Core Viewpoint - The introduction of dual share classes for mutual funds and ETFs is set to enhance access to retirement plans, with F/m Investments leading the way in filing for these classes [2][3]. Group 1: Dual Share Classes - F/m Investments has filed for the first mutual-fund share classes of ETFs, aiming to bridge access to retirement plans [2]. - The SEC has approved an exemption for Dimensional Fund Advisors, allowing asset managers to file for dual share classes of all their funds [3]. - The dual share class structure allows fund boards to decide which strategies should have either an ETF or mutual fund share class, facilitating product offerings [3]. Group 2: Advantages for 401(k) Plans - The mutual fund share class allows existing ETF strategies to be ported to mutual funds, preserving performance history, which is crucial for 401(k) plan fiduciaries [4]. - This structure enables funds to be added to 401(k) menus, as fiduciaries typically require three- or five-year track records for investment options [4]. Group 3: Initial Offerings and Future Plans - F/m plans to initially offer two mutual fund share classes of existing ETFs and one ETF share class of a current mutual fund, focusing on its US Treasury 3 Month Bill ETF and Ultrashort Treasury Inflation-Protected Security ETF [5]. - The company has over $18 billion in assets under management and is expanding its product offerings beyond dual share classes [5][6]. Group 4: Broader Product Development - F/m launched a series of passive fixed-income funds aimed at tax efficiency regarding dividends [6]. - The company has filed for a line of investment-grade corporate bond ETFs with maturities from six months to 30 years and is preparing an "opportunistic income" ETF [6].