ARCM vs TBLL: Grades, Fees and Holdings Compared

Arrow Reserve Capital Management ETF

ARCMCCboe

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.42pt a year

ARCM0.50%TBLL0.08%

Avg volume · 30D

TBLL 790.3×the volume

ARCM396TBLL313K

5Y return · a year

TBLL +0.2pt

ARCM+3.5%TBLL+3.7%

ARCM vs TBLL Performance

Oct 29, 2021 – Oct 30, 2026

+18.5%ARCM+19.7%TBLL

Expense ratio: ARCM 0.50%; TBLL 0.08%, better
Fund size: ARCM $51M; TBLL $2.9B
1Y total return: ARCM +3.3%; TBLL +3.6%, better
Yield (12M): ARCM 3.87%, better; TBLL 3.59%
Holdings: ARCM 103; TBLL 90
Avg volume (30D): ARCM 396 sh; TBLL 313K sh, better
NAV per share: ARCM $100.24; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for ARCM, TBLL, with each pillar’s weight
Pillar	ARCM	TBLL
Cost30% weight	F3	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C46Higher	C44
Tradability15% weight	D33	A80Higher
Holdings10% weight	B63	B66Higher
Durability5% weight	C47	A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ARCM and TBLL are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

TBLL ranks 4th and ARCM 64th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 62CSOFRAmplify Samsung SOFR ETFScore 49
Rank 64CARCMArrow Reserve Capital Management ETFScore 46
Rank 64CSCUBSterling Capital Ultra Short Duration Bond EtfScore 46

Our read on each fund

ETF.net Research

ARCMCArrow Reserve Capital Management ETF

TBLLAInvesco Short Term Treasury ETF

In short

ARCM Arrow's boutique take on cash parking, running since 2017: preserve capital, collect current income, pay monthly. The trade-off is a 0.50% fee in a corner of the bond market where the giants charge a fraction of that.

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

Stated mandate

ARCM The Fund seeks to preserve capital while maximizing current income.

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

Why people hold it

ARCM Does what the label says: a reserve cash-management strategy aiming to preserve capital while maximizing current income, matching the mandate in its own filings.
Income is paid monthly, which fits the short-horizon cash job the fund is built for.
Trading since 2017, so it has operated across very different interest-rate environments instead of arriving mid-cycle.
A 1940 Act fund with a clearly stated fixed-income mandate, so what you own is spelled out in the prospectus.

TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

Worth knowing

ARCM Fee is the headline trade-off: 0.50% against a 0.20% category median, and five times Vanguard's VUSB at 0.10%.
Small and thinly traded, so bid-ask spreads can run wider than the category heavyweights and larger orders can move the price.
In ultra-short bonds the expense ratio comes straight out of the income collected, so cost weighs more heavily here than in most categories.

TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

Full ARCM profile⁠

Full TBLL profile⁠

ARCM vs TBLL Holdings

How ARCM and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile98.9%
Asset classFixed Income100%

Sector

No Sector split for ARCM and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in ARCM and TBLL, widest gap first
Country	More in ARCMMore in TBLL	ARCM	TBLL
United States	TBLL +1.1 points	98.9%	100.0%
Singapore	ARCM +1.1 points	1.1%	0.0%

Concentration

Weight in the 10 largest Holdings

ARCM37.8%
TBLL23.3%

Securities held

ARCM102
TBLL88

Asset class

ARCM: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ARCM holds 102 securities, TBLL 88.

All ARCM holdings⁠All 88 TBLL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ARCM vs TBLL Cost

Overpaying ARCM vs TBLL

$8,290

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ARCM 0.50%
$9,979
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

ARCM 0.50%
TBLL 0.08%
Overpaying

Year by year

Year	ARCM	TBLL	Overpaying
10	$900	$147	$753
20	$3,460	$575	$2,885
30	$9,979	$1,689	$8,290

Expense ratio

0.50%ARCM
0.08%TBLL, cheaper

TBLL0.08%ARCM0.50%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

TBLL 10th cheapest of 78 funds

ARCM 76th cheapest of 78 funds

ARCM vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ARCM 3.87%, better; TBLL 3.59%
Payout (12M): ARCM $3.87; TBLL $3.79
Last payment: ARCM $0.31; TBLL $0.34
Ex-dividend: ARCM Oct 30, 2026; TBLL Oct 19, 2026
Paid on: ARCM Pays Nov 4, 2026; TBLL Oct 23, 2026
Frequency: ARCM Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ARCMMonthly · 46 paymentsAll ARCM payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

ARCM vs TBLL Risk

Fall from peak · 5 years

ARCM
TBLL

Risk facts

VolatilityStd dev, 3 years: ARCM 0.4%TBLL 0.3%, better
Return per unit of riskSharpe ratio, 3 years: ARCM −0.34, betterTBLL −0.66
Worst fallMax drawdown, 5 years: ARCM −3.5%TBLL −0.4%, better
Market sensitivityBeta, 5 years: ARCM 0.03TBLL 0.01; Market = 1

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