GSST vs TBLL

GSSTAGoldman Sachs Ultra Short Bond ETF

TBLLAInvesco Short Term Treasury ETF

In short

GSST Goldman's first actively managed ETF, and it acts like it. Instead of a plain T-bill ladder, GSST roams across government, bank, corporate, mortgage-backed, asset-backed and CLO paper at ultra-short maturities, and pays income monthly.

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

GSST The Fund seeks current income while preserving capital. It invests at least 80% of net assets in a broad range of U.S.-dollar-denominated bonds, including government, bank, corporate, short-term, mortgage-backed, asset-backed and CLO securities.

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

• GSST Not a bill ladder. At least 80% of net assets sit in dollar-denominated bonds spanning government, bank, corporate, mortgage-backed, asset-backed and CLO paper, with Goldman's fixed income team picking the mix.gsam.com
• Charges 0.16% net of a waiver through December 29, 2026, against a 0.20% gross fee. That sits near the typical charge in its 0-1 year category, which is unusual for an active mandate.
• Live since April 2019 and now a multi-billion-dollar fund, it spreads across roughly 300 positions and distributes monthly, so no single issuer carries the portfolio.
• Goldman measures it against the FTSE Three-Month U.S. Treasury Bill Index, giving you a clean yardstick for what the active credit work is adding or costing versus plain bills.

• 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

• GSST Corporate, asset-backed and CLO holdings bring credit and liquidity risk that a pure Treasury bill fund does not carry. Preserving capital is the stated objective, not an assurance.
• Passive bill trackers cost less: VBIL at 0.06% and CLIP at 0.07%, neither under a waiver. Here you pay up for security selection, and GSST's own waiver has a stated end date.
• It is moderately traded rather than one of the category's heaviest-volume names, so limit orders and a glance at the spread earn their keep, especially on larger tickets.

• 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 GSST profile⁠

Full TBLL profile⁠