This Wealth Firm’s $11 Million Bet on Short-Term Treasury Bills Shows a Cautious Optimism

Utah-based Coign Capital Advisors disclosed the purchase of 60,906 shares of the F/m US Treasury 3 Month Bill ETF (NASDAQ:TBIL) for an estimated $3 million in the third quarter, according to an SEC filing on Thursday.

What Happened

According to a filing with the Securities and Exchange Commission released Thursday, Coign Capital Advisors increased its position in TBIL by 60,906 shares during the third quarter. The estimated value of this purchase was $3 million, bringing the total holding to 218,317 shares valued at $10.9 million as of September 30.

What Else to Know

This buy brings TBIL to 6.% of Coign Capital Advisors LLC’s 13F AUM, making it the fund’s fourth-largest holding.

Top five holdings after the filing:

• NYSE:EVTR: $15.4 million (8.5% of AUM)
• NASDAQMUTFUND:JHCP: $12.5 million (6.9% of AUM)
• NYSEMKT:PVAL: $11.7 million (6.4% of AUM)
• NASDAQ:TBIL: $10.9 million (6% of AUM)
• NYSEMKT:IVOO: $10.5 million (5.8% of AUM)

As of Friday, TBIL shares were priced at $50.02, flat over the past year. At quarter-end, Coign reported $181.6 million in 13F assets across 82 positions.

ETF Overview

ETF Snapshot

The F/m US Treasury 3 Month Bill ETF (TBIL) offers investors direct exposure to short-duration U.S. Treasury bills. The fund’s strategy is to hold the on-the-run 3-month Treasury bill each month. TBIL invests in a single 3-month U.S. Treasury bill monthly.

Foolish Take

Coign Capital Advisors’ growing allocation to short-term Treasuries through the F/m US Treasury 3 Month Bill ETF signals a continued preference for safety and liquidity even as interest rates begin to moderate. The Utah-based wealth advisory added 60,906 shares last quarter—an estimated $3 million purchase—bringing its total stake to 218,317 shares valued at roughly $10.9 million, according to an SEC filing released Thursday.

The move comes alongside a larger $4.6 million investment in the Eaton Vance Total Return Bond ETF (EVTR), suggesting Coign is balancing core fixed income exposure with a cash-equivalent anchor that yields over 3.7%. With TBIL now accounting for 6% of reportable AUM and ranking among its top holdings, the position underscores how wealth managers are managing duration risk carefully amid falling but still elevated yields.

For long-term investors, TBIL exemplifies a tactical allocation tool—offering monthly income, near-zero credit risk, and flexibility to redeploy cash as rate cuts unfold. While returns are modest, this type of exposure can help stabilize portfolios and capture reliable short-term yield without sacrificing liquidity.

Glossary

13F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.

AUM (Assets Under Management): The total market value of assets that an investment firm manages on behalf of clients.

ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding assets like stocks or bonds.

Dividend Yield: The annual dividend income expressed as a percentage of the investment’s current price.

On-the-run Treasury bill: The most recently issued U.S. Treasury bill of a specific maturity, considered the benchmark for that term.

Passively managed: An investment strategy that aims to replicate the performance of a specific index, rather than outperform it.

Rolling monthly: Replacing maturing securities with new ones each month to maintain consistent exposure to a specific maturity.

Net assets: The total value of a fund’s assets minus its liabilities.

Stake: The amount or percentage of ownership an investor holds in a particular security or fund.

Trailing: Refers to a measurement period that ends at the most recent date, often used for returns or performance.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.