Precise, transparent fixed income — now with the scale of a global investment manager behind it
F/m Investments has entered into an agreement to be acquired by T. Rowe Price (NASDAQ-GS: TROW), bringing together F/m's fixed income ETF and SMA platform with the scale, resources, and expertise of a global investment manager with nearly 90 years of history. The transaction is expected to close in early 2027.
Read the Press Release: T. Rowe Price To Expand Fixed Income ETF And SMA Capabilities By Acquiring F/m Investments
For F/m, this is less about changing who we are and more about expanding how broadly we reach.
We started F/m in 2019 on a simple premise: fixed income should be precise, transparent, and easy to use. That premise drove the creation of the US Benchmark Series, TBIL (the F/m US Treasury 3 Month Bill ETF), and our entire fixed income ETF lineup. Today, F/m manages approximately $20 billion across its fixed income ETFs and SMA business as of July 31, 2026.
We started F/m because fixed income investments were unnecessarily difficult for investors to use.
— Alexander Morris, CEO and Co-Founder, F/m Investments
The US Benchmark Series reflects that philosophy: maturity-specific access across the U.S. Treasury yield curve through ETFs that trade like any other exchange-traded security. The Benchmark Series flagship TBIL, has grown to approximately $7.2 billion in assets as of July 31, 2026.
The Benchmark Series turned four this month: Four Years of Owning the Curve, One Point at a Time.
F/m's suite of 20 ETFs covers the fixed income landscape from Treasuries and TIPS to corporate bonds and municipal securities. F/m also provides customized municipal bond and liquidity solutions to institutional and high-net-worth clients.
F/m has earned a reputation as a driver of innovation in the ETF industry, launching the first dual-share-class ETF and the filing of a first-of-its-kind SEC application for tokenized ETF shares.
The Next Stage for F/m
F/m's ambition is to expand our reach so that our solutions can make fixed income investing easier for a much larger number of investors and advisors. The solution set that F/m has created, and further innovation that F/m has planned, can serve a much broader group of investors, and that requires more scale, resources, and reach. That is what makes T. Rowe Price the right partner: deep fixed income expertise, significant investment resources, broad distribution, and a culture of excellence that aligns with how we have built F/m. T. Rowe Price has also made it clear that the way F/m operates is part of what it is investing in.
Our mission will remain the same. We are excited to combine our innovative approach with T. Rowe Price's scale to better serve a larger number of clients for years to come.
— Alexander Morris, CEO and Co-Founder, F/m Investments
F/m will retain its brand, leadership, investment approach, and day-to-day operating model. Alexander Morris will continue to lead F/m, reporting to Arif Husain, T. Rowe Price's Head of Global Fixed Income.
For F/m clients, the focus is continuity: the team managing their assets, the products they hold, and the people they work with are expected to remain in place at closing. What will change is the scale and supportive resources of the organization standing behind them.
The transaction is expected to close in early 2027, subject to customary filings and closing conditions.
Common Questions
Is T. Rowe Price acquiring F/m Investments?
Yes. T. Rowe Price (NASDAQ-GS: TROW) has entered into an agreement to acquire F/m Investments, the Washington, D.C.-based fixed income ETF and SMA manager with approximately $20 billion in assets under management. The transaction is expected to close in early 2027, subject to customary filings and closing conditions. Until closing, F/m and T. Rowe Price will continue to operate separately.
Why is F/m joining T. Rowe Price?
F/m Investments is joining T. Rowe Price because the next stage of our growth requires greater scale, resources, expertise, and distribution. T. Rowe Price provides those capabilities while recognizing the value of F/m's investment approach, leadership, and entrepreneurial operating model.
Will F/m Investments continue as a brand?
Yes. F/m Investments will continue as a brand. Upon closing, F/m is expected to operate as "F/m Investments, a T. Rowe Price Company" and retain its brand, leadership, investment approach, and day-to-day operating model.
What does this mean for F/m clients and investors?
There are no immediate changes for F/m clients or investors as a result of this announcement. Upon closing, F/m clients are expected to continue working with the same teams and products they do today, with the additional scale and resources of T. Rowe Price supporting the business.
What is TBIL?
TBIL is the ticker for the F/m US Treasury 3 Month Bill ETF (NASDAQ: TBIL), the flagship fund of F/m's US Benchmark Series, with approximately $7.2 billion in assets as of July 31, 2026.
What is the US Benchmark Series?
The US Benchmark Series is F/m Investments' suite of single-security U.S. Treasury ETFs — the first ETFs to hold single, on-the-run U.S. Treasuries. Launched in August 2022 with TBIL, UTWO, and UTEN, the 10-ETF series now covers every point on the curve from the 3-month bill (TBIL) to the 30-year bond (UTHY).
| Ticker | Maturity | Fund |
|---|---|---|
| TBIL | 3 month | F/m US Treasury 3 Month Bill ETF |
| XBIL | 6 month | F/m US Treasury 6 Month Bill ETF |
| OBIL | 12 month | F/m US Treasury 12 Month Bill ETF |
| UTWO | 2 year | F/m US Treasury 2 Year Note ETF |
| UTRE | 3 year | F/m US Treasury 3 Year Note ETF |
| UFIV | 5 year | F/m US Treasury 5 Year Note ETF |
| USVN | 7 year | F/m US Treasury 7 Year Note ETF |
| UTEN | 10 year | F/m US Treasury 10 Year Note ETF |
| UTWY | 20 year | F/m US Treasury 20 Year Bond ETF |
| UTHY | 30 year | F/m US Treasury 30 Year Bond ETF |
The Benchmark Series recently celebrated its four-year anniversary. F/m's ETF lineup has since grown to 20 ETFs covering the fixed income landscape from Treasuries and TIPS to corporate bonds and municipal securities.
Read the four-year retrospective: Four Years of Owning the Curve, One Point at a Time.
Will F/m's ETFs, including TBIL and the US Benchmark Series, change?
When is the transaction expected to close?
The transaction is expected to close in early 2027, subject to customary filings and closing conditions. Until closing, F/m Investments and T. Rowe Price continue to operate as separate companies.
Who will lead F/m Investments after the transaction?
Alexander Morris, CEO and Co-Founder of F/m Investments, will continue to lead F/m and will report to Arif Husain, T. Rowe Price's Head of Global Fixed Income. F/m employees are expected to become T. Rowe Price associates at closing.