ETF Evaluator:
Invesco Short Term Treasury ETF (TBLL)
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(as of Sep 04)
Best Performing in Ultrashort Bond Over the Last Year
| 7.1% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 6.3% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.2% | Simplify Treasury Option Income ETF (BUCK) |
| 5.2% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
| 4.9% | SLW Short Duration Income ETF (SLWS) |
Risk
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ETF Details
Invesco Short Term Treasury ETF Overview
Invesco Short Term Treasury ETF (TBLL) is a passively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Invesco launched the ETF in 2017.
The investment seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index.
The fund generally will invest at least 80% of its total assets in the components of the index. The index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of less than or equal to 12 months. "U.S. Treasury Obligations" refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. They include U.S. Treasury notes, bills and bonds.
About Invesco Short Term Treasury ETF (TBLL)
There are 5 members of the management team with an average tenure of 9.64 years: Peter Hubbard (2017), Marques Mercier (2017), Justin Mandeville (2017), Wesley Rager (2017) and Laurie Brignac (2017). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE U.S. Treasury Short Bond TR USD index with a weighting of 100%. Invesco Short Term Treasury ETF has 87 securities in its portfolio. The top 10 holdings constitute 21.1% 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.
Invesco Short Term Treasury ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Invesco Short Term Treasury 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 44.4% (44.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco Short Term Treasury ETF has 55.6% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below 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.
TBLL 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 Invesco Short Term Treasury ETF expense ratio is low compared to funds in the Ultrashort Bond category. Invesco Short Term Treasury ETF has an expense ratio of 0.08%, which is 64% lower than its category average, making the fund expense ratio grade a A. 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. Invesco Short Term Treasury 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 58% for the Ultrashort Bond category.
Recently, in the month of August 2026, Invesco Short Term Treasury ETF returned 0.3%, which earned it a grade of D, 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.
Invesco Short Term Treasury ETF has a trailing yield of 3.64%, which is below the 4.03% category average.
The fund normally distributes its income monthly.
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.
Invesco Short Term Treasury ETF Grades
Year to date, the ETF has returned 2.3%, 0.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.7% over the past year (grade of F), 4.5% over the past three years (grade of F) and 3.5% per year over the past five years (grade of F).
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TBLL Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TBLL Return (NAV) | 0.3% | 0.9% | 3.7% | 4.5% | 3.5% | na |
| TBLL Return (Price) | 0.3% | 0.9% | 3.7% | 4.5% | 3.5% | na |
| NAV +/- Price Return | 0.000% | 0.000% | 0.010% | 0.017% | -0.002% | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.9% | 3.0% |
| TBLL Grade (NAV) | D | D | F | F | F | na |
| +/- Category (NAV) | -0.0% | -0.0% | -0.4% | -0.6% | -0.4% | na |
| TBLL Tax-Cost Ratio | na | na | 1.5% | 1.8% | 1.4% | na |
TBLL Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TBLL Return (NAV) | 2.3% | 4.2% | 5.1% | 5.0% | 1.1% | -0.0% | 0.9% | 2.4% | 1.8% | na | na |
| TBLL Return (Price) | 2.3% | 4.2% | 5.1% | 5.0% | 1.1% | 0.0% | 0.9% | 2.4% | 1.8% | na | na |
| NAV +/- Price Ret | 0.008% | -0.007% | -0.003% | 0.007% | -0.005% | -3.453% | -0.000% | -0.4% | 2.4% | na | na |
| Ultrashort Bond Avg | 2.5% | 4.8% | 5.8% | 6.0% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| TBLL Grade (NAV) | F | D | F | F | B | D | D | D | C | na | na |
| +/- Category | -0.2% | -0.6% | -0.7% | -1.1% | 0.7% | -0.3% | -0.5% | -1.3% | 0.4% | na | na |
| Risk Measures | |
| Beta: | 0.01 |
| R-Squared: | 22% |
| Standard Deviation: | 0.3% |
| Category Risk Index: | 0.42 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.02 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.6% |
| Total Assets: | $ 2,842 Mil |
| Share Class Assets: | $ 2,842 Mil |
| Turnover: | na |
| Expense Ratio: | 0.08% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 9.6 years | |||
| Managers (Year): Hubbard Peter (2017), Mercier Marques (2017), Mandeville Justin (2017), Rager Wesley (2017), Brignac Laurie (2017) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 87 |
| % in Top 10 Holdings: | 21.1% |
| 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: | 44.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 55.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | January 12, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.08% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.22% |
