Overview
- The filing would allow TBIL ownership to be recorded on a permissioned blockchain while leaving the fund’s portfolio, ticker and exchange‑traded mechanics unchanged.
- Tokenized and conventional shares would share a single CUSIP and provide identical fees, voting rights and economic terms.
- Creation and redemption would occur one‑for‑one with regular shares, and secondary trading would continue only through registered broker‑dealers on national exchanges or alternative trading systems.
- F/m says the structure fits fully under the Investment Company Act of 1940, contrasting it with stablecoins or unregistered digital tokens.
- The request is under SEC review, with the firm describing it as a first‑of‑its‑kind ask for a registered fund as larger institutions advance tokenization initiatives.