New Treasury ETF Joins Growing US Benchmark Series Lineup

The US Benchmark Series, backed by F/m Investments—a Washington DC-based $4 billion investment advisory platform—has expanded its Treasury-focused ETF family with the introduction of OBIL, the US Treasury 12 Month Bill ETF. This latest addition follows strong market reception of its three predecessor funds, which collectively gathered approximately $300 million in assets since debuting in mid-August.

What Makes This Treasury ETF Different

OBIL targets investors seeking exposure to the most current US Treasury 12-month bills—essentially the actively traded benchmark security for that maturity. Rather than holding a basket of older or inactive securities, each fund in the US Benchmark Series maintains only the “on-the-run” Treasury instrument matching its specified tenor.

The product lineup now spans multiple points along the yield curve: the 10-year note (UTEN), 2-year note (UTWO), 3-month bill (TBIL), and the newly launched 12-month option (OBIL). Each tracks an ICE index specific to its maturity bracket.

Practical Advantages for Investors

Beyond straightforward benchmark access, OBIL delivers several operational features that differentiate it from holding Treasuries directly:

Monthly income replaces the standard semi-annual coupon payments on traditional Treasury securities, offering more frequent distributions. Automatic rolling mechanisms maintain consistent benchmark exposure without requiring manual rebalancing or incurring additional trading costs. The $50 share price enables fractional Treasury positioning—a meaningful advantage for smaller portfolios that would otherwise need to purchase full-size bonds. Additionally, the ETF structure unlocks intraday trading liquidity, options access, and shorting capabilities—tools rarely available to Treasury bond investors.

Tax efficiency ranks among the often-overlooked structural benefits of the fund wrapper.

Market Infrastructure Supporting Launch

Jane Street Capital, a global liquidity provider active across 5,000+ ETFs worldwide, will serve as lead market maker for OBIL and its sibling funds. Mirae Asset Securities (USA) Inc joins as an initial supporter, with backing from additional institutional investors preparing to scale positions in the 12-month Treasury space.

All four funds trade on NASDAQ under The RBB Fund, Inc., which provides the series trust infrastructure. The trust platform—itself managing approximately $19 billion across 40+ fund offerings—handles administrative and governance responsibilities, allowing F/m to concentrate on portfolio and product strategy.

Why Now for 12-Month Bills?

F/m’s leadership notes that current yield curve conditions have generated investor appetite for the highest-yielding duration point. The decision to launch 12-month exposure reflects real demand rather than speculative product development, with potential plans to address other maturity gaps as market conditions warrant.

The US Benchmark Series represents a streamlined approach to Treasury market participation, particularly valuable for investors—whether institutional or retail—seeking direct, simplified access to benchmark-specific Treasury tenors without the operational friction of direct bond ownership.