Understanding the F/M US Treasury 3 Month Bill ETF (TBIL)

What this ETF is trying to do

The TBIL ETF is an investment fund that focuses on U.S. Treasury 3-month bills. These are essentially short-term loans made to the United States government. Because these are backed by the government, they are often viewed as a very safe type of investment.

What the numbers show

As of July 10, 2026, the current price of one share is $49.93. Looking at how the price has moved, it was estimated to be about $49.86 one year ago. This means the price itself has stayed very steady.

When we look at "total return," which includes both price changes and the money paid out to investors, the numbers look different. Over the last year, the total return was 3.9502%. For the current year so far (YTD), the total return is 1.9076%.

Income and distribution explanation

Some investors look for "income," which is cash paid out to them regularly. This ETF has a distribution yield of 3.734%. Over the last 12 months, it paid out a total of $1.8644 per share. These payments usually happen once a month, and there were 12 payments in the last year.

It is important to remember that a high yield alone can be misleading. A high percentage might look good, but you must also look at whether the price of the ETF is staying steady or falling.

NAV erosion explanation

"NAV erosion" happens when the value of the underlying assets in an ETF drops, causing the share price to fall over time. If an ETF's price collapses from a high number to a much lower number, it can destroy your "principal." Principal is the original money you put in. For example, if you invest $10,000 and the price drops by half, you only have $5,000 left, even if the fund pays you some income.

However, TBIL has a "good" erosion score of 94, which is labeled as "Stable / sideways." This means it is not suffering from severe erosion. Income investors usually prefer ETFs that go sideways (stay at the same price) or move slightly up. They prefer this because it means their original investment stays safe while they collect the monthly payments.

Pros

• The ETF shows a stable price pattern.

• It provides regular monthly income.

• It focuses on short-term government bills.

Cons

• The total returns may be lower compared to riskier investments.

Beginner takeaway

TBIL appears to be a stable fund that moves sideways rather than crashing in price. This stability helps protect the money you originally invested while providing regular monthly distributions.