FLUD vs TBLL: Grades, Fees and Holdings Compared

Franklin Ultra Short Bond ETF

FLUDANYSE Arca

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.07pt a year

FLUD0.15%TBLL0.08%

Avg volume · 30D

TBLL 1.4×the volume

FLUD217KTBLL313K

5Y return · a year

FLUD +0.3pt

FLUD+4.0%TBLL+3.7%

FLUD vs TBLL Performance

Oct 29, 2021 – Oct 30, 2026

+21.4%FLUD+19.7%TBLL

Expense ratio: FLUD 0.15%; TBLL 0.08%, better
Fund size: FLUD $642M; TBLL $2.9B
1Y total return: FLUD +4.0%, better; TBLL +3.6%
Yield (12M): FLUD 4.03%, better; TBLL 3.59%
Holdings: FLUD 472; TBLL 90
Avg volume (30D): FLUD 217K sh; TBLL 313K sh, better
NAV per share: FLUD $24.99; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for FLUD, TBLL, with each pillar’s weight
Pillar	FLUD	TBLL
Cost30% weight	B66	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C52Higher	C44
Tradability15% weight	C47	A80Higher
Holdings10% weight	A83Higher	B66
Durability5% weight	B69	A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. FLUD 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 FLUD 24th 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 20ATBILF/m US Treasury 3 Month Bill FundScore 72
Rank 24AFLUDFranklin Ultra Short Bond ETFScore 71
Rank 25BSCUSSchwab Ultra-Short Income ETFScore 68

Our read on each fund

ETF.net Research

FLUDAFranklin Ultra Short Bond ETF

TBLLAInvesco Short Term Treasury ETF

In short

FLUD An actively run parking spot for cash. Franklin's ultra-short bond fund works the front end of the curve for income while emphasizing lower volatility, pays out monthly, and charges less than the typical fund in its cash-alternative group.

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

FLUD The fund seeks income and capital appreciation while emphasizing lower volatility.

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

FLUD 0.15% a year, under the going rate for cash-alternative ETFs. When returns are measured in basis points, the fee is the one input you actually control.
Actively managed, not index-bound. The manager picks across short-maturity bonds seeking income and capital appreciation while emphasizing lower volatility.
Distributions land monthly, which matches how a cash sleeve tends to get used.
Running since 2020 and one of the stronger implementations in its cash-alternative peer group, a rare combination with a below-median fee.

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

FLUD This is a bond fund, not a money market fund. The share price floats, so stress in short-dated credit shows up in NAV rather than being smoothed away.
Cheaper doors exist in the same aisle: ICSH charges less for ultra-short duration exposure. The fee edge here is over the median, not the whole field.
Moderately traded rather than a volume heavyweight, so spreads can run wider than at the category's largest names.

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 FLUD profile⁠

Full TBLL profile⁠

FLUD vs TBLL Holdings

How FLUD and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile63.6%
Asset classFixed Income100%

Sector

No Sector split for TBLL.

Country, concentration and asset class

Country by domicile

Country weights in FLUD and TBLL, widest gap first
Country	More in FLUDMore in TBLL	FLUD	TBLL
United States	TBLL +36.4 points	63.6%	100.0%
Canada	FLUD +8.3 points	8.3%	0.0%
United Kingdom	FLUD +6.0 points	6.0%	0.0%
France	FLUD +5.2 points	5.2%	0.0%
Japan	FLUD +4.1 points	4.1%	0.0%
Spain	FLUD +3.4 points	3.4%	0.0%
Australia	FLUD +2.4 points	2.4%	0.0%
Netherlands	FLUD +2.2 points	2.2%	0.0%
Other countries (6)	FLUD +4.9 points	4.9%	0.0%

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

Concentration

Weight in the 10 largest Holdings

FLUD9.9%
TBLL23.3%

Securities held

FLUD409
TBLL88

Asset class

FLUD: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FLUD holds 409 securities, TBLL 88.

All FLUD 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.

FLUD vs TBLL Cost

Overpaying FLUD vs TBLL

$1,448

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

FLUD 0.15%
$3,137
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

FLUD 0.15%
TBLL 0.08%
Overpaying

Year by year

Year	FLUD	TBLL	Overpaying
10	$274	$147	$127
20	$1,071	$575	$496
30	$3,137	$1,689	$1,448

Expense ratio

0.15%FLUD
0.08%TBLL, cheaper

TBLL0.08%FLUD0.15%

0.03%1.00%

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

TBLL 10th cheapest of 78 funds

FLUD 23rd cheapest of 78 funds

FLUD vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLUD 4.03%, better; TBLL 3.59%
Payout (12M): FLUD $1.01; TBLL $3.79
Last payment: FLUD $0.09; TBLL $0.34
Ex-dividend: FLUD Oct 1, 2026; TBLL Oct 19, 2026
Paid on: FLUD Oct 6, 2026; TBLL Oct 23, 2026
Frequency: FLUD Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FLUDMonthly · 46 paymentsAll FLUD payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

FLUD vs TBLL Risk

Fall from peak · 5 years

FLUD
TBLL

Risk facts

VolatilityStd dev, 3 years: FLUD 0.5%TBLL 0.3%, better
Return per unit of riskSharpe ratio, 3 years: FLUD 1.18, betterTBLL −0.66
Worst fallMax drawdown, 5 years: FLUD −1.5%TBLL −0.4%, better
Market sensitivityBeta, 5 years: FLUD 0.03TBLL 0.01; Market = 1

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