Obermeyer Loads Up On 187K TBIL Shares As the ETF May Soon Be Tokenized
Key Points
Obermeyer recently purchased 186,777 shares of TBIL; estimated to have a transactional value of $9.33 million, based on average pricing during the quarter.
F/m Investments, the manager of the TBIL ETF, recently filed a one-of-its-kind application with the SEC, where it wants to digitally tokenize shares of the ETF.
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What happened
According to an SEC filing dated Jan. 28, 2026, Obermeyer Wealth Partners increased its stake in F/m U.S. Treasury 3 Month Bill ETF (NASDAQ:TBIL) by 186,777 shares. The estimated transaction value for the quarter was $9.33 million, based on the mean unadjusted close price during the period.
What else to know
- TBIL makes up 3.03% of Obermeyer’s reportable assets under management after the trade, according to its Q4 2025 filing.
- Top holdings after the filing include:
- NASDAQ:GOOGL: $131.54 million (6.0% of AUM)
- NYSEMKT:QUAL: $108.96 million (5.0% of AUM)
- NASDAQ:MSFT: $97.99 million (4.5% of AUM)
- NYSEMKT:VOO: $97.52 million (4.5% of AUM)
- NASDAQ:AAPL: $89.01 million (4.1% of AUM)
ETF overview
| Metric | Value |
|---|---|
| AUM | $6.31 billion |
| Price (as of Jan. 31, 2026) | $49.88 |
| Dividend yield | 4.03% |
| 1-year total return | -0.24% |
ETF snapshot
The F/m U.S. Treasury 3 Month Bill ETF (TBIL) seeks to provide investment results that correspond to the performance of U.S. Treasury 3-month bills by investing at least 80% of its assets in that type of bond market. The ETF holds a single U.S. Treasury bill issue each month, with the portfolio rebalanced monthly to maintain exposure to the most current 3-month Treasury bill.
What this transaction means for investors
Investing in the bond market can be a different experience for those who haven’t purchased equity before. Bonds often grow more slowly than stocks in the long term, as we can see with TBIL, which has increased by only 0.22% over the last five years (as of Jan. 31, 2026). And depending on the bond’s rating, there’s a higher or lower risk of default. However, with TBIL focusing on short-term bonds, there’s less risk of bond issuers defaulting or of interest rates affecting performance.
What’s very interesting about TBIL is that F/m Investments filed an exemptive application with the SEC on Jan. 22, 2026, seeking permission to digitize ownership of the ETF’s shares on a blockchain ledger. However, the company is adamant that tokenizing shares wouldn’t be like a traditional cryptocurrency. Instead, the company would have internal frameworks such as independent board oversight, daily transparency, third-party custody and audit, and other regulatory protections. In addition, shares would likely not be available to retail traders, but rather for insiders.
If approved, this would be revolutionary and the first known U.S. ETF to be digitally tokenized. But if certain investors aren’t fond of the blockchain space and don’t want anything to do with it, then TBIL may not be an ideal investment.
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Adé Hennis has positions in Apple. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.
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