The debate over ETFs versus mutual funds has been a fixture of advisor conversations for more than a decade. Comparison tools, side-by-side tables, and fund screeners have made it easier than ever to weigh the two vehicles against each other. But a structural development that quietly went live this week complicates that comparison in an interesting way: for the first time, the ETF and the mutual fund aren’t two separate products. They’re the same one.
F/m Investments, an $18 billion fixed income manager based in Washington, D.C., announced on February 12 that its TBIL U.S. Treasury 3-Month Bill strategy is now available in both an ETF (TBIL) and a mutual fund share class (TBFMX) within a single fund. The two tickers point to the same portfolio, the same holdings, and the same management team. F/m is the first ETF issuer to launch this kind of dual share class structure under a modern SEC exemptive order.
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