ETF Evaluator:
F/m US Treasury 3 Month Bill Fund - ETF (TBIL)
Follow This ETF
(as of Sep 03)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
Risk
Index
Risk
Index
ETF Details
F/m US Treasury 3 Month Bill Fund - ETF Overview
F/m US Treasury 3 Month Bill Fund - ETF (TBIL) is a passively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). F/m Investments LLC launched the ETF in 2022.
The investment seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. Treasury Bellwether 3M Total Return USD Unhedged Index (I00087US).
Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the fund’s investment objective by investing at least 80% of the fund’s net assets (plus any borrowings for investment purposes) in the component securities of the underlying index. The index is comprised of a single issue purchased at the beginning of the month and held for a full month.
About F/m US Treasury 3 Month Bill Fund - ETF (TBIL)
There are 3 members of the management team with an average tenure of 3.85 years: Peter Baden (2022), Alexander Morris (2022) and Marcin Zdunek (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100% and Bloomberg US Trsy Bellwethers 3M TR USD index with a weighting of 100%. F/m US Treasury 3 Month Bill Fund - ETF has 4 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
F/m US Treasury 3 Month Bill Fund - ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. F/m US Treasury 3 Month Bill Fund - ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). F/m US Treasury 3 Month Bill Fund - ETF has 99.5% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TBIL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The F/m US Treasury 3 Month Bill Fund - ETF expense ratio is low compared to funds in the Ultrashort Bond category. F/m US Treasury 3 Month Bill Fund - ETF has an expense ratio of 0.15%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. F/m US Treasury 3 Month Bill Fund - ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, F/m US Treasury 3 Month Bill Fund - ETF returned 0.3%, which earned it a grade of B, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
F/m US Treasury 3 Month Bill Fund - ETF has a trailing yield of 4.04%, which is below the 4.07% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
F/m US Treasury 3 Month Bill Fund - ETF Grades
Year to date, the ETF has returned 2.1%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 3.9% over the past year (grade of D) and 4.6% over the past three years (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about F/m US Treasury 3 Month Bill Fund - ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TBIL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TBIL Return (NAV) | 0.3% | 0.9% | 3.9% | 4.6% | na | na |
| TBIL Return (Price) | 0.3% | 1.0% | 3.9% | 4.6% | na | na |
| NAV +/- Price Return | 0.002% | -0.018% | -0.021% | 0.003% | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| TBIL Grade (NAV) | B | C | D | F | na | na |
| +/- Category (NAV) | 0.0% | -0.0% | -0.4% | -0.6% | na | na |
| TBIL Tax-Cost Ratio | na | na | 1.6% | 1.9% | na | na |
TBIL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TBIL Return (NAV) | 2.1% | 4.2% | 5.2% | 5.1% | na | na | na | na | na | na | na |
| TBIL Return (Price) | 2.1% | 4.2% | 5.1% | 5.1% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.006% | -0.006% | -0.003% | -0.001% | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| TBIL Grade (NAV) | C | F | F | D | na | na | na | na | na | na | na |
| +/- Category | -0.1% | -0.6% | -0.6% | -0.9% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.00 |
| R-Squared: | 0% |
| Standard Deviation: | 0.2% |
| Category Risk Index: | 0.35 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.02 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.0% |
| Total Assets: | $ 7,218 Mil |
| Share Class Assets: | $ 7,218 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | Yes |
| Index Tracked: | ICE BofA US 3M Trsy Bill TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.0 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Baden Peter (2022), Morris Alexander (2022), Zdunek Marcin (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.5% |
| Cash: | 99.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | F/m Investments LLC |
| Phone Number: | 800-617-0004 |
| Website: | www.rbbfund.com |
| Inception Date: | August 8, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.22% |
