The U.S. Securities and Exchange Commission is permitting dozens of asset managers including BlackRock, JPMorgan, Fidelity and State Street to offer multi-share class funds.
Asset managers have been seeking permission to offer ETF share classes of mutual funds or vice versa.
The securities regulator will grant exemptive relief to applicants unless the SEC orders a hearing, according to a notice.
The relief was largely expected after Dimensional Fund Advisors was permitted to use dual-share-class funds several months ago.
F/m Investments, PIMCO, Morgan Stanley, DWS also received exemptive relief.
The SEC’s green light could be big a win for asset managers seeking to shrink clients’ tax bills and expand into the ETF industry as mutual funds lose ground to the generally cheaper, easier-to-trade wrapper.
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