TBLL vs UYLD

TBLLAInvesco Short Term Treasury ETF

UYLDCAngel Oak Ultrashort Income ETF

In short

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.

UYLD Angel Oak's ultrashort fund comes out of a securitized-credit shop, not a bill ladder: active, roughly 500 bonds, average maturity kept under two years and duration under one year, for 0.35% net of a waiver through September 30, 2027.

Stated mandate

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.

UYLD The Fund seeks current income while aiming to limit price volatility and preserve liquidity. Its portfolio is managed to maintain a dollar-weighted average maturity below two years and duration below one year.

Why people hold it

• 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.

• UYLD The mandate is specific: dollar-weighted average maturity below two years, duration below one year, aiming at current income while limiting price swings and preserving liquidity.
• Angel Oak built its business in securitized credit and runs this as one of its actively managed bond ETFs, a specialist lane rather than a Treasury bill tracker.businesswire.com
• Roughly 500 positions, monthly distributions, and over a billion dollars in assets: real breadth and scale for an actively run short-duration credit sleeve.

Worth knowing

• 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.

• UYLD Cost is the trade-off: 0.35% net of a waiver through September 30, 2027 (0.56% gross), above the category median, while bill funds like VBIL at 0.06% and CLIP at 0.07% undercut it.
• The objective aims to limit price volatility, not remove it. This is active credit rather than Treasury bills, so the share price can move more than a pure bill fund's.businesswire.com
• In a peer group crowded with ultra-cheap bill trackers, it sits in the lower half of the field, mostly on price rather than on how it runs the portfolio.

Full TBLL profile⁠

Full UYLD profile⁠