F/m US Treasury 3 Month Bill Fund

TBIL

時価総額 $75.2億

Markets have dealt with serious whiplash from the Federal Reserve's dramatic policy pivot this year. In just six months, the Fed funds futures market went from pricing in two rate cuts totaling 50 basis points to now pricing in two rate hikes in 2026.

The Fed's September rate hike marked a change in pace in FOMC Chair Warsh and opened the door for more hikes to follow. TBIL offers highly liquid exposure to 3-month U.S. Treasury bills, with monthly distributions and limited price volatility. Higher inflation and inflation expectations are likely to keep the Fed pushing rates higher.

August 2026 was a blockbuster month for ETF acquisitions. As Todd Rosenbluth, head of research at VettaFi, recently highlighted, the ETF industry is firing on all cylinders, attracting massive inflows and racing toward a potential new record.

I spent the last two weeks in Australia hanging out with kangaroos and koalas. However, the ETF market didn't take a vacation while I was away.

Leading asset managers T. Rowe Price announced the acquisition of $19 billion F/m Investments in a press release Thursday afternoon.

Every large brokerage offers an idle cash sweep, and most pay well under 1%. Schwab's bank sweep, Fidelity's FCASH, Merrill Edge's cash program, and comparable vehicles at other firms funnel uninvested balances into affiliated or partner banks that earn the full short-term rate and pass along a small fraction.

WASHINGTON--(BUSINESS WIRE)--F/m Investments (“F/m”), a $20 billion fixed income investment firm, today announced that as of July 24, 2026 the firm's ETF platform has surpassed $10 billion in assets, less than four years after launching its first ETF. F/m entered the ETF market in 2022 with the U.S. Benchmark Series, anchored by TBIL, the F/m US Treasury 3 Month Bill ETF, the first suite of single-security US Treasury ETFs. TBIL alone now holds approximately $7.2 billion (as of July 24, 2026).

Considering where bond yields sit, along with geopolitical pressures and potential policy from the Fed, there are plenty of ways for advisors and investors to play the fixed income market at the moment. This is certainly true for U.S. Treasury ETFs, as well.

Exchange 2026 brought together experts and leaders from firms of all kinds to share ideas, showcase investment perspectives, and discuss the latest market innovations. Alex Morris, CEO of F/m Investments, sat down with the VettaFi team to talk about today's fixed income environment, the F/m fund lineup, and much more.

The convergence of ETFs, mutual funds, and tokenization is gaining momentum as asset managers look for ways to modernize product structures, expand distribution, and future-proof their businesses without abandoning established regulatory frameworks.