BILZ vs CLIP: Grades, Fees and Holdings Compared

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZANYSE Arca

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

Overlap

0.0%by weight

Expense ratio

CLIP −0.07pt a year

BILZ0.14%CLIP0.07%

Avg volume · 30D

CLIP 1.4×the volume

BILZ200KCLIP285K

3Y return · a year

BILZ+4.5%CLIP+4.5%

BILZ vs CLIP Performance

Oct 31, 2025 – Oct 30, 2026

+3.7%BILZ+3.8%CLIP

Expense ratio: BILZ 0.14%; CLIP 0.07%, better
Fund size: BILZ $860M; CLIP $2.35B
1Y total return: BILZ +3.7%; CLIP +3.8%, better
Yield (12M): BILZ 3.80%, better; CLIP 3.72%
Holdings: BILZ 5; CLIP 26
Avg volume (30D): BILZ 200K sh; CLIP 285K sh, better
NAV per share: BILZ $100.94; CLIP $100.38
52W range

ETF.net Grade

Pillar letters and Scores for BILZ, CLIP, with each pillar’s weight
Pillar	BILZ	CLIP
Cost30% weight	A76	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C44	C47Higher
Tradability15% weight	A76	A80Higher
Holdings10% weight	D38	Not scored
Durability5% weight	B58	B68Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. BILZ 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 BILZ 20th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 19AJPSTJPMorgan Ultra-Short Income ETFScore 73
Rank 20ABILZPIMCO Ultra Short Government Active Exchange-Traded FundScore 72
Rank 20AGSSTGoldman Sachs Ultra Short Bond ETFScore 72

Our read on each fund

ETF.net Research

BILZAPIMCO Ultra Short Government Active Exchange-Traded Fund

CLIPAGlobal X 1-3 Month T-Bill ETF

In short

BILZ Nearly everything in this corner of the market just tracks a T-bill index. BILZ instead hands the ultra-short government paper to PIMCO's bond desk, chasing maximum current income while preserving capital and daily liquidity. Pays monthly.

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

BILZ The Fund seeks maximum current income while preserving capital and maintaining daily liquidity.

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

BILZ Active, not an index tracker: PIMCO's managers pick the short government paper, and the fund has stuck closely to its stated mandate.
Pays monthly, on a mandate built around preserving capital and keeping daily liquidity. Cash-adjacent plumbing rather than a rate bet.
The 0.14% expense ratio sits right at the median for its T-bill peer group, level with BIL, the big passive incumbent.
A multi-billion-dollar fund with steady two-way trading, built up since a 2023 launch.

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

BILZ Index rivals undercut it: XONE charges 0.03% and VBIL 0.06% against 0.14% here. That gap is what active management costs.
Active means no plain bill index to check it against. Maturity and security mix ride on the manager's calls.
Launched in 2023, so its record covers only one slice of the rate cycle, and it sits in the lower half of its peer group.

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 BILZ profile⁠

Full CLIP profile⁠

BILZ vs CLIP Holdings

As of Oct 13, 2026

How BILZ and CLIP differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for BILZ and CLIP.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

BILZ100.0%
CLIP63.8%

Securities held

BILZ4
CLIP26

Asset class

BILZ: Fixed Income
CLIP: Cash

Holdings

Only in BILZ4
In both0
Only in CLIP26

Only in BILZ

4 securities, 100% of BILZ by weight

Treasury Bill 01/27 0.00000 0.01% 01/26/202764.13%
Treasury Bill 12/26 0.00000 0.01% 12/01/202625.65%
Treasury Bill 02/27 0.00000 0.01% 02/09/20278.04%
Treasury Bill 02/27 0.00000 0.01% 02/02/20272.18%

Only in CLIP

26 securities, 100% of CLIP by weight

B 11/19/26 (BVSVZ28)8.23%
B 11/27/26 (BVPJDQ5)7.53%
B 11/12/26 (BT9R101)7.40%
B 12/03/26 (BW61LR4)7.04%
B 11/05/26 (BNZJKH9)6.95%
B 12/17/26 (BWRXMP4)6.37%
B 11/03/26 (BQGF9D6)5.67%
B 12/01/26 (BRJJ0F1)5.11%
B 12/31/26 (BNVVYP5)5.09%
B 11/24/26 (C04JZH3)4.42%
B 11/17/26 (BRCDQ07)4.31%
B 12/24/26 (BSSBJ36)4.26%
B 11/10/26 (BXM1HG6)4.03%
B 12/08/26 (BX7WM14)4.01%
Other Payable & Receivables3.27%
B 10/20/26 (BWM2X64)3.04%
B 10/29/26 (BV3PBJ4)2.99%
B 10/22/26 (BW5RJY6)2.96%
B 10/27/26 (BVSRRW0)2.55%
B 01/07/27 (BTCLH46)2.54%
B 12/10/26 (BXM7C47)2.38%
B 10/15/26 (BTWQYX9)2.03%
B 01/05/27 (BQZCL87)1.06%
B 12/15/26 (BV88875)0.02%
B 12/22/26 (BVSPGV6)0.02%
B 12/29/26 (BV8CZK9)0.02%

Weight gaps

BILZ and CLIP share no securities.

All 13 BILZ 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.

BILZ vs CLIP Cost

Overpaying BILZ vs CLIP

$1,452

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

BILZ 0.14%
$2,932
CLIP 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

BILZ 0.14%
CLIP 0.07%
Overpaying

Year by year

Year	BILZ	CLIP	Overpaying
10	$256	$128	$128
20	$1,000	$503	$497
30	$2,932	$1,480	$1,452

Expense ratio

0.14%BILZ
0.07%CLIP, cheaper

CLIP0.07%BILZ0.14%

0.03%1.00%

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

CLIP 8th cheapest of 78 funds

BILZ 20th cheapest of 78 funds

BILZ vs CLIP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BILZ 3.80%, better; CLIP 3.72%
Payout (12M): BILZ $3.84; CLIP $3.74
Last payment: BILZ $0.31; CLIP $0.31
Ex-dividend: BILZ Oct 1, 2026; CLIP Oct 1, 2026
Paid on: BILZ Oct 5, 2026; CLIP Oct 6, 2026
Frequency: BILZ Monthly; CLIP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BILZMonthly · 39 paymentsAll BILZ payments⁠

CLIPMonthly · 40 paymentsAll CLIP payments⁠

BILZ vs CLIP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BILZ 0.2%CLIP 0.2%
Return per unit of riskSharpe ratio, 3 years: BILZ −0.52CLIP −0.51, better
Worst fallMax drawdown, 5 years: BILZ −0.5%since Jun 2023CLIP −0.1%since Jun 2023
Market sensitivityBeta, 5 years: BILZ 0.005CLIP 0.01; Market = 1

BILZ 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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BILZ vs CLIP

In short

Stated mandate

Why people hold it

Worth knowing

How BILZ and CLIP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BILZ

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 BILZ and CLIP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BILZ

Only in CLIP

Weight gaps