F/m US Treasury 3 Month Bill Fund
$49.97−0.01 (−0.01%)
- Expense ratio
- 0.15%
- Fund size
- $7.3B
- 1Y return
- +3.7%
- Yield · Last 12 months
- 3.65%
- Holdings
- 6
- Volume · 30D
- 1.8M sh
- NAV per share
- $49.95
- 52W range
The ETF.net TBIL Grade
Score 73 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 68Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 49Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 90Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 38Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 75Category rank
Our read on TBIL
AOne bond, one job: TBIL owns the newest 3-month Treasury bill and rolls into the next at each month's rebalance, so you hold the current 3-month rate, not a blend. Pays monthly. Flagship of the first single-security Treasury suite.
The Fund seeks investment results, before fees and expenses, that generally correspond to the price and yield performance of the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. It normally invests at least 80% of net assets in the index components.
Why people hold it
- Holds one security: the most recently auctioned 3-month bill, refreshed at each month's rebalance, with that on-the-run bill written in as the fallback if the index lags an auction.fminvest.com
- Pays monthly, a faster cadence than the semi-annual coupons on the Treasury notes further out the curve.fminvest.com
- A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part. Running since 2022 as the flagship of F/m's single-security Treasury lineup.fminvest.com
Worth knowing
- At 0.15% it costs a bit more than the typical bill ETF and several times the cheapest options, with VBIL at 0.06% and XONE at 0.03%.
- One bond means no ladder to smooth things: at each roll the whole portfolio resets to the latest auction rate, up or down.fminvest.com
- An ETF, not a money market fund. The share price floats with the market instead of being managed to a stable $1.
TBIL Holdings
- Bonds
- 6
- 100%
- United States Treasury Bill 11/27/2026
TBIL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TBIL |
|---|---|
| Year to date | +2.6% |
| 1 month | +0.3% |
| 3 months | +0.9% |
| 1 year | +3.7% |
| 3 years | +4.5% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TBIL |
|---|---|---|
| 2026 YTD | +2.6% | |
| 2025 | +4.2% | |
| 2024 | +5.1% | |
| 2023 | +5.1% | |
| 2022 | +1.3% |
TBIL in the news
ETF.net Research hasn’t filed on TBIL yet — coverage lands here as it’s written.
TBIL Dividends
- 3.65%
- $1.82
- $0.15 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 27, 2026 | Aug 28, 2026 | $0.15 |
| Jul 28, 2026 | Jul 29, 2026 | $0.15 |
| Jun 29, 2026 | Jun 30, 2026 | $0.15 |
| May 28, 2026 | May 29, 2026 | $0.15 |
| Apr 28, 2026 | Apr 29, 2026 | $0.15 |
| Mar 30, 2026 | Mar 31, 2026 | $0.15 |
| Feb 26, 2026 | Feb 27, 2026 | $0.15 |
| Jan 29, 2026 | Jan 30, 2026 | $0.16 |
| Dec 30, 2025 | Dec 31, 2025 | $0.15 |
| Dec 2, 2025 | Dec 3, 2025 | $0.15 |
| Nov 3, 2025 | Nov 4, 2025 | $0.16 |
| Oct 1, 2025 | Oct 2, 2025 | $0.16 |
TBIL Risk
- 0.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −1.06
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −0.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −0.0004
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TBIL Cost
- The middle half of Cash & Ultra-Short Income funds
- Median 0.19%
20 of the 77 Cash & Ultra-Short Income funds charge less.