Key Points
Strong Tower Advisory Services sold 342,799 shares of TBIL in the fourth quarter.
The estimated transaction value was $17.14 million.
The move marked a full exit from the position, which previously made up 3.25% of assets.
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On January 22, Strong Tower Advisory Services reported selling out its entire stake in the F/m US Treasury 3 Month Bill ETF (NASDAQ:TBIL), an estimated $17.14 million trade based on the last-disclosed position value.
What happened
According to the SEC filing dated January 22, Strong Tower Advisory Services fully liquidated its position in the F/m US Treasury 3 Month Bill ETF (NASDAQ:TBIL), selling 342,799 shares during the fourth quarter. This move reduced the fund’s quarter-end position value by $17.14 million.
What else to know
Top holdings after the filing:
- NYSEMKT:LQD: $28.54 million (5.1% of AUM)
- NYSEMKT:BINC: $26.39 million (4.7% of AUM)
- NASDAQ:NVDA: $24.68 million (4.4% of AUM)
- NYSEMKT:BLV: $21.82 million (3.9% of AUM)
- NASDAQ:MSTR: $19.56 million (3.5% of AUM)
As of January 22, TBIL shares were priced at $49.98, roughly flat over the past year. Meanwhile, the fund’s yield was about 4.06%.
ETF overview
| Metric | Value |
|---|---|
| AUM | $6.31 billion |
| Yield | 4.06% |
| Price (as of January 22) | $49.98 |
| 1-year total return | 4.13% |
ETF snapshot
- TBIL’s investment strategy centers on tracking the performance of the most recently issued 3-month U.S. Treasury bill, with at least 80% of assets invested in the index's component security.
- The portfolio consists of a single U.S. Treasury bill purchased monthly and held to maturity, providing direct exposure to short-term U.S. government debt with minimal credit risk.
- The fund is structured as an ETF, offering daily liquidity and a transparent, low-cost vehicle for investors seeking capital preservation and current income.
The F/m US Treasury 3 Month Bill ETF (TBIL) provides investors with streamlined access to short-duration U.S. Treasury securities through a single-security, monthly rolling strategy. The fund's substantial assets under management and consistent yield reflect strong demand for liquid, low-risk cash alternatives. TBIL's structure offers institutional and individual investors a convenient mechanism to manage liquidity while earning competitive yields on U.S. government-backed instruments.
What this transaction means for investors
Ultra-short Treasury ETFs are designed to protect capital, not compound it, and once opportunity cost rises, they tend to be the first source of funding for new ideas. That’s why this move might show what happens when cash stops pulling its weight, or when something else just looks more attractive.
To be fair, the F/m US Treasury 3 Month Bill ETF does its job well. It holds a single, recently issued Treasury bill, rolls monthly, and offers daily liquidity with minimal credit risk. As of late January, the fund carried a yield just over 4%, traded essentially at net asset value, and managed more than $6 billion in assets, underscoring its role as an institutional cash tool. Performance, as expected, has been roughly flat over the past year.
Meanwhile, the rest of the portfolio leans toward longer-duration bonds and higher-volatility assets, including corporate credit and equities with asymmetric upside. In that framework, holding a sizable allocation to a cash-equivalent ETF can quickly become redundant. Liquidity is already available elsewhere, and incremental dollars earn more when put to work.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
