# F&M Investments

F&M Investments is an Asset Manager based in Indianapolis, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Indianapolis, United States
- **Region:** North America
- **Address:** Indianapolis, IN, United States
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** fminvestments.com

## About

F&M Investments was founded in 2014 by Ben Fulton, an experienced fixed-income specialist who previously led ETF businesses at Invesco PowerShares and Guggenheim Investments. The firm is headquartered in Indianapolis, with additional offices in Chicago and Boulder, and it operates as a privately held asset manager focused exclusively on fixed-income strategies. Fulton's background in building thematic and income-oriented ETFs is central to the firm's identity. The firm's strategy centers on constructing and managing exchange-traded funds that provide targeted exposure to specific segments of the US government bond and corporate credit markets. Its product suite typically includes funds benchmarked to Treasury inflation-protected securities (TIPS), agency mortgage-backed securities, and short-duration credit. The firm operates as an SEC-registered investment adviser, with its funds listed on major exchanges and distributed through standard brokerage and advisory channels. F&M's approach emphasizes rules-based, transparent portfolio construction rather than discretionary macro calls. As a smaller, specialist manager, F&M Investments does not publicly disclose its total assets under management or team size. However, the firm has launched multiple ETFs since inception, including the F&M Bank Core Plus Fixed Income Fund, and maintains a footprint across Indianapolis, Chicago, and Boulder. The firm's structure as an independent, founder-led asset manager — rather than a division of a larger financial conglomerate — is notable in the consolidating ETF industry. The Chicago and Boulder offices serve as additional investment and distribution hubs. F&M's structural differentiator lies in its status as one of the few remaining owner-operated ETF sponsors in the US fixed-income segment. At a time when most boutique ETF launches originate from white-label platform providers, F&M builds and runs its own fund structures in-house, which gives the firm full control over product design, distribution relationships, and the economics of its management fees — a setup that aligns the founder's interests directly with fund shareholders.

## Sectors

- Fixed Income
- Private Credit

## Offices

- Chicago, IL, United States
- Boulder, CO, United States

## People

- Ben Fulton — Founder & Chief Executive Officer

## Questions

### Who runs investment decisions at F&M Investments?

Ben Fulton serves as Founder and CEO and is the architect of the firm's investment philosophy. Fulton previously led ETF businesses at Invesco PowerShares and Guggenheim Investments, where he specialized in launching thematic and income-oriented exchange-traded products. The firm's investment process is rules-based and index-driven, so day-to-day portfolio management follows the systematic rebalancing and tracking mandates of each fund's stated benchmark rather than active sector rotation.

### How does F&M Investments differentiate itself from larger ETF issuers like BlackRock or State Street?

F&M operates as an owner-operated boutique, which means product design and distribution decisions sit with the founder rather than a corporate product committee. The firm competes on the basis of niche, precisely defined fixed-income exposures rather than scale or fee compression. In practice, this means its funds often serve as building blocks for advisors constructing custom bond ladders or liability-driven portfolios, rather than as core holdings in a passive total-market allocation.

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Last updated: 2026-06-03T20:00:00.000Z

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