CLIP vs UYLD

CLIPAGlobal X 1-3 Month T-Bill ETF

UYLDCAngel Oak Ultrashort 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.

UYLD Angel Oak's ultrashort fund comes out of a securitized-credit shop, not a bill ladder: active, roughly 500 bonds, average maturity kept under two years and duration under one year, for 0.35% net of a waiver through September 30, 2027.

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.

UYLD The Fund seeks current income while aiming to limit price volatility and preserve liquidity. Its portfolio is managed to maintain a dollar-weighted average maturity below two years and duration below one year.

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.

• UYLD The mandate is specific: dollar-weighted average maturity below two years, duration below one year, aiming at current income while limiting price swings and preserving liquidity.
• Angel Oak built its business in securitized credit and runs this as one of its actively managed bond ETFs, a specialist lane rather than a Treasury bill tracker.businesswire.com
• Roughly 500 positions, monthly distributions, and over a billion dollars in assets: real breadth and scale for an actively run short-duration credit sleeve.

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.

• UYLD Cost is the trade-off: 0.35% net of a waiver through September 30, 2027 (0.56% gross), above the category median, while bill funds like VBIL at 0.06% and CLIP at 0.07% undercut it.
• The objective aims to limit price volatility, not remove it. This is active credit rather than Treasury bills, so the share price can move more than a pure bill fund's.businesswire.com
• In a peer group crowded with ultra-cheap bill trackers, it sits in the lower half of the field, mostly on price rather than on how it runs the portfolio.

Full CLIP profile⁠

Full UYLD profile⁠