BBIB vs TYA

BBIBAJPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

TYADSimplify Intermediate Term Treasury Futures Strategy ETF

In short

BBIB A plain ladder of 3-to-10-year Treasuries at four basis points. JPMorgan showed up late to this corner of the market and priced its way in, undercutting most of the intermediate Treasury shelf while hugging its index.

TYA Most intermediate Treasury funds own intermediate Treasuries. TYA stacks intermediate-curve Treasury futures to target the duration of the ICE 20+ Year US Treasury Index, sourcing long-end rate exposure from the belly of the curve.

Stated mandate

BBIB The fund is designed to provide current income and to closely track the investment results of the ICE U.S. Treasury 3-10 Year benchmark.

TYA The fund seeks quarterly total returns that match or exceed the ICE US Treasury 20+ Year Index before fees and expenses. It uses intermediate-curve Treasury futures to target the duration of that long-term Treasury index.

Why people hold it

• BBIB Charges 0.04% a year, well below the typical intermediate Treasury fund and only a hair off the cheapest names in the group (SPTI, SCHR).
• Built to track the ICE U.S. Treasury 3-10 Year index and stays close to it, one of the tightest implementations in its peer group.jpmorgan.com
• Straight government paper, roughly 80 issues, no credit sleeve, and income paid monthly.

• TYA Unusual mandate: it aims for quarterly total returns matching or beating the ICE 20+ Year US Treasury Index before fees, built from intermediate Treasury futures rather than 30-year bonds.simplify.us
• Nothing else in its intermediate Treasury cohort works this way. Peers like SPTI and SCHR simply hold the 3-10 year part of the curve.
• Duration is delivered through futures, not a pile of cash long bonds, and the fund distributes monthly.
• Live since 2021, so there is a multi-year record of the strategy running in real markets rather than a backtest.

Worth knowing

• BBIB Thinly traded next to the category's giants, so spreads can run wider and bigger orders take more care.
• A 2023 launch with a modest asset base, so the record here is short compared with decade-old rivals.
• Intermediate duration cuts both ways: prices move opposite yields, more than cash-like funds and less than long bonds.

• TYA It charges 0.25%, above the cohort median near 0.15% and many times the plain trackers: SPTI and SCHR run 0.03%.
• Intermediate label, long-end sensitivity. Targeting a 20+ year index's duration means rate moves hit the price much harder than in a straight 3-10 year Treasury fund.
• Futures rolls, margin and collateral add moving parts a cash bond fund does not have, and as a moderately traded fund its spreads can run wider than the cohort's giants.

Full BBIB profile⁠

Full TYA profile⁠