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BILS

GradeANew York Stock Exchange Arca

State Street SPDR Bloomberg 3-12 Month T-Bill ETF

Treasury & Government Bond · SPDR · Inception 2020-09-23 · SEC filings

$99.25−0.01 (−0.01%)

As of Sep 23, 2026, 3:05 PM EDT

Intraday session: down, 62 prints from 99.26 to 99.25. Range 99.25 to 99.27. Use the arrow keys to read each point.$99.25$99.26$99.27$99.2710 AM12 PM2 PM4 PM
Expense ratio
0.14%
Fund size
$3.9B
1Y return
+3.6%
Yield · Last 12 months
3.69%
Holdings
32
Volume · 30D
0.3M sh
NAV per share
$99.24
52W range
low $99.08high $99.52

The ETF.net BILS Grade

A

76/ 100

Rank 11 of 78 in Cash & Ultra-Short Income⁠

Confidence High

Six-pillar profile for BILS. Scores out of 100: Cost 79, Risk 40, Mission 100, Tradability 87, Holdings 50, Durability 80. Strongest: Mission (100). Weakest: Risk (40). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 76 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 79
    Category rank16/78 · top 21%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank3/64 · top 5%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 40
    Category rank65/75 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 87
    Category rank6/78 · top 8%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 50
    Category rank47/77 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 80
    Category rank15/78 · top 19%

Graded as of Sep 22, 2026

Our read on BILS

ETF.net Research

AMost T-bill ETFs park at the very front of the curve. BILS deliberately steps out to bills with 3 to 12 months left to run, one rung further along the same government ladder, from the SPDR bond shop.

Stated mandate

The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index, providing exposure to U.S. Treasury Bills with remaining maturities of 3 to 12 months.

Why people hold it

  1. 01Targets the 3-to-12-month rung of the bill curve. Where sibling BIL sits in 1-3 month paper, BILS holds the next maturities out.ssga.com
  2. 02A compact book of roughly 40 Treasury bills, direct obligations of the US government. No corporate paper, no credit tiers to decode.ssga.com
  3. 03Tracks its Bloomberg bill index closely and pays monthly. A multi-billion-dollar fund with steady day-to-day trading behind it.

Worth knowing

  1. 01The 0.14% fee matches the category median but runs above the cheapest bill funds, like XONE at 0.03% and VBIL at 0.06%.
  2. 02Longer maturities move more when rates shift. Small moves by bond standards, but not as flat a line as a 0-3 month bill fund.
  3. 03Income resets as bills mature and roll into new ones, so payouts track wherever short-term Treasury rates sit at the time.ssga.com

BILS Holdings

As of Sep 21, 2026, 3:47 PM
Asset class
Bonds
Holdings
32
Top-10 weight
53%
Largest holding
TREASURY BILL 01/27 0.000007.3%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL 01/27 0.000007.30%0$282M13
002—TREASURY BILL 02/27 0.000007.13%0$275M9
003—TREASURY BILL 12/26 0.000007.04%0$272M17
004—TREASURY BILL 01/27 0.000004.62%0$178M10
005—TREASURY BILL 01/27 0.000004.61%0$178M8
006—TREASURY BILL 01/27 0.000004.61%0$178M31
007—TREASURY BILL 02/27 0.000004.60%0$177M13
008—TREASURY BILL 02/27 0.000004.59%0$177M9
009—TREASURY BILL 12/26 0.000004.50%0$174M32
010—TREASURY BILL 12/26 0.000004.50%0$174M13
011—TREASURY BILL 12/26 0.000004.50%0$174M13
012—TREASURY BILL 02/27 0.000004.45%0$172M10
013—TREASURY BILL 12/26 0.000004.44%0$172M27
014—TREASURY BILL 12/26 0.000004.21%0$163M7
015—TREASURY BILL 12/26 0.000004.21%0$163M7

Showing 1–15 of 24 holdings

BILS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BILS$10,356
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BILS $10,356. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BILS. Periods over one year show the average yearly return.
PeriodBILS
Year to date+2.5%
1 month+0.2%
3 months+0.9%
1 year+3.6%
3 years+4.5%per year
5 years+3.5%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BILS
YearReturn barBILS
2026 YTD+2.5%
2025+4.2%
2024+5.2%
2023+4.9%
2022+0.9%
2021−0.1%
2020+0.0%

History from Sep 24, 2020

BILS in the news

ETF.net Research hasn’t filed on BILS yet — coverage lands here as it’s written.

BILS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
3.69%Last 12 months
Payout per share
$3.67Last 12 months
Last payment
$0.31 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 44 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.42; Mar 1, 2023 $0.34; Apr 3, 2023 $0.39; May 1, 2023 $0.38; Jun 1, 2023 $0.40; Jul 3, 2023 $0.41; Aug 1, 2023 $0.43; Sep 1, 2023 $0.43; Oct 2, 2023 $0.43; Nov 1, 2023 $0.45; Dec 1, 2023 $0.43; Dec 18, 2023 $0.43; Feb 1, 2024 $0.45; Mar 1, 2024 $0.40; Apr 1, 2024 $0.43; May 1, 2024 $0.42; Jun 3, 2024 $0.43; Jul 1, 2024 $0.42; Aug 1, 2024 $0.44; Sep 3, 2024 $0.43; Oct 1, 2024 $0.41; Nov 1, 2024 $0.40; Dec 2, 2024 $0.37; Dec 19, 2024 $0.37; Feb 3, 2025 $0.37; Mar 3, 2025 $0.32; Apr 1, 2025 $0.35; May 1, 2025 $0.34; Jun 2, 2025 $0.35; Jul 1, 2025 $0.33; Aug 1, 2025 $0.35; Sep 2, 2025 $0.35; Oct 1, 2025 $0.33; Nov 3, 2025 $0.33; Dec 1, 2025 $0.31; Dec 18, 2025 $0.34; Feb 2, 2026 $0.30; Mar 2, 2026 $0.27; Apr 1, 2026 $0.29; May 1, 2026 $0.29; Jun 1, 2026 $0.30; Jul 1, 2026 $0.29; Aug 3, 2026 $0.31; Sep 1, 2026 $0.31. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 1, 2026Sep 4, 2026$0.31
Aug 3, 2026Aug 6, 2026$0.31
Jul 1, 2026Jul 7, 2026$0.29
Jun 1, 2026Jun 4, 2026$0.30
May 1, 2026May 6, 2026$0.29
Apr 1, 2026Apr 6, 2026$0.29
Mar 2, 2026Mar 5, 2026$0.27
Feb 2, 2026Feb 5, 2026$0.30
Dec 18, 2025Dec 23, 2025$0.34
Dec 1, 2025Dec 4, 2025$0.31
Nov 3, 2025Nov 6, 2025$0.33
Oct 1, 2025Oct 6, 2025$0.33

BILS Risk

How much the fund’s monthly returns vary, scaled to a year.
0.3%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.67
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−0.3%
Trough Jun 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.02
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BILS Cost

Expense ratio0.14%
  • The middle half of Cash & Ultra-Short Income funds
  • Median 0.19%

15 of the 77 Cash & Ultra-Short Income funds charge less.

BILS costs $14.00 a year on $10,000. The median Cash & Ultra-Short Income fund costs $19.00.