Matt Barry explains how the SEC’s decision to grant exemptive relief is reshaping the ETF landscape by ending Vanguard’s long‑standing dual‑share class advantage. He details how mutual funds and ETFs can now coexist in a single structure, combining established track records with ETF tax efficiency and liquidity. Barry says the shift could unlock a massive migration of mutual fund assets and intensify competition in U.S. large‑cap and fixed‑income markets over the next several years.