MMKT vs TBLL: Grades, Fees and Holdings Compared

Texas Capital Government Money Market ETF

MMKTCNYSE

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.12pt a year

MMKT0.20%TBLL0.08%

Avg volume · 30D

TBLL 59.6×the volume

MMKT5.25KTBLL313K

MMKT vs TBLL Performance

Oct 31, 2025 – Oct 30, 2026

+3.5%MMKT+3.6%TBLL

Expense ratio: MMKT 0.20%; TBLL 0.08%, better
Fund size: MMKT $68M; TBLL $2.9B
1Y total return: MMKT +3.5%; TBLL +3.6%, better
Yield (12M): MMKT 3.63%, better; TBLL 3.59%
Holdings: MMKT 30; TBLL 90
Avg volume (30D): MMKT 5.25K sh; TBLL 313K sh, better
NAV per share: MMKT $100.22; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for MMKT, TBLL, with each pillar’s weight
Pillar	MMKT	TBLL
Cost30% weight	D38	A89Higher
Mission25% weight	A100	A100
Risk15% weight	D39	C44Higher
Tradability15% weight	D36	A80Higher
Holdings10% weight	D35	B66Higher
Durability5% weight	D36	A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. MMKT 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 MMKT 60th 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 59BTLDRThe Laddered T-Bill ETFScore 53
Rank 60CMMKTTexas Capital Government Money Market ETFScore 52
Rank 61CVUSIVoya Ultra Short Income ETFScore 50

Our read on each fund

ETF.net Research

MMKTCTexas Capital Government Money Market ETF

TBLLAInvesco Short Term Treasury ETF

In short

MMKT Money markets went unchallenged by ETFs for three decades. MMKT was the first fund to run a government money market portfolio under Rule 2a-7 inside an ETF wrapper, with one twist: no fixed $1 share price.

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

MMKT The Fund seeks current interest income while maintaining liquidity and stability of principal. It invests primarily in high-quality U.S. government money market instruments and related repurchase agreements.

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

MMKT The first ETF built to Rule 2a-7, the SEC rulebook behind government money market funds: at least 99.5% in cash, U.S. government paper and fully collateralized repos.globenewswire.com etf.com sec.gov
Cash-style exposure that lives in the brokerage account and trades intraday on the NYSE, rather than in a separate money fund with an end-of-day cutoff.globenewswire.com sec.gov
Pays income monthly, and the holdings match the mandate on paper: high-quality U.S. government money market instruments and related repurchase agreements, nothing exotic.

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

MMKT No fixed $1 share price. NAV follows the market value of the holdings, and shares can trade a touch above or below it. Not a bank deposit, not FDIC insured.etf.com sec.gov
The 0.20% fee sits right at the category median, while SBIL and IQMM charge 0.15% and ICSH charges 0.08%.
Launched in 2024 and thinly traded, so spreads can run wider than at the cash-alternative giants, and the track record is still short.

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 MMKT profile⁠

Full TBLL profile⁠

MMKT vs TBLL Holdings

How MMKT and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for MMKT and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in MMKT and TBLL, widest gap first
Country	More in MMKTMore in TBLL	MMKT	TBLL
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

MMKT80.0%
TBLL23.3%

Securities held

MMKT29
TBLL88

Asset class

MMKT: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MMKT holds 29 securities, TBLL 88.

All MMKT 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.

MMKT vs TBLL Cost

Overpaying MMKT vs TBLL

$2,466

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

MMKT 0.20%
$4,155
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

MMKT 0.20%
TBLL 0.08%
Overpaying

Year by year

Year	MMKT	TBLL	Overpaying
10	$365	$147	$218
20	$1,421	$575	$846
30	$4,155	$1,689	$2,466

Expense ratio

0.20%MMKT
0.08%TBLL, cheaper

TBLL0.08%MMKT0.20%

0.03%1.00%

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

TBLL 10th cheapest of 78 funds

MMKT 45th cheapest of 78 funds

MMKT vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MMKT 3.63%, better; TBLL 3.59%
Payout (12M): MMKT $3.64; TBLL $3.79
Last payment: MMKT $0.07; TBLL $0.34
Ex-dividend: MMKT Oct 30, 2026; TBLL Oct 19, 2026
Paid on: MMKT Pays Nov 2, 2026; TBLL Oct 23, 2026
Frequency: MMKT Weekly; TBLL Monthly

Distribution history

Per share, 2026, same scale for both

MMKTWeekly · 44 paymentsAll MMKT payments⁠

TBLLMonthly · 10 paymentsAll TBLL payments⁠

MMKT vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMKT 0.1%since Oct 2024TBLL 0.3%
Return per unit of riskSharpe ratio, 3 years: MMKT −2.61since Oct 2024TBLL −0.66
Worst fallMax drawdown, 5 years: MMKT −0.04%since Sep 2024TBLL −0.4%
Market sensitivityBeta, 5 years: MMKT 0.0008TBLL 0.01; Market = 1

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