CLIP vs GSY: Grades, Fees and Holdings Compared

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

Invesco Ultra Short Duration ETF

GSYBNYSE Arca

Overlap

0.0%by weight

Expense ratio

CLIP −0.15pt a year

CLIP0.07%GSY0.22%

Avg volume · 30D

GSY 3.3×the volume

CLIP285KGSY932K

3Y return · a year

GSY +0.7pt

CLIP+4.5%GSY+5.2%

CLIP vs GSY Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%CLIP+3.9%GSY

Expense ratio: CLIP 0.07%, better; GSY 0.22%
Fund size: CLIP $2.35B; GSY $4.01B
1Y total return: CLIP +3.8%; GSY +3.9%, better
Yield (12M): CLIP 3.72%; GSY 4.21%, better
Holdings: CLIP 26; GSY 416
Avg volume (30D): CLIP 285K sh; GSY 932K sh, better
NAV per share: CLIP $100.38; GSY $50.02
52W range

ETF.net Grade

Pillar letters and Scores for CLIP, GSY, with each pillar’s weight
Pillar	CLIP	GSY
Cost30% weight	A89Higher	D27
Mission25% weight	A100	A100
Risk15% weight	C47	B58Higher
Tradability15% weight	A80Higher	A74
Holdings10% weight	Not scored	A92
Durability5% weight	B68	A88Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CLIP and GSY 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 GSY 27th 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 27BEVSBEaton Vance Ultra-Short Income ETFScore 66
Rank 27BGSYInvesco Ultra Short Duration ETFScore 66
Rank 27BXBILUS Treasury 6 Month Bill ETFScore 66

Our read on each fund

ETF.net Research

CLIPAGlobal X 1-3 Month T-Bill ETF

GSYBInvesco Ultra Short Duration 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.

GSY The active one in a cash-parking aisle full of index trackers. GSY has been hand-picking short bonds since its 2008 launch, keeping duration under a year and aiming to earn more than Treasury bills, with income paid monthly.

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.

GSY GSY seeks maximum current income while preserving capital and providing daily liquidity. It is actively managed and invests in diversified fixed-income securities with portfolio duration below one year, seeking returns above cash equivalents.

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.

GSY Genuinely active, not an index clone: managers work across roughly 400 fixed-income positions with portfolio duration held below one year.
Built for the boring job it advertises: maximum current income with capital preservation and daily liquidity, distributions paid monthly.
A multi-billion-dollar, actively traded fund with a track record dating to 2008, and a diversified book that ranks in the upper half of its ultra-short bond cohort.

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.

GSY Active management comes at an active price: 0.22% a year, above the cohort median of 0.20% and more than double index-tracking VUSB at 0.10%.
Not a bills-only portfolio. The mandate is diversified fixed income reaching for returns above cash equivalents, so credit risk is part of the recipe, unlike Treasury-only SHV.
The ICE BofA US Treasury Bill Index is the yardstick, not the blueprint. Results come from the manager's calls and can land either side of it.

Full CLIP profile⁠

Full GSY profile⁠

CLIP vs GSY Holdings

As of Oct 13, 2026

How CLIP and GSY differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile80.1%

Sector

No Sector split for CLIP and GSY.

Country, concentration and asset class

Country by domicile

Country weights in CLIP and GSY, widest gap first
Country	More in CLIPMore in GSY	CLIP	GSY
United States	CLIP +19.9 points	100.0%	80.1%
Canada	GSY +7.2 points	0.0%	7.2%
United Kingdom	GSY +2.2 points	0.0%	2.2%
Cayman Islands	GSY +2.2 points	0.0%	2.2%
France	GSY +2.0 points	0.0%	2.0%
Ireland	GSY +1.5 points	0.0%	1.5%
Germany	GSY +1.2 points	0.0%	1.2%
Japan	GSY +1.2 points	0.0%	1.2%
Other countries (5)	GSY +2.5 points	0.0%	2.5%

Concentration

Weight in the 10 largest Holdings

CLIP63.8%
GSY9.8%

Securities held

CLIP26
GSY414

Asset class

CLIP: Cash
GSY: Fixed Income

Holdings

Only in CLIP26
In both0
Only in GSY414

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 GSY

414 securities, 99.4% of GSY by weight

United States Treasury Note/Bond 4.13% 08/31/20282.84%
United States Treasury Bill 09/02/20272.04%
American Tower Corp 2.75% 01/15/20270.64%
Amazon.com Inc 4.53% 07/09/20290.63%
Antero Resources Corp 11/04/20260.62%
Haleon US Capital LLC 3.38% 03/24/20270.62%
HSBC USA Inc 08/09/20270.58%
Healthpeak OP LLC 10/20/20270.57%
Evergreen Credit Card Trust 4.46% 09/16/20300.56%
NatWest Group PLC 5.58% 03/01/20280.52%
Heineken NV 3.50% 01/29/20280.51%
Owens Corning 5.50% 06/15/20270.50%
Wells Fargo & Co 4.79% 09/15/20290.50%
Morgan Stanley 4.92% 04/10/20300.50%
Jackson National Life Global Funding 4.78% 06/09/20270.50%
Canadian Imperial Bank of Commerce 4.76% 01/29/20300.50%
Global Payments Inc 11/02/20260.50%
Brookfield Infrastructure Holdings Canada Inc 11/03/20260.50%
Energy Transfer LP 4.40% 03/15/20270.50%
Brookfield Infrastructure Holdings Canada Inc 11/10/20260.50%
AT&T Inc 4.25% 03/01/20270.50%
BHP Billiton Finance USA Ltd 4.75% 02/28/20280.50%
Truist Bank 4.62% 01/27/20290.50%
Banco Bilbao Vizcaya Argentaria SA (New York Branch) 4.79% 10/27/20270.50%
Tyson Foods Inc 3.55% 06/02/20270.50%
Agilent Technologies Inc 4.20% 09/09/20270.50%
Sherwin-Williams Co/The 3.45% 06/01/20270.49%
Lowe's Cos Inc 3.95% 10/15/20270.49%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.65% 07/21/20270.49%
Fidelity National Information Services Inc 4.45% 03/10/20280.49%
Rwe AG 01/21/20270.49%
Zions Bancorp NA 5.24% 10/01/20290.49%
Quanta Services Inc 4.30% 08/09/20280.49%
Rwe AG 04/19/20270.49%
JPMorgan Chase & Co 4.41% 04/23/20300.49%
Western Midstream Operating LP 6.35% 01/15/20290.48%
Clipper Funding Co LLC 08/02/20270.48%
Manufacturers & Traders Trust Co 4.76% 07/06/20280.48%
Nordson Corp 5.60% 09/15/20280.48%
Sempra 4.62% 01/07/20280.47%
American Tower Corp 3.60% 01/15/20280.47%
NextEra Energy Capital Holdings Inc 4.68% 09/01/20270.47%
Mars Inc 4.60% 03/01/20280.47%
CVS Health Corp 1.30% 08/21/20270.47%
Alimentation Couche-Tard Inc 4.15% 09/29/20280.46%
Principal Life Global Funding II 4.25% 08/18/20280.46%
Jefferies Financial Group Inc 4.30% 02/11/20270.45%
Bank of America Corp 3.97% 03/05/20290.44%
AT&T Inc 2.30% 06/01/20270.44%
NextEra Energy Capital Holdings Inc 1.90% 06/15/20280.44%

Weight gaps

CLIP and GSY share no securities.

All 27 CLIP holdings⁠All 414 GSY 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 GSY Cost

Overpaying GSY vs CLIP

$3,078

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

CLIP 0.07%
$1,480
GSY 0.22%
$4,558

Amount$10,000

Years30 years

Cost over time

CLIP 0.07%
GSY 0.22%
Overpaying

Year by year

Year	CLIP	GSY	Overpaying
10	$128	$401	$273
20	$503	$1,561	$1,058
30	$1,480	$4,558	$3,078

Expense ratio

0.07%CLIP, cheaper
0.22%GSY

CLIP0.07%GSY0.22%

0.03%1.00%

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

CLIP 8th cheapest of 78 funds

GSY 57th cheapest of 78 funds

CLIP vs GSY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CLIP 3.72%; GSY 4.21%, better
Payout (12M): CLIP $3.74; GSY $2.11
Last payment: CLIP $0.31; GSY $0.18
Ex-dividend: CLIP Oct 1, 2026; GSY Oct 19, 2026
Paid on: CLIP Oct 6, 2026; GSY Oct 23, 2026
Frequency: CLIP Monthly; GSY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CLIPMonthly · 40 paymentsAll CLIP payments⁠

GSYMonthly · 46 paymentsAll GSY payments⁠

CLIP vs GSY 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%, betterGSY 0.6%
Return per unit of riskSharpe ratio, 3 years: CLIP −0.51GSY 1.29, better
Worst fallMax drawdown, 5 years: CLIP −0.1%since Jun 2023GSY −1.4%
Market sensitivityBeta, 5 years: CLIP 0.01GSY 0.07; Market = 1

CLIP and GSY 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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CLIP vs GSY

In short

Stated mandate

Why people hold it

Worth knowing

How CLIP and GSY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in GSY

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 GSY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in GSY

Weight gaps