From the Editor...

This is a time of gratitude, for good health, for family, for friends, for all of our blessings. Life is hectic and unpredictable, and sometimes disappointing, so it's nice to have a break just before the often-chaotic December holiday season that affords us the opportunity to slow down for a few days and focus on what's most important. I'm planning to do just that over the next few days. I'm stepping away from my laptop and my desk in order to recharge and recalibrate. I'm looking forward to my daughter's return from college and my son's last Thanksgiving as a full-time resident of our household (he's off to college next year). I'm looking forward to cooking and baking and eating and wearing yoga pants and watching football and Christmas movies and getting outside during this glorious fall weather. 

My hope is that you do the same. Take the time; we all need it every once in a while. 

For sure, the rest of 2025 will be busy. With Dimensional Fund Advisors officially granted relief to offer an ETF share class alongside its existing open-end mutual funds, the race to market is officially underway. Dimensional expects to start offering multiple share classes in early 2026, and with more application approvals expected soon, there are likely to be additional entrants before too long. Not every adviser will offer ETF share classes, however, and those that do are unlikely to offer them for every fund. For fund boards right now, the focus is on getting to grips with the plans for the funds they oversee, and we've put together a useful list to help get those conversations started. Check it out in our 10 Things section.

We've also recently written about a class-action suit against the Wildermuth Fund, in which the plaintiff make claims related to fair valuation, disclosure failures, and the inflation of net asset value, as well as alleged violations of Sections 36(b) and 47(b) of the Investment Company Act of 1940. There's a lot to this case, and we're watching as it proceeds through the courts. Other news includes former Division of Investment Management Director Natasha Vij Greiner's new gig and recent boardroom hirings and departures.

Finally, be sure to visit the Viewpoints section on our website. We've run a couple of great articles recently from Stradley Ronon's Taylor Brody on the latest developments in closed-end fund activism and Kris Spazafumo, previously of Capital Group, on model portfolios. 

Have a very Happy Thanksgiving and a joyful long weekend. We'll see you on the flip side.

For now,

Hillary Jackson, co-founder and editor