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Rating:In 19 Months, This Flagship Surpasses $3B Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 14, 2024

In 19 Months, This Flagship Surpasses $3B

Reported by Neil Anderson, Managing Editor

A multi-boutique asset manager's flagship fund has tripled in size in the past nine months.

Alexander Robert "Alex" Morris
F/m Investments
President, Chief Investment Officer
Alex Morris, president and chief investment officer of Diffractive Managers Group's F/m Investments LLC [profile], confirms that F/m's US Treasury 3 Month Bill ETF (TBIL on the Nasdaq) recently surpassed $3 billion in AUM. The 19-month-old, passively managed ETF had $3.0074 billion in AUM as of yesterday, and it comes with an expense ratio of 15 basis points.

TBIL is one of 10 funds in F/m's US Benchmark Series and accounts for 70.8 percent of the series' combined $4.245 billion in AUM as of yesteday. The nine other funds range from $5.26 million to $507.83 million each in AUM. Each fund tracks the most current US Treasury securities in tenors from across the yield curve, ranging from 6 months to 30 years.

F/m launched TBIL and the other two initial US Benchmark Series ETFs on August 9, 2022. In ten months, TBIL crossed the $1-billion-AUM milestone.

Morris, co-creator of the US Benchmark Series, says that the growth of TBIL (which has tripled in size in the past nine months) "highlights investors' appetite for easy access to safety and yield at the short end of the curve."

"In a market inundated recently by novel asset classes and even cryptocurrencies, the US Benchmark Series ETFs — both short and longer durations — are attracting assets from investors seeking duration exposure with the clarity and precision that these ETFs enable," Morris states.

Peter Baden, CIO of F/m's Genoa Asset Management and co-creator of the US Benchmark Series, puts the growth of TBIL and its siblings in the context of F/m's broader mission: "to build institutional quality, precise, diversified portfolios with the ease and efficiency of ETFs."

"We launched TBIL and the US Benchmark Series to bring efficiency and simplicity to US Treasury investing, but our goal was always larger," Baden states.

Like all of the US Benchmark Series, TBIL is a series of the RBB Fund, Inc.. F/m (dba North Slope Capital, LLC, another F/m boutique) serves as investment advisor, and ICE Data Services serves as index provider.

TBIL is designed to track the ICE BofA 3-Month Treasury Bill Index. The fund's PM includes: Marcin Zdunek, director of trading and assistant portfolio manager at F/m; Baden; and Morris.

The ETF's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Faegre Drinker Biddle & Reath LLP as counsel; Quasar Distributors, LLC as distributor and underwriter; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, accounting agent, dividend disbursing agent, and transfer agent; and U.S. Bank, N.A. as custodian and securities lending agent. 

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