FLGV vs SGVT

FLGVBFranklin U.S. Treasury Bond ETF

SGVTBSchwab Government Money Market ETF

In short

FLGV Treasuries only, anywhere from 1 to 30 years, in one ticker. Franklin charges 0.09%, under the typical fee in its Treasury peer group, and the income lands monthly.

SGVT Schwab took the money market fund, that boring cash staple, and put it in an ETF wrapper: actively run short government paper (T-bills, agency debt, collateralized repo), traded through the day, income paid monthly.

Stated mandate

FLGV The Fund seeks income and normally invests at least 80% of net assets in direct U.S. Treasury obligations and related Treasury exposures. It may hold Treasury securities of any maturity, with primary emphasis on remaining maturities from 1 to 30 years.

SGVT The fund seeks current income while emphasizing capital preservation and liquidity. It pursues this objective by investing in U.S. government securities, including Treasury bills and notes and related agency obligations.

Why people hold it

• FLGV One ticker for the whole Treasury curve: at least 80% of net assets in direct U.S. Treasury obligations, with the emphasis on maturities running 1 to 30 years.
• 0.09% a year undercuts the 0.12% median for Treasury funds in its peer group. On government paper, where yields are what they are, the fee is the lever you control.
• Pays monthly, and it is a multi-billion-dollar fund, so the income arrives on a predictable schedule rather than in quarterly lumps.
• Since its 2020 launch it has hewed tightly to its stated Treasury mandate, one of the closer mandate matches in a crowded Treasury peer group.

• SGVT Fully transparent active management of short government paper: Treasury bills and notes, agency obligations and collateralized repo, aimed at income with capital preservation.schwabassetmanagement.com
• Cash management you can trade like a stock: bought and sold on an exchange during the session, with income distributed monthly.etf.com
• Schwab is no tourist in cash. Its government money market mutual funds are long-running staples; this is the firm's first exchange-traded version of that job.etftrends.com
• The portfolio does what the label says, sticking to the US government cash mandate, and it sits in the upper half of its Treasury and government bond peer group.

Worth knowing

• FLGV Cheaper shelf-mates exist: VGIT and VTG run 0.03%, a third of this fee. You are paying a bit more for Franklin's version of the same government paper.
• Moderately traded rather than one of the tape's busiest Treasury funds, so spreads matter more on large or hurried orders.
• Holdings can stretch out to 30-year maturities, so this carries real interest-rate sensitivity, not the calm of a T-bill fund.

• SGVT At 0.28%, the fee runs more than double the 0.12% median of its bond peer group, and plain ultra-short Treasury funds like VGUS charge 0.07%. On cash, fees are felt.
• It is not a traditional money market fund. There is no stable $1 share price and no guarantee: NAV floats with market value, and the market price can drift from it.etf.com
• The fund opened in June 2025, so the track record is short and has not spanned a full rate cycle yet.

Full FLGV profile⁠

Full SGVT profile⁠