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In ETF Conversions and Potential Multiple Share Class Relief: Governance Considerations and Challenges, Sodali & Co's Fund Solutions leaders, Alex Pulisic and Steve Messinger, provide an in-depth analysis of the key decisions, regulatory nuances, and oversight challenges boards must navigate in this evolving market.
The report explores the implications of direct conversions versus fund reorganizations, the role of shareholder proxy votes, and real-world case studies—such as Franklin Templeton's multi-fund conversions. It also highlights the growing complexity boards must manage post-conversion, from ETF-specific oversight duties to the potential need for new director expertise.
As regulatory momentum builds around the approval of ETF share class structures, this analysis offers timely insights for fund directors, legal teams, and investment advisers preparing for the next phase of product innovation and governance transformation.
Download the full report here
Summary
Fund boards face a shifting landscape of governance responsibilities as the pace of mutual fund-to-ETF conversions accelerates and asset managers seek exemptive relief to launch multiple share classes.
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