TBIL: Risk-Free Rate Exposition

2026-01-05 13:19:35 ET

Introduction & Thesis

The F/m US Treasury 3 Month Bill ETF ( TBIL ) is a way to gain exposure to the quintessential short-term risk-free rate. The fund seeks to replicate the performance, before fees and expenses, of the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, which is an index constructed from a single issue of US Treasury bills. This issue belongs to the 3-month tranche and is renewed over time, thus allowing investors to avoid all management operations. As is natural in this case, more than 80% of the fund's assets are invested in 3-month bills, generally leaving a percentage of the portfolio free as liquidity to correctly roll down the bills themselves when they mature. ...

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