F/m US Treasury 3 Month Bill Fund
U.S. bond index ETF · tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index
As of its 2026 Q2 report, F/m US Treasury 3 Month Bill Fund held 2 positions with $7.10B in net assets. Its ten largest holdings made up 100.0% of the fund. The TBIL share class costs 0.15% a year. Over the 12 months to May 2026, TBIL returned 3.9%, with dividends reinvested. In 2026 Q2 it added 1 new positions and exited 1.
The investment objective of the F/m US Treasury 3 Month Bill Fund (the F/m UST 3M Bill Fund or the Fund) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index (I00087US) (the Underlying Index).
The fund is a passively managed portfolio that seeks to track the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, which holds the most recently issued three-month US Treasury Bill and rolls to the new on-the-run security following each auction. The fund may invest up to 20% of assets in securities not in the index, including exchange-traded funds that invest in Treasury Bills, to help track the index. The fund may also lend securities and enter reverse repurchase agreements to enhance income.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TREASURY BILL 0.00% · due 2026-08-27 | 100.01% | $7.10B | — |
U.S. Bank Money Market Deposit Account | 0.00% | $0.01M | — |
All 2 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 100.01% |
How it has done
TBIL share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.13%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.15% | +3.94% | +14.64% | — | 0.00% | |
| 0.15% | — | — | — | — |
Fees & fund details
F/m US Treasury 3 Month Bill Fund is a U.S. bond index ETF that tracks the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.15% – 0.15%· TBIL 0.15%
- Portfolio turnover
- 0.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
1 new
1 exited
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.24 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.24 yr | 100% |
| 3 mo | 0.24 yr | 100% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.24 | +0.24 | +0.00 | $171.7k | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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