ETF and mutual‑fund lines blur
The industry is seeing tokenization and structural convergence between ETFs and mutual funds, shifting how managers package liquidity and tax efficiency—and giving advisors new talking points for portfolio construction. The change reframes conversations about cost, access and tax treatment for sophisticated clients. (advisorperspectives.com)
The SEC issued exemptive relief allowing Dimensional Fund Advisors to add ETF share classes to 13 existing mutual funds (order posted Nov. 17, 2025), and Dimensional began debuting those ETF share classes in March 2026. (sec.gov) Franklin Templeton announced a partnership with Ondo Finance to offer tokenized ETFs that can trade 24/7 through crypto wallets, with the rollout publicized in late March 2026 and initially targeting Europe, Asia‑Pacific, the Middle East and Latin America. (advisorperspectives.com) HashKey Group and Bosera launched tokenized money‑market ETFs in 2025—the industry’s first tokenised money‑market ETF class—creating an on‑chain cash management vehicle that parallels traditional money‑market liquidity. (prnewswire.com) U.S. Treasury scrutiny of “351 conversions” labels certain ETF conversion tactics a transaction of interest, while ETFs held about $13.4 trillion in assets and 52% of mutual funds reported capital gains in 2025, heightening tax‑treatment conversations around wrapper choice. (ainvest.com) On‑chain real‑world assets reached roughly $22.8 billion in market capitalization as of March 2026, signaling rapid tokenization growth but still representing a tiny fraction of global investable assets. (teroxx.com) BlackRock publicly explored tokenized ETFs in September 2025 and major managers and fintech firms including Apollo, Hamilton Lane and Mastercard have begun piloting tokenized investment vehicles, indicating broad institutional momentum behind on‑chain fund wrappers. (coindesk.com)
