CLIP vs GMOC

CLIPAGlobal X 1-3 Month T-Bill ETF

GMOCBGMO Ultra-Short Income 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.

GMOC GMO's answer to the cash-parking corner: an actively managed ultra-short fund that reaches into CLOs and repo alongside Treasuries, not just T-bills. Launched late 2025 at a 0.20% fee.

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.

GMOC The Fund seeks current income while preserving capital. It is actively managed and invests primarily in low-duration, high-quality fixed-income securities, including CLOs, U.S. Treasuries, repurchase agreements, reverse repurchase agreements, and other investment-grade instruments.

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.

• GMOC Active by design, with a wide short-end toolkit: CLOs, Treasuries, repo and reverse repo, plus other investment-grade paper.
• 0.20% buys active management at the same price as the typical ultra-short bond ETF.
• The mandate is blunt (current income, capital preservation, low duration) and what it owns lines up tightly with that promise.
• Filings set income distributions on a monthly schedule.

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.

• GMOC Opened in October 2025 and trades lightly, so spreads can run wider than the category's long-established names.
• CLOs and repo carry credit and structural risk a pure Treasury bill fund does not. That is the trade for reaching past T-bills.
• Cheaper shelf-mates exist: VUSB charges 0.10%, and SHV, PULS and DUSB each charge 0.15%.

Full CLIP profile⁠

Full GMOC profile⁠