What do the expense ratios of BIL and SHV mean for investors?

BIL has a 0.14% expense ratio, while SHV has 0.15%, a difference of 0.01 percentage points. This represents the annual fee each fund charges to cover operational costs, which are deducted from the fund's assets and directly reduce investor returns. A lower expense ratio means that a greater proportion of the fund's gross performance is retained by investors, which can enhance long-term returns when all other factors are equal. However, fees are just one component of investment suitability; the investment's strategy, liquidity, and alignment with an investor's personal financial objectives are also critical factors to consider.

How do BIL and SHV track their target market?

BIL and SHV are both Ultrashort Bond ETFs, focusing on very short-dated US Treasuries. However, the specific index tracked by BIL is not available, and information regarding the index tracked by SHV is also not available. Investors should note that the exposure of BIL is defined by its name, SPDR Bloomberg 1-3 Month T-Bill ETF, while SHV follows the iShares Short Treasury Bond ETF mandate. The specific index and methodology for each are undisclosed in the current data, and investors should refer to official fund documentation to understand the exact index criteria used.

What is the difference in net assets between the two funds?

BIL has $48.1 billion in net assets, while SHV holds $21.4 billion. Net assets represent the total value of the investments held within the ETF and are often used as a proxy for market acceptance. Larger asset bases, like BIL's, can contribute to greater liquidity, potentially resulting in tighter bid-ask spreads for traders. However, fund size alone is not a performance metric. When evaluating these funds, investors should consider net assets as one factor among many, including expense ratios, yield, and specific mandate details, to determine if the fund's characteristics align with their liquidity needs and investment style.

Are the top holdings of BIL and SHV the same?

Based on available data, there are no shared top-10 holdings between BIL and SHV. Furthermore, detailed information regarding the top holdings of both funds is currently unavailable. While both funds target the short-term US Treasury market, this lack of disclosed overlap means investors cannot directly assess the specific composition of each fund's current portfolio. When comparing Ultrashort Bond ETFs, it is important to recognise that without transparent holdings data, any comparison relies on general fund characteristics rather than a direct analysis of the underlying securities.

How do dividend yields compare between BIL and SHV?

The dividend yield for BIL is 3.71%, whereas for SHV it is 3.70%. These figures represent the annualised interest income from the short-dated US Treasuries held by the respective funds. These are income payments derived from coupon payments on the bonds. Because these yields are closely aligned and linked to prevailing short-term interest rates, they offer investors a very similar current income potential. As rates fluctuate, the yields for both funds will change. Investors should view these distributions as a source of income, distinct from any potential fluctuation in the market price of the ETF units themselves.

What investing goals are typically associated with Ultrashort Bond ETFs like these?

Ultrashort Bond ETFs like BIL and SHV are generally associated with capital preservation and liquidity. They are frequently used by investors as a parking spot for cash or to manage short-term savings, given their exposure to very short-dated Treasuries. This specific category of investing seeks to maintain stable asset values while generating modest income from current rates. They are distinct from funds focused on higher growth or long-term capital gains, which may involve greater risk. Instead, funds in this category are often viewed as stable assets within a broader portfolio.

How do interest rate movements typically impact these types of funds?

The performance of BIL and SHV is directly tied to US Treasury bill and short-term bond yields. Rising interest rates generally cause the market value of existing bonds to fall, leading to price depreciation. However, the price impact is smaller for short-duration funds compared to longer-duration bond funds. As these funds reinvest maturing assets at new, higher rates, yields may rise. Falling rates can lead to price appreciation but lower reinvestment yields over time. The specific impact on BIL and SHV depends on the exact duration of their portfolios, which are not fully disclosed.

Are there any sector exposures investors should be aware of?

The provided data does not disclose the sector weights for either BIL or SHV, so a precise sector breakdown cannot be offered. As Treasury ETFs, their primary exposure is to the US government and the sovereign debt market, which is a sector distinct from corporate credit. This means their performance is driven primarily by interest rate and monetary policy trends rather than the specific economic conditions of the corporate sectors. While sector data is not disclosed, their primary exposure is generally to the US government and the sovereign debt market.

What does the long history of BIL and SHV signify?

BIL was launched in May 2007, and SHV in January 2007, giving both funds a track record of nearly two decades. A long operational history allows these funds to be evaluated across different market cycles, including periods of significant monetary policy change. However, because both funds share a similar duration, their performance will be closely correlated with prevailing short-term interest rates. Investors should remember that while a long history can provide insight, it does not guarantee that future returns or operational characteristics will remain consistent in new environments.

What is an important disclaimer for investors reading this ETF comparison?

This comparison is provided for informational and educational purposes only and does not constitute financial advice. Figures such as expense ratios, yields, and asset values are taken from a source dated 2026-09-22 and are subject to change. The data regarding specific indices and holdings are currently not available. Investors should perform their own due diligence, consult the official fund documentation, and consider seeking professional financial advice from a qualified advisor before making any investment decisions.

BIL vs SHV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and SHV (iShares Short Treasury Bond ETF). Explore their 0.14% and 0.15% expense ratios, dividend yields, holdings and how each fund tracks its market. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

BIL

Metric

SHV

0.14%

Expense Ratio

0.15%

3.71%

Dividend Yield

3.70%

$48.14B

Net Assets

$21.36B

Holdings

May 25, 2007

Inception Date

Jan 5, 2007

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Index Tracked

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Ultrashort Bond

Fund Category

Ultrashort Bond

BIL costs about $1.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Discover More Comparisons

BIL vs SGOV

Compare BIL and SGOV ETFs on expense ratios, net assets, and dividend yields. Analyse tracking differences and see why specific top holdings are not available.

BIL vs TBIL

Compare BIL and TBIL expense ratios, dividend yields, and tracking. BIL charges 0.14% while TBIL costs 0.15% for ultrashort Treasury exposure.

SGOV vs SHV

Compare SGOV and SHV on fees, holdings, dividends, and tracking. Review expense ratios, yields, and inception dates to understand these ultrashort bond funds.

Investment Analysis

BIL

Pros

BIL maintains a lower expense ratio of 0.14 percent compared to similar Treasury ETFs.
With $48.1 billion in net assets, BIL offers substantial liquidity for investors.
Launched in 2007, BIL benefits from a long operational track record.

Considerations

The specific index tracked by BIL is not available for reference.
Detailed top holdings information for BIL remains unavailable for transparency.
Sector weights within BIL's portfolio are currently not disclosed.

SHV

Pros

SHV provides access to short-term Treasuries with a competitive expense ratio.
Offering a stable dividend yield of 3.70 percent attracts income-focused investors.
Inception in 2007 ensures SHV has an extended history of operation.

Considerations

The fund’s expense ratio of 0.15 percent slightly exceeds BIL’s costs.
Information regarding the tracked index for SHV is not available.
Transparency on SHV’s top holdings and sector weights is lacking.

About BIL and SHV

BIL (BIL)

The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an ultra-short bond exchange-traded fund designed to track the performance of U.S. Treasury bills with maturities between one and three months. Managed by State Street Global Advisors, this fund offers investors a way to hold high-quality, short-term government debt. With an expense ratio of 0.14% and net assets exceeding USD 48 billion, it provides significant liquidity for those looking to park cash or reduce portfolio risk. BIL typically distributes interest payments derived from its underlying holdings, currently yielding around 3.71%. While generally considered low-risk compared to longer-duration bonds, it is not guaranteed and its value can fluctuate. Investors should be aware that returns may vary based on interest rate movements and economic conditions, making it suitable for those seeking potential income with lower volatility.

SHV (SHV)

The iShares Short Treasury Bond ETF (SHV) offers investors a way to access US government-backed debt with very short maturities. By focusing on Treasury bonds typically maturing within one year, it aims to provide capital preservation and liquidity, often serving as a place to park cash or reduce portfolio volatility. While Treasury bonds are generally considered low risk compared to corporate debt or equities, their value can still fluctuate based on interest rate changes and inflation expectations. This ETF may be suitable for conservative investors seeking modest income potential from short-term government securities, though returns are not guaranteed and past performance does not predict future results. Always consider your personal risk tolerance and financial goals before investing.

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BIL vs SHV

Fund Snapshot