GMOC vs XHLF

GMOCBGMO Ultra-Short Income ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US 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.

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

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.

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

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.

• 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

• 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%.

• 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 GMOC profile⁠

Full XHLF profile⁠