NEW YORK, October 14, 2026 — Nasdaq has added a new inflation-protected fixed-income exchange-traded fund to its market with the listing of the F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF, trading under the symbol RTHY. The fund began listing on Wednesday, October 14, following an official Nasdaq trader alert issued on October 13. The introduction expands the range of exchange-traded Treasury strategies available to investors seeking targeted exposure to long-maturity inflation-indexed U.S. government securities.

According to Nasdaq’s listing announcement, RTHY trades on the Nasdaq Stock Market, with Jane Street Capital, LLC, serving as its designated liquidity provider. Nasdaq also confirmed that quotation, transaction, and daily valuation information would be distributed through its established market-data channels beginning on the listing date. The infrastructure is intended to support transparent secondary-market trading and make the ETF accessible through participating brokerage platforms.

The fund is managed by F/m Investments, a fixed-income investment manager offering Treasury-focused exchange-traded products across multiple maturity segments. RTHY seeks investment results that correspond, before fees and expenses, generally to the price and yield performance of the Bloomberg U.S. TIPS 25+ Year Equal Weight Index. The benchmark concentrates on Treasury Inflation-Protected Securities with more than 25 years remaining until maturity, providing exposure to a narrow segment of the U.S. government bond market.

The launch is notable because inflation-protected bond ETFs differ substantially in their exposure to interest-rate changes. Funds holding short-maturity TIPS generally experience smaller price movements when real yields fluctuate, while portfolios of very long-dated TIPS can undergo much larger valuation changes. RTHY is designed for the long end of that market, where inflation indexation and extended interest-rate sensitivity interact to determine investor returns.

F/m Investments reports a total annual expense ratio of 0.19% for the new ETF. That translates into approximately $19 in annual fund operating expenses for every $10,000 invested, assuming a constant investment value and excluding brokerage commissions, bid-ask spreads, and other transaction costs. The expense structure gives investors a defined cost basis for comparing the product with alternative TIPS funds, direct Treasury ownership, and institutional fixed-income strategies.

The fund’s investment objective focuses on the Bloomberg U.S. TIPS 25+ Year Equal Weight Index, distinguishing it from broader inflation-protected benchmarks that include bonds across multiple maturity ranges. Rather than combining short-, intermediate-, and long-term securities within a single portfolio, RTHY seeks to isolate the longest portion of the TIPS maturity spectrum. This more concentrated approach allows investors to express specific views on long-term real interest rates without requiring a portfolio of individually purchased securities.

Equal weighting is another important feature of the underlying index. In contrast to market-value-weighted benchmarks, where larger outstanding issues can represent greater proportions of a portfolio, an equal-weight framework generally seeks more balanced representation among eligible securities. The practical effect depends on the number of qualifying Treasury issues, index rebalancing procedures, and portfolio implementation. Investors should therefore distinguish the benchmark’s weighting methodology from the fund’s actual holdings and daily portfolio exposures.

Treasury Inflation-Protected Securities are government obligations whose principal values are adjusted according to changes in the Consumer Price Index. The U.S. Treasury issues TIPS with original maturities of five, ten, and thirty years. Interest is paid semiannually at a fixed coupon rate applied to the inflation-adjusted principal. When consumer prices rise, the principal amount generally increases; when deflation occurs, it may decline.

At maturity, an individual TIPS holder receives the greater of the inflation-adjusted principal and the original principal amount. This feature provides a contractual protection against cumulative deflation for a security held to maturity. However, an ETF holding TIPS does not offer investors the same maturity-date repayment guarantee on their fund shares. Its shares trade at market prices, and portfolio securities may be sold or replaced before maturity.

That distinction is especially important for RTHY because its strategy involves maintaining exposure to securities with exceptionally long remaining maturities. Investors are not purchasing a conventional bond that steadily approaches a fixed redemption date. Instead, they are purchasing shares in a portfolio designed to retain exposure to long-duration inflation-linked government debt. The value of that exposure can change significantly as market interest rates, inflation expectations, and Treasury market conditions evolve.

The economic significance of RTHY is closely connected to real yields, which represent interest rates after adjusting for expected inflation. Because TIPS payments are indexed to inflation, their quoted market yields are commonly interpreted as real yields. Changes in those yields directly affect the market value of existing inflation-protected securities, particularly when the securities have many years remaining until maturity.

When long-term real yields decline, the market prices of existing long-dated TIPS generally rise, assuming other factors remain unchanged. When real yields increase, existing securities typically lose market value. The effect becomes more pronounced as duration increases. Consequently, RTHY could experience substantial price movements in response to relatively modest adjustments in long-term real interest rates.

For investors, this means inflation protection does not necessarily translate into stable short-term returns. An increase in actual inflation can coincide with rising real yields, producing a decline in long-duration TIPS prices even while inflation adjustments increase the principal values of the underlying bonds. Conversely, declining real yields can support capital appreciation even without an unusually large increase in inflation.

The distinction between inflation compensation and interest-rate exposure is central to evaluating the fund. RTHY may be useful for investors seeking sensitivity to long-term real rates, but it should not be treated as a cash-equivalent inflation hedge. Its performance is likely to depend on changes in long-term bond valuations as well as the inflation-adjustment mechanism embedded in the securities themselves.

F/m Investments describes RTHY as a vehicle for accessing inflation-protected Treasury securities with approximately 25 to 30 years remaining until maturity. The investment manager also identifies potential diversification benefits, although those benefits will depend on correlations between long-duration TIPS and other portfolio holdings under different economic conditions. During periods of rising real yields, the fund may experience losses alongside other duration-sensitive assets.

The fund’s expected distribution policy is another distinguishing characteristic. F/m Investments says RTHY intends to declare and pay distributions monthly when available, although distributions may occur more or less frequently. This structure differs from the semiannual coupon schedule of the underlying Treasury securities and may appeal to investors who prefer more regular portfolio cash distributions.

Monthly distributions should not, however, be interpreted as a guaranteed income stream. The timing and amount of payments depend on portfolio income, inflation adjustments, fund accounting, expenses, and distribution policies. A fund’s distribution yield also differs from its total return, which incorporates changes in net asset value and the effect of reinvested distributions. Investors evaluating RTHY will need to consider both income and market-price performance.

The tax characteristics of inflation-protected securities are also relevant. Investors holding individual TIPS in taxable accounts may owe federal income tax on inflation-related increases in principal before receiving those amounts in cash. An ETF structure can change how income and other taxable items are distributed and reported, although it does not eliminate tax obligations. Actual treatment depends on the fund’s distributions, the investor’s account type, and applicable tax rules.

RTHY also broadens F/m Investments’ existing lineup of exchange-traded Treasury strategies. The firm offers products covering short Treasury bills, intermediate Treasury notes, long-term nominal Treasury bonds, and additional fixed-income categories. Its Treasury ETF range includes products targeting specific maturities, allowing investors to construct more customized exposures across the government yield curve.

Within its inflation-protected product range, F/m already operates the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, trading under RBIL. That fund emphasizes short-duration inflation-linked securities, making it structurally different from RTHY. The two products occupy opposite ends of the inflation-protected maturity spectrum and may serve distinct portfolio objectives.

Investors emphasizing capital stability and limited sensitivity to interest-rate fluctuations may evaluate ultrashort inflation-protected strategies differently from investors seeking long-term real-rate exposure. RTHY’s introduction gives advisers another instrument for distinguishing inflation expectations from duration positioning and for allocating between shorter- and longer-maturity inflation-linked assets.

F/m Investments’ broader fund lineup also includes nominal Treasury ETFs targeting maturities such as ten, twenty, and thirty years. Unlike inflation-protected securities, nominal Treasury bonds generally provide fixed cash flows that are not adjusted for changes in consumer prices. Comparing long-duration nominal Treasury products with RTHY may help investors assess the relative value of inflation-linked versus conventional government debt.

One common comparison involves the difference between nominal Treasury yields and corresponding real yields, generally referred to as the breakeven inflation rate. This measure provides an indication of the inflation compensation embedded in Treasury markets, although liquidity premiums and other technical factors can affect the calculation. Investors examining RTHY alongside long-term nominal Treasury funds can use that framework to evaluate how inflation expectations influence relative valuations.

The Nasdaq listing arrangements are also significant for the ETF’s early trading development. Nasdaq identified Jane Street Capital as RTHY’s designated liquidity provider, supporting the market-making infrastructure associated with the product. The exchange said quotation and transaction data would be available through UTP Level 1, Nasdaq Basic, Nasdaq Level 2, and Nasdaq TotalView-ITCH. Daily valuation information would also begin dissemination on the listing date.

These arrangements facilitate market access but do not guarantee narrow trading spreads or consistent liquidity. ETF shares trade in the secondary market, where prices are determined by transactions between buyers and sellers. The difference between a share’s market price and its underlying net asset value may widen during volatile trading conditions, particularly when the securities held by a fund become more difficult to price or trade.

Long-dated TIPS may present additional execution considerations because liquidity is not uniform across the Treasury market. Although U.S. government securities are generally considered highly creditworthy, individual inflation-protected issues can exhibit different trading characteristics depending on maturity, outstanding supply, market demand, and dealer participation. Investors entering or exiting RTHY positions may therefore need to monitor bid-ask spreads and market depth.

The creation and redemption mechanism used by ETFs is designed to help align secondary-market share prices with underlying portfolio values. Authorized participants can create or redeem large blocks of shares through transactions with the fund, subject to its procedures. This process can help limit persistent premiums or discounts, but it cannot eliminate fluctuations or guarantee that investors will always transact at net asset value.

Initial fund size will be another factor in evaluating market development. F/m Investments’ consolidated ETF listing reported approximately $25.58 million in net assets for RTHY as of October 15, 2026, one day after its listing date. The figure represents an early asset snapshot rather than evidence of an established, sustained inflow trend. Additional trading sessions and regularly reported asset data will be required to assess investor demand reliably.

The fund’s relatively recent inception also limits the usefulness of conventional historical performance comparisons. RTHY does not yet have an extended operating record through different inflation and interest-rate cycles. Investors can examine the characteristics of its benchmark and the historical behavior of long-term TIPS, but realized tracking differences, distribution patterns, and trading costs will become clearer only as the fund accumulates operating history.

Benchmark tracking will be particularly important because RTHY seeks results corresponding to a narrowly defined index. Differences between portfolio returns and benchmark performance can result from management expenses, transaction costs, cash holdings, rebalancing, and the practical challenges of obtaining target securities. The 0.19% annual expense ratio establishes a recurring cost, but it is not the only factor affecting investors’ realized returns.

The listing also illustrates the increasing specialization of exchange-traded fixed-income products. Broad bond ETFs provide diversified market exposure, while maturity-specific Treasury strategies enable investors to adjust individual components of portfolio duration and inflation sensitivity. RTHY belongs to the latter category, offering a defined exposure to inflation-indexed bonds at the longest available maturities rather than attempting to represent the entire Treasury market.

For pension funds, insurance portfolios, and other investors with long-dated liabilities, the product may provide a publicly traded instrument for evaluating real-duration exposure. Long-term inflation-linked obligations often require attention to both inflation sensitivity and the present value of future payments. However, the suitability of any particular ETF depends on the maturity structure, cash-flow requirements, and risk limits of the investor.

Financial advisers constructing diversified portfolios may also consider how RTHY interacts with equities, nominal Treasuries, corporate bonds, and shorter-duration TIPS. The fund could potentially contribute to a portfolio’s inflation-sensitive allocation, but its long duration means it may also amplify the portfolio’s exposure to changes in discount rates. The relationship between those risks is not constant and can change significantly during periods of monetary-policy uncertainty.

The new ETF should therefore be assessed as a specialized fixed-income allocation rather than a universal inflation-protection solution. Investors seeking inflation-linked principal adjustments with limited near-term price volatility may have different requirements from investors deliberately seeking substantial exposure to long-term real rates. RTHY is explicitly structured around the latter exposure, making duration management an essential consideration.

From a market-structure perspective, the listing creates another opportunity to observe demand for highly targeted Treasury strategies. Asset accumulation, secondary-market trading activity, benchmark tracking, and the development of reliable quoted liquidity will provide evidence of whether investors are adopting the fund for strategic allocations, tactical interest-rate positioning, or both.

Additional indicators will include the consistency of monthly distributions, the fund’s premium or discount to net asset value, and changes in its underlying portfolio as securities move through the eligibility range of the benchmark. Because RTHY is designed to track long-maturity inflation-protected securities, maintaining the intended exposure over time will be a continuing part of its investment process.

Nasdaq’s October 14 listing represents a further step in bringing specialized U.S. government bond exposures into an exchange-traded format. With a defined long-duration inflation-protected benchmark, a 0.19% expense ratio, and established exchange liquidity arrangements, RTHY enters the ETF market as a targeted instrument for investors seeking exposure to long-term real interest rates.

Its longer-term significance will depend less on the listing itself than on whether the fund develops sufficient trading liquidity, maintains effective benchmark exposure, and attracts consistent investor demand. For now, the launch expands the choices available to fixed-income investors navigating the interaction between inflation protection, long-term yields, and portfolio risk.