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US Treasury 3 Month Bill ETF (TBIL) is an exchange-traded fund focused on providing exposure to short-term U.S. Treasury Bills. The ETF is managed by F/m Investments and trades under the ticker TBIL on NYSE Arca.
Classified as a fixed income ETF with a focus on short-term government securities, TBIL follows a passive management strategy. The fund seeks to reflect the performance of the short-maturity U.S. Treasury Bills segment through direct allocation to eligible securities.
The methodology consists of maintaining a portfolio exclusively composed of qualifying Treasury Bills, selected under predefined criteria. Adjustments are made systematically as securities approach maturity.
TBIL does not track a widely disseminated traditional index. Its reference is a portfolio of U.S. Treasury Bills issued by the federal government.
The securities have short maturities and high credit quality. Weighting may consider factors such as maturity and market value, with periodic reviews to maintain alignment with the defined strategy.
Composition / Exposure profile
The TBIL portfolio consists exclusively of U.S. Treasury Bills. The exposure is concentrated in short-term U.S. sovereign debt, characterized by high credit quality and liquidity. The fund does not include corporate bonds or other fixed income segments.
Structure and costs
TBIL shares trade on the secondary market during regular NYSE Arca trading hours. Creation and redemption of shares occur through authorized participants, helping maintain alignment between market price and net asset value.
The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. Interest income generated by the underlying Treasury Bills may be distributed to shareholders in accordance with the fund’s distribution policy.
History and evolution of the ETF
US Treasury 3 Month Bill ETF was launched in 2022 amid rising U.S. interest rates and increased demand for short-duration liquidity instruments.
Since inception, TBIL has been used as a vehicle for low-risk allocation and liquidity management, particularly during periods of macroeconomic uncertainty.
In recent years, the ETF’s behavior has reflected movements in short-term U.S. interest rates set by the Federal Reserve, maintaining adherence to its Treasury Bills exposure strategy.
