BIL

SPDR Bloomberg 1–3 Month T-Bill ETF (BIL) is an exchange-traded fund that seeks to track the performance of an index composed of U.S. Treasury securities with maturities between 1 and 3 months. The ETF is managed by State Street Global Advisors and trades under the ticker BIL on NYSE Arca.

Classified as an ultra-short-term U.S. government fixed-income ETF,  BIL aims to reflect, before fees and expenses, the aggregated performance of the securities that make up its benchmark index. To achieve this objective, the fund employs a passive management strategy, maintaining a portfolio that seeks to replicate the composition and weighting of the index.

The benchmark index consists of U.S. Treasury Bills with maturities ranging from 1 to 3 months, weighted by float-adjusted market capitalization, with frequent updates to include new issuances and remove securities approaching maturity.

Diversification and sector exposure

BIL provides exposure to the very short-term U.S. government debt market, focused on instruments known for high liquidity and very low credit risk, including U.S. Treasury Bills with maturities between 1 and 3 months.

This structure results in a low-volatility profile, commonly associated with capital preservation and cash management strategies.

Structure and costs

Shares of BIL are traded on the secondary market, while creation and redemption of shares are carried out by authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).

The fund features a low expense ratio, typical of ultra-short-term fixed-income ETFs, and does not charge a performance fee. BIL makes periodic income distributions, derived from interest payments on the U.S. Treasury Bills held in its portfolio. The ETF has a single share class and trades exclusively under the ticker BIL.

History and evolution of the ETF

The SPDR Bloomberg 1–3 Month T-Bill ETF was launched in 2007, amid growing demand for low-volatility instruments focused on capital preservation within the fixed-income ETF space.

Over the years, BIL has been widely used by institutional and individual investors as an efficient way to access the very short-term U.S. Treasury market, particularly during periods of heightened economic uncertainty.

Between 2020 and 2024, the ETF reflected shifts in short-term interest rate expectations and monetary policy, maintaining high liquidity and broad adoption as a cash management tool.

Additional Information

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $45.99 Billions.

Over the past 12 months, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF recorded a return of 3.89%, with its price trading between $91.27 and $91.77 during the same period.

The ETF is traded under the ticker BIL.