GBIL vs XHLF

GBILAGoldman Sachs Access Treasury 0-1 Year ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US Treasury ETF

In short

GBIL Treasuries only, and the whole under-one-year slice: bills plus old notes and bonds in their final 12 months. Goldman's 2016-vintage cash park charges 0.12% net of a waiver through December 29, 2026.

XHLF Most cash-parking funds pick a maturity bucket. XHLF picks a number: it blends Treasury bills to an average duration of about six months, resets to that target monthly, and charges three basis points to do it.

Stated mandate

GBIL The Fund seeks to track the FTSE US Treasury 0-1 Year Composite Select Index, which measures U.S. Treasury securities with no more than 12 months remaining maturity. It is passively managed and generally sells securities only when the index removes them.

XHLF The Fund seeks to track the investment results of an index composed of U.S. Treasury securities.

Why people hold it

• GBIL Treasuries only: securities with 12 months or less left to run, so no corporate credit sneaks in the way it can at ultra-short bond peers like ICSH and VUSB.
• Passive to the letter, generally selling only when the index drops a security, and it has tracked that index about as tightly as this category gets.
• Costs 0.12% net of a waiver through December 29, 2026 (0.14% gross), below the category median fee.
• A multi-billion-dollar fund that trades actively and pays monthly income, one of the stronger implementations in its peer group.

• XHLF Costs 0.03% a year, against a typical short-Treasury peer near 0.14%. In cash-like funds, where returns come from bills everyone owns, fee is the main lever.
• Tracks an index built to hold an average duration of roughly six months, rebalanced monthly, so exposure stays anchored instead of drifting as bills mature.bondbloxxetf.com
• Sits in the gap between 0-3 month bill funds and one-year funds. Its sibling XONE targets a one-year duration at the same 0.03%, so the two can be mixed to dial in duration.
• US Treasury bills only, no credit bets hiding in the portfolio, run in a multi-billion-dollar fund that has stayed close to its index.

Worth knowing

• GBIL Cheaper bill funds exist: VBIL at 0.06%, CLIP at 0.07%, TBLL at 0.08%, none leaning on a waiver. GBIL's waiver runs to December 29, 2026; gross is 0.14%.
• Holding nothing but sub-one-year paper, the monthly payout resets quickly when short-term rates move, in either direction, with almost no duration to cushion prices.
• Roughly 40 Treasury positions, so results follow the short end of the curve rather than anyone's security picks.

• XHLF Six months of duration is not zero. Prices move a touch more when yields shift than in 0-3 month bill funds such as BIL or CLIP.
• Income rides whatever Treasury bills happen to pay, and distributions arrive on an irregular rhythm rather than a fixed amount or schedule.
• Volume is moderate next to the largest bill ETFs, so spreads can be a bit wider, which matters more on big tickets than small ones.

Full GBIL profile⁠

Full XHLF profile⁠