State Street SPDR Bloomberg 3-12 Month T-Bill ETF

BILS
ETF Ticker

+2.70%

+3.58%

NYSE Arca Exchange

Fixed Income

United States

Money Market

ETF Strategy Fund Grade AAA

The State Street SPDR Bloomberg 3-12 Month T-Bill ETF, BILS_US, is listed on the NYSE Arca Exchange and tracks the Bloomberg 3-12 Month U.S. Treasury Bill index. The fund provides exposure to United States, Money Market Fixed Income and has assets under management of $3,880.0m (as of Aug 31, 2026). The ETF trades in USD and was listed on the exchange on Sep 23, 2020. It has a net expense ratio of 14bps. (All data in USD as of Oct 15, 2026 unless stated.)

The underlying Bloomberg 3-12 Month U.S. Treasury Bill Index delivers market-value exposure to publicly issued USD Treasury bills with remaining maturity ≥3 months and <12 months. Eligibility requires fixed-rate, zero-coupon bills that are investment grade and have at least USD 300mn par amount outstanding; amounts held in the Federal Reserve SOMA account are deducted from the eligible outstanding. Securities are weighted by market value. The index reflects the standard Bloomberg pricing and settlement conventions for US Treasuries and maintains a strictly defined 3–12 month maturity window by dropping bills that age below 3 months or exceed 12 months at each rebalance. Reconstitution and rebalancing occur monthly on the last business day, minimizing turnover while maintaining precise tenor targeting across the T-bill curve.

ETF Details

Key Facts

Issuer:
State Street
AUM:
$3,880.0m (as of Aug 31, 2026)
Net Expense Ratio:
14 bps
Inception Date:
Sep 23, 2020
Index:
Bloomberg 3-12 Month U.S. Treasury Bill Index
Dividend Frequency:
Monthly

Trading

Ticker:
BILS
Exchange:
NYSE Arca Exchange
ISIN:
US78468R5239
Trading Currency:
USD
Domicile:
United States

Classification & Risk

Asset Class:
Fixed Income
Asset Region:
United States
Theme:
Money Market
Economic Development:
Developed Markets
1 Year Volatility:
0.21%
3 Year Volatility:
0.26%
5 Year Volatility:
0.31%

Performance

TTM Dividend Yield:
3.67% (verify with issuer)
1 Month Performance:
0.30%
3 Month Performance:
0.86%
6 Month Performance:
1.75%
1 Year Performance:
3.58%
3 Year Performance:
13.97%
5 Year Performance:
19.16%
Investment Proposition

State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) offers a short-term U.S. Treasury bill portfolio spanning the three- to twelve-month segment, aiming to balance liquidity with a modest step-out in term exposure versus ultra-short holdings. The strategy maintains a rolling ladder across this window, capturing frequent repricing to policy rates while accepting slightly higher price sensitivity than very short bills. Income reflects current bill yields and curve shape, with returns influenced by changes in front-end rates and term premia. In portfolios, it can operate as cash management with incremental yield potential, a conservative core liquidity sleeve that tolerates small mark-to-market movement, or a staging area for gradual deployment into risk assets. Suitable investors include institutions with treasury-focused mandates seeking a balance between stability and carry and allocators implementing tiered liquidity buckets. The fund tends to be favored when front-end curves are flat to upward-sloping or policy rates are steady, and challenged during abrupt rate cuts that compress reinvestment income. A key risk to monitor is modest duration and curve-shape sensitivity, which can introduce short-term price variability relative to ultra-short alternatives.

ETF Analytics

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