This white paper helps funds, advisers and fund boards prepare to take advantage of highly anticipated exemptive relief from the SEC permitting registered funds to offer both ETF and mutual fund share classes. The paper provides a legal and compliance roadmap for advisers and boards in their initial implementation of a combined share class structure and their ongoing monitoring of such a structure.
On June 11, 2025, Ropes & Gray published a second installment of this white paper, which examines the developments that have occurred since the release of the original paper. Read the Expanded Second Edition.
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