F/m Investments Becomes First ETF Issuer to Launch Dual Share Class Fund
Flagship TBIL Treasury strategy now accessible as both ETF and mutual fund within a single portfolio, eliminating the tradeoff between vehicle type and investment quality
The launch marks the first time an ETF issuer has brought a dual share class structure into live operation under a modern SEC exemptive order. Unlike traditional approaches that require separate funds for ETF and mutual fund investors, the dual share class framework houses both vehicles in a single portfolio. The result is structural simplicity: one strategy, one set of holdings, one track record.
“We built this with a simple premise: the wrapper shouldn’t dictate the investment. Investors have had to choose between the tax efficiency and liquidity of an ETF or the familiarity and platform access of a mutual fund. Dual share classes eliminate that tradeoff,” said Alexander Morris, CEO of F/m Investments.
For advisors, the practical benefit is immediate. A client in a brokerage account and a client in a retirement plan can now hold the same 3-Month Treasury bill strategy—one through the ETF (TBIL), the other through the mutual fund share class (TBFMX)—without the advisor managing separate products or reconciling performance differences.
The implementation was designed to operate entirely within existing regulatory frameworks. F/m received exemptive relief from the SEC and structured the fund under the Investment Company Act of 1940, with a unitary fee and a straightforward Treasury strategy.
“This is a proof of concept for the broader industry,” said Aisha Hunt, Founder and Principal of Kelley Hunt, PLLC, regulatory counsel to F/m Investments. “The dual share class structure didn’t require new rules or novel interpretations. It works within the existing ETF framework and the 1940 Act. That’s what makes it durable, and what makes it a model other issuers can follow.”
The mutual fund share class is currently accepting new shareholders directly as F/m works with platforms and recordkeepers to broaden distribution access.
The rollout has been supported by The RBB Fund, Inc., F/m’s multi-series trust, whose governance infrastructure was instrumental in moving the structure from regulatory approval to live operation.
“U.S. Bank maintains collaborative partnerships with our clients to support their evolving needs, including those associated with first‑to‑market initiatives,” said Josh Jacobs, chief commercial officer, ETFs at
Interested investors and advisors can learn more about the mutual fund share class at www.fminvest.com/TBFMX.
About F/m Investments
F/m Investments, founded in 2018, is an
Investors should consider the investment objectives, risks, charges, and expenses before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004 or visit our website at www.fminvest.com. Read the prospectus or summary prospectus carefully before investing.
Investments involve risk. Principal loss is possible. Distributed by Quasar Distributors, LLC
About The RBB Fund Complex
The RBB Fund, Inc. and The RBB Fund Trust, together, are a turnkey ETF and mutual fund solution that permits an investment adviser to focus on asset management and distribution, while RBB facilitates the establishment, servicing, and governance of funds. RBB oversees approximately
About Kelley Hunt, PLLC
Kelley Hunt, PLLC is a boutique "ETFs to Web3" law firm focused on ETF and 1940 Act product innovation and tokenized-asset regulatory strategy. Founded by Aisha Hunt, the firm advises ETF issuers, institutional investors, and digital-asset platforms on product design, tokenization infrastructure, and
About U.S. Bancorp
U.S. Bancorp, with approximately 70,000 employees and
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Source: F/m Investments
