F/m US Treasury 3 Month Bill Fund

Frequently Asked Questions About TBIL

What does TBIL invest in?

TBIL is part of the first single-bond ETF suite. The fund is a tool used in portfolio management. The fund tracks an index that holds just the on-the-run 3-month US T-Bills, which are the most recently issued and most liquid. The index purchases a single issue which will be held for a full month. At each month-end rebalancing, the underlying issue is sold and rolled into a newly selected issue, given that there has been a new public sale or auction by the US Government for 3-month T-Bills. The fund pays transaction costs when it buys and sells securities. These costs are not reflected in the annual fund operating expenses and should be expected. The fund will experience a very high turnover. This may result in higher taxes, as compared to other ETFs, if the shares are held in a taxable account. Prior to April 7, 2025, the fund tracked the ICE BofA US 3-Month Treasury Bill Index. Effective July 1, 2025, the fund added F/m to its name, and on February 10, 2026, replaced ETF with fund.

What is the expense ratio of TBIL?

F/m US Treasury 3 Month Bill Fund (TBIL) charges an expense ratio of 0.15%. This is the annual fee deducted from fund assets to cover management and operations.

What is TBIL's dividend yield?

TBIL's trailing-twelve-month yield is 3.65%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of TBIL?

Effective duration measures TBIL's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. TBIL's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of TBIL?

TBIL's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of TBIL?

Yield to maturity (YTM) is the total return you'd earn from TBIL if every bond in the portfolio is held to maturity at the current price. TBIL's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.