The SEC notice enables F/m to offer both ETF and mutual fund share classes within the same fund, expanding access and flexibility for investors and advisors.
WASHINGTON, D.C. — December 18, 2025 — F/m Investments ("F/m"), an $18 billion investment firm and ETF provider, today announced it has received notice from the U.S. Securities and Exchange Commission (SEC) that F/m’s petition for exemptive relief to offer dual share class funds will be granted as early as January 12, 2026. This will allow both ETF and mutual fund share classes to operate within the same investment vehicle.
“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 accounts. This is 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 wrappers. The SEC’s approval will clear an important regulatory hurdle, while 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 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.