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Preparing for changes to the registered fund marketplace   

The Nasdaq MarketSite is seen on December 12, 2024 in New York City.
Photo: Michael M. Santiago/Getty Images

John McGuire I Morgan Lewis, Jack O’Brien | Morgan Lewis, Beau Yanoshik | Morgan Lewis, Mary Zimmerman | Morgan Lewis+2

4 min read
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The SEC approved Dimensional Fund Advisors to offer dual-class funds, allowing open-end funds to have both ETF and mutual fund share classes.

On November 17, 2025, shortly after the US government shutdown concluded, the SEC issued an exemptive order for 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.

With upwards of 80 other applicants in the queue, it

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