F/m Investments Files First-of-Its-Kind SEC Application for Tokenized ETF Shares

Application would allow F/m's flagship Treasury ETF to record share ownership on a blockchain while maintaining full Investment Company Act protections

WASHINGTON--(BUSINESS WIRE)--F/m Investments (“F/m”), an $18 billion investment firm, today filed an exemptive application with the U.S. Securities and Exchange Commission (the “SEC”) seeking permission to record ownership of tokenized shares in the F/m US Treasury 3 Month Bill ETF (TBIL) on a permissioned blockchain ledger.

The application is believed to be the first filed by an ETF issuer seeking SEC relief specifically for tokenized shares of a registered investment company.

"Tokenization is coming to securities markets whether we file this application or not," said Alexander Morris, CEO of F/m Investments. "The question is whether it happens inside the regulatory framework investors have relied on for 85 years, or without that set of protections for investors. We'd rather build an on-ramp that marries technological innovation and investor protection than watch from the sidelines."

If granted, the requested relief would allow TBIL’s existing ETF shares to be represented on a permissioned ledger under the same CUSIP, with the same rights, fees, voting rights, and economic terms as TBIL shares today. The filing is intended to provide a regulated pathway for token-enabled ownership recording and settlement workflows while remaining within the Investment Company Act of 1940 and Rule 6c-11.

The filing comes as major exchanges announce competing tokenization initiatives, underscoring the industry's rapid move toward blockchain-based infrastructure.

Unlike stablecoins or unregistered digital tokens—which generally cannot guarantee backing by traditional assets—F/m's approach keeps tokenized shares firmly within the Investment Company Act of 1940. This means independent Board oversight, daily transparency, third-party custody and audit, and the full weight of 85 years of securities regulation—protections that investors holding "in the wild" tokens simply do not have.

If the SEC grants the requested relief, this approach will allow TBIL to support traditional brokerage rails and digital-native, token-aware platforms through a single share class. TBIL’s investment objective, portfolio, index, or exchange-traded mechanics would not change.

The filing was made in collaboration with The RBB Fund, Inc., F/m’s multi-series trust, which has supported governance-led innovation within the ETF framework.

“RBB’s governance-first platform supports responsible innovation within established operational standards,” said David Littleton, Co-Founder and President of F/m Investments. “Our aim is for TBIL to operate as a standard Rule 6c-11 Treasury ETF while giving institutions a regulated way to move between traditional and token-aware settlement workflows.”

About F/m Investments

F/m Investments, founded in 2018, is an independent asset management firm and a recognized innovator in exchange-traded funds (ETFs). The Firm offers a growing suite of ETFs, as well as mutual funds and separately managed account strategies, designed to meet the evolving needs of financial advisors, institutions, and individual investors. For more information, please visit www.fminvest.com.

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 $40 billion in assets, supporting 20 separate investment advisers, over 20 unaffiliated sub-advisers, and over 70 mutual fund or ETF offerings. For more information, please visit www.rbbfund.com.