DLUX vs TBLL: Grades, Fees and Holdings Compared

DoubleLine Ultrashort Income ETF

DLUXBNYSE Arca

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.10pt a year

DLUX0.18%TBLL0.08%

Avg volume · 30D

TBLL 15.5×the volume

DLUX20.1KTBLL313K

DLUX vs TBLL Performance

Jul 31, 2026 – Oct 30, 2026

+0.5%DLUX+0.9%TBLL

Expense ratio: DLUX 0.18%; TBLL 0.08%, better
Fund size: DLUX $276M; TBLL $2.9B
1Y total return: DLUX No data; TBLL +3.6%
Yield (12M): DLUX No data; TBLL 3.59%
Holdings: DLUX 280; TBLL 90
Avg volume (30D): DLUX 20.1K sh; TBLL 313K sh, better
NAV per share: DLUX $50.07; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for DLUX, TBLL, with each pillar’s weight
Pillar	DLUX	TBLL
Cost30% weight	C53	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C44
Tradability15% weight	D26	A80Higher
Holdings10% weight	B58	B66Higher
Durability5% weight	D26	A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. DLUX 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 DLUX 40th 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 40BCBILCorgi 3-12 Month T-Bill ETFScore 59
Rank 40BDLUXDoubleLine Ultrashort Income ETFScore 59
Rank 40BULSTState Street Ultra Short Term Bond ETFScore 59

Our read on each fund

ETF.net Research

DLUXBDoubleLine Ultrashort Income ETF

TBLLAInvesco Short Term Treasury ETF

In short

DLUX DoubleLine's 2026 entry treats the cash corner of the bond market as an active job: government, securitized and corporate paper, interest-rate risk kept very low, measured against 3-month T-bills.

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

DLUX The Fund seeks current income and total return while preserving capital. It actively manages liquidity, interest-rate, and spread risks through diversified, high-quality government, securitized, and corporate bond exposure while keeping interest-rate risk very low.

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

DLUX Costs 0.18% a year, below the 0.20% median for ultrashort bond ETFs, and that buys active management rather than index tracking.
Works three levers at once: liquidity, interest-rate and spread risk, across diversified high-quality government, securitized and corporate bonds.doubleline.com
The yardstick is the ICE BofA 3-Month Treasury-Bill Index, so the fund is built to be judged against cash, not the broad bond market.doubleline.com

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

DLUX Income arrives quarterly, four times a year rather than monthly.
Launched in 2026 with a small asset base and light trading, which can mean wider bid-ask spreads than the category's giants.
Established rivals undercut it on fee: VUSB at 0.10%, SHV and PULS at 0.15%.

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 DLUX profile⁠

Full TBLL profile⁠

DLUX vs TBLL Holdings

How DLUX and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile88.6%
Asset classFixed Income100%

Sector

No Sector split for DLUX and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in DLUX and TBLL, widest gap first
Country	More in DLUXMore in TBLL	DLUX	TBLL
United States	TBLL +11.4 points	88.6%	100.0%
Cayman Islands	DLUX +7.7 points	7.7%	0.0%
Canada	DLUX +1.2 points	1.2%	0.0%
Spain	DLUX +0.9 points	0.9%	0.0%
Ireland	DLUX +0.7 points	0.7%	0.0%
Other countries (4)	DLUX +1.1 points	1.1%	0.0%

Concentration

Weight in the 10 largest Holdings

DLUX26.5%
TBLL23.3%

Securities held

DLUX278
TBLL88

Asset class

DLUX: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. DLUX holds 278 securities, TBLL 88.

All DLUX 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.

DLUX vs TBLL Cost

Overpaying DLUX vs TBLL

$2,060

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

DLUX 0.18%
$3,749
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

DLUX 0.18%
TBLL 0.08%
Overpaying

Year by year

Year	DLUX	TBLL	Overpaying
10	$328	$147	$181
20	$1,281	$575	$706
30	$3,749	$1,689	$2,060

Expense ratio

0.18%DLUX
0.08%TBLL, cheaper

TBLL0.08%DLUX0.18%

0.03%1.00%

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

TBLL 10th cheapest of 78 funds

DLUX 36th cheapest of 78 funds

DLUX vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DLUX No data; TBLL 3.59%
Payout (12M): DLUX No data; TBLL $3.79
Last payment: DLUX $0.19; TBLL $0.34
Ex-dividend: DLUX Oct 1, 2026; TBLL Oct 19, 2026
Paid on: DLUX Oct 7, 2026; TBLL Oct 23, 2026
Frequency: DLUX Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DLUXMonthly · 6 paymentsAll DLUX payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

DLUX vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DLUX No dataTBLL 0.3%
Return per unit of riskSharpe ratio, 3 years: DLUX No dataTBLL −0.66
Worst fallMax drawdown, 5 years: DLUX No dataTBLL −0.4%
Market sensitivityBeta, 5 years: DLUX 0.05TBLL 0.01; Market = 1

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