At a glance
TBIL charges 0.15% a year, above the 0.12% average of the 7 funds most like it (the 4th cheapest of 8). It has $7.19B in assets, the 8th largest of that group; it paid 4.01% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.7% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.5% a year.
The short version
US Treasury 3 Month Bill ETF (TBIL), from F/m Investments, tracks the Bloomberg US Treasury Bellwether 3M Index, which follows a single security: the newest three-month US Treasury bill. As of May 31, 2026, one Treasury bill made up essentially all of the fund's assets. Similar funds hold a range of short-term bills, so this one-bill design sets it apart. Its 0.15% expense ratio is higher than the 0.09% charged by iShares 0-3 Month Treasury Bond ETF (SGOV).
Price history
The interactive chart needs JavaScript.
TBIL +3.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TBIL price data to Oct 27, 2026 | +3.0% | +3.7% | +4.5% | — | — | +4.5% |
- Over the year to Oct 27, 2026, TBIL returned +3.7%, 2nd of 8 among similar funds.
- Its worst full calendar year was 2025 (+4.2%); its best was 2024 (+5.4%).
- The deepest fall in its price history was 0.1% (Oct 3, 2022 to Oct 5, 2022), recovered by Oct 10, 2022.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.0% |
| 2025 | +4.2% |
| 2024 | +5.4% |
| 2023 | +5.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5400 | |
| 2025 | $2.0100 | -23.6% |
| 2024 | $2.6292 | +5.2% |
| 2023 | $2.5000 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 100% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 100.00% |
By country
United States 100%By issuer
US Treasury 100%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $97.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.34%, +0.28%.
How it works
TBIL, from F/m Investments, is a passive index fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. That index follows one security: the newest three-month US Treasury bill. A T-bill is a short-term government IOU sold below face value and repaid in full at maturity. The index switches to each new bill the day after its auction and rebalances on the last day of each month.
Under normal conditions, the fund puts at least 80% of net assets in the index's bill. If the newest bill maturing closest to, but not beyond, three months from the rebalancing date is ever left out of the index, the fund holds that bill instead. As of August 31, 2026, nearly 100% of its $7.2 billion in net assets sat in a single US Treasury bill, with an average maturity of about 0.2 years.
Up to 20% may go into other assets meant to help tracking, including other ETFs; if those are F/m funds, the adviser earns extra fees, a disclosed conflict. The fund may lend its bills for extra income, against collateral worth at least 100% of their value. It may also use reverse repurchase agreements (short-term borrowing secured by its bills), up to one-third of total assets. Because the bill matures within months, its price barely moves when rates change, but income falls when short-term rates fall.
What it really costs
- TBIL charges 0.15% a year, versus an average of 0.12% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBIL | $15 | $48 | $85 | $192 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It holds a single three-month US Treasury bill, so its price has barely moved, and it mainly serves as a place to park cash and earn interest.
TBIL launched on August 9, 2022, so it has no record from the 2008, 2020 or 2022 market drops. Its own history has been very steady. Its weakest calendar year, 2025, still returned about 4.2%. Its deepest drop was 0.1%, from October 3 to October 5, 2022, and it recovered by October 10. For someone who may need to sell shares in a bad year for stocks, that stability is the main appeal. The trailing 12-month yield, meaning income paid over the past year divided by the share price, was 4.01% as of October 27, 2026, paid monthly. The SEC's standard example puts the cost at $15 in the first year on $10,000.
The trade-offs: income falls quickly when short-term rates fall, and the fund offers no long-term growth. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees who want a cash-like reserve in short US Treasury bills, with a deepest decline of just 0.1% since its 2022 launch.
- Investors who want monthly income tied to three-month Treasury rates, with a trailing yield of 4.01% as of October 27, 2026.
- People who want a simple rules-based fund that holds the newest three-month bill instead of a broader mix of short Treasuries.
Look elsewhere if
- Cost-focused investors: SGOV charges 0.09% a year and BIL about 0.14%, compared with TBIL's 0.15%.
- Anyone who needs steady income through falling rates, since TBIL's payouts reset lower as each new three-month bill is bought.
- Investors who want long-term growth. TBIL's annual returns have ranged from about 4% to 5.4%, with nothing like stock-market upside.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TBIL this fund | 0.2 yrs | 0.15% | $7.19B | +3.7% | +4.5% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
Questions investors ask
Does TBIL pay monthly dividends?
Yes. TBIL pays distributions monthly, funded by the interest built into the Treasury bills it holds. Over the year ending October 27, 2026, it paid about $2 per share, a trailing yield of 4.01%. That figure looks backward. Because the fund keeps rolling into new three-month bills, its payouts track short-term Treasury rates closely, so income can drop quickly if those rates fall and rise if they climb.
What's the difference between TBIL and BIL?
The main differences are breadth, cost and size. TBIL tracks one security, the newest three-month Treasury bill, while BIL, the SPDR Bloomberg 1-3 Month T-Bill ETF, tracks bills maturing in one to three months. BIL's expense ratio is about 0.14% against TBIL's 0.15%. BIL had $47.1 billion in net assets as of June 30, 2026, versus TBIL's $7.2 billion as of August 31, 2026. One-year returns matched at 3.7%, as of October 27 for TBIL and October 30, 2026 for BIL.
Can TBIL lose money?
Yes, though its price swings have been tiny. The prospectus warns that investors could lose money. From its August 2022 launch through October 27, 2026, its largest decline was 0.1%, from October 3 to October 5, 2022, recovered by October 10. Its weakest quarter shown in the prospectus still gained 1.01% (the quarter ending March 31, 2025). The larger risks are quieter: income falls when short-term rates fall, and returns may trail inflation. It is not FDIC-insured.
Is TBIL good for retirement?
It can fill a cash-like role in retirement, but it is not built for growth. It may suit retirees who want monthly income, very small price swings and a place for money set aside for near-term spending. Calendar-year returns were 5.13% in 2023, 5.4% in 2024 and 4.15% in 2025, and the one-year return was 3.7% as of October 27, 2026, showing how income follows short-term rates. Over long periods, cash-like holdings have tended to trail stocks and longer bonds.
What is TBIL's expense ratio?
TBIL's expense ratio is 0.15% a year, per its prospectus filed February 10, 2026, all of it management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $15 over one year, $48 over three, $85 over five and $192 over ten. That is above the 0.12% average of seven similar Treasury funds; SGOV charges 0.09% and BIL about 0.14%, while SHV matches TBIL at 0.15%.