CLIP vs RMME

CLIPAGlobal X 1-3 Month T-Bill ETF

RMMEDRareview 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.

RMME Most cash-parking ETFs only act money-market-ish. RMME actually is one: a Rule 2a-7 government money market fund in an ETF wrapper, priced at 0.30% net of a waiver through January 31, 2027, with a floating share price instead of the traditional fixed $1.00.

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.

RMME Its objective is to generate current income while preserving capital and maintaining liquidity.

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.

• RMME A genuine Rule 2a-7 government money market fund in an ETF: at least 99.5% of assets sit in cash, US government securities, or fully collateralized repo.sec.govrareviewcapital.com
• Money market mandate, ETF plumbing: intraday trading on an exchange at market price, published holdings, and monthly distributions.rareviewcapital.com
• Actively managed with an initial focus on overnight repurchase agreements, which the prospectus notes often yield more than owning the government paper directly.sec.gov

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.

• RMME Costs 0.30% net of a waiver through January 31, 2027 (0.50% gross), above the category median; bill funds like VBIL at 0.06% and CLIP at 0.07% carry no waiver.
• No stable $1.00 share price here. NAV moves with the market value of the holdings, and shares trade at market price, which can sit above or below NAV.rareviewcapital.comsec.gov
• Small and thinly traded since its 2025 launch, so bid/ask spreads are part of the cost of getting in and out.

Full CLIP profile⁠

Full RMME profile⁠