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The Unexpected T-Bill Rally
Felix Salmon • Tue, Apr 5, 2011
Foreign Central Banks Disappear From Treasury Bill Auctions
Lee Adler • Tue, Mar 15, 2011
TED Spread Continues to Narrow
Bespoke Investment Group • Thu, Aug 5, 2010
Cash: An Embarrassment of Riches
Calafia Beach Pundit • Wed, Oct 14, 2009 • 11 Comments
One Month Treasury Yield Goes Negative Again
Bespoke Investment Group • Fri, Mar 27, 2009 • 3 Comments
To Monetize or Not to Monetize: Who Cares?
Andy Harless • Fri, Jan 9, 2009 • 12 Comments
Want to Lend Money to Uncle Sam? It's Going to Cost You
Bespoke Investment Group • Wed, Dec 10, 2008 • 5 Comments
One-Month Treasuries Still Indicate Fear
Bespoke Investment Group • Wed, Nov 5, 2008 • 2 Comments
Does the TED Spread Really Matter?
Felix Salmon • Sat, Sep 27, 2008 • 6 Comments

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How Safe Is Your Money Market Fund?
Investing 501 • Tue, Jun 18
Money Market Funds Redefined: The SEC Issues A Reform Proposal At Last
CFA Institute Contributors • Thu, Jun 13
Macro-Markets Risk Index Shows Deterioration In Recent Weeks
James Picerno • Wed, Jun 12 • 1 Comment
Macro-Markets Risk Index: Business Cycle Risk Remains Low
James Picerno • Thu, May 30
LeBron James, Sam Bowie, John Paxson And Portfolio Construction
Newfound Research • Wed, May 29 • 3 Comments
Money Market Reform May Shift Cash To Short-Duration ETFs
Tom Lydon • Thu, May 16
Money Market Fund Reform And Short-Duration Bond ETFs
Tom Lydon • Wed, May 8
4 ETF Alternatives To Money Market Funds
Morningstar • Fri, Apr 19 • 3 Comments
Money Fund Changes May Drive Interest In Short-Duration ETFs
Tom Lydon • Fri, Apr 5
Treasury Yield Snapshot: 10-Year At Its 2013 Low
Doug Short • Fri, Apr 5 • 3 Comments
Hedge Your Bets: Betting Red AND Black - Ways To Play A Market Pullback
Kyle Rudduck • Tue, Feb 26
Treasury Yield Snapshot: 10-Year Still Hovering Near 2%
Doug Short • Sun, Feb 24 • 2 Comments
Short-Duration Bond ETFs: Fed Presidents Back Money Fund Reform
Tom Lydon • Wed, Feb 13
2 More Betas For The Global Market Index
James Picerno • Fri, Jan 25
Tough Decisions Or The Easy Way Out
Elliott Orsillo, CFA • Wed, Jan 16 • 5 Comments
Global Macro: Head And Shoulders Across The Board
Andrew Sachais • Sat, Oct 13, 2012 • 28 Comments
QEH: Another Hedge Fund Replication Attempt
Ron Rowland • Wed, Aug 29, 2012 • 1 Comment
Global Macro: The World Awaits Stimulus And Deals With Uncertainty
Andrew Sachais • Tue, Aug 21, 2012 • 1 Comment
Interest Rates: The Darkest Black Swan Ahead?
John Slater • Mon, Aug 20, 2012 • 177 Comments
Will ETFs Replace Money Market Funds?
Tom Lydon • Thu, Jul 19, 2012

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BIL vs. ETF Alternatives

BIL Description

The SPDR® Barclays Capital 1-3 Month T-Bill ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Capital 1-3 Month U.S. Treasury Bill Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
See more details on sponsor's website

Country: United States

Key Info

In Your Portfolio: Broad U.S. Bond ETFs, A Guide to U.S. Government Bond ETFs
Asset Class Performance: Bonds

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| Earnings
| Dividends
| M&A
| On the move

Wednesday, June 5, 12:50 PM The SEC unveils major money-market reform plans aimed at reducing the risk of runs. As expected, the main plank requires prime funds - where institutional investors play - to discard their fixed $1/share value in favor of a floating NAV. Retail and government funds - not considered at risk for runs - will not be forced to do so. The proposals are expected to drive interest in so-called short-duration ETFs which already have floating NAVs, MINT, BIL, SHV, and GSY among them. 1 Comment
Thursday, May 16, 1:28 PM Fund managers like BlackRock (BLK) and Legg Mason (LM) get ahead of what could be a "seismic reallocation of assets" by launching "ultra-short" funds with floating NAVs ahead of new money market regulations. These funds are different than the "ultra-short" funds which ran into trouble in 2008 in that their maturities are even shorter and they can only invest in high-grade debt. Somewhat similar ETF offerings: SHV, MINT, BIL, PVI, GSY, VRD, RAVI. 1 Comment [Financials]
Tuesday, April 9, 3:41 PM Bill Gross says he has changed his mind on Treasury bonds maturing in 10-years or less thanks to Japan's epic monetary easing. The premise: yields that look meager to U.S. investors look rich to the Japanese. "They [Treasurys] yield 125 basis points more" than what investors are getting on a 10-year JGB. (Previously: JGB yields plummet) 10 Comments
Wednesday, March 13, 10:12 AM Trying to turn back coming regulation, Fidelity throws its support behind "liquidity gates" and fees on money-market funds during times of market stress. The proposed model would temporarily halt redemptions should liquid assets fall below a certain level. Should liquidity continue to decline, a 1% redemption fee would be imposed. Short-duration ETFs (SHV, MINT to name two) are sounding better and better. Comment! [Financials, U.S. Economy]
Friday, February 15, 10:00 AM "The benefits of our asset purchases may be diminishing ... they also may have some risks associated," says the Cleveland Fed's Sandra Pianalto (not a FOMC voter this year). She suggests the Fed could begin tapering asset purchases by year's end, but her prediction of 2.5% GDP growth doesn't seem to be enough to move the needle much on unemployment. Comment! [U.S. Economy, Breaking News]
Tuesday, February 12, 2:45 PM The presidents of all 12 Fed regional banks pen a letter backing a regulatory push for money-market reform. "Money market funds have no capacity to absorb losses in the event of a decrease in the value of (held) assets." MINT, BIL, SHV, and GSY see a few more dollar inflows. 2 Comments [Financials, U.S. Economy]
Thursday, January 10, 9:40 AM If money market funds are going to end up with floating NAVs that could "break the buck," (see yesterday's moves) why not try short-duration bond ETFs? The larger ones (SHV, MINT) have plenty of liquidity and have better yields than money market offerings. Comment!
Thursday, January 3, 3:53 PM The unexpected hawkish vibe from the Fed has the once-exciting, now subdued Eurodollar market stirring, with the Dec 14 contract off 4 points and the Dec 15 contract off 7. Currently trading at 99.00, the Dec 15 contract is pricing in a Fed Funds rate roughly 75 basis points higher than it stands today. Comment! [U.S. Economy]
Friday, December 14, 2012, 11:01 AM It's a big move for short-term Treasury yields, which drop 3 bps to 0.14% on the apparent ending of the TAG program. A crisis stop-gap, TAG eliminated the $250K cap on FDIC deposit insurance. No longer insured at the bank, those with serious funds are moving the cash into government paper. Will the smaller banks (KBWR, QABA) take a hit? Comment! [Financials, U.S. Economy]
Friday, November 30, 2012, 11:05 AM If the Feds force money-market funds into floating NAVs, the funds' competitive advantage over short-duration ETFs (which already float) will be erased. Schwab's move into the arena earlier this week suggests it sees the writing on the wall. Others include: MINT, BIL, SHV, GSY. Comment!
Monday, October 22, 2012, 4:48 PM BlackRock rolls out four new ETFs for its so-called core series featuring expense ratios under 0.2%. The MSCI EAFE ETF (IEFA) and the MSCI Emerging Markets ETF (IEMG) are notable because they seemingly compete with other iShares offerings - EFA and EEM. The other two are the MSCI Total International Stock ETF (IXUS) and the Core Short-Term U.S. Bond ETF (ISTB). Comment! [Financials]
Friday, September 14, 2012, 11:13 AM Richard Barley has a kind word for bonds (currently in the midst of a savage sell-off), saying the global growth outlook continues to be dismal despite the Fed and ECB. Could the curve get steeper still? Sure, but the date of any increase in short rates keeps getting pushed further into the future, which should help anchor the long end. 7 Comments [U.S. Economy]
Monday, August 13, 2012, 3:09 PM The national average rate paid on 5-year CDs slid to 0.99% this week, the first time ever below 1%. Inside the Eccles Building, a central banker is smiling, hoping savers pay heed to the signal and instead buy a house, put on an addition, take a vacation, or purchase common stocks. 8 Comments [U.S. Economy]
Wednesday, August 1, 2012, 9:33 AM Preparing for the day when the U.S. joins the negative yield club, the Treasury begins building "operational capabilities to allow for negative rate bidding in T-bill auctions." 2 Comments [U.S. Economy]
Friday, July 6, 2012, 9:31 AM A check of Fed Fund futures as far out as they trade on the CME shows the June 2015 contract at 99.485 compared to the near-month (July 2012) contract at 99.83. It means traders have priced in just 35 bps of Fed tightening over the next 3 years. Who said Japan's experience won't happen here? 4 Comments [U.S. Economy]
Monday, June 25, 2012, 5:49 AM Bunds are losing some of their safe haven status, as investors wonder whether Germany can continue to bear the burden of backstopping the eurozone crisis. U.S. Treasurys are likely to benefit, as few other havens remain; Switzerland and Japan are trying to deter investors to keep their currencies from appreciating, while Denmark and its northern neighbors aren't large enough to be true havens. 2 Comments [Global & FX]

BIL SPDR Barclays 1-3 Month T-Bill ETF

BIL

SPDR Barclays 1-3 Month T-Bill ETF