund Advisors.

Stradley Ronon, on behalf of Dimensional Fund Advisors, filed a second amended application on May 30 for ETF share class exemptive relief following continued productive conversations with SEC staff. The governance framework now serves as a model for all other applications.

The updated report highlights include:

• Links to the filings for the 80 ETF share class applications that are currently pending as of September 3, 2025.
• The governance framework for how fund complexes evaluate, monitor and oversee the ETF share class structure.
• Key considerations for product development teams.

The firm’s breakfast session at the ICI conference will explore the top issues and opportunities shaping the ETF industry, complementing the release of the report. Members of the firm’s ETF practice plan to cover key regulatory developments and market trends, from ETF share class relief to digital asset ETFs, semi-transparent active ETFs, and innovative product launches.

Stradley Ronon’s ETF practice provides representation to the independent directors, advisers and/or ETFs for three of the four largest ETF groups. Our ETF practitioners have been at the forefront of recent ETF regulatory developments and novel product innovation, including applications for ETF share class relief; SEC approvals of ETFs that use less transparent, active management strategies; and mutual-fund-to-ETF conversions. We also have collaborated with the Independent Directors Council to publish an update to its white paper on board oversight of ETFs.

About Stradley Ronon Stevens & Young, LLP
Counseling clients since 1926, Stradley Ronon has helped private and public companies — from small businesses to Fortune 500 corporations — achieve their goals by providing pragmatic, value-driven legal counsel. With offices coast to coast, our lawyers seamlessly address the full spectrum of our clients’ needs, ranging from sophisticated corporate transactions to complex commercial litigation.