BILS vs CLIP: Grades, Fees and Holdings Compared

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

BILSANYSE Arca

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

Overlap

0.0%by weight

Expense ratio

CLIP −0.07pt a year

BILS0.14%CLIP0.07%

Avg volume · 30D

BILS 1.2×the volume

BILS337KCLIP285K

3Y return · a year

CLIP +0.1pt

BILS+4.4%CLIP+4.5%

BILS vs CLIP Performance

Oct 31, 2025 – Nov 2, 2026

+3.6%BILS+3.8%CLIP

Expense ratio: BILS 0.14%; CLIP 0.07%, better
Fund size: BILS $3.97B; CLIP $2.35B
1Y total return: BILS +3.6%; CLIP +3.8%, better
Yield (12M): BILS 4.02%; CLIP 4.06%, better
Holdings: BILS 30; CLIP 28
Avg volume (30D): BILS 337K sh, better; CLIP 285K sh
NAV per share: BILS $99.37; CLIP $100.38
52W range

ETF.net Grade

Pillar letters and Scores for BILS, CLIP, with each pillar’s weight
Pillar	BILS	CLIP
Cost30% weight	A76	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C41	C47Higher
Tradability15% weight	A79	A79
Holdings10% weight	C54	Not scored
Durability5% weight	A80Higher	B68

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. BILS and CLIP are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

CLIP ranks 2nd and BILS 15th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVBILVanguard 0-3 Month Treasury Bill ETFScore 81
Rank 13ATRSYXtrackers US 0-1 Year Treasury ETFScore 76
Rank 15ABILSState Street SPDR Bloomberg 3-12 Month T-Bill ETFScore 75
Rank 15ABKUIBNY Mellon Ultra Short Income ETFScore 75

Our read on each fund

ETF.net Research

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

CLIPAGlobal X 1-3 Month T-Bill ETF

In short

BILS Most 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.

CLIP Treasury bills, one to three months out, at half the fee of the category's longtime giant. Global X launched CLIP in 2023 as the cheap challenger in the parking-lot corner of the bond market, and it has hugged its index tightly since.

Stated mandate

BILS 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.

CLIP CLIP seeks to track, before fees and expenses, the price and yield performance of the Solactive 1-3 month US T-Bill Index. It invests in U.S. government Treasury bills with remaining maturities from one month to under three months.

Why people hold it

BILS Targets 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
A compact book of roughly 40 Treasury bills, direct obligations of the US government. No corporate paper, no credit tiers to decode.ssga.com
Tracks its Bloomberg bill index closely and pays monthly. A multi-billion-dollar fund with steady day-to-day trading behind it.

CLIP 0.07% a year, half the 0.14% median for its bill-fund cohort and half what category veteran BIL charges for the same one-to-three-month exposure.
The mandate fits on one line: US Treasury bills maturing in one month to under three, roughly two dozen of them. Government paper only, no corporate credit slipped in.globalxetfs.com
Sticks to the Solactive 1-3 month US T-Bill Index about as tightly as anything in its peer group, which is the entire job description for a bill fund.
Distributes monthly, and it has already gathered billions in assets, so it is no thin-ice launch.

Worth knowing

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

CLIP Income comes straight off short-term Treasury rates. Monthly payouts move up and down with those rates rather than sitting at a fixed level.
It opened in 2023, so the track record is short next to the bill funds it undercuts on fee.
Volume is respectable, not the deepest in the cohort, and a hair cheaper exists (Vanguard's VBIL at 0.06%). At these fee levels the gap is rounding error.

Full BILS profile⁠

Full CLIP profile⁠

BILS vs CLIP Holdings

How BILS and CLIP differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BILS and 0.0% of CLIP.

Level by level

Asset classFixed Income, Cash0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for BILS and CLIP.

Country, concentration and asset class

Country by domicile

Country weights in BILS and CLIP, widest gap first
Country	More in BILSMore in CLIP	BILS	CLIP
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BILS52.6%
CLIP55.7%

Securities held

BILS10
CLIP27

Asset class

BILS: Fixed Income
CLIP: Cash

Holdings

Only in BILS10
In both0
Only in CLIP27

Only in BILS

10 securities, 97.9% of BILS by weight

Treasury Bill 02/27 0.0000027.77%
Treasury Bill 03/27 0.0000021.69%
Treasury Bill 01/27 0.0000016.27%
Treasury Bill 04/27 0.0000014.37%
Treasury Bill 09/27 0.000004.57%
Treasury Bill 08/27 0.000002.94%
Treasury Bill 07/27 0.000002.93%
Treasury Bill 05/27 0.000002.83%
Treasury Bill 06/27 0.000002.80%
United States Treasury Bill 10/27 01.78%

Only in CLIP

27 securities, 100% of CLIP by weight

B 12/03/26 (BW61LR4)7.07%
B 12/24/26 (BSSBJ36)6.41%
B 12/17/26 (BWRXMP4)6.38%
B 12/01/26 (BRJJ0F1)6.17%
B 01/07/27 (BTCLH46)5.72%
B 12/31/26 (BNVVYP5)5.08%
B 11/03/26 (BQGF9D6)5.03%
B 12/10/26 (BXM7C47)4.97%
B 01/21/27 (BV2FL73)4.85%
B 11/10/26 (BXM1HG6)4.06%
B 12/08/26 (BX7WM14)4.01%
B 11/12/26 (BT9R101)3.99%
B 11/05/26 (BNZJKH9)3.96%
B 12/29/26 (BV8CZK9)3.87%
B 11/19/26 (BVSVZ28)3.83%
B 11/17/26 (BRCDQ07)3.55%
B 11/24/26 (C04JZH3)3.35%
B 11/27/26 (BVPJDQ5)3.31%
B 12/22/26 (BVSPGV6)3.24%
B 12/15/26 (BV88875)3.09%
B 01/26/27 (C0FRT41)2.96%
B 01/28/27 (BXW2BR8)2.96%
B 01/19/27 (C0C06G4)2.11%
B 01/14/27 (BTMT4S3)2.04%
B 01/05/27 (BQZCL87)1.06%
B 02/02/27 (C0JZ264)1.06%
B 02/09/27 (C05DTR2)1.05%

Weight gaps

BILS and CLIP share no securities.

All 37 BILS holdings⁠All 27 CLIP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BILS vs CLIP Cost

Overpaying BILS vs CLIP

$1,355

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BILS 0.1353%
$2,835
CLIP 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

BILS 0.1353%
CLIP 0.07%
Overpaying

Year by year

Year	BILS	CLIP	Overpaying
10	$247	$128	$119
20	$967	$503	$464
30	$2,835	$1,480	$1,355

Expense ratio

0.14%BILS
0.07%CLIP, cheaper

CLIP0.07%BILS0.14%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

CLIP 8th cheapest of 78 funds

BILS 19th cheapest of 78 funds

BILS vs CLIP Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BILS 4.02%; CLIP 4.06%, better
Payout (12M): BILS $3.98; CLIP $4.06
Last payment: BILS $0.33; CLIP $0.33
Ex-dividend: BILS Nov 2, 2026; CLIP Nov 2, 2026
Paid on: BILS Pays Nov 5, 2026; CLIP Pays Nov 5, 2026
Frequency: BILS Monthly; CLIP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BILSMonthly · 46 paymentsAll BILS payments⁠

CLIPMonthly · 41 paymentsAll CLIP payments⁠

BILS vs CLIP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BILS 0.3%CLIP 0.2%, better
Return per unit of riskSharpe ratio, 3 years: BILS −0.57CLIP −0.51, better
Worst fallMax drawdown, 5 years: BILS −0.3%CLIP −0.1%since Jun 2023
Market sensitivityBeta, 5 years: BILS 0.02CLIP 0.01; Market = 1

BILS and CLIP in the news

All news⁠

Best ETFs
T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%
Updated Nov 2, 2026CLIP

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BILS vs CLIP

In short

Stated mandate

Why people hold it

Worth knowing

How BILS and CLIP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BILS

Only in CLIP

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%

How BILS and CLIP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BILS

Only in CLIP

Weight gaps