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CMBO vs TBLL

Wayfinder Dynamic U.S. Interest Rate ETF

CMBOCNasdaq

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

0.0%by weight

Expense ratio

TBLL −0.07pt a year

CMBO0.15%TBLL0.08%

Avg volume · 30D

TBLL 559.8×the volume

CMBO559TBLL313K

CMBO vs TBLL Performance

Dec 31, 2025 – Oct 30, 2026

+3.3%CMBO+3.0%TBLL

Dec 31, 2025 to Oct 30, 2026. CMBO +3.3%. TBLL +3.0%. Use the arrow keys to read each point.0%1%2%Dec 2025Jun 2026Oct 2026
Expense ratio
CMBO 0.15%
TBLL 0.08%, better
Fund size
CMBO $3M
TBLL $2.9B
1Y total return
CMBO No data
TBLL +3.6%
Yield (12M)
CMBO No data
TBLL 3.59%
Holdings
CMBO 3
TBLL 90
Avg volume (30D)
CMBO 559 sh
TBLL 313K sh, better
NAV per share
CMBO $102.13
TBLL $105.62
52W range

ETF.net Grade

CMBO: Cost 66, Risk 55, Mission 100, Tradability 18, Holdings 42, Durability 8. TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80.
Pillar letters and Scores for CMBO, TBLL, with each pillar’s weight
PillarCMBOTBLL
Cost30% weightB66A89Higher
Mission25% weightA100A100
Risk15% weightB55HigherC44
Tradability15% weightF18A80Higher
Holdings10% weightC42B66Higher
Durability5% weightF8A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CMBO 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 CMBO 67th of 78 funds in the Cash & Ultra-Short Income Category.

  1. Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
  2. Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
  3. Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
  4. Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
  5. Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
  6. Rank 67CCBOXCalamos Tax-Aware Collateral ETFScore 40
  7. Rank 67CCMBOWayfinder Dynamic U.S. Interest Rate ETFScore 40
  8. Rank 69DBAMUBrookstone Ultra-Short Bond ETFScore 38

Our read on each fund

ETF.net Research

CMBOCWayfinder Dynamic U.S. Interest Rate ETF

TBLLAInvesco Short Term Treasury ETF

In short

CMBO Most bond funds pick a duration and live with it. CMBO is actively run to roam across fixed-income sectors, maturities and credit quality using bond ETFs and rate derivatives, at a 0.15% fee.

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

CMBO The Fund seeks total return through an actively managed strategy focused primarily on fixed-income ETFs and derivatives referencing fixed-income instruments or indices. Its exposure may span multiple fixed-income sectors, maturities, durations, and quality levels.

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

  • CMBO 0.15% a year for an active mandate, well under the typical fee in its bond peer group.
  • Duration is a dial, not a fixed setting: the manager can shift across sectors, maturities and quality tiers using fixed-income ETFs and rate derivatives.
  • What it holds lines up closely with the fixed-income exposure its prospectus describes, so there is no drift between the pitch and the portfolio.
  • 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

  • CMBO A small fund that trades thinly. Spreads can be wide, so limit orders matter more here than in the giant core bond ETFs.
  • Launched in November 2025, so there is no long record showing how the manager handles a full rate cycle.
  • Index-tracking rivals like BND and SCHZ charge 0.03%. The extra fee here buys flexibility, and outcomes ride on the manager's rate and sector calls.
  • 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 CMBO profile⁠

Full TBLL profile⁠

CMBO vs TBLL Holdings

How CMBO and TBLL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CMBO and 0.0% of TBLL.

Level by level

  • Asset classEquity, Fixed Income0.0%
  • Holdings0 in both0.0%
  • Countryby domicile99.5%

Sector

No Sector split for CMBO and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in CMBO and TBLL, widest gap first
CountryMore in CMBOMore in TBLL
United StatesTBLL +0.5 points
SwitzerlandCMBO +0.3 points
ChinaCMBO +0.1 points
MexicoCMBO +0.1 points
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • CMBO100.0%
  • TBLL23.3%

Securities held

  • CMBO3
  • TBLL88

Asset class

CMBO
Equity
TBLL
Fixed Income

Holdings

  • Only in CMBO3
  • In both0
  • Only in TBLL88

Only in CMBO

3 securities, 100% of CMBO by weight

  • Spy 12/18/2026 10.01 C73.00%
  • Spy 12/18/2026 1010.01 P24.32%
  • First American Government Obligations Fund 12/01/20312.72%

Only in TBLL

88 securities, 99.6% of TBLL by weight

  • United States Treasury Bill 11/12/20263.02%
  • United States Treasury Bill 11/17/20262.58%
  • United States Treasury Bill 11/27/20262.41%

Weight gaps

CMBO and TBLL share no securities.

All CMBO 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.

CMBO vs TBLL Cost

Overpaying CMBO vs TBLL

$1,448

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

  • CMBO 0.15%

    $3,137

  • TBLL 0.08%

    $1,689

$10,000
30 years

Cost over time

  • CMBO 0.15%
  • TBLL 0.08%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530CMBO $3,137TBLL $1,689

Year by year

YearCMBOTBLLOverpaying
10$274$147$127
20$1,071$575$496
30$3,137$1,689$1,448

Expense ratio

  • 0.15%CMBO
  • 0.08%TBLL, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

TBLL 10th cheapest of 78 funds

CMBO 23rd cheapest of 78 funds

CMBO vs TBLL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CMBO No data
TBLL 3.59%
Payout (12M)
CMBO No data
TBLL $3.79
Last payment
CMBO $1.97
TBLL $0.34
Ex-dividend
CMBO Sep 16, 2026
TBLL Oct 19, 2026
Paid on
CMBO Sep 17, 2026
TBLL Oct 23, 2026
Frequency
CMBO Irregular
TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CMBOIrregular · 1 paymentAll CMBO payments⁠
One bar per payment. 1 payment from 2023 to 2026 YTD. Sep 16, 2026 $1.97. Use the arrow keys to read each point.$0$220232026YTD
TBLLMonthly · 46 paymentsAll TBLL payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 23, 2023 $0.32; Feb 21, 2023 $0.32; Mar 20, 2023 $0.37; Apr 24, 2023 $0.37; May 22, 2023 $0.40; Jun 20, 2023 $0.39; Jul 24, 2023 $0.43; Aug 21, 2023 $0.44; Sep 18, 2023 $0.43; Oct 23, 2023 $0.45; Nov 20, 2023 $0.47; Dec 18, 2023 $0.49; Jan 22, 2024 $0.45; Feb 20, 2024 $0.46; Mar 18, 2024 $0.44; Apr 22, 2024 $0.43; May 20, 2024 $0.44; Jun 24, 2024 $0.44; Jul 22, 2024 $0.46; Aug 19, 2024 $0.47; Sep 23, 2024 $0.44; Oct 21, 2024 $0.43; Nov 18, 2024 $0.42; Dec 23, 2024 $0.37; Jan 21, 2025 $0.39; Feb 24, 2025 $0.37; Mar 24, 2025 $0.36; Apr 21, 2025 $0.35; May 19, 2025 $0.33; Jun 23, 2025 $0.37; Jul 21, 2025 $0.38; Aug 18, 2025 $0.35; Sep 22, 2025 $0.35; Oct 20, 2025 $0.35; Nov 24, 2025 $0.33; Dec 22, 2025 $0.35; Jan 20, 2026 $0.33; Feb 23, 2026 $0.32; Mar 23, 2026 $0.30; Apr 20, 2026 $0.27; May 18, 2026 $0.32; Jun 22, 2026 $0.32; Jul 20, 2026 $0.31; Aug 24, 2026 $0.30; Sep 21, 2026 $0.32; Oct 19, 2026 $0.34. Use the arrow keys to read each point.$0$220232026YTD

CMBO vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CMBO No dataTBLL 0.3%
Return per unit of riskSharpe ratio, 3 years
CMBO No dataTBLL −0.66
Worst fallMax drawdown, 5 years
CMBO No dataTBLL −0.4%
Market sensitivityBeta, 5 years
CMBO −0.002TBLL 0.01

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