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FTSM vs TBLL

First Trust Enhanced Short Maturity ETF

FTSMBNasdaq

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

Expense ratio

TBLL −0.21pt a year

FTSM0.29%TBLL0.08%

Avg volume · 30D

FTSM 2.3×the volume

FTSM720KTBLL313K

5Y return · a year

Same figure. Both funds show the same value, so neither comes out ahead.

FTSM+3.7%TBLL+3.7%

FTSM vs TBLL Performance

Oct 29, 2021 – Oct 30, 2026

+20.2%FTSM+19.7%TBLL

Oct 29, 2021 to Oct 30, 2026. FTSM +20.2%. TBLL +19.7%. Use the arrow keys to read each point.0%5%10%15%Oct 2021Apr 2024Oct 2026
Expense ratio
FTSM 0.29%
TBLL 0.08%, better
Fund size
FTSM $6.8B
TBLL $2.9B
1Y total return
FTSM +3.6%
TBLL +3.6%
Yield (12M)
FTSM 4.45%, better
TBLL 3.59%
Holdings
FTSM 742
TBLL 90
Avg volume (30D)
FTSM 720K sh, better
TBLL 313K sh
NAV per share
FTSM $59.60
TBLL $105.62
52W range

ETF.net Grade

FTSM: Cost 13, Risk 49, Mission 100, Tradability 76, Holdings 93, Durability 88. TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80.
Pillar letters and Scores for FTSM, TBLL, with each pillar’s weight
PillarFTSMTBLL
Cost30% weightF13A89Higher
Mission25% weightA100A100
Risk15% weightC49HigherC44
Tradability15% weightA76A80Higher
Holdings10% weightA93HigherB66
Durability5% weightA88HigherA80

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. FTSM 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 FTSM 36th 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 33BNUSBNuveen Ultra Short IncomeScore 62
  7. Rank 36BFTSMFirst Trust Enhanced Short Maturity ETFScore 61
  8. Rank 36BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61

Our read on each fund

ETF.net Research

FTSMBFirst Trust Enhanced Short Maturity ETF

TBLLAInvesco Short Term Treasury ETF

In short

FTSM A 2014-vintage active take on the cash-parking shelf: First Trust's managers roam short-duration investment-grade debt across sectors instead of tracking an index, chasing current income while preserving capital and keeping daily liquidity.

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

FTSM The fund seeks current income while preserving capital and maintaining daily liquidity. It is actively managed and invests in short-duration, primarily U.S.-dollar-denominated, investment-grade securities across a broad range of asset classes.

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

  • FTSM No index to follow. The team picks short-duration, mostly US-dollar investment-grade paper across a broad range of asset classes, aiming for current income with capital preservation and daily liquidity.ftportfolios.com
  • Live since 2014, it has run through an entire rate cycle and grown into a multi-billion-dollar fund that trades actively, so entering and exiting is generally straightforward.
  • Roughly 400 positions keep any single issuer a small slice of the pot, and income is paid out monthly rather than quarterly.
  • 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

  • FTSM Active management carries an active price: 0.29% a year against a 0.20% median for cash-alternative peers. ICSH charges 0.08% and JPST 0.18% for a similar job.
  • You are buying a manager's credit and duration calls, not a rulebook. Two ultra-short funds can hold quite different paper and behave differently in a stressed market.
  • It is a 1940 Act ETF, not a money market fund or a bank deposit. The share price can move, and preserving capital is a stated goal rather than a promise.ftportfolios.com
  • 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 FTSM profile⁠

Full TBLL profile⁠

FTSM vs 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.

FTSM vs TBLL Cost

Overpaying FTSM vs TBLL

$4,263

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

  • FTSM 0.29%

    $5,952

  • TBLL 0.08%

    $1,689

$10,000
30 years

Cost over time

  • FTSM 0.29%
  • TBLL 0.08%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530FTSM $5,952TBLL $1,689

Year by year

YearFTSMTBLLOverpaying
10$527$147$380
20$2,044$575$1,469
30$5,952$1,689$4,263

Expense ratio

  • 0.29%FTSM
  • 0.08%TBLL, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

TBLL 10th cheapest of 78 funds

FTSM 68th cheapest of 78 funds

FTSM vs TBLL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FTSM 4.45%, better
TBLL 3.59%
Payout (12M)
FTSM $2.65
TBLL $3.79
Last payment
FTSM $0.21
TBLL $0.34
Ex-dividend
FTSM Oct 30, 2026
TBLL Oct 19, 2026
Paid on
FTSM Pays Nov 3, 2026
TBLL Oct 23, 2026
Frequency
FTSM Monthly
TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTSMMonthly · 46 paymentsAll FTSM payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 31, 2023 $0.20; Feb 28, 2023 $0.20; Mar 31, 2023 $0.21; Apr 28, 2023 $0.21; May 31, 2023 $0.23; Jun 30, 2023 $0.23; Jul 31, 2023 $0.24; Aug 31, 2023 $0.25; Sep 29, 2023 $0.25; Oct 31, 2023 $0.24; Nov 30, 2023 $0.24; Dec 26, 2023 $0.25; Jan 31, 2024 $0.26; Feb 29, 2024 $0.24; Mar 28, 2024 $0.25; Apr 30, 2024 $0.25; May 31, 2024 $0.25; Jun 28, 2024 $0.25; Jul 31, 2024 $0.25; Aug 30, 2024 $0.25; Sep 30, 2024 $0.25; Oct 31, 2024 $0.24; Nov 29, 2024 $0.23; Dec 27, 2024 $0.23; Jan 31, 2025 $0.23; Feb 28, 2025 $0.20; Mar 31, 2025 $0.22; Apr 30, 2025 $0.21; May 30, 2025 $0.23; Jun 30, 2025 $0.22; Jul 31, 2025 $0.22; Aug 29, 2025 $0.22; Sep 30, 2025 $0.21; Oct 31, 2025 $0.21; Nov 28, 2025 $0.20; Dec 29, 2025 $0.20; Jan 30, 2026 $0.21; Feb 27, 2026 $0.19; Mar 31, 2026 $0.21; Apr 30, 2026 $0.20; May 29, 2026 $0.21; Jun 30, 2026 $0.20; Jul 31, 2026 $0.21; Aug 31, 2026 $0.20; Sep 30, 2026 $0.21; Oct 30, 2026 $0.21. Use the arrow keys to read each point.$0$0.5020232026YTD
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$0.5020232026YTD

FTSM vs TBLL Risk

Fall from peak · 5 years

  • FTSM
  • TBLL
Oct 29, 2021 to Oct 30, 2026. Worst fall: FTSM −0.6% · Mar 2022. Use the arrow keys to read each point.−0.5%−0.4%−0.3%−0.2%−0.1%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FTSM 0.5%TBLL 0.3%, better
Return per unit of riskSharpe ratio, 3 years
FTSM 0.29, betterTBLL −0.66
Worst fallMax drawdown, 5 years
FTSM −0.6%TBLL −0.4%, better
Market sensitivityBeta, 5 years
FTSM 0.05TBLL 0.01

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