There are a wide variety of small saltwater species (less than 6-7" generally) that have the ability to change their gender based on their personal or social needs. I cannot think of any freshwater species that do this, but I am sure there are a few.
I may not have explained myself very clearly with the severum example. It boils down to this: In 95%+ of cases, freshwater species' sexual maturity is determined by size. But in rare cases where a fish cannot reach its sexually mature size (like if it is stunted), sexual maturity can be brought on by age. So lets say most severums are mature at around 6" that normally takes 8-9 months, but a 15 month old fish was stunted and has only reached 4". Sexual maturity may still take place before reaching the sexual maturity size. Was that explained any better?
So yes, size is the dominant factor in sexual maturity, but age can be a secondary factor as well. In some species, age is the dominant factor, but the species that use age as the primary determining factor in reaching sexual maturity are more rare.
A 5 year old, 2" Midas may very well be able to spawn. In some extreme cases (like an old fish that is very small for its species), the body simply doesn't have room to grow or enlarge reproductive organs.
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