CLIP vs MMKT: Grades, Fees and Holdings Compared

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

Texas Capital Government Money Market ETF

MMKTCNYSE

Overlap

0.0%by weight

Expense ratio

CLIP −0.13pt a year

CLIP0.07%MMKT0.20%

Avg volume · 30D

CLIP 54.3×the volume

CLIP285KMMKT5.25K

CLIP vs MMKT Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%CLIP+3.5%MMKT

Expense ratio: CLIP 0.07%, better; MMKT 0.20%
Fund size: CLIP $2.35B; MMKT $68M
1Y total return: CLIP +3.8%, better; MMKT +3.5%
Yield (12M): CLIP 3.72%, better; MMKT 3.63%
Holdings: CLIP 26; MMKT 30
Avg volume (30D): CLIP 285K sh, better; MMKT 5.25K sh
NAV per share: CLIP $100.38; MMKT $100.22
52W range

ETF.net Grade

Pillar letters and Scores for CLIP, MMKT, with each pillar’s weight
Pillar	CLIP	MMKT
Cost30% weight	A89Higher	D38
Mission25% weight	A100	A100
Risk15% weight	C47Higher	D39
Tradability15% weight	A80Higher	D36
Holdings10% weight	Not scored	D35
Durability5% weight	B68Higher	D36

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CLIP and MMKT 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 MMKT 60th 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 59BTLDRThe Laddered T-Bill ETFScore 53
Rank 60CMMKTTexas Capital Government Money Market ETFScore 52
Rank 61CVUSIVoya Ultra Short Income ETFScore 50

Our read on each fund

ETF.net Research

CLIPAGlobal X 1-3 Month T-Bill ETF

MMKTCTexas Capital Government Money Market 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.

MMKT Money markets went unchallenged by ETFs for three decades. MMKT was the first fund to run a government money market portfolio under Rule 2a-7 inside an ETF wrapper, with one twist: no fixed $1 share price.

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.

MMKT The Fund seeks current interest income while maintaining liquidity and stability of principal. It invests primarily in high-quality U.S. government money market instruments and related repurchase agreements.

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.

MMKT The first ETF built to Rule 2a-7, the SEC rulebook behind government money market funds: at least 99.5% in cash, U.S. government paper and fully collateralized repos.globenewswire.com etf.com sec.gov
Cash-style exposure that lives in the brokerage account and trades intraday on the NYSE, rather than in a separate money fund with an end-of-day cutoff.globenewswire.com sec.gov
Pays income monthly, and the holdings match the mandate on paper: high-quality U.S. government money market instruments and related repurchase agreements, nothing exotic.

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.

MMKT No fixed $1 share price. NAV follows the market value of the holdings, and shares can trade a touch above or below it. Not a bank deposit, not FDIC insured.etf.com sec.gov
The 0.20% fee sits right at the category median, while SBIL and IQMM charge 0.15% and ICSH charges 0.08%.
Launched in 2024 and thinly traded, so spreads can run wider than at the cash-alternative giants, and the track record is still short.

Full CLIP profile⁠

Full MMKT profile⁠

CLIP vs MMKT Holdings

As of Oct 13, 2026

How CLIP and MMKT differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for CLIP and MMKT.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

CLIP63.8%
MMKT80.0%

Securities held

CLIP26
MMKT29

Asset class

CLIP: Cash
MMKT: Fixed Income

Holdings

Only in CLIP26
In both0
Only in MMKT29

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 MMKT

29 securities, 50.9% of MMKT by weight

B 12/22/265.13%
Tf Float 01/31/274.13%
B 03/18/273.87%
B 12/01/263.43%
B 04/15/273.34%
B 03/04/273.28%
B 11/12/262.75%
B 12/17/262.65%
Tf Float 10/31/262.32%
B 11/19/262.21%
B 01/07/272.05%
B 01/28/271.90%
B 02/09/271.83%
B 02/16/271.83%
Fhlb 3 7/8 05/26/271.47%
B 01/19/271.47%
B 02/18/271.27%
Ss-Inst Us-Opp1.21%
B 11/10/260.74%
Fhlb 1.4 12/30/260.74%
B 11/24/260.69%
B 11/05/260.67%
B 11/27/260.66%
B 05/13/270.65%
Fhlb 1.9 12/14/260.37%
Fhlb 1.35 12/07/260.15%
Fhlb 1.05 12/23/260.04%
Fhlb 3 1/4 03/12/270.02%
Receivables/Payables0.02%

Weight gaps

CLIP and MMKT share no securities.

All 27 CLIP holdings⁠All MMKT 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 MMKT Cost

Overpaying MMKT vs CLIP

$2,675

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

CLIP 0.07%
$1,480
MMKT 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

CLIP 0.07%
MMKT 0.20%
Overpaying

Year by year

Year	CLIP	MMKT	Overpaying
10	$128	$365	$237
20	$503	$1,421	$918
30	$1,480	$4,155	$2,675

Expense ratio

0.07%CLIP, cheaper
0.20%MMKT

CLIP0.07%MMKT0.20%

0.03%1.00%

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

CLIP 8th cheapest of 78 funds

MMKT 45th cheapest of 78 funds

CLIP vs MMKT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CLIP 3.72%, better; MMKT 3.63%
Payout (12M): CLIP $3.74; MMKT $3.64
Last payment: CLIP $0.31; MMKT $0.07
Ex-dividend: CLIP Oct 1, 2026; MMKT Oct 30, 2026
Paid on: CLIP Oct 6, 2026; MMKT Pays Nov 2, 2026
Frequency: CLIP Monthly; MMKT Weekly

Distribution history

Per share, 2026, same scale for both

CLIPMonthly · 9 paymentsAll CLIP payments⁠

MMKTWeekly · 44 paymentsAll MMKT payments⁠

CLIP vs MMKT 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%MMKT 0.1%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: CLIP −0.51MMKT −2.61since Oct 2024
Worst fallMax drawdown, 5 years: CLIP −0.1%since Jun 2023MMKT −0.04%since Sep 2024
Market sensitivityBeta, 5 years: CLIP 0.01MMKT 0.0008; Market = 1

CLIP and MMKT 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
MMKTCvsICSHA
Texas Capital Government Money Market ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.20% · 0.08%
Category
CLIPAvsVUSBA
Global X 1-3 Month T-Bill ETF · Vanguard Ultra-Short Bond ETF
Expense ratio
0.07% · 0.10%
Category
MMKTCvsVUSBA
Texas Capital Government Money Market ETF · Vanguard Ultra-Short Bond ETF
Expense ratio
0.20% · 0.10%
Category
CLIPAvsTBLLA
Global X 1-3 Month T-Bill ETF · Invesco Short Term Treasury ETF
Expense ratio
0.07% · 0.08%
Category
MMKTCvsTBLLA
Texas Capital Government Money Market ETF · Invesco Short Term Treasury ETF
Expense ratio
0.20% · 0.08%
Category

CLIP vs MMKT

In short

Stated mandate

Why people hold it

Worth knowing

How CLIP and MMKT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in MMKT

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 MMKT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in MMKT

Weight gaps