Citi Supports the Industry's Largest Mutual Fund to ETF Conversion

June 16, 2021

New York – Citi has successfully supported the industry's largest mutual fund to ETF conversion for Dimensional Fund Advisors. The conversion includes four U.S. tax-managed mutual funds into active transparent ETFs totaling $29 billion in assets: Dimensional U.S. Equity ETF (NYSE: DFUS), Dimensional U.S. Small Cap ETF (NYSE: DFAS), Dimensional U.S. Targeted Value ETF (NYSE: DFAT) and Dimensional U.S. Core Equity 2 ETF (NYSE: DFAC). The ETFs listed on June 14, 2021.

"Citi has been a long-standing service provider to Dimensional's funds and has been a vital partner during this conversion process," said Gerard O'Reilly, Co-CEO and CIO of Dimensional Fund Advisors. "We are grateful for all of their teams' hard work and thoughtful execution that have helped make this historic conversion possible."

"This was a monumental conversion for Dimensional, Citi and the ETF Industry," said Peggy Vena, Director of ETF Product Development for North America at Citi. "The scope of the conversion is unprecedented, and we expect this transaction to pave the way for many more mutual fund-to-ETF conversions in the coming years."

This mandate expands a global relationship between Dimensional and Citi Securities Services that dates back to 1997 when Citi began providing global custody and foreign exchange services. Over the years, the relationship has grown to include agency securities lending, global fund services, transfer agency, middle office and collateral management services. In 2020, Citi was appointed by Dimensional to provide securities services for Dimensional's new family of actively managed, transparent ETFs. As part of the mandate, Citi provides fund administration, global custody, transfer agency, agency securities lending, and ETF services.

"We are proud to further build on our long-standing relationship with Dimensional by partnering with them on this ground-breaking conversion," said Dominic Crowe, North America Head of Custody and Fund Services at Citi. "The success and scale of this project demonstrate our commitment and innovative approach to our ETF platform."

With over $28.5 trillion¹ of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients' needs.

1 As of Q1 2021. AUC/A figure separately represents gross assets for which Citi provides Global Custody and sub-custodian services via its Direct Custody and Clearing business and includes Issuer Services. Citi previously reported AUC/A numbers on a net basis, therefore discounting assets serviced by both businesses.

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Media Contact: Scott Helfman, +1 212-816-9241

Citi Supports the Industry's Largest Mutual Fund to ETF Conversion

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