CLIP vs FTSM: Grades, Fees and Holdings Compared

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

First Trust Enhanced Short Maturity ETF

FTSMBNasdaq

Overlap

0.0%by weight

Expense ratio

CLIP −0.22pt a year

CLIP0.07%FTSM0.29%

Avg volume · 30D

FTSM 2.5×the volume

CLIP285KFTSM720K

3Y return · a year

FTSM +0.2pt

CLIP+4.5%FTSM+4.7%

CLIP vs FTSM Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%CLIP+3.6%FTSM

Expense ratio: CLIP 0.07%, better; FTSM 0.29%
Fund size: CLIP $2.35B; FTSM $6.8B
1Y total return: CLIP +3.8%, better; FTSM +3.6%
Yield (12M): CLIP 3.72%; FTSM 4.45%, better
Holdings: CLIP 26; FTSM 742
Avg volume (30D): CLIP 285K sh; FTSM 720K sh, better
NAV per share: CLIP $100.38; FTSM $59.60
52W range

ETF.net Grade

Pillar letters and Scores for CLIP, FTSM, with each pillar’s weight
Pillar	CLIP	FTSM
Cost30% weight	A89Higher	F13
Mission25% weight	A100	A100
Risk15% weight	C47	C49Higher
Tradability15% weight	A80Higher	A76
Holdings10% weight	Not scored	A93
Durability5% weight	B68	A88Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CLIP and FTSM 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 FTSM 36th 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 33BNUSBNuveen Ultra Short IncomeScore 62
Rank 36BFTSMFirst Trust Enhanced Short Maturity ETFScore 61
Rank 36BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61

Our read on each fund

ETF.net Research

CLIPAGlobal X 1-3 Month T-Bill ETF

FTSMBFirst Trust Enhanced Short Maturity ETF

In short

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.

FTSM A 2014-vintage active take on the cash-parking shelf: First Trust's managers roam short-duration investment-grade debt across sectors instead of tracking an index, chasing current income while preserving capital and keeping daily liquidity.

Stated mandate

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.

FTSM The fund seeks current income while preserving capital and maintaining daily liquidity. It is actively managed and invests in short-duration, primarily U.S.-dollar-denominated, investment-grade securities across a broad range of asset classes.

Why people hold 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.

FTSM No index to follow. The team picks short-duration, mostly US-dollar investment-grade paper across a broad range of asset classes, aiming for current income with capital preservation and daily liquidity.ftportfolios.com
Live since 2014, it has run through an entire rate cycle and grown into a multi-billion-dollar fund that trades actively, so entering and exiting is generally straightforward.
Roughly 400 positions keep any single issuer a small slice of the pot, and income is paid out monthly rather than quarterly.

Worth knowing

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.

FTSM Active management carries an active price: 0.29% a year against a 0.20% median for cash-alternative peers. ICSH charges 0.08% and JPST 0.18% for a similar job.
You are buying a manager's credit and duration calls, not a rulebook. Two ultra-short funds can hold quite different paper and behave differently in a stressed market.
It is a 1940 Act ETF, not a money market fund or a bank deposit. The share price can move, and preserving capital is a stated goal rather than a promise.ftportfolios.com

Full CLIP profile⁠

Full FTSM profile⁠

CLIP vs FTSM Holdings

As of Oct 13, 2026

How CLIP and FTSM differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile81.7%
Asset classCash100%

Sector

No Sector split for CLIP.

Country, concentration and asset class

Country by domicile

Country weights in CLIP and FTSM, widest gap first
Country	More in CLIPMore in FTSM	CLIP	FTSM
United States	CLIP +18.3 points	100.0%	81.7%
Cayman Islands	FTSM +7.0 points	0.0%	7.0%
Canada	FTSM +5.8 points	0.0%	5.8%
Australia	FTSM +1.6 points	0.0%	1.6%
United Kingdom	FTSM +1.5 points	0.0%	1.5%
Sweden	FTSM +0.7 points	0.0%	0.7%
Denmark	FTSM +0.6 points	0.0%	0.6%
Netherlands	FTSM +0.6 points	0.0%	0.6%
Other countries (3)	FTSM +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

CLIP63.8%
FTSM6.3%

Securities held

CLIP26
FTSM733

Asset class

CLIP: Cash
FTSM: Cash

Holdings

Only in CLIP26
In both0
Only in FTSM733

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%

Only in FTSM

733 securities, 100% of FTSM by weight

AUTONATION INC 0%, due 11/02/20260.96%
TARGA RESOURCES CORP 0%, due 11/02/20260.89%
U.S. Treasury Note, 4.125%, due 06/30/20280.85%
GILDAN ACTIVEWEAR INC 0%, due 11/02/20260.65%
HUNTINGTON NATIONAL BANK Variable rate, due 04/12/20280.52%
T-MOBILE USA INC 3.75%, due 04/15/20270.51%
GOLDMAN SACHS GROUP INC Variable rate, due 01/21/20290.51%
KINDER MORGAN INC 1.75%, due 11/15/20260.49%
WORKDAY INC 3.50%, due 04/01/20270.49%
CRH AMERICA FINANCE INC 3.40%, due 05/09/20270.48%
CITIBANK NA Variable rate, due 06/18/20290.47%
WILLIS NORTH AMERICA INC 4.65%, due 06/15/20270.46%
SOLVENTUM CORP 5.45%, due 02/25/20270.45%
HUNTINGTON NATIONAL BANK Variable rate, due 05/17/20280.45%
Fannie Mae - CAS Series 2024-R05, Class 2A1, Variable rate, due 07/25/20440.45%
HYATT HOTELS CORP 5.75%, due 01/30/20270.44%
AON NORTH AMERICA INC 5.125%, due 03/01/20270.44%
FIFTH THIRD BANK NA Variable rate, due 01/28/20280.44%
ZIMMER BIOMET HOLDINGS 4.70%, due 02/19/20270.44%
BANK OF AMERICA CORP Variable rate, due 04/27/20280.44%
AMRIZE FINANCE US LLC 4.70%, due 04/07/20280.44%
AUTODESK INC 3.50%, due 06/15/20270.44%
ASHTEAD CAPITAL INC 4.375%, due 08/15/20270.44%
AMCOR FLEXIBLES NORTH AMERICA 4.80%, due 03/17/20280.43%
BROWN & BROWN INC 4.60%, due 12/23/20260.43%
CADENCE DESIGN SYS INC 4.20%, due 09/10/20270.43%
AMRIZE FINANCE US LLC 4.60%, due 04/07/20270.42%
MARRIOTT INTERNATIONAL 0%, due 11/18/20260.41%
COOPERATIEVE RABOBANK UA Variable rate, due 04/06/20280.41%
DANSKE BANK A/S Variable rate, due 03/01/20280.39%
ENERGY TRANSFER LP 0%, due 11/02/20260.39%
IQVIA INC 5.70%, due 05/15/20280.38%
BANK OF NY MELLON CORP Variable rate, due 01/22/20300.38%
US BANK NA CINCINNATI Variable rate, due 05/20/20290.38%
U.S. Treasury Note, 4.25%, due 07/31/20280.37%
THE BOEING CO 3.25%, due 02/01/20280.37%
GE HEALTHCARE TECH INC 5.65%, due 11/15/20270.37%
WELLS FARGO & COMPANY Variable rate, due 04/22/20280.37%
BANK OF MONTREAL N/C, Variable rate, due 01/13/20280.37%
THE CAMPBELLS COMPANY 5.20%, due 03/19/20270.37%
SVENSKA HANDELSBANKEN NY N/C, Variable rate, due 02/11/20270.37%
CAPITAL ONE FINANCIAL CO Variable rate, due 05/10/20280.37%
COMMONWEALTH BK AUSTRALIA N/C, Variable rate, due 02/12/20270.37%
SWEDBANK Variable rate, due 11/09/20260.37%
WESTPAC BANKING CORP Variable rate, due 05/21/20270.37%
GLOBAL PAYMENTS INC 0%, due 11/03/20260.37%
QUANTA SERVICES INC 4.30%, due 08/09/20280.37%
JPMORGAN CHASE & CO Variable rate, due 02/01/20280.37%
AGILENT TECHNOLOGIES INC 4.20%, due 09/09/20270.37%
PNC FINANCIAL SERVICES Variable rate, due 10/26/20290.37%

Weight gaps

CLIP and FTSM share no securities.

All 27 CLIP holdings⁠All 742 FTSM 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.

CLIP vs FTSM Cost

Overpaying FTSM vs CLIP

$4,472

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

CLIP 0.07%
$1,480
FTSM 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

CLIP 0.07%
FTSM 0.29%
Overpaying

Year by year

Year	CLIP	FTSM	Overpaying
10	$128	$527	$399
20	$503	$2,044	$1,541
30	$1,480	$5,952	$4,472

Expense ratio

0.07%CLIP, cheaper
0.29%FTSM

CLIP0.07%FTSM0.29%

0.03%1.00%

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

CLIP 8th cheapest of 78 funds

FTSM 68th cheapest of 78 funds

CLIP vs FTSM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CLIP 3.72%; FTSM 4.45%, better
Payout (12M): CLIP $3.74; FTSM $2.65
Last payment: CLIP $0.31; FTSM $0.21
Ex-dividend: CLIP Oct 1, 2026; FTSM Oct 30, 2026
Paid on: CLIP Oct 6, 2026; FTSM Pays Nov 3, 2026
Frequency: CLIP Monthly; FTSM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CLIPMonthly · 40 paymentsAll CLIP payments⁠

FTSMMonthly · 46 paymentsAll FTSM payments⁠

CLIP vs FTSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CLIP 0.2%, betterFTSM 0.5%
Return per unit of riskSharpe ratio, 3 years: CLIP −0.51FTSM 0.29, better
Worst fallMax drawdown, 5 years: CLIP −0.1%since Jun 2023FTSM −0.6%
Market sensitivityBeta, 5 years: CLIP 0.01FTSM 0.05; Market = 1

CLIP and FTSM 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

Popular comparisons

CLIPAvsICSHA
Global X 1-3 Month T-Bill ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.07% · 0.08%
Category
FTSMBvsICSHA
First Trust Enhanced Short Maturity ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.29% · 0.08%
Category
CLIPAvsVUSBA
Global X 1-3 Month T-Bill ETF · Vanguard Ultra-Short Bond ETF
Expense ratio
0.07% · 0.10%
Category
FTSMBvsVUSBA
First Trust Enhanced Short Maturity ETF · Vanguard Ultra-Short Bond ETF
Expense ratio
0.29% · 0.10%
Category
CLIPAvsTBLLA
Global X 1-3 Month T-Bill ETF · Invesco Short Term Treasury ETF
Expense ratio
0.07% · 0.08%
Category
FTSMBvsTBLLA
First Trust Enhanced Short Maturity ETF · Invesco Short Term Treasury ETF
Expense ratio
0.29% · 0.08%
Category

CLIP vs FTSM

In short

Stated mandate

Why people hold it

Worth knowing

How CLIP and FTSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in FTSM

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 CLIP and FTSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in FTSM

Weight gaps