GMOC vs TBLL

GMOCBGMO Ultra-Short Income ETF

TBLLAInvesco Short Term Treasury ETF

In short

GMOC GMO's answer to the cash-parking corner: an actively managed ultra-short fund that reaches into CLOs and repo alongside Treasuries, not just T-bills. Launched late 2025 at a 0.20% fee.

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

GMOC The Fund seeks current income while preserving capital. It is actively managed and invests primarily in low-duration, high-quality fixed-income securities, including CLOs, U.S. Treasuries, repurchase agreements, reverse repurchase agreements, and other investment-grade instruments.

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

• GMOC Active by design, with a wide short-end toolkit: CLOs, Treasuries, repo and reverse repo, plus other investment-grade paper.
• 0.20% buys active management at the same price as the typical ultra-short bond ETF.
• The mandate is blunt (current income, capital preservation, low duration) and what it owns lines up tightly with that promise.
• Filings set income distributions on a monthly schedule.

• 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

• GMOC Opened in October 2025 and trades lightly, so spreads can run wider than the category's long-established names.
• CLOs and repo carry credit and structural risk a pure Treasury bill fund does not. That is the trade for reaching past T-bills.
• Cheaper shelf-mates exist: VUSB charges 0.10%, and SHV, PULS and DUSB each charge 0.15%.

• 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 GMOC profile⁠

Full TBLL profile⁠