The investment management industry stands at the threshold of a transformative era, with the evolution towards hybrid mutual fund/ETF structures marking a pivotal shift in strategic institutional asset management. This evolution is characterized by mutual fund managers like Fidelity and Morgan Stanley applying for exemptive relief to add an ETF share class to their mutual fund families, alongside F/m Investments’ innovative step to add a mutual fund share class to its ETF family to access the 401(k) distribution channel.