F/m Investments Receives SEC Nod for Dual Share Class ETF Structure

The SEC Notice indicates F/m will soon be able to offer both ETF and mutual fund share classes within the same fund, expanding access and flexibility for investors and advisors.

WASHINGTON--(BUSINESS WIRE)--F/m Investments (https://www.fminvest.com) ("F/m"), an $18 billion investment firm and ETF provider, announced today that it has received notice from the U.S. Securities and Exchange Commission (SEC) indicating that F/m will be allowed to add a mutual fund share class to certain of its ETFs. According to the notice, F/m’s petition for relief to offer dual share classes will be granted as early as January 12, 2026. F/m filed its petition with the SEC in April of this year – the industry’s first such filing by an ETF provider.

“This approval is about giving investors and advisors more choice without forcing tradeoffs,” said Alexander Morris, CEO of F/m Investments. “The potential to open up ETF innovations to mutual fund investors and retirement accountsis a great move forward for the whole industry.”

The expected approval follows a multi-year review process and will enable F/m to provide investors and advisors with greater flexibility in how they access investment strategies, while maintaining a consistent investment experience across products. While the SEC’s approval will clear an important regulatory hurdle, implementation remains subject to fund board approvals and oversight.

“We are very fortunate to have a supportive and knowledgeable Board in The RBB Fund, which has extensive experience with both ETF and mutual fund structures,” added Morris. “This milestone underscores F/m’s role as a forward-thinking participant in the ETF industry and sets an example for how innovation can be pursued responsibly within the regulatory framework.”

The firm expects to deploy the dual share class framework selectively, consistent with its product-specific and governance-driven approach. Additional details regarding specific funds, timelines, and implementation plans will be communicated as they become available.

About F/m Investments

F/m Investments, founded in 2018, is an independent asset management firm and ETF provider. The firm offers ETFs, mutual funds, and separately managed account strategies designed to meet the needs of financial advisors, institutions, and individual investors. F/m is an SEC Registered Investment Advisor. For more information, visit https://www.fminvest.com.