Core Viewpoint - F/m Investments has launched a dual share class fund for its TBIL U.S. Treasury 3-Month Bill strategy, allowing investors to access the same portfolio through both ETF and mutual fund structures without compromising on investment quality or vehicle type [1]. Group 1: Product Innovation - The dual share class structure enables both ETF and mutual fund investors to hold the same investment strategy, simplifying the investment process [1]. - This launch is the first instance of an ETF issuer operating a dual share class fund under a modern SEC exemptive order, marking a significant innovation in the ETF market [1]. - The mutual fund share class is currently accepting new shareholders, expanding distribution access for investors [1]. Group 2: Regulatory Framework - F/m Investments received exemptive relief from the SEC, allowing the fund to operate under the Investment Company Act of 1940, which ensures compliance with existing regulatory frameworks [1]. - The dual share class structure was designed to function within the current ETF framework without requiring new rules or interpretations, making it a sustainable model for other issuers [1]. Group 3: Market Impact - The implementation of the dual share class fund is expected to benefit financial advisors by allowing clients in different account types to invest in the same strategy without the need for separate product management [1]. - The initiative is seen as a proof of concept for the broader industry, potentially influencing future fund structures and offerings [1].