FTSM vs XHLF: Grades, Fees and Holdings Compared

First Trust Enhanced Short Maturity ETF

FTSMBNasdaq

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

XHLFANYSE Arca

Overlap

0.0%by weight

Expense ratio

XHLF −0.26pt a year

FTSM0.29%XHLF0.03%

Avg volume · 30D

FTSM 2.3×the volume

FTSM720KXHLF309K

3Y return · a year

FTSM +0.3pt

FTSM+4.7%XHLF+4.4%

FTSM vs XHLF Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%FTSM+3.6%XHLF

Expense ratio: FTSM 0.29%; XHLF 0.03%, better
Fund size: FTSM $6.8B; XHLF $2.03B
1Y total return: FTSM +3.6%; XHLF +3.6%
Yield (12M): FTSM 4.45%, better; XHLF 3.75%
Holdings: FTSM 742; XHLF 29
Avg volume (30D): FTSM 720K sh, better; XHLF 309K sh
NAV per share: FTSM $59.60; XHLF $50.29
52W range

ETF.net Grade

Pillar letters and Scores for FTSM, XHLF, with each pillar’s weight
Pillar	FTSM	XHLF
Cost30% weight	F13	A99Higher
Mission25% weight	A100	A100
Risk15% weight	C49Higher	C47
Tradability15% weight	A76	A79Higher
Holdings10% weight	A93Higher	D35
Durability5% weight	A88Higher	B59

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. FTSM and XHLF 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 ›

XHLF ranks 4th and FTSM 36th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 4AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80
Rank 7ASGOViShares 0-3 Month Treasury Bond ETFScore 79
Rank 33BNUSBNuveen Ultra Short IncomeScore 62
Rank 36BFTSMFirst Trust Enhanced Short Maturity ETFScore 61
Rank 36BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61

Our read on each fund

ETF.net Research

FTSMBFirst Trust Enhanced Short Maturity ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US 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.

XHLF Most cash-parking funds pick a maturity bucket. XHLF picks a number: it blends Treasury bills to an average duration of about six months, resets to that target monthly, and charges three basis points to do it.

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.

XHLF The Fund seeks to track the investment results of an index composed of U.S. Treasury securities.

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.

XHLF Costs 0.03% a year, against a typical short-Treasury peer near 0.14%. In cash-like funds, where returns come from bills everyone owns, fee is the main lever.
Tracks an index built to hold an average duration of roughly six months, rebalanced monthly, so exposure stays anchored instead of drifting as bills mature.bondbloxxetf.com
Sits in the gap between 0-3 month bill funds and one-year funds. Its sibling XONE targets a one-year duration at the same 0.03%, so the two can be mixed to dial in duration.
US Treasury bills only, no credit bets hiding in the portfolio, run in a multi-billion-dollar fund that has stayed close to its index.

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

XHLF Six months of duration is not zero. Prices move a touch more when yields shift than in 0-3 month bill funds such as BIL or CLIP.
Income rides whatever Treasury bills happen to pay, and distributions arrive on an irregular rhythm rather than a fixed amount or schedule.
Volume is moderate next to the largest bill ETFs, so spreads can be a bit wider, which matters more on big tickets than small ones.

Full FTSM profile⁠

Full XHLF profile⁠

FTSM vs XHLF Holdings

How FTSM and XHLF differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FTSM and 0.0% of XHLF.

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile81.7%

Sector

No Sector split for XHLF.

Country, concentration and asset class

Country by domicile

Country weights in FTSM and XHLF, widest gap first
Country	More in FTSMMore in XHLF	FTSM	XHLF
United States	XHLF +18.3 points	81.7%	100.0%
Cayman Islands	FTSM +7.0 points	7.0%	0.0%
Canada	FTSM +5.8 points	5.8%	0.0%
Australia	FTSM +1.6 points	1.6%	0.0%
United Kingdom	FTSM +1.5 points	1.5%	0.0%
Sweden	FTSM +0.7 points	0.7%	0.0%
Denmark	FTSM +0.6 points	0.6%	0.0%
Netherlands	FTSM +0.6 points	0.6%	0.0%
Other countries (3)	FTSM +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

FTSM6.3%
XHLF79.1%

Securities held

FTSM733
XHLF29

Asset class

FTSM: Cash
XHLF: Fixed Income

Holdings

Only in FTSM733
In both0
Only in XHLF29

Only in FTSM

733 securities, 100% of FTSM by weight

AUTONATION INC 0%, due 11/02/20260.96%
TARGA RESOURCES CORP 0%, due 11/02/20260.89%
U.S. Treasury Note, 4.125%, due 06/30/20280.85%
GILDAN ACTIVEWEAR INC 0%, due 11/02/20260.65%
HUNTINGTON NATIONAL BANK Variable rate, due 04/12/20280.52%
T-MOBILE USA INC 3.75%, due 04/15/20270.51%
GOLDMAN SACHS GROUP INC Variable rate, due 01/21/20290.51%
KINDER MORGAN INC 1.75%, due 11/15/20260.49%
WORKDAY INC 3.50%, due 04/01/20270.49%
CRH AMERICA FINANCE INC 3.40%, due 05/09/20270.48%
CITIBANK NA Variable rate, due 06/18/20290.47%
WILLIS NORTH AMERICA INC 4.65%, due 06/15/20270.46%
SOLVENTUM CORP 5.45%, due 02/25/20270.45%
HUNTINGTON NATIONAL BANK Variable rate, due 05/17/20280.45%
Fannie Mae - CAS Series 2024-R05, Class 2A1, Variable rate, due 07/25/20440.45%
HYATT HOTELS CORP 5.75%, due 01/30/20270.44%
AON NORTH AMERICA INC 5.125%, due 03/01/20270.44%
FIFTH THIRD BANK NA Variable rate, due 01/28/20280.44%
ZIMMER BIOMET HOLDINGS 4.70%, due 02/19/20270.44%
BANK OF AMERICA CORP Variable rate, due 04/27/20280.44%
AMRIZE FINANCE US LLC 4.70%, due 04/07/20280.44%
AUTODESK INC 3.50%, due 06/15/20270.44%
ASHTEAD CAPITAL INC 4.375%, due 08/15/20270.44%
AMCOR FLEXIBLES NORTH AMERICA 4.80%, due 03/17/20280.43%
BROWN & BROWN INC 4.60%, due 12/23/20260.43%
CADENCE DESIGN SYS INC 4.20%, due 09/10/20270.43%
AMRIZE FINANCE US LLC 4.60%, due 04/07/20270.42%
MARRIOTT INTERNATIONAL 0%, due 11/18/20260.41%
COOPERATIEVE RABOBANK UA Variable rate, due 04/06/20280.41%
DANSKE BANK A/S Variable rate, due 03/01/20280.39%
ENERGY TRANSFER LP 0%, due 11/02/20260.39%
IQVIA INC 5.70%, due 05/15/20280.38%
BANK OF NY MELLON CORP Variable rate, due 01/22/20300.38%
US BANK NA CINCINNATI Variable rate, due 05/20/20290.38%
U.S. Treasury Note, 4.25%, due 07/31/20280.37%
THE BOEING CO 3.25%, due 02/01/20280.37%
GE HEALTHCARE TECH INC 5.65%, due 11/15/20270.37%
WELLS FARGO & COMPANY Variable rate, due 04/22/20280.37%
BANK OF MONTREAL N/C, Variable rate, due 01/13/20280.37%
THE CAMPBELLS COMPANY 5.20%, due 03/19/20270.37%
SVENSKA HANDELSBANKEN NY N/C, Variable rate, due 02/11/20270.37%
CAPITAL ONE FINANCIAL CO Variable rate, due 05/10/20280.37%
COMMONWEALTH BK AUSTRALIA N/C, Variable rate, due 02/12/20270.37%
SWEDBANK Variable rate, due 11/09/20260.37%
WESTPAC BANKING CORP Variable rate, due 05/21/20270.37%
GLOBAL PAYMENTS INC 0%, due 11/03/20260.37%
QUANTA SERVICES INC 4.30%, due 08/09/20280.37%
JPMORGAN CHASE & CO Variable rate, due 02/01/20280.37%
AGILENT TECHNOLOGIES INC 4.20%, due 09/09/20270.37%
PNC FINANCIAL SERVICES Variable rate, due 10/26/20290.37%

Only in XHLF

29 securities, 100% of XHLF by weight

Us T Bill Zcp 05/13/279.27%
Us T Bill Zcp 03/18/279.13%
Us T Bill Zcp 07/08/279.11%
Us T Bill Zcp 08/05/278.90%
Us T Bill Zcp 06/10/278.85%
Us T Bill Zcp 04/15/277.94%
Us T Bill Zcp 09/02/277.19%
Us T Bill Zcp 01/21/276.53%
Us T Bill Zcp 12/24/266.26%
Us T Bill Zcp 02/18/275.91%
Us T Bill Zcp 10/28/274.73%
Cashusd4.27%
Us T Bill Zcp 09/30/273.85%
Us T Bill Zcp 11/27/261.84%
Us T Bill Zcp 11/12/261.63%
Us T Bill Zcp 12/17/261.08%
Us T Bill Zcp 11/05/261.02%
Us T Bill Zcp 11/19/260.99%
Us T Bill Zcp 12/03/260.98%
Us T Bill Zcp 12/10/260.76%
Us T Bill Zcp 12/31/260.73%
Us T Bill Zcp 12/08/260.59%
Us T Bill Zcp 12/15/260.52%
Us T Bill Zcp 01/28/270.49%
Us T Bill Zcp 11/10/260.37%
Us T Bill Zcp 12/22/260.34%
Us T Bill Zcp 11/17/260.24%
Us T Bill Zcp 01/05/270.20%
Us T Bill Zcp 01/07/270.20%

Weight gaps

FTSM and XHLF share no securities.

All 742 FTSM holdings⁠All XHLF 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 XHLF Cost

Overpaying FTSM vs XHLF

$5,314

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

FTSM 0.29%
$5,952
XHLF 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FTSM 0.29%
XHLF 0.03%
Overpaying

Year by year

Year	FTSM	XHLF	Overpaying
10	$527	$55	$472
20	$2,044	$216	$1,828
30	$5,952	$638	$5,314

Expense ratio

0.29%FTSM
0.03%XHLF, cheaper

XHLF0.03%FTSM0.29%

0.03%1.00%

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

XHLF cheapest of 78 funds

FTSM 68th cheapest of 78 funds

FTSM vs XHLF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTSM 4.45%, better; XHLF 3.75%
Payout (12M): FTSM $2.65; XHLF $1.89
Last payment: FTSM $0.21; XHLF $0.15
Ex-dividend: FTSM Oct 30, 2026; XHLF Oct 1, 2026
Paid on: FTSM Pays Nov 3, 2026; XHLF Oct 6, 2026
Frequency: FTSM Monthly; XHLF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTSMMonthly · 46 paymentsAll FTSM payments⁠

XHLFMonthly · 45 paymentsAll XHLF payments⁠

FTSM vs XHLF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTSM 0.5%XHLF 0.3%, better
Return per unit of riskSharpe ratio, 3 years: FTSM 0.29, betterXHLF −0.52
Worst fallMax drawdown, 5 years: FTSM −0.6%XHLF −0.1%since Sep 2022
Market sensitivityBeta, 5 years: FTSM 0.05XHLF 0.03; Market = 1

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