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The following was originally posted on 8/10/2026

Four years ago, F/m launched the first ETFs to hold single on-the-run US Treasuries. The US Benchmark Series now spans 10 funds across the curve, and this month it turns four.

F/m Investments is a fixed income manager that works with advisors seeking portfolio solutions for their clients. That’s how our US Benchmark Series began.

In late 2021, advisors were wrestling with what rates might do in 2022. They wanted a liquid and stable fixed-income option for client portfolios, ideally negatively correlated with equities.

Treasuries were the natural starting point. But there were complications. Advisors wanted to provide clients with the liquidity of the on-the-run benchmarks, without generating a stream of transactions simply to staying on the run.

On August 9, 2022, we listed our first three ETFs built to solve exactly that: TBIL, the F/m US Treasury 3 Month Bill ETF, UTWO, the 2 Year Note ETF, and UTEN, the F/m US Treasury 10 Year Note ETF. By March 2023, the curve was complete, with 10 funds in the series.

This month the US Benchmark Series turns four.

The first and only single-security US Treasury ETF

F/m worked through several potential approaches to creating these funds. The one that rose to the top was a series of single-bond ETFs — each holding a single benchmark maturity and usable on its own or in combination to build Treasury portfolios that are continuously refreshed and precisely positioned.

Not a blended index. Not a maturity bucket with an average duration that drifts. The actual benchmark bond at that point on the curve, with the fund handling the transition when a new one is auctioned.

Sounds simple. But it wasn’t. Before August 2022, no one had wrapped an individual Treasury security in an ETF.

Four ways advisors are using the US Benchmark Series

What the team didn’t fully anticipate was the range of applications.

Cash management at the front end

Advisors are parking operating cash, near-term liquidity, and dry powder in the bill maturities — TBIL (3-month T-bill ETF), XBIL (6-month T-bill ETF), and OBIL (12-month T-bill ETF) — rather than leaving it in a sweep. The appeal lies in a defined maturity point on the curve, as well as intraday liquidity and monthly income. Clients see a single line item instead of a rolling series of bill purchases.

Building a ladder without building a ladder

Holding several maturities side-by-side reproduces the shape of a bond ladder without the operational work of buying, tracking, and rolling individual issues. Each fund stays on the run, so the rungs refresh themselves. Advisors size the weights to match the client’s horizon rather than to whatever auction sizes happen to be available.

Expressing a rate view — precisely, and reversibly

Because each ETF holds a single benchmark maturity, an advisor can add or remove duration at a specific point on the curve instead of moving a blended average. A steepener, a flattener, or a simple shift out the curve becomes a two-ticker trade. And it can be unwound the same day if the view changes.

Tax-loss harvesting across adjacent maturities

Adjacent maturities give advisors room to harvest losses while remaining invested in Treasuries at a similar point on the curve. Because the exposures are distinct securities, they validate the swap while keeping positioning close to the original target.

Questions about fitting the series into client portfolios? https://www.fminvest.com/contact-us

Why this counts as innovation, and why that word is under pressure

There are now more US-listed ETFs than companies listed on Nasdaq. The SEC has an open request for comment on novel ETFs, gathering views on how to support innovation while keeping markets orderly and investors protected.

We’re glad they’re looking into this. Not everything launched in an ETF wrapper is solving actual investor problems.

Structural innovation starts with a problem that already exists and changes how it gets solved. The alternative starts with a wrapper and goes looking for an asset to put in it. Four years of real-world use is the difference between claiming to be first and demonstrating it.

The US Benchmark Series continues to deliver transparent, efficient solutions for fixed income investors and the advisors who serve them.

Four years in

Four years is a longer stretch than it sounds. Long enough for two Olympics, a World Cup, and a presidential election.

Industry Recognition

ETF Suite of the Year: US Benchmark Series — With Intelligence, February 2026

No fee was required for award consideration. Criteria may not be directly related to the quality of investment advice provided. Learn more about categories and criteria here. This is for informational purposes only and should not be considered as investment advice, as a recommendation of any particular strategy or investment product.

Asset Manager of the Year — MMI/Barron’s, 2025

On October 16, 2025, F/m Investments was named by MMI/Barron’s Industry Awards as Asset Manager of the Year (Retail Advisory AUM < $25B) for 2025. No compensation was provided to MMI/Barron’s to obtain inclusion on the list, but there is a licensing fee to utilize the MMI/Barron’s Industry Awards logo in marketing materials. Criteria may not be directly related to the quality of investment advice provided. If you’re curious, the full methodology can be found on mminst.org.

Common questions

Why buy a fund that holds a single bond when anyone can buy a bond?

Anyone can buy a bond. But can you own the 2-year from now into infinity? Can you get a bond to pay you monthly? Can you trade one in $50 increments? We streamline all of that while providing precision and transparency.

What does “on-the-run” mean, and why does it matter?

“On-the-run” means the most recently auctioned Treasury at a given maturity. It is the most actively traded security at that point on the curve, which generally means tighter bid-ask spreads and deeper liquidity than the older, off-the-run issues sitting behind it. When Treasury auctions a new benchmark, each Fund transitions into it. Hence, the exposure stays on the run without the advisor placing a trade, tracking an auction calendar, or explaining a string of realized gains and losses to the client.

How is this different from a Treasury index ETF?

Most Treasury index ETFs hold a basket of securities spanning a maturity range, so what an investor owns is a blend — and the fund’s average duration drifts as bonds age within the band. A single-security fund holds a single benchmark bond at a specific point on the yield curve, so its maturity exposure is stated rather than approximated.

The practical difference is precision and transparency: with an index fund, an advisor buys a segment and accepts whatever the average happens to be; with the US Benchmark Series, they choose the exact point on the curve, and the fund keeps it there as new benchmarks are auctioned.

Can these be used to build a ladder?

Yes. Holding several maturities alongside one another produces the same shape as a bond ladder — near-term rungs in the bill funds, longer rungs further out the curve — without buying, tracking, and rolling individual issues. Because each fund stays on the run, the rungs refresh themselves as new benchmarks are auctioned, and the weights can be sized to a client’s horizon rather than to available auction lots. This can greatly streamline ladder management for investors.

What will you build with the US Benchmark Series?

General purpose technologies have a way of outrunning what their builders imagined for them — the computer, the smartphone, and now AI. Four years in, the more interesting question isn’t what we built the US Benchmark Series to do. It’s what investors will build with it.

As we look to the future of the US Benchmark Series, we’re excited to see what investors build with general-purpose bonds.

Learn more: Advisors call 1 (800) 893-1251 to talk with an investment consultant. Retail investors, please contact your financial advisor.

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Disclosures

F/m Investments, LLC (“F/m”) is an investment advisory firm registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the adviser or investment adviser representative has attained a particular level of skill or ability.

The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing. 

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.  

U.S. Treasury securities (“Treasuries”) are issued by the federal government and are considered to be among the safest investments you can make, because all Treasury securities are backed by the “full faith and credit” of the U.S. government. This means that come what may—recession, inflation, war—the U.S. government is going to take care of its bondholders. 

The U.S. Treasury yield curve refers to a line chart that depicts the yields of short-term Treasury bills compared to the yields of long-term Treasury notes and bonds. The line chart shows the relationship between the interest rates and the maturities of U.S. Treasury fixed-income securities. The Treasury yield curve shows yields at fixed maturities, such as one, two, three, and six months and one, two, three, five, seven, 10, 20, and 30 years. Because Treasury bills and bonds are resold daily on the secondary market, yields on the notes, bills, and bonds fluctuate.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. 

Fund Risks: The UST 3 Month Bill Fund (TBIL) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 3 Month Bill Fund’s investments more than the market as a whole, to the extent that the UST 3 Month Bill Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 6 Month Bill Fund (XBIL) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 6 Month Bill Fund’s investments more than the market as a whole, to the extent that the UST 6 Month Bill Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 12 Month Bill Fund (OBIL) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 12 Month Bill Fund’s investments more than the market as a whole, to the extent that the UST 12 Month Bill Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 2 Year Note Fund (UTWO) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 2 Year Note Fund’s investments more than the market as a whole, to the extent that the UST 2 Year Note Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 3 Year Note Fund (UTRE) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 3 Year Note Fund’s investments more than the market as a whole, to the extent that the UST 3 Year Note Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 5 Year Note Fund (UFIV)may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 5 Year Note Fund’s investments more than the market as a whole, to the extent that the UST 5 Year Note Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 7 Year Note Fund (USVN) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 7 Year Note Fund’s investments more than the market as a whole, to the extent that the UST 7 Year Note Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 10 Year Note Fund (UTEN) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 10 Year Note Fund’s investments more than the market as a whole, to the extent that the UST 10 Year Note Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments).

Fund Risks: The UST 20 Year Bond Fund (UTWY) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 20 Year Bond Fund’s investments more than the market as a whole, to the extent that the UST 20 Year Bond Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). 

Fund Risks: The UST 30 Year Bond Fund (UTHY) may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 30 Year Bond Fund’s investments more than the market as a whole, to the extent that the UST 30 Year Bond Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments).

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. 

Yield – Yield refers to how much income an investment generates, separate from the principal. It’s commonly used to refer to interest payments an investor receives on a bond or dividend payments on a stock. Yield is often expressed as a percentage, based on either the investment’s market value or purchase price. 

Maturity – In finance, maturity or maturity date is the date on which the final payment is due on a loan or other financial instrument, such as a bond or term deposit, at which point the principal (and all remaining interest) is due to be paid. Interest Rates O(aka Federal Funds Rate) – The federal funds rate refers to the interest rate that banks charge other institutions for lending excess cash to them from their reserve balances on an overnight basis.  

Investments involve risk. Principal loss is possible.  

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