CLIP vs GBIL

CLIPAGlobal X 1-3 Month T-Bill ETF

GBILAGoldman Sachs Access Treasury 0-1 Year 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.

GBIL Treasuries only, and the whole under-one-year slice: bills plus old notes and bonds in their final 12 months. Goldman's 2016-vintage cash park charges 0.12% net of a waiver through December 29, 2026.

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.

GBIL The Fund seeks to track the FTSE US Treasury 0-1 Year Composite Select Index, which measures U.S. Treasury securities with no more than 12 months remaining maturity. It is passively managed and generally sells securities only when the index removes them.

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.

• GBIL Treasuries only: securities with 12 months or less left to run, so no corporate credit sneaks in the way it can at ultra-short bond peers like ICSH and VUSB.
• Passive to the letter, generally selling only when the index drops a security, and it has tracked that index about as tightly as this category gets.
• Costs 0.12% net of a waiver through December 29, 2026 (0.14% gross), below the category median fee.
• A multi-billion-dollar fund that trades actively and pays monthly income, one of the stronger implementations in its peer group.

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.

• GBIL Cheaper bill funds exist: VBIL at 0.06%, CLIP at 0.07%, TBLL at 0.08%, none leaning on a waiver. GBIL's waiver runs to December 29, 2026; gross is 0.14%.
• Holding nothing but sub-one-year paper, the monthly payout resets quickly when short-term rates move, in either direction, with almost no duration to cushion prices.
• Roughly 40 Treasury positions, so results follow the short end of the curve rather than anyone's security picks.

Full CLIP profile⁠

Full GBIL profile⁠