$1.05B In Ten Months
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Tuesday, June 13, 2023

$1.05B In Ten Months

The team at a multi-boutique asset manager is celebrating the crossing into ten-figure territory by one of their original three ETFs.

Alexander Robert "Alex" Morris
F/m Investments
President, Chief Investment Officer
Yesterday, Alex Morris, president and chief investment officer of Diffractive Managers Group's F/m Investments, LLC [profile], confirmed that the US Treasury 3 Month Bill ETF (TBIL on the Nasdaq) recently surpassed $1 billion in AUM. More specifically, the passive fund now has about $1.05 billion in AUM. The fund comes with an expense ratio of 15 basis points.

Morris puts the milestone in the context of investors today needing "simplified access to the US Treasury market."

"The early success of TBIL is a direct result of investors' desires to invest in the short end of the yield curve," Morris states.

The F/m team launched TBIL and two other ETFs on August 9, 2022. The trio were F/m's first foray into the ETF space and were the first funds in F/m's US Benchmark Series, which has grown to ten funds in total, all of which invest in different U.S. Treasuries tenors. TBIL alone accounts for more than three-fifths of the series' $1.6 billion in AUM.

TBIL is a series of the RBB Fund, Inc. The fund is designed to track the ICE BofA US 3-Month Treasury Bill Index, and ICE Data Services serves as index provider.

F/m Investments, LLC (dba North Slope Capital, an F/m boutique that does white label advisory) serves as TBIL's investment advisor. The fund's PM team includes: Morris; Peter Baden, CIO of Genoa Asset Management (another F/m boutique); and Marcin Zdunek, director of trading and assistant portfolio manager at F/m. Zdunek is a new PM addition since the fund's debut 10 months ago.

The fund's other service providers remain the same. They are: Cohen & Company, Ltd. as independent accounting firm; Faegre Drinker Biddle & Reath LLP as counsel; Quasar Distributors as distributor and underwriter; U.S. Bank Global Fund Services as administrator and transfer agent; and U.S. Bank, N.A. as custodian and securities lending agent.

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