GCSH vs TBLL: Grades, Fees and Holdings Compared

Guggenheim Ultra Short Income ETF

GCSHDNYSE Arca

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.17pt a year

GCSH0.25%TBLL0.08%

Avg volume · 30D

TBLL 7.5×the volume

GCSH41.5KTBLL313K

GCSH vs TBLL Performance

Jul 31, 2026 – Oct 30, 2026

+0.5%GCSH+0.9%TBLL

Expense ratio: GCSH 0.25%; TBLL 0.08%, better
Fund size: GCSH $269M; TBLL $2.9B
1Y total return: GCSH No data; TBLL +3.6%
Yield (12M): GCSH No data; TBLL 3.59%
Holdings: GCSH 155; TBLL 90
Avg volume (30D): GCSH 41.5K sh; TBLL 313K sh, better
NAV per share: GCSH $49.99; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for GCSH, TBLL, with each pillar’s weight
Pillar	GCSH	TBLL
Cost30% weight	F18	A89Higher
Mission25% weight	Not scored	A100
Risk15% weight	C44	C44
Tradability15% weight	D30	A80Higher
Holdings10% weight	C52	B66Higher
Durability5% weight	D35	A80Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. GCSH and TBLL 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 ›

TBLL ranks 4th and GCSH 74th 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 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 73DSGVAF/m Accumulator Ultrashort Treasury FundScore 35
Rank 74DGCSHGuggenheim Ultra Short Income ETFScore 31
Rank 75FLQIDKurv Enhanced Short Maturity ETFScore 18
HBILNot yet graded
LBOXNot yet graded
XCSHNot yet graded

Our read on each fund

ETF.net Research

GCSHDGuggenheim Ultra Short Income ETF

TBLLAInvesco Short Term Treasury ETF

In short

GCSH Most funds in this aisle just roll T-bills. GCSH is active and shops the whole investment-grade short end (corporates, asset-backed, mortgage paper) with duration typically held inside a year.

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

Stated mandate

GCSH The Fund seeks a high level of income while preserving capital.

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

Why people hold it

GCSH Actively managed and multi-sector: investment-grade corporates, securitized and government paper, with average duration no longer than a year. A broader toolkit than a pure T-bill tracker.guggenheiminvestments.com guggenheiminvestments.com 2
Guggenheim sold its entire ETF lineup to Invesco in 2018. This 2026 launch is the firm's way back in, wrapping credit strategies it long ran for insurers and pensions.sec.gov guggenheiminvestments.com
The stated job is a high level of income while preserving capital, with daily liquidity. Guggenheim frames it as a strategic cash position rather than a bond-market bet.guggenheiminvestments.com

TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

Worth knowing

GCSH At 0.25% a year it costs more than the index T-bill funds it sits beside, where CLIP, VBIL and TBLL all run under 0.10%. You are paying for the active credit work.
Not a money market fund: no stable $1.00 NAV, no FDIC insurance. Corporate and securitized holdings mean the share price can move on credit spreads, not just rates.guggenheiminvestments.com
Launched in 2026, so the track record is short and the fund trades less than the entrenched giants in the category.

TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

Full GCSH profile⁠

Full TBLL profile⁠

GCSH vs TBLL Holdings

How GCSH and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile92.6%
Asset classFixed Income100%

Sector

No Sector split for GCSH and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in GCSH and TBLL, widest gap first
Country	More in GCSHMore in TBLL	GCSH	TBLL
United States	TBLL +7.4 points	92.6%	100.0%
Canada	GCSH +3.0 points	3.0%	0.0%
Bermuda	GCSH +1.8 points	1.8%	0.0%
Ireland	GCSH +1.1 points	1.1%	0.0%
Switzerland	GCSH +0.6 points	0.6%	0.0%
United Kingdom	GCSH +0.6 points	0.6%	0.0%
Other countries (6)	GCSH +0.2 points	0.2%	0.0%

Concentration

Weight in the 10 largest Holdings

GCSH43.0%
TBLL23.3%

Securities held

GCSH132
TBLL88

Asset class

GCSH: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. GCSH holds 132 securities, TBLL 88.

All 388 GCSH holdings⁠All 88 TBLL 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.

GCSH vs TBLL Cost

Overpaying GCSH vs TBLL

$3,470

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

GCSH 0.25%
$5,159
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

GCSH 0.25%
TBLL 0.08%
Overpaying

Year by year

Year	GCSH	TBLL	Overpaying
10	$455	$147	$308
20	$1,769	$575	$1,194
30	$5,159	$1,689	$3,470

Expense ratio

0.25%GCSH
0.08%TBLL, cheaper

TBLL0.08%GCSH0.25%

0.03%1.00%

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

TBLL 10th cheapest of 78 funds

GCSH 62nd cheapest of 78 funds

GCSH vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GCSH No data; TBLL 3.59%
Payout (12M): GCSH No data; TBLL $3.79
Last payment: GCSH $0.18; TBLL $0.34
Ex-dividend: GCSH Oct 5, 2026; TBLL Oct 19, 2026
Paid on: GCSH Oct 9, 2026; TBLL Oct 23, 2026
Frequency: GCSH Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GCSHMonthly · 3 paymentsAll GCSH payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

GCSH vs TBLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GCSH No dataTBLL 0.3%
Return per unit of riskSharpe ratio, 3 years: GCSH No dataTBLL −0.66
Worst fallMax drawdown, 5 years: GCSH No dataTBLL −0.4%
Market sensitivityBeta, 5 years: GCSH 0.09TBLL 0.01; Market = 1

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