F/m Investments Launches First ETF with Dual Share Class

New structure allows investors to access the same portfolio through either an ETF or mutual fund wrapper.

Published on Feb. 12, 2026

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F/m Investments, an $18 billion fixed income investment firm, announced the launch of its flagship TBIL U.S. Treasury 3-Month Bill strategy, which is now available in both ETF and mutual fund share classes within a single fund. This marks the first time an ETF issuer has brought a dual share class structure into live operation under a modern SEC exemptive order, allowing investors to access the same portfolio through either an ETF or mutual fund wrapper.

Why it matters

The dual share class structure eliminates the tradeoff between the tax efficiency and liquidity of an ETF versus the familiarity and platform access of a mutual fund. This benefits financial advisors who can now hold the same 3-Month Treasury bill strategy for clients in different account types without managing separate products or reconciling performance differences.

The details

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. The rollout has been supported by The RBB Fund, Inc., F/m's multi-series trust, and U.S. Bank Global Fund Services provided fund operations and administration support.

  • The mutual fund share class (TBFMX) is currently accepting new shareholders directly as F/m works with platforms and recordkeepers to broaden distribution access.

The players

F/m Investments

An $18 billion independent asset management firm focused on fixed income and a recognized innovator in exchange-traded funds (ETFs).

Alexander Morris

CEO of F/m Investments.

Aisha Hunt

Founder and Principal of Kelley Hunt, PLLC, regulatory counsel to F/m Investments.

The RBB Fund, Inc.

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.

U.S. Bank Global Fund Services

Provided fund operations and administration support in developing and launching the first third-party multi-share class fund solution.

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What they’re saying

“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.”

— Alexander Morris, CEO of F/m Investments

“This is a proof of concept for the broader industry. 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.”

— Aisha Hunt, Founder and Principal of Kelley Hunt, PLLC

“U.S. Bank maintains collaborative partnerships with our clients to support their evolving needs, including those associated with first‑to‑market initiatives. We pride ourselves on being an innovator in the ETF marketplace; our proprietary technology and full-service model help us bring the newest, most cutting-edge fund structures to market for our clients.”

— Josh Jacobs, Chief Commercial Officer, ETFs at U.S. Bank

What’s next

The mutual fund share class (TBFMX) is currently accepting new shareholders directly as F/m works with platforms and recordkeepers to broaden distribution access.

The takeaway

The launch of F/m Investments' dual share class structure for its flagship Treasury strategy represents a significant innovation in the ETF and mutual fund industry, eliminating the traditional tradeoff between the benefits of each wrapper and serving as a model for other issuers to follow.