Fund Evaluator:
F/m US Treasury 3 Month Bill Fund - Inst (TBFMX)
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Fund Details
F/m US Treasury 3 Month Bill Fund - Inst Overview
F/m US Treasury 3 Month Bill Fund - Inst (TBFMX) is a passively managed Taxable Bond Ultrashort Bond fund. F/m Investments LLC launched the fund in 2026.
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 - Inst (TBFMX)
There are 3 members of the management team with an average tenure of 3.94 years: Peter Baden (2022), Alexander Morris (2022), Marcin Zdunek (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund 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 - Inst has 4 securities in its portfolio. The top 10 holdings constitute 100.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
F/m US Treasury 3 Month Bill Fund - Inst is part of the Fixed Income global asset class and is within the Taxable Bond fund group. F/m US Treasury 3 Month Bill Fund - Inst 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 - Inst has 99.7% of the portfolio in cash.
Assets Under Management
The fund has $101 million in total assets, which is below the $969 million 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.
TBFMX 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 - Inst expense ratio is low compared to funds in the Ultrashort Bond category. F/m US Treasury 3 Month Bill Fund - Inst has an expense ratio of 0.15%, which is 67% 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. A portfolio turnover rate cannot be currently calculated for F/m US Treasury 3 Month Bill Fund - Inst. By way of comparison, the average portfolio turnover is 76% for the Ultrashort Bond category.
Recently, in the month of August 2026, F/m US Treasury 3 Month Bill Fund - Inst returned 0.3%, which earned it a grade of F, 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 funds in that category.
F/m US Treasury 3 Month Bill Fund - Inst has a trailing yield of 0.00%, which is below the 4.16% category average. The fund normally distributes its income 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 - Inst Grades
Year to date, the fund has returned 2.1%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.5% over the past year (grade of F) and 4.4% over the past three years (grade of F).
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TBFMX 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 |
|
| TBFMX Return (NAV) | 0.3% | 0.6% | 3.5% | 4.4% | na | na |
| TBFMX Grade | F | F | F | F | na | na |
| +/- Category | -0.0% | -0.3% | -0.5% | -0.7% | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 3.9% | 5.1% | 3.7% | 2.7% |
| TBFMX Tax Cost Ratio | na | na | na | na | na | na |
TBFMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TBFMX Return (NAV) | 2.1% | 4.2% | 5.2% | 5.1% | na | na | na | na | na | na | na |
| TBFMX Grade | F | F | F | F | na | na | na | na | na | na | na |
| +/- Category | -0.3% | -0.6% | -0.7% | -0.8% | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.4% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.3% |
| Total Risk Index: | 0.02 - Low |
| Category Risk Index: | 0.49 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.01 |
| R-Squared: | 4% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $7193 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Baden Peter (2022), Morris Alexander (2022), Zdunek Marcin (2022) | |||
Portfolio Composition (as of 8/31/26)
| # 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: | 0.3% |
| Cash: | 99.7% |
Purchase Information
| Fund Family: | F/m Investments LLC |
| Phone Number: | 800-292-6775 |
| Website: | www.rbbfund.com |
| Status: | Open |
| Inception Date: | February 12, 2026 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.15% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | F/m US Treasury 3 Month Bill Fund - ETF |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
