SEC Issues Notice Of Intent To Grant ETF Share Class Relief

Key Takeaways

• On September 29, 2025, the SEC issued notice of an application for ETF share class relief, signaling the SEC's intent to grant the first ETF share class relief since 2007.

ETF Share Class Relief

On September 29, 2025, the SEC issued notice of an application filed by Dimensional Fund Advisors LP and its affiliates ("DFA") to offer an ETF share class ("ETF Class") and mutual fund share classes ("Mutual Fund Class") within the same fund ("ETF Share Class Relief").¹ ETF Share Class Relief is comprised of two parts: (i) ETF operational relief consistent with Rule 6c‑11 under the Investment Company Act of 1940, as amended, and (ii) additional relief to permit a multi‑class ETF/mutual fund structure ("Multi-Class ETF Fund") consistent with Rule 18f‑3 under the 1940 Act, subject to additional safeguards.²