Average Daily Volume
12.3M
Fund Overview
The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an exchange-traded fund that seeks to provide investment results that correspond generally to the price and yield performance of the Bloomberg 1-3 Month U.S. Treasury Bill Index. BIL invests at least 80% of its total assets in securities comprising the index, which consists of U.S. Treasury bills with remaining maturities between one and three months. The fund offers investors a low-cost and liquid way to gain exposure to short-term U.S. government debt, making it a popular choice for cash management, capital preservation, and as a safe-haven asset during periods of market volatility. BIL is designed to provide stability and income with minimal interest rate risk due to its short duration.
- Asset Class
-
Bond
- Industry
-
Treasury Bonds
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 4.12 %
- Currency Hedged
-
No
- Portfolio Turnover
-
635 %
- Dividend Date
-
Why Invest in the BIL ETF?
Potential Benefits
- Low credit risk due to exposure to U.S. Treasury bills, which are backed by the full faith and credit of the U.S. government.
- Minimal interest rate sensitivity due to the short maturity profile (1-3 months) of the underlying securities.
- Highly liquid, with tight bid-ask spreads and ample trading volume.
- Low expense ratio compared to many money market funds, making it cost-effective for short-term cash management.
- Provides a stable store of value during periods of market turbulence or economic uncertainty.
- Exempt from state and local income taxes on interest earned, unlike some other short-term fixed-income investments.
Potential Risks
- Very low yields may not keep pace with inflation over time, potentially eroding purchasing power.
- While extremely low, there is still some credit risk associated with U.S. government debt.
- May underperform longer-duration Treasury ETFs during periods of falling interest rates.
- Subject to reinvestment risk as short maturities require frequent reinvestment at prevailing rates.
- Not FDIC-insured, unlike bank savings accounts or CDs (though Treasury securities carry minimal default risk).
- Potential opportunity cost compared to riskier assets during strong bull markets.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.1%
|
-
|
-
|
| 2025 |
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.4%
|
+0.3%
|
+0.4%
|
+0.4%
|
+0.3%
|
+0.4%
|
+0.3%
|
+0.3%
|
| 2024 |
+0.4%
|
+0.4%
|
+0.4%
|
+0.4%
|
+0.5%
|
+0.4%
|
+0.5%
|
+0.5%
|
+0.4%
|
+0.4%
|
+0.4%
|
+0.4%
|
| 2023 |
+0.3%
|
+0.3%
|
+0.4%
|
+0.4%
|
+0.4%
|
+0.5%
|
+0.4%
|
+0.5%
|
+0.4%
|
+0.4%
|
+0.5%
|
+0.4%
|
| 2022 |
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
+0.1%
|
0.0%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.3%
|
+0.4%
|
| 2021 |
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
| 2020 |
+0.1%
|
+0.1%
|
+0.2%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
| 2019 |
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.1%
|
+0.1%
|
| 2018 |
+0.1%
|
+0.1%
|
+0.1%
|
+0.1%
|
+0.2%
|
+0.1%
|
+0.1%
|
+0.2%
|
+0.1%
|
+0.2%
|
+0.2%
|
+0.2%
|
| 2017 |
0.0%
|
0.0%
|
0.0%
|
+0.1%
|
0.0%
|
+0.1%
|
0.0%
|
+0.1%
|
+0.1%
|
+0.1%
|
+0.1%
|
+0.1%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
No holdings data available.
Related ETFs: BIL vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, which includes Treasury bills with maturities between one and three months. The index is market-value weighted, meaning larger issuances have greater representation in the portfolio. The fund employs a passive management approach, seeking to replicate the index through physical ownership of the underlying Treasury bills rather than using derivatives or sampling techniques. BIL's portfolio turns over completely every 1-3 months as bills mature and are replaced with new issuances, maintaining constant exposure to the shortest segment of the yield curve. This full replication strategy helps minimize tracking error while providing direct exposure to Treasury bill yields.
Frequently Asked Questions
How does BIL differ from a money market fund?
BIL invests directly in Treasury bills and trades like a stock throughout the day, while money market funds typically hold a mix of short-term instruments and price once daily. BIL may offer slightly higher transparency and typically lower expenses than many money market funds.
Is BIL a good place to park cash long-term?
While BIL is very safe for short-term cash needs, its yields may not keep pace with inflation over extended periods. Investors with longer time horizons may consider slightly longer-duration fixed income options for better returns.
How often does BIL pay dividends?
BIL pays monthly dividends representing the accrued interest from its Treasury bill holdings. The payment amounts fluctuate based on prevailing short-term interest rates.
Can BIL's share price fluctuate?
Yes, though price movements are typically very small due to the short maturities. The NAV may fluctuate slightly as interest rates change, but much less than longer-duration bond ETFs.
Is BIL suitable for retirement accounts?
BIL can be appropriate for the conservative portion of retirement portfolios, particularly for investors nearing or in retirement who prioritize capital preservation over growth.
Industry Overview
The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) operates in the short-term Treasury ETF space, which has grown significantly as investors seek low-risk, liquid alternatives to traditional cash instruments. This segment of the fixed-income market serves investors looking for capital preservation, temporary parking of funds, or a defensive position in portfolios. The ultra-short duration nature of BIL makes it particularly attractive during periods of Federal Reserve tightening or when the yield curve is inverted, as it captures higher short-term rates with minimal price volatility. The ETF's focus on Treasury bills provides a transparent and government-backed solution for investors needing short-term fixed-income exposure.
Alternative Comparison
Compared to similar ultra-short Treasury ETFs like SHV (iShares Short Treasury Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF), BIL maintains a slightly shorter average duration by focusing exclusively on the 1-3 month segment. SHV includes some securities with slightly longer maturities (up to 12 months), while SGOV has an even shorter duration focus (0-3 months). BIL's expense ratio is competitive with these peers, though some newer entrants like SGOV have slightly lower fees. Unlike some money market funds or ultra-short bond ETFs that may include repurchase agreements or commercial paper, BIL maintains pure Treasury bill exposure, which may appeal to investors seeking maximum credit quality.
Issuer Overview
BIL is issued by State Street Global Advisors (SSGA), one of the largest ETF providers globally and a pioneer in the ETF industry. SSGA manages a comprehensive suite of SPDR ETFs across asset classes, known for their liquidity, tight tracking, and cost efficiency. The firm has particular expertise in fixed-income ETFs, with a strong track record in Treasury and short-duration products. SSGA's scale and experience in index replication contribute to BIL's tight tracking of its benchmark index.
Conclusion
BIL serves as an efficient tool for investors seeking Treasury bill exposure with the convenience of an ETF structure. Its focus on the shortest-maturity Treasury securities provides exceptional stability and liquidity, making it suitable for cash management, portfolio stabilization, or as a temporary holding during market uncertainty. While the fund's yields are typically modest, they often compare favorably to bank deposits after accounting for its tax advantages. For investors prioritizing capital preservation and principal stability over yield, BIL represents one of the lowest-risk options available in the ETF universe.
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