BKUI vs TBLL: Grades, Fees and Holdings Compared

BNY Mellon Ultra Short Income ETF

BKUIANYSE Arca

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.04pt a year

BKUI0.12%TBLL0.08%

Avg volume · 30D

TBLL 3.3×the volume

BKUI95.1KTBLL313K

5Y return · a year

BKUI+3.7%TBLL+3.7%

BKUI vs TBLL Performance

Nov 2, 2021 – Nov 2, 2026

+20.2%BKUI+19.7%TBLL

Expense ratio: BKUI 0.12%; TBLL 0.08%, better
Fund size: BKUI $790M; TBLL $2.9B
1Y total return: BKUI +3.6%; TBLL +3.6%
Yield (12M): BKUI 4.35%, better; TBLL 3.59%
Holdings: BKUI 152; TBLL 102
Avg volume (30D): BKUI 95.1K sh; TBLL 313K sh, better
NAV per share: BKUI $49.68; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for BKUI, TBLL, with each pillar’s weight
Pillar	BKUI	TBLL
Cost30% weight	A81	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C44
Tradability15% weight	C53	A79Higher
Holdings10% weight	A77Higher	B66
Durability5% weight	B59	A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. BKUI 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 5th and BKUI 15th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 5ATBLLInvesco Short Term Treasury ETFScore 80
Rank 5AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80
Rank 15ABILSState Street SPDR Bloomberg 3-12 Month T-Bill ETFScore 75
Rank 15ABKUIBNY Mellon Ultra Short Income ETFScore 75
Rank 17ASHViShares Trust iShares 0-1 Year Treasury Bond ETFScore 74

Our read on each fund

ETF.net Research

BKUIABNY Mellon Ultra Short Income ETF

TBLLAInvesco Short Term Treasury ETF

In short

BKUI BNY's take on the parked-cash corner: an investment-grade ultra-short bond fund at 0.13% a year, spread across roughly 160 positions, paying income monthly.

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

BKUI The fund seeks high current income while maintaining liquidity and limiting principal volatility. It normally invests at least 80% of net assets in investment-grade, U.S.-dollar fixed, variable or floating-rate debt or cash equivalents.

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

BKUI 0.13% a year undercuts the ultra-short category's typical fee, and lands below top-rated peers like SHV, PULS and DUSB at 0.15%.
The mandate is plain-spoken: at least 80% of net assets in investment-grade dollar debt (fixed, variable or floating rate) or cash equivalents.
Income arrives monthly, and the book spreads across roughly 160 positions rather than a handful of bills.
Sits in the upper tier of a crowded ultra-short field of nearly 30 funds on our review.

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

BKUI The goal is limited principal volatility, not zero. This is short-dated credit, not a deposit account, so the share price can move.
With floating and variable-rate paper in the mix, the monthly payout floats with short-term rates instead of holding a set coupon.
Trading is moderate rather than the deepest in the category, which matters most on large orders.

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 BKUI profile⁠

Full TBLL profile⁠

BKUI vs TBLL Holdings

How BKUI and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile53.3%
Asset classFixed Income100%

Sector

No Sector split for BKUI and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in BKUI and TBLL, widest gap first
Country	More in BKUIMore in TBLL	BKUI	TBLL
United States	TBLL +46.7 points	53.3%	100.0%
Canada	BKUI +10.5 points	10.5%	0.0%
France	BKUI +7.2 points	7.2%	0.0%
Australia	BKUI +5.4 points	5.4%	0.0%
United Kingdom	BKUI +5.3 points	5.3%	0.0%
Spain	BKUI +3.9 points	3.9%	0.0%
Sweden	BKUI +3.7 points	3.7%	0.0%
Singapore	BKUI +2.8 points	2.8%	0.0%
Other countries (4)	BKUI +7.8 points	7.8%	0.0%

Outside the US: BKUI 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

BKUI22.7%
TBLL24.2%

Securities held

BKUI151
TBLL100

Asset class

BKUI: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BKUI holds 151 securities, TBLL 100.

All 153 BKUI 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.

BKUI vs TBLL Cost

Overpaying BKUI vs TBLL

$831

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

BKUI 0.12%
$2,520
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

BKUI 0.12%
TBLL 0.08%
Overpaying

Year by year

Year	BKUI	TBLL	Overpaying
10	$220	$147	$73
20	$859	$575	$284
30	$2,520	$1,689	$831

Expense ratio

0.12%BKUI
0.08%TBLL, cheaper

TBLL0.08%BKUI0.12%

0.03%1.00%

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

TBLL 10th cheapest of 78 funds

BKUI 15th cheapest of 78 funds

BKUI vs TBLL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BKUI 4.35%, better; TBLL 3.59%
Payout (12M): BKUI $2.16; TBLL $3.79
Last payment: BKUI $0.17; TBLL $0.34
Ex-dividend: BKUI Nov 2, 2026; TBLL Oct 19, 2026
Paid on: BKUI Pays Nov 5, 2026; TBLL Oct 23, 2026
Frequency: BKUI Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BKUIMonthly · 46 paymentsAll BKUI payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

BKUI vs TBLL Risk

Fall from peak · 5 years

BKUI
TBLL

Risk facts

VolatilityStd dev, 3 years: BKUI 0.6%TBLL 0.3%, better
Return per unit of riskSharpe ratio, 3 years: BKUI 0.79, betterTBLL −0.66
Worst fallMax drawdown, 5 years: BKUI −1.6%TBLL −0.4%, better
Market sensitivityBeta, 5 years: BKUI 0.08TBLL 0.01; Market = 1

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