Dual share classes are officially invited to the party, but they might be a tad late. Sure, the Securities and Exchange Commission greenlit dual share class applications late last year, but the industry is now facing a major obstacle: A lack of back-office capabilities, or the operational legwork behind actually offering an ETF share class of a mutual fund. I’ll (12)B Darned: Also at stake for issuers is whether to make the dual share class available in the first place, said Evan Skalski, senior partner at Alpha FMC. “Do [issuers] end up losing AUM on their platform if more folks want to move into the ETF share class?” Skalski asked, adding that they now need to decide what happens to assets that migrate out of those mutual funds.