Overview

• The planned exemptive relief would let Dimensional Fund Advisors add an exchange-traded share class to an existing mutual fund, with shares trading intraday through brokerage accounts.
• The SEC said about 80 comparable applications are pending, and officials expect follow-on approvals to hew to DFA’s model and progress swiftly.
• The order is structured with safeguards to reduce conflicts between share classes and to ensure clear investor disclosures, according to the agency.
• DFA amended its application on Friday to incorporate final regulator-requested changes after Vanguard’s dual-share patent expired in 2023.
• SEC Investment Management Division director Brian Daly said the change broadens investor choice, lowers expenses and enhances tax efficiency.