## [# JEPI, TBIL: 2023 etf.com Award Winners' Paths Varied](/sections/features/jepi-tbil-2023-etfcom-award-winners-paths-varied)
# JEPI, TBIL: 2023 etf.com Award Winners' Paths Varied
While most award winners are doing well by investors, others' experiences are mixed.
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[By Jeff Benjamin](/authors/jeff-benjamin)
Mar 06, 2024
Edited by: Ron Day
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With a month left before the next annual etf.com awards, a look back at how some of [last year’s winners](https://www.etf.com/sections/features/winners-etfcom-2023-awards) are doing shows at least one thing: while 2022's momentum largely carried over into 2023, not all strategies have resonated with investors and financial advisors.
The 2022 ETF of the Year, the [**JPMorgan Equity Premium Income ETF (JEPI)**](https://www.etf.com/JEPI), carried its momentum into 2023, delivering a 15% 12-month return and growing to nearly $33 billion.
The [actively managed strategy](https://www.etf.com/topics/active-management), which grew by 34% over the past year, has become the darling of financial advisors since it was launched in 2020 because of the safety-rail strategy that appeals to risk-averse investors.
The [covered call strategy](https://www.etf.com/topics/covered-calls), which comes with an expense ratio of 35 basis points, has pretty much delivered as promised during its relatively short existence.
## JEPI Investors Find Low Volatility Isn't Always a Blessing
As investors have realized, the promise of lower volatility can cut both ways.
During its first full calendar year in 2021, JEPI gained 22%, less than the S&P 500's 29% gain. The following year, the strategy limited losses to just 3.5%, while the S&P dropped 18%.
Last year’s performance provided a more extreme contrast with JEPI gaining 9.8%, while the S&P gained 26%. The trend continues this year, with JEPI's 4.5% gain trailing the S&P 500's 7.9% rise.
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## TBIL's AUM Tripled to $3 Billion
It was a big first full year for the [**US Treasury 3 Month Bill ETF (TBIL)**](https://www.etf.com/TBIL), which saw its assets more than triple to nearly $3 billion over the past 12 months. TBIL won last year's award for best new ETF.
Launched in August 2022 by F/m Investments as a first-of-its-kind strategy, TBIL is designed to track the 3-month tenor of the yield curve.
The fund, which charges 15 basis points, tracks an index that holds just the on-the-run 3-month US Treasury Bill, which is the most recently issued and most liquid 3-month Treasury Bill.
## PABU Still Gaining Traction
Among the biggest launches of 2022, last year’s Best New ESG ETF, the [**iShares Paris-Aligned Climate MSCI USA ETF (PABU)**](https://www.etf.com/PABU), continues to gain traction in an environment that has turned chilly for many ESG strategies.
The $1.8 billion PABU, which charges 10 basis points, tracks an index of U.S. large- and mid-cap companies that are weighted based on criteria similar to the Paris Climate Agreement and carbon reduction goals.
PABU's 30% gain last year outpaced the S&P 500 and it's 2024 year-to-date 7.4% increase almost matches the broader S&P 500.
## CGGR's Active Strategy Outperforming
The market continues to embrace last year’s Best New U.S. Equity ETF, the [**Capital Group Growth ETF (CGGR)**](https://www.etf.com/CGGR), which has swelled to $4.9 billion since its February 2022 launch.
The fund’s assets are up 172% over the past year.
CGGR, which charges 39 basis points, follows an actively managed strategy that invests across the market capitalization spectrum of U.S. companies.
CGGR, which gained 42% last year and is up 12% this year, was among the first six ETFs launched by Capital Group.
## SCMB: Smaller, Cheaper in Fixed Income Space
The Best New U.S. Fixed Income ETF last year, the [**Schwab Municipal Bond ETF (SCMB)**](https://www.etf.com/SCMB), offers dirt-cheap exposure to a broad index of domestic tax-exempt debt.
Despite an expense ratio of just 3 basis points, the ETF launched in October 2022 has grown to just $283 million.
Low cost aside, SCMB is living in the shadow of the $36.8 billion [**iShares National Muni Bond ETF (MUB)**](https://www.etf.com/MUB), which tracks the same index and charges 5 basis points.
## Dimensional's DFSV Offers Actively Managed Small Value
Last year’s Best New Active ETF, the [**Dimensional US Small Cap Value ETF (DFSV)**](https://www.etf.com/DFSV)**,** has grown to $2.7 billion from its February 2022 launch.
The actively managed strategy, which charges 31 basis points, targets smaller companies showing strong value characteristics. DFSV gained 19% last year and is down 1.3% this year.
## Issuer of the Year, Dimensional, Grows Assets
Commonly referred to as DFA among the hordes of financial advisor loyalists who subscribe to the active management strategies, [Dimensional Fund Advisors](https://www.etf.com/topics/dimensional-fund-advisors-lp) earned the title of ETF Issuer of the Year last year and continues to build on that momentum.
The $677 billion asset manager was primarily managing mutual funds until entering the ETF space in 2020. A year ago, DFA was offering 30 active ETFs that combined for more than $84 billion under management.
Today, the numbers are 38 ETFs and $125 billion, including $31 billion worth of net inflows and eight new ETFs in 2023.
Founded in 1981 by David Booth, Rex Sinquefield and Larry Klotz, DFA built a solid reputation in the area of actively managed thematic strategies.
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[ Jeff Benjamin Wealth Management Editor ](/authors/jeff-benjamin)
Jeff Benjamin is the wealth management editor at etf.com, responsible for coverage related to the financial planning industry. This includes writing,… [View Bio](/authors/jeff-benjamin)
Related Topics [JPMorgan](http://www.etf.com/topics/jpmorgan)
[Dimensional](http://www.etf.com/topics/dimensional)
[Covered Call](http://www.etf.com/topics/covered-calls)